EANS-Adhoc: ams AG ams reports second quarter and first half results
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6-month report
23.07.2012
Key financial data for the second quarter and first half 2012
Unterpremstaetten, Austria (23 July, 2012) - ams (SIX: AMS), a leading worldwide
designer and manufacturer of high performance analog ICs for consumer &
communications, industry & medical, and automotive applications, continued to
grow revenues and earnings in the second quarter of 2012, driven by strong
demand for its high performance analog solutions and the expansion of its global
customer base. Increasing expectations once again, ams now expects 2012 revenue
growth of around 40% year-on-year; in addition, ams anticipates 2012 full year
EBIT margins to exceed 20%.
Second quarter group revenues grew to EUR 96.1 million, an increase of 66% from
EUR 57.9 million in the same quarter 2011 (54% in constant currency terms) and
up 6% quarter-on-quarter. Revenues for the first half of 2012 were EUR 186.8
million, an increase of 65% from EUR 113.0 million recorded in the first half of
2011 (57% in constant currency terms).
In the second quarter, gross margin was 54% excluding acquisition-related
amortization and 52% including acquisition-related amortization, compared to 51%
in the same quarter 2011. For the first half of 2012, gross margin increased to
54% excluding acquisition-related amortization and 51% including
acquisition-related amortization, compared to 51% in the first half of 2011.
The result from operations (EBIT) for the second quarter was EUR 21.3 million,
up 180% from EUR 7.6 million in the second quarter of 2011. This result reflects
the successful expansion of ams' business in attractive growth markets and the
ongoing market success of its customers. For the first half of 2012, EBIT was
EUR 39.6 million, compared to EUR 15.8 million in the same period last year. The
net result for the second quarter 2012 was EUR 19.7 million compared to EUR 6.6
million in the same period last year. Basic and diluted earnings per share for
the second quarter were CHF 1.87/1.77 or EUR 1.56/1.48 (CHF 0.80/0.78 or EUR
0.65/0.63 for the second quarter 2011). The net profit for the first half-year
2012 was EUR 38.9 million, equivalent to CHF 3.68/3.53 or EUR 3.06/2.93 per
share (basic/diluted), compared to EUR 14.0 million, i.e. CHF 1.74/1.70 or EUR
1.37/1.34 per share (basic/diluted), for the same period last year.
Operating cash flow for the second quarter was EUR 24.8 million, up EUR 8.5
million from the same quarter 2011, while operating cash flow for the first half
was EUR 49.4 million, up EUR 18.5 million from the first half year 2011. Total
backlog on June 30, 2012 (excluding consignment stock agreements) was EUR 106.8
million, compared to EUR 100.5 million at the end of the first quarter (EUR 61.9
million on June 30, 2011).
ams' business performed strongly in the second quarter and first half of 2012.
This positive development was driven by the company's expanding range of high
volume applications at major OEMs. ams combined revenue growth with an ongoing
improvement in margins, which demonstrates the benefits of ams' products for
customers as well as the company's strong supply chain model.
In its Consumer & Communications business, ams recorded attractive growth across
product lines. As the global leader in integrated optical sensors, ams continued
on its growth path increasing market penetration and customer reach. Shipment
volumes rose through the second quarter reflecting ams' customers' market
success and the expansion of its presence at top tier vendors. Best-in-class
sensor solutions and outstanding sensitivity make ams the provider of choice for
a major share of leading smartphone and mobile device OEMs. Shipments of the
company's lighting and power management ICs to handset and mobile device vendors
also remained at healthy levels.
Answering next generation power management demands, ams recorded first
design-ins of a new PMIC product for tablet PCs and mobile devices built around
a leading vendor's graphics processor solution. With the company's success based
on superior performance at a reduced footprint, ams sees attractive market
opportunities in this area going forward. MEMS microphone driver shipments
continued their upward trend during the quarter, supporting ams' market leader
position and the expectation of further attractive growth in this market in
2012. New sensor technologies for smartphones and mobile devices remain an area
of substantial activity as mobile device OEMs look for ways to add innovative
features and applications into their future models.
In the second quarter ams started volume shipment of its active antenna NFC
solution for mobile payment. The leading-edge solution allows full integration
of EMV-compliant NFC functionality into SIM or microSD cards using the
industry's smallest antenna form factor with virtually a 100% read rate. ams
sees very high levels of interest for this innovation which enables more payment
providers to participate in the NFC mobile payment opportunity. ams is well
positioned in this upcoming market which ams expects to offer significant growth
potential for the company in the coming years.
ams' industrial and medical business delivered positive results in the second
quarter and first half, driven by the success of its differentiated sensor and
sensor interface products and solutions. In its industrial target markets the
company sees pockets of very good strength while other market areas are facing a
more mixed demand environment. ams' medical business showed a robust development
in the second quarter. Run rates for the company's digital imaging solutions,
particularly its break-through computer tomography sensor (CT) solution,
continued to expand as ams' CT imaging customer is leveraging its technological
advantages in this market. Overall, ams' industrial and medical business remains
healthy as the company enters the second half of 2012.
In Automotive, ams' business developed positively in the first half driven by
sensor and sensor interface solutions for critical in-car systems. ams sees its
automotive business expanding this year based on new platforms, the company's
technology portfolio and the multi-year trend for more sensor capabilities in
vehicles. Across ams' markets, design-in activities continue to show attractive
momentum as ams is seeing strong interest from both direct OEMs and distribution
accounts for its products. In operations, ams is implementing the planned 2012
expansion of its Philippines test facility to support the ongoing and projected
growth in product volumes and the foundry business contributed positively to the
company's results.
Based on available information, ams is increasing its revenue guidance once
again and now expects full year 2012 revenue growth of around 40% compared to
last year. Given ongoing improvements in profitability, ams also expects 2012
EBIT margins to exceed 20% on a full year basis. ams confirms its positive
outlook for 2012, particularly as the company's business in the growth markets
for smartphones, tablet PCs and mobile devices continues to expand.
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About ams
ams develops and manufactures high-performance analog semiconductors that solve
its customers' most challenging problems with innovative solutions. ams'
products are aimed at applications which require extreme precision, accuracy,
dynamic range, sensitivity, and ultra-low power consumption. ams' product range
includes sensors, sensor interfaces, power management ICs and wireless ICs for
customers in the consumer, industrial, medical, mobile communications and
automotive markets.
With headquarters in Austria, ams employs over 1,200 people globally and serves
more than 6,500 customers worldwide. ams is the new name of austriamicrosystems,
following the 2011 acquisition of optical sensor company TAOS Inc. ams is listed
on the SIX Swiss stock exchange (ticker symbol: AMS). More information about ams
can be found at www.ams.com.
Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-31211
Fax: +43 3136 500-931211
Email: investor@ams.com
end of announcement euro adhoc
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issuer: ams AG
Tobelbader Strasse 30
A-8141 Unterpremstaetten
phone: +43 3136 500-0
FAX: +43 3136 500-931211
mail: investor@ams.com
WWW: www.ams.com
sector: Technology
ISIN: AT0000920863
indexes:
stockmarkets: official dealing: SIX Swiss Exchange
language: English