BE Semiconductor Industries Reports Second Quarter 2009 Results

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Overig advies 30/07/2009 08:07
Significant Order Improvement vs. Q1-2009. Financial Position Enhanced Due to Esec Acquisition
Duiven, the Netherlands, July 30, 2009, BE Semiconductor Industries N.V. ("the Company" or "Besi") (Euronext: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its financial results for the second quarter ended June 30, 2009.
Highlights Second Quarter 2009
• Revenues nearly doubled to € 30.5 million vs. € 15.6 million in Q1-2009 due primarily to Esec acquisition
• Orders up € 24.7 million vs. Q1-2009 due to inclusion of Esec and improving die bonding, wire bonding and packaging orders
• Net income of € 31.5 million in Q2-2009 vs. net loss of € 9.4 million in Q1-2009
• Adjusted net loss of € 10.9 million in Q2-2009 excluding € 41.2 million one-time negative goodwill gain and other adjustments of € 1.2 million as compared to adjusted net loss of € 7.3 million in Q1-2009
• Financial position at June 30, 2009 enhanced due to Esec acquisition:
o Cash increased from € 59.2 million at March 31, 2009 to € 72.2 million at June 30, 2009
o Net cash increased to € 18.1 million vs. € 3.4 million at end of Q1-2009
o € 52.9 million cash in excess of bank/lease debt
Strategic Agenda and Outlook
• Dragon II target headcount reduction exceeded. Hungarian die bonding operations rationalized, production transfer to Malaysia commenced.
• Esec integration on track. To complete approximate 30% headcount reduction by Q3-2009.
• Anticipated net loss for Q3-2009 albeit less than Q2-2009 (ex negative goodwill gain) based on anticipated 30-40% sequential revenue ramp and cost reduction efforts.



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