EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports first quarter
results
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3-month report
28.04.2011
Key financial data for the first quarter 2011
Unterpremstaetten, Austria (April 28, 2011) austriamicrosystems (SIX: AMS), a leading worldwide designer and manufacturer of high performance analog ICs for consumer & communications, industry & medical and automotive applications, reports year-on-year revenue and earnings growth for the first quarter of 2011 driven by robust demand across target markets. Reiterating its 2011 guidance, austriamicrosystems expects full year revenue growth of around 10% together with a faster increase in EBIT and net result.
First quarter group revenues were EUR 55.2 million, up 25% from EUR 44.0 million in the same quarter 2010 (25% in constant currency terms) and 5% lower quarter-on-quarter. Gross margin for the first quarter was 51%, 7 percentage points higher than in the same quarter 2010 and unchanged from the previous quarter.
The result from operations (EBIT) for the first quarter grew to EUR 8.2 million, up 165% from EUR 3.1 million in the same period 2010, in spite of a negative EUR/USD exchange rate trend in the quarter. The first quarter net result was EUR 7.4 million compared to EUR 2.0 million in the same period 2010. Basic and diluted earnings per share for the first quarter were CHF 0.94 / CHF 0.92 and EUR 0.73 / EUR 0.71 respectively (CHF 0.29 / CHF 0.29 and EUR 0.20 / EUR 0.20 in the same period 2010).
Total backlog (excluding consignment stock agreements) stood at EUR 69.4 million on March 31, 2011, up from EUR 65.5 million on March 31, 2010. Operating cash flow increased to EUR 14.6 million, compared to EUR 8.0 million in the first quarter 2010. This cash flow improvement resulted in a net cash position of EUR 7.2 million at the end of the first quarter.
austriamicrosystems´ business performed strongly in the first quarter with lower quarter-on-quarter revenue seasonality compared to historic results. This positive development was due to continuing healthy demand from all markets and geographies. High run rates for its Consumer & Communications product lines including MEMS microphone ICs, portable lighting management and power management were again a key driver for austriamicrosystems´ business in the first quarter. LED backlighting adoption in LCD TVs also continues its upward trend in the current year. The company´s Industry & Medical business recorded another strong quarter with shipment rates into the industrial market continuing at high levels, very solid order and design activity worldwide and excellent demand in sensor interfaces and medical imaging. austriamicrosystems´ Automotive business continued its positive development based on attractive run rates in sensor products.
Overall, austriamicrosystems is successfully increasing its market presence and penetration through direct and distribution sales. Capacity utilization remains very high; in combination with product mix improvements this drove the gross margin expansion in the quarter. Together with the resources at its manufacturing partners austriamicrosystems´ production model offers clear benefits in quality and delivery security to the company´s customers. austriamicrosystems has been deeply saddened by the toll on human life in Japan. While austriamicrosystems does not have meaningful exposure to Japanese suppliers the company nevertheless secured its supply chain, including subcontractors and their suppliers, as a precautionary measure and is in the position to fully meet expected customer demand this year, whereas capacity tightness in the global analog market will most likely continue in 2011.
austriamicrosystems sees its business continuing to develop positively in the coming quarters. Therefore austriamicrosystems reiterates its guidance for 2011 and expects full year revenue growth of around 10% together with a faster increase in EBIT and net result, based on available information.
The complete first quarter report 2011 including detailed financial information is available on austriamicrosystems´ website under http://www.austriamicrosystems.com/eng/Investor/Financial-Reports
Concurrent with the first quarter results, austriamicrosystems publishes its Annual Report 2010 which is also available at http://www.austriamicrosystems.com/eng/Investors/Financial-Reports . Printed copies of the Annual Report will be available from mid-May.
About austriamicrosystems
austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining over 25 years of analog design capabilities and system know-how with its own state-of-the-art manufacturing and test facilities. austriamicrosystems leverages its expertise in low power and high accuracy to provide industry-leading standard and customized analog products. Operating worldwide with more than 1,100 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces and mobile infotainment in its markets Consumer & Communications, Industry & Medical and Automotive. austriamicrosystems is listed on the SIX Swiss Exchange in Zurich (ticker: AMS). For more information, please visit www.austriamicrosystems.com
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Contact:
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