EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports third quarter
results
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quarterly report
26.10.2010
Key financial data for the third quarter of 2010
Unterpremstaetten, Austria (October 26, 2010) austriamicrosystems (SIX: AMS), a leading global designer and manufacturer of high performance analog ICs for consumer, communications, industrial, medical and automotive applications, reports strong revenue and earnings growth for the third quarter of 2010 driven by continuing strength in the company´s product platforms across target markets and regions. austriamicrosystems expects further revenue growth in the fourth quarter and therefore raises its full year 2010 revenue guidance again. For 2011, the company expects attractive full year growth in revenues and earnings, based on available information.
Third quarter group revenues were EUR 55.7 million, up 41% from EUR 39.5 million in the same quarter 2009 (34% in constant currency terms). Third quarter revenues increased 8% sequentially compared to the second quarter. Gross margin for the third quarter increased to 49%, 2 percentage points higher than in the second quarter and up 12 percentage points compared to the same quarter 2009.
The result from operations (EBIT) for the third quarter grew strongly to EUR 9.2 million, compared to a loss of EUR 0.2 million in the third quarter last year. This positive result was mainly due to the significant increase in gross margin.
The third quarter net result was a profit of EUR 8.0 million compared to a loss of EUR 0.6 million in the same period 2009. Basic and diluted earnings per share for the third quarter were CHF 1.04 / EUR 0.78 and CHF 1.02 / EUR 0.77 respectively (CHF -0.08 / EUR -0.05 for the third quarter 2009). Total backlog (excluding consignment stock agreements) stood at EUR 75.6 million on September 30, 2010, up from EUR 35.8 million on September 30, 2009. Operating cash flow for the third quarter was EUR 17.9 million, up from EUR 6.2 million in the same quarter 2009, which allowed a reduction of total debt by EUR 10 million.
austriamicrosystems´ business showed a strong performance in the third quarter based on growth in demand from the company´s target markets. austriamicrosystems continued to record high run rates for Consumer & Communications product lines including MEMS microphones, LCD TV backlighting, portable lighting management and advanced power management solutions. More and more devices and customers benefit from the advantages of austriamicrosystems´ small scale ultra low power designs while new product launches sustained and strengthened the company´s market position in important areas.
The industrial market delivered strong results and showed a further increase in delivery rates due to sustained healthy demand from industrial and healthcare OEMs. Run rates have returned to pre-crisis levels for austriamicrosystems´ industrial business including the world´s most diversified and advanced magnetic encoder offering. In its automotive business, austriamicrosystems saw continued strong run rates driven by the broad-based end demand fuelling the global automotive sector. Across focus areas, numerous high value design-wins confirmed the attractiveness of austriamicrosystems´ product offering building the company´s revenue pipeline for the coming years. austriamicrosystems´ worldwide manufacturing operations returned to full, pre-crisis utilization levels driving efficiency and margins.
austriamicrosystems sees good demand continuing in the fourth quarter helped by its low exposure to the PC sector. Therefore austriamicrosystems raises its guidance for 2010 based on expected revenue growth in the fourth quarter and now expects full year revenue growth to exceed 50% resulting in a strong increase in EBIT and net result. austriamicrosystems expects attractive growth in full year revenues and earnings also for 2011, based on currently available information. While austriamicrosystems continues to meet all its customers´ requirements the company sees ongoing structural capacity tightness in the analog market, a situation austriamicrosystems expects to persist into the coming year.
The complete third quarter report 2010 including detailed financial information is available on austriamicrosystems´ website under http://www.austriamicrosystems.com/eng/Investor/Financial-Reports
end of announcement euro adhoc
Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Email: investor@austriamicrosystems.com
Branche: Technology
ISIN: AT0000920863
WKN: 632638
Börsen: SIX Swiss Exchange / official dealing