Duiven, the Netherlands, April 25, 2017 - BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the first quarter ended March 31, 2017.

Key Highlights
Revenue of € 110.2 million, up 18.4% vs.Q4-16 and 39.5% vs. Q1-16 due primarily to favorable industry conditions and higher die bonding shipments for smart phone applications. In line with guidance
Orders of € 239.8 million, up 162.4% vs. Q4-16 and 130.8% vs. Q1-16 due primarily to large die bonding capacity build by IDMs for next generation mobile devices as well as automotive and high-end cloud server applications
Gross margin rose to 55.7% up 2.5% vs. Q4-16 and 6.5% vs. Q1-16 principally resulting from Besi's strong market position, increased material cost efficiencies and forex benefits
Net income of € 24.3 million is up 45.5%, or € 7.6 million, vs. Q4-16 and 203.8%, or € 16.3 million, vs. Q1-16 due to strong revenue growth, continued gross margin improvement and cost controls
Net margins also increased significantly to 22.0% in Q1-17 vs. 18.0% in Q4-16 and 10.1% in Q1-16
Net cash increased by € 27.3 million, or 18.4% year over year to reach € 175.7 million

Outlook
Q2-17 revenue forecast +40-50% vs. Q1-17. H1-17 operating income to exceed full year 2016 levels assuming midpoint of Q2-17 guidance

(€ millions, except EPS)
Q1-2017 Q4-2016 ? Q1-2016 ?
Revenu 110.2 93.1 +18.4% 79.0 +39.5%
Orders 239.8 91.4 +162.4% 103.9 +130.8%
Operating Income 30.8 19.7 +56.3% 9.6 +220.8%
EBITDA 34.2 23.3 +46.8% 13.4 +155.2%
Net Income 24.3 16.7 +45.5% 8.0 +203.8%
EPS (basic) 0.65 0.45 +44.4% 0.21 +209.5%
EPS (diluted) 0.60 0.43 +39.5% 0.21 +185.7%
Net Cash 175.7 168.1 +4.5% 148.4 +18.4%
Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “In Q1-17, we realized strong revenue growth in line with guidance, operating profit levels that exceeded expectations and a 162.4% order increase vs. Q4-16 reaching € 239.8 million. Our Q1-17 results position Besi for a strong H1-2017 financial performance.
In the first quarter, revenue increased by 18.4% due to the benefits of a more favorable industry environment that started at the end of Q4-16 as well as increased demand for smart phone applications. Revenue growth, combined with continued improvement in gross margin to 55.7% and tight control of baseline operating expenses, enabled Besi to generate net income of € 24.3 million in Q1-17 and a net margin of 22.0%. Net income more than tripled vs. Q1-16 while net margins more than doubled vs. the year ago period reflecting the enhanced profit potential of our business model. Net cash continued to build in Q1-17 reaching € 175.7 million despite significant working capital investment necessary to support the large 2017 order increase and € 5.8 million of share repurchases during the quarter.
The substantial order growth in Q1-17 was due to a variety of factors, the most prominent of which was a significant expansion by IDMs and their respective supply chains of die bonding capacity for next generation mobile devices with enhanced features. Our leading edge portfolio of multi module, epoxy and flip chip die bonding systems are uniquely positioned to capitalize on this capacity build by first movers in the industry who require the most demanding specifications in terms of form factor, pitch, complexity, density, and production throughput. In addition, Besi also realized broad based order growth for its advanced packaging systems addressing automotive and high-end cloud server applications. We also experienced increased demand by Chinese subcontractors for smart phone and mainstream electronics applications. Order growth in these areas reflects a continuation of trends from 2016.
Besi guides for Q2-17 revenue growth of 40-50% vs. Q1-17 with substantial growth in its sequential operating profit based on a backlog of € 205.9 million at the end of Q1-17 and customer feedback. Given our improved 2017 business outlook and the midpoint of Q2-17 guidance, we forecast that operating income for the six months of 2017 will exceed full year 2016 levels.”

First Quarter Results of Operations
Q1-2017 Q4-2016 ? Q1-2016 ?
Revenu 110.2 93.1 +18.4% 79.0 +39.5%
Orders 239.8 91.4 +162.4% 103.9 +130.8%
Backlog 205.9 76.3 +169.9% 102.7 +100.5%
Book to Bill Ratio 2.2x 1.0x +1.2 1.3x +0.9
Q1-17 revenue increased by 18.4% vs. Q4-16 and 39.5% vs. Q1-16 and was within prior guidance (+15-20%). Growth was primarily due to a more favorable industry environment and higher die bonding system demand for smart phone applications.

Orders of € 239.8 million were up 162.4% vs. Q4-16 and 130.8% vs. Q1-16 due primarily to a large build by IDMs and their respective supply chains of die bonding capacity for next generation mobile devices. In addition, Besi also experienced broad based growth for automotive and high-end cloud server applications and increased demand by Chinese subcontractors for smart phone and mainstream electronics. Per customer type, IDM orders increased sequentially by € 145.4 million, or 284.0%, while subcontractor orders increased by € 3.0 million, or 7.5%.

Q1-2017 Q4-2016 ? Q1-2016 ?
Gross Margin 55.7% 53.2% +2.5 49.2% +6.5
Operating Expenses 30.5 29.8 +2.3% 29.2 +4.5%
Financial Expense/(Income), net 2.0 0.0 NM 0.2 NM
EBITDA 34.2 23.3 +46.8% 13.4 +155.2%

Besi’s gross margin rose to 55.7% in Q1-17, an increase of 2.5 points vs. Q4-16 and 6.5 points vs. Q1-16. Q1-17 gross margin exceeded prior guidance (52-54%). Improved gross margins were principally due to increased material cost efficiencies (particularly in the year over year comparison) and forex benefits related primarily to a decrease in the value of the MYR vs. the euro. In addition, Besi benefited in the year over year comparison from an increase in the value of the USD vs. the euro.

During the quarter, Besi repurchased 166,681 of its ordinary shares at an average price of € 35.03 per share. Cumulatively as of March 31, 2017, a total of 293,076 shares have been purchased at an average price of € 33.42 per share for a total of € 9.8 million under its current 1.0 million share repurchase authorization.

Outlook
Based on its March 31, 2017 backlog and feedback from customers, Besi forecasts for Q2-17 that:
? Revenue will increase by 40-50% vs. the € 110.2 million reported in Q1-17.
? Gross margins will range between 54-56% vs. the 55.7% realized in Q1-17.
? Operating expenses will increase by 10-15% vs. the € 30.5 million reported in Q1-17.
Assuming the midpoint of Q2-17 guidance, Besi forecasts that operating income for the first six months of 2017 will exceed full year 2016 levels.

see more on
http://www.besi.com/uploads/tx_news/Q1-2017.pdf

tijd 09.28
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