Q3 Figures for 2011 Published

Q3 Figures for 2011 Published

  • Order Intake with 38.2 € million at upper end of guidance
  • Sales of 45.9 € million significantly above guidance
  • EBIT at 4.1 € million
  • Net cash position increased to 40.1 € million

Garching, GERMANY, November 8 2011 - SUSS MicroTec, a global supplier of equipment and process solutions for the semiconductor industry and related markets, published its report for the third quarter of the fiscal year 2011 today. When looking at the third quarter only, order intake decreased by 33% to 38.2 € million compared to the third quarter 2010 (Q3 2010: 56.9 € million), but increased sequentially by 19%. Sales increased by 24% to 45.9 € million, compared to 37.0 € million in the corresponding quarter 2010. The EBIT decreased by 18% in the third quarter to 4.1 € million compared to € 5.0 million in the previous year. It was influenced by the delivery of low margin - but strategically important - tools to customers for their evaluation. Additionally our research and development costs have increased significantly in the third quarter, but we see this temporary cost increase as a necessary investment into innovative process solutions and technologies.

The figures for the first nine month of the year show that the company again experienced a relatively strong level of sales compared to the first nine month of 2010. SUSS MicroTec generated sales of 130.6 € million, beating the previous year of 96.6 € million by approximately 35%. Order entry decreased, as expected, by 15% year on year to 118.6 € million. This leads to an order backlog of 103.5 € million as of September 30, 2011 (September 30, 2010: 108.0 € million).

The group's largest division – Lithography – posted a 28% increase in sales to 84.4€ million (previous year: 65.7 € million) during the year under review. The Photomask Equipment division also succeeded in growing its revenues by more than 260% to 25.8 € million (previous year: 7.1 € million). The Substrate Bonder division contributed sales of 14.8 € million (previous year: 19.0 € million), a decrease by 22%.

Earnings before interest and tax (EBIT) of 14.7 € million could be achieved (previous year: 8.4 € million). This translates into an EBIT-margin of 11.3%. The EBIT in 9M 2011 was burdened by restructuring costs of roughly 1.4 € million caused by the relocation of the Bonder product line from Waterbury, VT, USA to Sternenfels. In the first nine months of 2010 the special effects amounted to € minus 0.2 Million, consisting of a negative goodwill of 2.7 € million and restructuring costs of 2.5 € million. The adjusted EBIT is 16.1 € million, which translates into an adjusted EBIT-margin of 12.3%. For the remainder of the fiscal year 2011 we expect no further restructuring costs. Earnings after taxes (EAT) from continuing operations amounted to 11.2 € million, compared to 3.6 € million in the previous year. The basic earnings per share (EPS), therefore, totaled 0.59 € (previous year: 0.19 €).

Cash and interest bearing securities amounted to 54.7 € million at the end of the first nine month year (September 30, 2010: 39.2 € million). Net liquidity amounted to 40.1 € million (September 30, 2010: 23.5 € million). The Free Cash Flow for the fiscal year, before security transactions and extraordinary effects as well as M&A transactions, was 2.0 € (previous year: 3.8 € million).

Outlook

The Management Board confirms that it expects sales of more than € 170 million for the current fiscal year, 2011. The company also expects the EBIT-margin to improve compared with the previous year. As of today the free cash flow can reach a double digit million € figure. For the fourth quarter of the fiscal year 2011 the company expects according to our guidance an order intake of € 30 to 40 million and sales of approximately € 40 - 45 million.