Net sales of € 20.7 million, net loss of € 3.0 million or € 0.10 per share *
* Quarter-end backlog of € 38.2 million, down 10% from the 2002 year-end backlog *
* Bookings of € 16.5 million, book-to-bill ratio of 0.80 *
Drunen, the Netherlands, April 23, 2003, BE Semiconductor Industries N.V. ("the Company" or "Besi")
(Nasdaq: BESI; Euronext: BESI), a leading manufacturer of assembly equipment for the
semiconductor industry, today announced its financial results for the first quarter of 2003.
Net sales for the first quarter of 2003 were € 20.7 million, an increase of 42.8% as compared to net
sales of € 14.5 million in the first quarter of 2002. Net loss for the first quarter of 2003 was € 3.0
million, or € 0.10 per share, versus a net loss of € 4.1 million, or € 0.13 per share, for the first quarter
of 2002.
Net bookings for the quarter ended March 31, 2003 were € 16.5 million, an increase of 2.5% as
compared to bookings in the first quarter of 2002 and a decrease of 33.5% as compared to the fourth
quarter of 2002. Backlog decreased by 10.1% to € 38.2 million at March 31, 2003 from € 42.5 million
at December 31, 2002. The book-to-bill ratio stood at 0.80 in the first quarter of 2003, compared to
1.11 in the first quarter of 2002 and 0.91 in the fourth quarter of 2002.
Gross margin for the first quarter of 2003 was 30.0% as compared to 23.6% in the first quarter of
2002. The increase in gross margin for the first quarter of 2003 as compared to the first quarter of
2002 was due to the increase in net sales in the current period and the effect of restructuring efforts
undertaken in prior periods.
At March 31, 2003, cash totaled € 115.6 million as compared to € 119.9 million at December 31,
2002, a decrease of € 4.3 million, primarily due to € 3.3 million in capital expenditures mainly for the
construction of an 80,000 square foot facility in Duiven, the Netherlands to consolidate part of Besi’s
Dutch operations and a new plant in China for tooling manufacturing.
Richard W. Blickman, President and Chief Executive Officer of the Company, commented: "The
Company improved net sales and operating results in the first quarter of 2003 as compared to the
first quarter of 2002 reflecting increased customer demand and the benefits of our substantial
restructuring efforts in 2001 and 2002 undertaken to reduce our cost structure in light of the ongoing
downturn in the semiconductor industry. However, as expected, our net sales for the first quarter of
2003 declined by 23.9%, bookings declined by 33.5% and our backlog declined by 10.1% as
compared to the fourth quarter of 2002. We continue to experience uneven trends in our sequential
quarterly operating results. As a result, we intend to implement further cost saving programs, while
maintaining intact our customer service, tooling and development capabilities in order to preserve
leadership positions in our markets. Current economic uncertainties make forecasting results for
future periods extremely difficult."
