Süss MicroTec AG / Quarter Results
05.11.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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SUSS MicroTec AG: Final Results for First Nine Months and Third Quarter of
2008
- Sales During Nine-month Period Grow by Six Percent to EUR 104.3 Million
- Sales in Third Quarter Rise by 55 Percent to EUR 34.6 Million
- Earnings Performance Significantly Impaired by Extraordinary Expenses
- EBIT for Nine-month Period Amounts to EUR 1.8 Million (Including
Extraordinary Expenses: EUR -16.3 Million)
- Extensive Cost-reduction Measures in Response to Weakening Order Entry
Munich, Germany, November 5, 2008 SUSS MicroTec (business address:
Schleissheimer Straße 90, 85748 Garching, Germany; ISIN: DE0007226706),
listed in the Prime Standard of Deutsche Börse AG, was able to increase
sales by approximately six percent to EUR 104.3 million in the first nine
months of the year, despite subpar order entry in the third quarter. Thus,
SUSS MicroTec is confirming its recently announced preliminary results.
Final results were consistent with expected earnings performance. The
earnings situation reflected the significant impact of extraordinary
expenses. Extraordinary expenses of EUR 18.3 million, particularly for
intangible assets, stood in contrast to earnings before interest and taxes
(EBIT) of EUR 1.8 million. Accordingly, EBIT amounted to EUR -16.3 million.
Net income during the nine month period totaled EUR -14.6 million, down
from a positive EUR 0.2 million a year ago.
Sales in the third quarter rose by 55 percent from EUR 22.3 million to EUR
34.6 million. Growth was attributable primarily to solid order entry in
previous quarters and a high level of order backlog. At the same time, SUSS
MicroTec had to settle for order entry of EUR 24.8 million in the third
quarter, below the target of EUR 30 million. CFO Michael Knopp offered this
comment: 'SUSS MicroTec continues to focus on attractive market areas. In
our view, the areas of Micro Electro Mechanical Systems (MEMS) and advanced
packaging applications as well as 3D integration and compound
semiconductors will demonstrate their growing power even in difficult
economic times. However, the semiconductor market in particular is known as
a leading indicator of economic conditions and, therefore, it has been
declining for some time. We were able to buck the overall trend of the
market for some time, but, now, poor market conditions albeit with a lag
and with a somewhat diminished impact have finally caught up to us.'
In view of the gloomy economic outlook, SUSS MicroTec has introduced
comprehensive cost reduction and restructuring measures. The cost reduction
steps encompass a Group-wide hiring freeze, the general curtailment of
travel activities not related to a specific customer project, highly
restrictive budgeting for external service providers and re-examination and
re-approval of all investment projects. Last but not least, management and
parts of the staff are foregoing vacation. As a result of restructuring
measures already partially implemented in recent weeks, the number of
employees was reduced from 732 (June 30, 2008) to 705 as of September 30,
2008 and is expected to continue to decline to approximately 690 by the end
of 2008.
The Group is paying particular attention to optimizing working capital,
where considerable liquidity reserves can be tapped. For example, a program
to sell demo machines has been introduced. Initial successes are already
noticeable. Since the start of the program at the beginning of August 2008,
SUSS MicroTec has booked corresponding orders totaling approximately EUR 3
million, which for the most part will be recorded in sales in 2009. As of
September 30, 2008, SUSS MicroTecs EUR 15.3 million of liquidity is more
than adequate and in any case sufficient to cover all operating
requirements fully.
The earnings situation in the third quarter reflects overall trends during
the nine-month period and the already adjusted annual forecast for 2008.
EBIT was marred by extraordinary expenses, particularly for intangible
assets, totaling EUR 18.3 million. However, of this amount, only EUR 0.8
million was reflected in cash results. The expenses entailed write-downs on
capitalized development costs for C4NP amounting to EUR 8.0 million,
amortization related to the revaluation of goodwill of the American
subsidiary Image Technology Inc. calculated at EUR 4.4 million,
depreciation on inventories coming to EUR 2.7 million, restructuring costs
consisting of EUR 0.8 million, value adjustment for a customer-specific
project equaling EUR 1.9 million and miscellaneous comprised of EUR 0.5
million.
