Net sales for the fourth quarter of 1999 totaled € 153.4 million, a record for quarterly net sales in the history of ASM International, and a sequential increase of 37% over the third quarter of 1999. For the year 1999, net sales amounted to € 414.5 million, an increase of 44% over net sales in the year 1998.
Despite these record net sales, the backlog at the end of December 1999 stands at € 183.7 million, an increase of € 46.7 million, or 34%, over the backlog at the end of September 1999. New orders received in the fourth quarter of 1999 amounted to € 200 million, also a record high in the history of ASM International, and 52% higher than new orders received in the third quarter of 1999. The book-to-bill ratio amounted to 1.3 for the fourth quarter 1999 as well as for the year 1999.
The summary financial statements for the fourth quarter of 1999 and for the year 1999 will be released on February 22, 2000 at 4:30pm Central European Time, or 10:30am Eastern Standard Time. ASM International will hold a teleconference on Wednesday, February 23 at 2:30pm Central European Time, or 8:30am Eastern Standard Time. To participate in the conference call, dial 800.450.0785. International callers must use the appropriate international prefix to access the United States, then dial 612.332.0107.
ASM International recently issued just over 2 million shares following its requirement to exercise the warrants that were issued in connection with $ 20 million of five year, zero-coupon debentures that it had privately placed on October 1, 1999 with a group of US institutional investors.
The warrants had an exercise price of $ 9.81375 per share, a premium to market at the date of issuance of 20%. The warrants provided that, if ASM International’s share price closed above approximately $ 20.44 for twenty consecutive trading days, ASM International could require the warrants to be exercised and the debentures to be cancelled in partial payment of the exercise price of the warrants. The investors still hold warrants on 200,000 additional shares.
As a result of this transaction shareholders’ equity has been strengthened with $ 20 million and ASM International has received approximately $ 4.8 million in cash, representing the difference between $ 20 million, being the total exercise price of the warrants, and the portion of the exercise price that was paid by cancellation of the debentures which had an accrued value of approximately $ 15.2 million.
About ASM
ASM International is headquartered in Bilthoven, the Netherlands. ASM International's subsidiaries design, develop, manufacture and market equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for the wafer-processing, assembly and packaging segments through their facilities in the United States, Europe, Japan and Asia. ASM International's common shares trade on the NASDAQ National Market under the symbol “ASMI” and on the Euronext Stock Exchange in Amsterdam under the symbol “ASM.” More information on ASM can be found on its website at http://www.asm.com
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Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: The statements regarding orders, earnings development and the effects of research and new products on ASM’s future, and other matters discussed in this statement, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions in the semiconductor industry, currency fluctuations, the timing of significant orders, market acceptance of new products, competitive factors, risk factors related to litigation and other risks indicated in filings from time to time with the SEC and Stock Exchange Authorities.
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