SÜSS MicroTec AG: Q3 Figures for 2013 Published

SÜSS MicroTec AG: Q3 Figures for 2013 Published

(DGAP-Media / 07.11.2013 / 07:31)

Q3 Figures for 2013 Published

- Solid Order Intake of EUR 34.3 million

- Q3-Sales reached EUR 38.9 million

- EBIT improved to EUR 1.8 million compared to the previous year

- Net Cash position increased to EUR 21.9 million

- Order Backlog of EUR 97.6 million

Garching, November 7, 2013 - 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 2013 today. When looking at the third quarter only, order intake decreased from EUR 36.6 million to EUR 34.3 million. Sales decreased by 4.4% to EUR 38.9 million, compared to EUR 40.7 million in the corresponding quarter 2012. The EBIT increased by 12.5% in the third quarter to EUR 1.8 million after EUR 1.6 million in the previous year.

In the first three quarters of 2013 SUSS MicroTec generated sales of EUR 94.0 million, 13% less than the EUR 108.6 million of the prior year. Despite the volatile macroeconomic environment, order entry was robust but decreased year on year to EUR 105.9 million (prior year: EUR 117.0 million). This leads to an order backlog of EUR 97.6 million as of September 30, 2012 (September 30, 2012: EUR 102.4 million).

The group's largest division - Lithography - posted sales of EUR 64.9 million after EUR 81.1 million in the previous year. The Photomask Equipment division achieved sales of EUR 15.7 million (previous year: EUR 8.6 million). The Substrate Bonder division displayed lower sales of EUR 9.8 million after EUR 15.3 million in 2012.

Earnings before interest and tax (EBIT) came in at EUR -13.2 million (previous year: EUR 3.1 million). The EBIT for the first nine month of the year 2013 included a one-time effect of EUR -6.0 million. The one-time effect resulted from the refocusing of the product line permanent bonding. The write-offs are mainly on capitalized development costs, which originate from the years prior to 2008, as well as on no longer needed demonstration tools and inventories. The EBIT for the first nine months of the year 2012 included one-time currency effects of EUR -0.4 million. These effects result from the settlement of company-internal foreign currency credits by SÜSS MicroTec AG against SUSS MicroTec, Inc. in connection with the acquisition of Tamarack in March 2012. Adjusted EBIT for the first nine months of the year 2013 amounted to EUR -7.2 million (previous year: EUR 3.5 million). The weaker margins in the coater/developer division, especially the unfavorable product mix between 200mm and 300mm coating tools and the negative EBIT impact resulting from SUSS MicroTec Photonic Systems (former Tamarack Scientific) are weighing on the margins in 2013.

Earnings after taxes (EAT) for continued operations amounted to EUR -10.5 million, compared to 0.8 EUR million in the previous year. Earnings after taxes for the continued and discontinued operations amounted to EUR -10.5 million (prior year: 2.3 EUR million). The EAT for 2012 includes a tax free gain of EUR 1.5 million resulting from the sale of the Test Business in 2010. The basic earnings per share (EPS) for the continued and discontinued operations totaled -0.55 EUR (previous year: 0.04 EUR).Net liquidity amounted to EUR 21.9 million (September 30, 2012: EUR 30.7 million).

The Free Cash Flow for the first nine months, before security transactions and extraordinary effects as well as M&A transactions, was EUR -9.9 million (previous year: EUR -6.2 million). It includes the EUR 8.9 million purchase price (including ancillary costs) for the real estate in Garching.

Strategic Management Decision
Due to a reevaluation of the business situation in permanent bonding and the ongoing losses in this product line the management has decided to expand the restructuring measures, which have been taken in the second quarter this year, and to cease production of cluster systems for permanent bonding applications. The development and production of the successful manual permanent bonding systems are not affected by this strategic action. In this context one-off expenses of EUR 8.3 million can be expected in the fourth quarter 2013. This one-off effect includes EUR 6.7 million for write-offs on inventories (raw materials, unfinished goods as well as demonstration tools) and EUR 1.6 million of precautionary provisions formed for single customer projects. With this move the management expects to pronouncedly reduce the losses of the Substrate Bonding Division.

SUSS MicroTec announces a revision of the full year guidance 2013. The sales expectation of formerly EUR 150 million is revised to a bandwidth of EUR 125 to EUR 135 million. The reason is a potential delay in the sales recognition of several machines, which have already been shipped but are still waiting for final acceptance of the customer. The tools include temporary and permanent bond cluster systems for international customers. Due to the lower overall sales level, the EBIT will most likely not reach in the original range of minus EUR 10 to minus EUR 15 million. Taking the one-off expenses into account an EBIT in the range of minus EUR 22 to minus EUR 27 million can be expected. The EBIT for 2013 includes approximately EUR 14.3 million charges for the restructuring of the product line permanent bonding.

For the fourth quarter 2013, the Company expects a robust order intake in the range of EUR 30 to EUR 40 million.

About SUSS MicroTec
SUSS MicroTec is a leading supplier of equipment and process solutions for microstructuring in the semiconductor industry and related markets. In close cooperation with research institutes and industry partners SUSS MicroTec contributes to the advancement of next-generation technologies such as 3D Integration and nanoimprint lithography as well as key processes for MEMS and LED manufacturing. With a global infrastructure for applications and service SUSS MicroTec supports more than 8,000 installed systems worldwide. SUSS MicroTec is headquartered in Garching near Munich, Germany.
For more information, please visit http://www.suss.com.

Legal Disclaimer
All statements in this release other than historical facts are forward-looking statements within the meaning of U.S. Private Securities Litigation Reform Act of 1995. Words such as 'believe', 'expect', 'intend', 'anticipate', 'estimate', 'should', 'may', 'will', 'plan' and similar words and terms used in relation to the enterprise are meant to indicate forward-looking statements of this kind. The company accepts no obligation toward the general public to update or correct forward-looking statements. All forward-looking statements are subject to various risks and uncertainties, as a result of which actual events may diverge numerically from expectations. The forward-looking statements reflect the view at the time they were made.

SUSS MicroTec AG
Franka Schielke
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 (0)89 32007-161
Fax: +49 (0)89 32007-451
Email: franka.schielke@suss.com

End of Media Release

Issuer: SÜSS MicroTec AG
Key word(s): Enterprise

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238426  07.11.2013