ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS

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Algemeen advies 29/10/2015 06:22
ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results (unaudited) in accordance with US GAAP.

FINANCIAL HIGHLIGHTS Quarter
EUR million
Q3 2014 Q2 2015 Q3 2015
New orders 156.2 166.6 148.1
Net sales 122.2 201.0 162.0
Gross profit margin % 43.2 % 45.1 % 43.7 %
Operating result 17.2 42.1 23.2

Result from investments (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) 30.7 20.7 8.1
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT
(5.7 ) (6.8 ) (6.7 )
Net earnings 54.6 39.9 35.7
Normalized net earnings (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) 60.2 46.7 42.4


· Net sales for the third quarter 2015 were €162 million, a decrease of 19% compared to the previous quarter. Year-on-year net sales increased with 33%.
· New orders at €148 million were 11% below the Q2 2015 level.
· Normalized net earnings for the third quarter 2015 decreased by €4.3 million compared to the second quarter 2015. While operating result, due to the lower activity level, dropped by €19 million, the financing result included more favorable effects from currencies when compared to the second quarter. Moreover Q3 included €9 million one-off benefits due to tax refunds in Korea from previous years related to higher tax exemptions than originally assumed. The result from investments decreased with €12.6 million.

COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:

"Q3 revenues at €162 million were in line with our guidance, and, although 19% lower than Q2, still at the same level as Q1, our second best quarter ever. Order intake, at €148 million, came in at the high end of our guidance. Our gross profit margin of 44% remained at a solid level. Our company performance in combination with a healthy cash situation has led to today's announcement to start another €100 million share buy-back program.

OUTLOOK
For Q4 we expect sales between €125 and €145 million, on a currency comparable level. Orders are expected to come in at a level of €120 to €140 million, also on a currency comparable level. Our current visibility is that equipment bookings for next technology node investments in logic/foundry will start in the course of the first half of 2016.

VOLUNTARILY DELISTING FROM NASDAQ
On August 21, 2015, ASM International N.V.'s (Euronext Amsterdam: ASM) ("ASMI" or the "Company") common shares, par value €0.04 per share ("ASMI Common Shares"), were delisted from the Nasdaq Stock Market effective. The ASMI Common Shares, which are held in the U.S. as New York Registry Shares, are eligible for trading on the OTCQX® Best Market under the symbol ASMIY. The Company intends to maintain its existing NY Registry Program in place to support settlement of these shares traded on the OTCQX market.

The Company intends to terminate the registration of the ASMI Common Shares under Section 12(g) of the Securities Exchange Act of 1934 (the "1934 Act"), and to terminate all reporting obligations under Sections 13(a) and 15(d) of the 1934 Act. In furtherance of this, the Company filed on the same date with the U.S. Securities and Exchange Commission a Form 15F, pursuant to Rule 12h-6 under the 1934 Act. Upon the filing of the Form 15F, the Company's reporting obligations under Sections 13(a) and 15(d) of the 1934 Act have been suspended.

SHARE BUYBACK PROGRAM
ASMI announced today that its Management Board authorized the repurchase of up to €100 million of the Company's common shares within the 2015-2016 time frame. This buyback program will be executed by intermediaries through on-exchange purchases and will end as soon as the aggregate purchase price of the common shares acquired by ASMI has reached €100 million.

On May 21, 2015 the General Meeting of Shareholders authorized ASMI to acquire shares for a period of 18 months.

The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.

tijd 09.58
De Midcap 692,37 -1,30 -0,19% ASMI EUR 34,59 +12ct vol. 70.00






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