The Companys growth was driven by the largest business division,
Lithography, which achieved a 26.7 percent rise to EUR 68.4 million. In the
first nine months of the year, the Test Systems and Substrate Bonder
divisions were almost able to match their sales in the comparable period
last year. In terms of performance by region, Europes significant 19.7
percent increase sharply contrasted with a 21.6 percent decline in North
America. Asia (excluding Japan) was able to generate the most robust growth
with a gain of 33.5 percent. Operations in Japan were stable.
SUSS MicroTec anticipates additional stimulus for the Lithography division
from the recently introduced 300 mm Mask Aligner for 3D packaging. This is
the second generation of the MA300 production Mask Aligner, which is
equipped with a new, innovative 3D alignment unit and is specially designed
for the new 3D integration growth market. Highly integrated 3Dapplications, such as the three-dimensional stacking of chips and image
sensors at the wafer level as employed in multifunctional cellular
telephones and supercomputers, represent an ideal area for the new product
generation as they require a high degree of alignment precision. The 300 mm
Mask Aligner is an example of how SUSS MicroTec is orienting itself toward
the growth areas of the future despite the currently difficult situation in
the sector and the economy generally. Christian Schubert, who joined the
Management Board team on October 2, 2008 to assume the responsibilities of
a COO on an interim basis, remarked: 'Our paramount goal is to take more
rapid and decisive action within these markets. From our strong market and
technological position, we shall adjust to generally weakening market
conditions. We then intend to benefit fully from the ultimate market
recovery.'
Based on the good order backlog of EUR 85.7 million, SUSS MicroTec expects
significantly improved sales in the fourth quarter compared to the previous
quarters. The order backlog extends well into the first quarter of 2009.
For all of 2008, SUSS MicroTec projects sales between EUR 142 million and
EUR 145 million and EBIT (not including extraordinary write-downs) in the
EUR 5 million to EUR 6 million range. Including write-downs, 2008 EBIT is
expected to amount to EUR -12.3 million to EUR -13.3 million.
SUSS MicroTec AG (ISIN DE 0007226706)
About SUSS MicroTec
SUSS MicroTec listed in Deutsche Boerse AGs Prime Standard is one of the
worlds leading suppliers of process and testing solutions for markets such
as 3D Integration, Advanced Packaging, MEMS, Nanotechnology, Compound
Semiconductor and Silicon-On-Insulator. SUSS MicroTec enables its customers
to increase process performance while reducing cost of ownership and to
meet the volume requirements of fast growing markets with high quality
solutions.
SUSS MicroTec supports more than 8,000 installed mask aligners, coaters,
bonders and probe systems with a global infrastructure for applications and
service.
Headquartered in Garching near Munich, Germany, SUSS MicroTec employs more
than 730 employees worldwide.
For more information about SUSS MicroTec, please visit http://www.suss.com
Disclaimer:
All statements in this release other than historical facts are
forward-looking statements within the meaning of U.S. Private Securities
Litigation Reform Act of 1995. Words such as 'believe', 'expect', 'intend',
'anticipate', 'estimate', 'should', 'may', 'will', 'plan' and similar words
and terms used in relation to the enterprise are meant to indicate
forward-looking statements of this kind. The company accepts no obligation
toward the general public to update or correct forward-looking statements.
All forward-looking statements are subject to various risks and
uncertainties, as a result of which actual events may diverge numerically
from expectations. The forward-looking statements reflect the view at the
time they were made.
Contact:
SÜSS MicroTec AG
Investor Relations/PR
Julia Hartmann
Tel.: +49 (0)89 32007-161,
Email: julia.hartmann@suss.com
DGAP 05.11.2008
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Language: English
Issuer: Süss MicroTec AG
Schleissheimer Strasse 90
85748 Garching b. München
Deutschland
Phone: +49 (0)89 32007-161
Fax: +49 (0)89 32007-336
E-mail: ir@suss.com
Internet: www.suss.com
ISIN: DE0007226706
WKN: 722670
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Düsseldorf, Hamburg, München, Berlin, Stuttgart
End of News DGAP News-Service
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DGAP-News: Süss MicroTec AG: Final Results for First Nine Months and Third Quarter of 2008
| Source: EQS Group AG