Süss MicroTec AG: Q2 2010 Results Exceed Expectations

Süss MicroTec AG: Q2 2010 Results Exceed Expectations

Süss MicroTec AG / Half Year Results

05.08.2010 07:13

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.


SUSS MicroTec AG: Q2 2010 Results Exceed Expectations

  - Strong Growth in Order Entry of 112% to EUR 50.6 Million in Q2 (Q2
    2009: EUR 23.9 Million)

  - Sales in Q2 Rise by 53% to EUR 37.7 Million (Q2 2009: EUR 24.6 Million)

  - EBIT in the First Six Months Totals EUR 3.5 Million (H1 2009: EUR 0.2

  - Annual Forecast Raised Significantly to EUR 140 Million

Garching near Munich, Germany, August 5, 2010 - SUSS MicroTec AG (business
address: Schleissheimer Strasse 90, 85748 Garching, Germany; ISIN:
DE0007226706), which is listed in the Prime Standard of Deutsche Börse AG,
published its financial figures for the second quarter and first half of
the 2010 fiscal year today. According to the results, the rising demand for
SUSS MicroTec equipment, which was already evident in the first quarter of
2010, has remained encouragingly strong in the second quarter as well.
Order entry increased in the months from April to June 2010 by
approximately 112% to EUR 50.6 million after EUR 23.9 million in the same
period of the previous year. Sales in the second quarter totaled EUR 37.7
million, exceeding the previous year's quarterly figure by approximately
53% (Q2 2009: EUR 24.6 million).

A mid-year review paints just as encouraging a picture: in the first six
months of 2010, order entry of EUR 82.9 million surpassed the EUR 39.9
million total for the same period of the previous year by approximately
108%. The strong demand in the first half of 2010 was primarily driven by
Asian customers, particularly in Taiwan, China, and Malaysia. Compared with
the first half of 2009, sales increased by approximately 27% from EUR 47.1
million to EUR 59.6 million. The order backlog as of June 30, 2010 amounted
to EUR 89.9 million (June 30, 2009: EUR 57.7 million).

Gross profit in the first half of 2010 improved by approximately 6% to EUR
20.1 million compared with the previous year's period (H1 2009: EUR 18.9
million). However, the gross profit margin fell from 40.1% to its current
figure of 33.7%, reflecting relatively low-margin individual Bonder
systems, which generated revenues in the second quarter of 2010 as part of
strategic R&D cooperative agreements. Including extraordinary effects of
EUR 1.5 million, earnings before interest and taxes (EBIT) improved
significantly to EUR 3.5 million (H1 2009: EUR 0.2 million). Extraordinary
effects in the first half of the year primarily consisted of the following:

  - Gain of bargain purchase of EUR 2.7 million resulting from the initial
    consolidation of HamaTech APE

  - Restructuring expenses of EUR -0.3 million resulting from the
    amalgamation of the production sites in Vaihingen and Sternenfels

  - Restructuring expenses of EUR -0.9 million related to the relocation of
    the Substrate Bonder division from the USA to Germany

Excluding these extraordinary effects, EBIT came to EUR 2.0 million.
Earnings after taxes (EAT) amounted to EUR 1.1 million, compared with EUR
-0.3 million in the corresponding period of the previous year. Basic
earnings per share (EPS) therefore totaled EUR 0.06 (H1 2009: EUR -0.02).

Free cash flow before the inclusion of securities and extraordinary effects
from M&A activities came to EUR 6.0 million at the end of the first
half-year after EUR 4.0 million in the same period of the previous year. As
of June 30, 2010, the SUSS MicroTec Group therefore had cash and
interest-bearing securities of EUR 37.1 million (December 31, 2009: EUR
31.1 million). The net cash position grew significantly in comparison to
the end of the 2009 fiscal year from EUR 18.4 million to EUR 25.6 million
(H1 2009: EUR 13.8 million).


In view of the strong order entry in the second quarter, the annual
forecast for the full year 2010 is being raised. For the current year the
Company expects sales of approximately EUR 140 million instead of EUR 120
million, as assumed until now. In addition, the Company continues to
anticipate positive earnings before interest and taxes (EBIT) despite
one-off restructuring expenses of approximately EUR 7.5 million. Its
estimation that it will be able to generate positive free cash flow in the
2010 fiscal year remains unchanged.

End of the ad hoc announcement

SÜSS MicroTec AG
Julia Hartmann
Investor Relations / PR
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 (0)89 32007-161
Fax: +49 (0)89 32007 336 
Email: julia.hartmann@suss.com

05.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

Language:     English
Company:      Süss MicroTec AG
              Schleissheimer Strasse 90
              85748 Garching b. München
Phone:        +49 (0)89 32007-161
Fax:          +49 (0)89 32007-336
E-mail:       ir@suss.com
Internet:     www.suss.com
ISIN:         DE0007226706
WKN:          722670
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News                                     DGAP News-Service