ALMERE, Netherlands, April 23, 2014 (GLOBE NEWSWIRE) -- ASM International N.V. (Nasdaq: ASMI ) (Euronext Amsterdam:ASM) reports today its first quarter 2014 operating results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
The pro-forma figures 1) show ASMI numbers whereby ASMPT is deconsolidated.
| Quarter | |||
| Pro-forma | |||
| EUR million | Q1 2013 | Q4 2013 | Q1 2014 |
| New orders | 105.9 | 133.1 | 172.1 |
| Net sales | 80.0 | 126.9 | 150.7 |
| Gross profit margin % | 37.7% | 39.3% | 43.7% |
| Operating results | 1.1 | 15.8 | 32.5 |
| Result from investments (excl. amortization and fair value purchase price allocation) | (0.5) | 1.5 | 5.7 |
| Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | 1,407.5 | (343.2) | (5.4) |
| Net earnings | 1,410.1 | (334.0) | 27.1 |
| Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 2.6 | 9.3 | 32.5 |
- Net sales for the first quarter 2014 increased with 19% compared to the fourth quarter and increased with 88% year-on-year, mainly driven by ALD and PEALD sales which were substantially higher than in the comparable periods last year.
- Net earnings improved due to strong margin improvement, caused by high sales and positive mix effects and the improvement in the result from investments, which in Q4 included €4.0 million restructuring charges in ASMPT.
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:
"Q1 2014 was the best quarter for ASMI Front-end in its history. Order intake was with €172 million at a record level, an increase of 29% compared to the previous quarter, while sales increased with 19%. Again ALD and PEALD were the main drivers for the order intake and for sales. Our gross margin, due to high sales, a very strong mix and as an effect of supply chain changes made in the past years, reached a level of more than 43%. While cost remained stable quarter on quarter, operating result margin surpassed the 20% level. Free cash flow of €60 million was driven by the operating result in combination with strong improvements in working capital."
OUTLOOK
For Q2 2014 we expect for sales a low single digit decrease, on a currency comparable base. For the second half of 2014, the current visibility remains limited. After the very high order intake in Q1, the Q2 2014 order intake is expected to show a strong double digit decrease as compared to Q1 2014, on a currency comparable base.
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, April 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: +1 646 254 3370
- International: +44 20 3427 1927
- The Netherlands: +31 20 716 8253
- Access Code: 8392302
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 First Quarter 2014 Results http://hugin.info/132090/R/1779348/607998.pdf
HUG#1779348
