Süss MicroTec AG: Q3 2010 Results Outperform Expectations

Süss MicroTec AG: Q3 2010 Results Outperform Expectations

Süss MicroTec AG  / Key word(s): Quarter Results

04.11.2010 07:16

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SUSS MicroTec AG: Q3 2010 Results Outperform Expectations

  - Order Entry of EUR 56.9 Million in the Third Quarter (Q3 2009: EUR 24.0
  - Sales in the Third Quarter Rise by 57% to EUR 37.0 Million (Q3 2009:
    EUR 23.6 Million)
  - EBIT in the First Nine Months Totals EUR 8.4 Million (9M 2009: EUR 1.2
  - EBIT Forecast for Full Year 2010 Raised Significantly to EUR 11-13

Garching near Munich, Germany, November 4, 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 third quarter and first
nine months of the 2010 fiscal year today. According to the results, the
strong demand for SUSS MicroTec equipment, which was already evident in the
first half of 2010, rose once again in the third quarter. Order entry
increased in the months from July to September 2010 by approximately 137%
to EUR 56.9 million after EUR 24.0 million in the same period of the
previous year. Sales in the third quarter totaled EUR 37.0 million,
exceeding the previous year's quarterly figure by approximately 57% (Q3
2009: EUR 23.6 million).

A nine-month review paints just as encouraging a picture: in the first nine
months of 2010, order entry of EUR 139.8 million surpassed the total of EUR
63.9 million for the same period of the previous year by approximately
119%. Compared with the same period of the previous year, sales increased
by approximately 37% from EUR 70.6 million in 2009 to EUR 96.6 million. The
order backlog as of September 30, 2010 amounted to EUR 108.0 million
(September 30, 2009: EUR 57.6 million).

Gross profit margin in the third quarter rose to 41.9% from 39.0% in the
corresponding year-earlier period as a result of several high-margin orders
in the Lithography division. However, the gross profit margin for the year
to date was 36.9%, reflecting certain lower-margin Bonder systems, which
were delivered in the second quarter of 2010 as part of strategic R&D
cooperative agreements. Earnings before interest and taxes (EBIT) developed
very positively in the third quarter of 2010, totaling EUR 5.0 million,
which corresponds to an EBIT margin of approximately 13.5%. As a result, it
was possible to generate EBIT of EUR 8.4 million in the first nine months
of 2010 (9M 2009: EUR 1.2 million).

During the first nine months of 2010, extraordinary effects of about EUR
0.2 million were recorded as a result of business combinations and
restructuring measures. The net impact of these extraordinary effects
improved earnings, whereby EUR 1.5 million accrued to the period from
January to June and EUR -1.3 million to the period July to September. The
extraordinary effects primarily consisted of the following:

  - The initial consolidation of HamaTech APE GmbH & Co. KG resulted in
    badwill of EUR 2.7 million.
  - Restructuring expenses of EUR -0.3 million resulted from the
    amalgamation of the production sites in Vaihingen and Sternenfels.
  - As of the end of September 2010, restructuring expenses of EUR -2.2
    million were incurred due to the relocation of the Substrate Bonder
    division from the USA to Germany.

Without these extraordinary effects, EBIT in the first nine months of 2010
would have totaled EUR 8.2 million, corresponding to an EBIT margin of

Earnings after taxes (EAT) amounted to EUR 3.6 million, compared with EUR
0.5 million in the corresponding period of the previous year. Basic
earnings per share (EPS) therefore totaled EUR 0.19 (9M 2009: EUR 0.03).

Free cash flow before the inclusion of securities and extraordinary effects
from M&A activities came to EUR 3.8 million at the nine month mark, after
EUR 5.6 million in the same period of the previous year. As of September
30, 2010, the SUSS MicroTec Group therefore has cash and interest-bearing
securities of EUR 39.2 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 23.5 million (9M 2009: EUR 15.3

Given strong order entry in the second and third quarters of 2010, we are
assuming order entry of EUR 170 million for the full year 2010. For the
entire year, we anticipate sales of approximately EUR 140 million and EBIT
in the EUR 11-13 million range. This incorporates one-time restructuring
expenses of EUR 4.5 million related to the relocation of the Substrate
Bonder division from the USA to Germany. We will also be able to generate a
positive free cash flow (before effects of M&A activities already carried
out) in the 2010 fiscal year.

End of the ad hoc announcement

SÜSS MicroTec AG
Christa Derbsch
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 (0)89 32007-441
Fax: +49 (0)89 32007-451 
Email: christa.derbsch@suss.com

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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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of Announcement                             DGAP News-Service