ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2014 RESULTS
July 23 2014 - 6:09PM
ASM International N.V. (NASDAQ: ASMI and Euronext
Amsterdam: ASM) reports today its second quarter 2014 operating
results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
|
Quarter |
EUR million |
Q2 2013 |
Q1 2014 |
Q2 2014 |
New
orders |
128.4 |
|
172.1 |
|
119.5 |
|
Net
sales |
128.6 |
|
150.7 |
|
148.4 |
|
Gross profit
margin % |
39.3% |
|
43.7% |
|
42.3% |
|
Operating
results |
16.2 |
|
32.5 |
|
27.4 |
|
Result from
investments (excl. amortization and fair value purchase price
allocation) |
9.2 |
|
5.7 |
|
15.8 |
|
Remeasurement
gain, realized gain on sale of ASMPT shares, amortization and fair
value adjustments1) |
(40.6) |
|
(5.4) |
|
(5.5) |
|
Net
earnings |
(23.4) |
|
27.1 |
|
34.6 |
|
Normalized net earnings (excl. remeasurement gain realized gain on
sale of ASMPT shares, amortization and fair value adjustments) |
17.2 |
|
32.5 |
|
40.1 |
|
- Net sales for the second quarter 2014 decreased with 2%
compared to the first quarter and increased with 15% year-on-year,
mainly driven by ALD and PEALD sales which were substantially
higher than in the comparable period last year.
- Normalized net earnings for the second quarter 2014 increased
compared to the first quarter mainly due to a higher result from
investments. Compared to the same quarter last year, besides the
effect of higher results from investments, the improvement was due
to higher sales and positive mix effects.
1) Following the close of the sale on
March 15, 2013 of a 12% share in ASMPT, the entity in which the
Back-end segment is organized, ASMI's shareholding is reduced to
40%. As a consequence, as from March 15, 2013 the results of ASMPT
are deconsolidated. From that date onwards the net result of ASMPT
is reported on the line 'result from investments'. In 2013 a
purchase price allocation took place, which was finalized in the
fourth quarter, resulting in the recognition and subsequent
amortization of certain intangible assets.
COMMENT
Commenting on the results, Chuck del Prado,
President and Chief Executive Officer of ASM International said:
"The second quarter of 2014 showed again strong financial results.
Sales were at EUR 148m only 2% below the record level in Q1. ALD
and PEALD were the main drivers. Gross margin remained above 42%,
even though the mix was not as favorable as in Q1. Order intake
decreased by strong double digits in Q2, which was in line with our
guidance and followed on the very high level of orders in Q1. We
have seen that some of our customers are absorbing the investments
that they have made in the last quarters, which drove the lower
order intake in Q2."
OUTLOOK
For Q3 we expect a strong double digit sales
decrease compared to Q2, on a currency comparable basis. The Q3
2014 order intake is expected to be around the same level as Q2,
also on a currency comparable basis.
INTERIM FINANCIAL REPORT
On August 29, 2014 ASM International will
publish its Interim Financial report for the six months ended June
30, 2014. This report comprises regulated information within the
meaning of articles 1:1 and 5:25d of the Dutch Financial Markets
Supervision Act (Wet op het Financieel Toezicht) and includes
consolidated condensed interim financial statements prepared in
accordance with IAS 34, "Interim Financial Reporting", an interim
management board report and a management board responsibility
statement. The interim financial report for the six months ended
June 30, 2014 will be available online at www.asm.com as from
August 29, 2014.
About ASM International
ASM International NV, headquartered in Almere,
the Netherlands, its subsidiaries and participations design and
manufacture equipment and materials used to produce semiconductor
devices. ASM International, its subsidiaries and participations
provide production solutions for wafer processing (Front-end
segment) as well as for assembly & packaging and surface mount
technology (Back-end segment) through facilities in the United
States, Europe, Japan and Asia. ASM International's common stock
trades on NASDAQ (symbol ASMI) and the Euronext Amsterdam Stock
Exchange (symbol ASM). For more information, visit ASMI's website
at www.asm.com.
Safe Harbor Statement under the U.S. Private
Securities Litigation Reform Act of 1995: All 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 and trends in the
semiconductor industry generally and the timing of the industry
cycles specifically, currency fluctuations, corporate transactions,
financing and liquidity matters, the success of restructurings, the
timing of significant orders, market acceptance of new products,
competitive factors, litigation involving intellectual property,
shareholder and other issues, commercial and economic disruption
due to natural disasters, terrorist activity, armed conflict or
political instability, epidemics and other risks indicated in the
Company's filings from time to time with the U.S. Securities and
Exchange Commission, including, but not limited to, the Company's
reports on Form 20-F and Form 6-K. The Company assumes no
obligation nor intends to update or revise any forward-looking
statements to reflect future developments or circumstances.
ASM International will host an investor conference call and web
cast on Thursday, July 24, 2014 at 15:00 Continental European Time
(9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
- United
States: +1
212 444 0412
-
International:
+44 (0)20 3427 1911
- The Netherlands: +31 (0)20 713
2998
- Access
Code:
8866280
A simultaneous audio web cast will be accessible at
www.asm.com.
CONTACT
Investor contact:
Victor Bareño T: +31 88 100 8500 E: victor.bareno@asm.com
Mary Jo Dieckhaus T: +1 212 986 2900 E:
maryjo.dieckhaus@asm.com
Media contact:
Ian Bickerton T: +31 625 018 512
Press Release Second Quarter 2014 Results
http://hugin.info/132090/R/1835390/637700.pdf
HUG#1835390
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