ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS
October 28 2015 - 7:07PM
ASM International N.V. (Euronext Amsterdam: ASM) today reports
its third quarter 2015 operating results (unaudited) in accordance
with US GAAP.
FINANCIAL HIGHLIGHTS
|
Quarter |
EUR
million |
Q3 2014 |
Q2 2015 |
Q3 2015 |
New orders |
156.2 |
|
166.6 |
|
148.1 |
|
Net sales |
122.2 |
|
201.0 |
|
162.0 |
|
Gross profit margin
% |
43.2 |
% |
45.1 |
% |
43.7 |
% |
Operating result |
17.2 |
|
42.1 |
|
23.2 |
|
Result from investments
(excl. Amortization intangible assets resulting from the sale of
the 12% stake of ASMPT) |
30.7 |
|
20.7 |
|
8.1 |
|
Amortization intangible
assets resulting from the sale of the 12% stake of ASMPT |
(5.7 |
) |
(6.8 |
) |
(6.7 |
) |
Net earnings |
54.6 |
|
39.9 |
|
35.7 |
|
Normalized net earnings (excl. Amortization intangible assets
resulting from the sale of the 12% stake of ASMPT) |
60.2 |
|
46.7 |
|
42.4 |
|
- Net sales for the third quarter 2015 were €162 million, a
decrease of 19% compared to the previous quarter. Year-on-year net
sales increased with 33%.
- New orders at €148 million were 11% below the Q2 2015
level.
- Normalized net earnings for the third quarter 2015 decreased by
€4.3 million compared to the second quarter 2015. While operating
result, due to the lower activity level, dropped by €19 million,
the financing result included more favorable effects from
currencies when compared to the second quarter. Moreover Q3
included €9 million one-off benefits due to tax refunds in Korea
from previous years related to higher tax exemptions than
originally assumed. The result from investments decreased with
€12.6 million.
COMMENT
Commenting on the results, Chuck del Prado,
President and Chief Executive Officer of ASM International said:
"Q3 revenues at €162 million were in line with our guidance, and,
although 19% lower than Q2, still at the same level as Q1, our
second best quarter ever. Order intake, at €148 million, came in at
the high end of our guidance. Our gross profit margin of 44%
remained at a solid level. Our company performance in combination
with a healthy cash situation has led to today's announcement to
start another €100 million share buy-back program.
OUTLOOK
For Q4 we expect sales between €125 and €145
million, on a currency comparable level. Orders are expected to
come in at a level of €120 to €140 million, also on a currency
comparable level. Our current visibility is that equipment bookings
for next technology node investments in logic/foundry will start in
the course of the first half of 2016.
VOLUNTARILY DELISTING FROM NASDAQ
On August 21, 2015, ASM International N.V.'s
(Euronext Amsterdam: ASM) ("ASMI" or the "Company") common shares,
par value €0.04 per share ("ASMI Common Shares"), were delisted
from the Nasdaq Stock Market effective. The ASMI Common Shares,
which are held in the U.S. as New York Registry Shares, are
eligible for trading on the OTCQX® Best Market under the symbol
ASMIY. The Company intends to maintain its existing NY Registry
Program in place to support settlement of these shares traded on
the OTCQX market.
The Company intends to terminate the
registration of the ASMI Common Shares under Section 12(g) of the
Securities Exchange Act of 1934 (the "1934 Act"), and to terminate
all reporting obligations under Sections 13(a) and 15(d) of the
1934 Act. In furtherance of this, the Company filed on the same
date with the U.S. Securities and Exchange Commission a Form 15F,
pursuant to Rule 12h-6 under the 1934 Act. Upon the filing of the
Form 15F, the Company's reporting obligations under Sections 13(a)
and 15(d) of the 1934 Act have been suspended.
SHARE BUYBACK PROGRAM
ASMI announced today that its Management Board
authorized the repurchase of up to €100 million of the Company's
common shares within the 2015-2016 time frame. This buyback program
will be executed by intermediaries through on-exchange purchases
and will end as soon as the aggregate purchase price of the common
shares acquired by ASMI has reached €100 million.
On May 21, 2015 the General Meeting of
Shareholders authorized ASMI to acquire shares for a period of 18
months.
The repurchase program is part of ASMI's
commitment to use excess cash for the benefit of its
shareholders.
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 the Euronext Amsterdam Stock Exchange (symbol ASM) and in
the U.S. on the OTCQX® Best Market (symbol ASMIY). For more
information, visit ASMI's website at www.asm.com.
Cautionary Note Regarding Forward-Looking
Statements: All matters discussed in this press release, 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
reports and financial statements. 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, October 29, 2015 at 15:00 Continental European
Time (10:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
- United States: +1 718 354 1357
- International: + 44 (0)20
7136 2054
- The Netherlands: + 31 (0)20 716 8295
- Access Code: 4694141
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
Media contact:
Ian Bickerton T: +31 625 018 512
Press Release Third Quarter 2015 Results
http://hugin.info/132090/R/1962207/715618.pdf
HUG#1962207
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