Besi, Record Quarterly Orders and Backlog. Revenue and Profitability Exceed Expectations

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Overig advies 27/07/2010 08:01
Duiven, the Netherlands, July 27, 2010 - BE Semiconductor Industries N.V. ("the Company" or "Besi") (NYSE Euronext: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter ended June 30, 2010.
Key Highlights
• Q2-10 orders up 37.4% vs. Q1-10 as industry recovery continues. Order growth primarily related to increased demand for die attach systems by Asian assembly subcontractors
• Q2-10 revenue growth of 58.1% and gross margins of 38.7% exceed prior guidance
• Backlog of € 136.0 million up 48.3% vs. Q1-10
• Net income of € 15.4 million in Q2-10 vs. € 2.6 million net loss in Q1-10
• Adjusted net income of € 11.0 million vs. € 1.2 million in Q1-10 excluding tax and restructuring items
• Q3-10 outlook: Sequential quarterly profit improvement continues on 10-15% forecast revenue growth.

(€ millions) Q2-2010 Q1-2010 Δ Q2-2009 Δ
Revenue 89.5 56.6 58.1% 30.5 193.9%
Operating income (loss) 13.9 (1.0) NM 32.2 (56.8%)
EBITDA 16.2 1.1 NM 34.4 NM
Net income (loss) 15.4 (2.6) NM 31.5 (51.1%)
Adjusted net income (loss)a 11.0 1.2 NM (10.9) NM
EPS
Orders 133.7 97.3 37.4% 37.5 256.4%
Backlog 136.0 91.7 48.3% 40.6 234.7%
Cash flow (deficit) from ops. (0.4) (16.9) NM (2.6) NM
Cash 48.1 47.7 0.8% 72.2 (33.3%)
Total Debt 49.4 46.8 5.5% 54.1 (8.7%)
a Excludes in Q2-10 € 4.8 million net deferred tax asset write-up and € 0.4 million restructuring charges, net primarily related to Besi’s wire bonding operations. See accompanying tables.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “We are pleased to report that Besi returned to profitability in the second quarter of 2010. Shipment and order levels increased significantly due to the continued expansion of industry demand for memory, personal computing and smart phone devices and our ability to ramp production at our global facilities more rapidly than anticipated. Record backlog of € 136.0 million resulted primarily from a substantial increase in orders for our die attach equipment by Asian subcontractors and IDMs as they continue to build assembly capacity in response to elevated demand for semiconductor devices. Our priority continues to be the expansion of our production capacity and supply chain to meet accelerated market demand and elevated backlog levels.
Second quarter revenue and net income levels represent the most visible evidence of the progress we have made in transforming Besi via our “One-Besi” organizational restructuring and acquisitions into a broad based equipment supplier efficiently serving both mainstream and niche assembly markets. Second quarter revenue and gross margins exceeded prior guidance and adjusted net margins reached 12.3%. Profitability in the second quarter of 2010 was favorably influenced by sequential revenue growth of 58%, improved gross margins and operating leverage as we were able to ramp revenue with only a limited increase in our overhead levels. We expect positive sequential profit trends to continue into the third quarter of 2010 based on forecasted revenue growth of 10-15%.”
27 July 2010 Page 2 of 9
Quarterly Financial Performance
Our quarterly financial performance has improved significantly since 2009 due to improved industry conditions, the acquisition of Esec in April 2009 and benefits from our restructuring and Esec integration efforts. Set forth below is a summary of Besi’s quarterly combined revenue, adjusted net income (loss) and backlog for 2009 and the first half of 2010 as if the Esec acquisition had occurred on January 1, 2009.

Proforma
Q1 2009 Q3 2009 (€ millions) Q2 2010
Revenue 21.1 30.5 48.7 53.2 56.6 89.5
Adjusted net income (loss)
(19.2) (10.9) (6.0) 11.0 (3.8) 1.2
Backlog 33.6 40.6 44.9 51.0 91.7 136.0
Second Quarter Results of Operations
Besi’s quarterly sequential revenue increase of € 32.9 million (58.1%) in the second quarter of 2010 was primarily due to increased shipments of die attach systems and higher than anticipated order levels, a portion of which were shipped during the quarter. The increase was above prior guidance (+40-45%). Revenue in the second quarter of 2010 substantially exceeded the € 30.5 million reported in the second quarter of 2009, a period which reflected the impact of the most recent industry downturn.
Orders for the second quarter of 2010 were € 133.7 million, an increase of € 36.4 million, or 37.4%, as compared to the first quarter of 2010 and an increase of € 96.2 million as compared to the second quarter of 2009. Quarterly sequential order growth was primarily focused on increased orders for Besi’s portfolio of die attach systems and, to a lesser extent, packaging systems as the industry recovery continued and customers added assembly capacity for new and existing applications. On a customer basis, sequential order growth in the second quarter of 2010 reflected a € 14.7 million (25.6%) increase by subcontractors and a € 21.7 million (54.5%) increase by IDMs. Backlog at June 30, 2010, was € 136.0 million, an increase of € 44.3 million, or 48.3%, as compared to March 31, 2010, with shipment delivery dates scheduled primarily over the next six months.
Besi’s gross margin for the second quarter of 2010 was 38.7% as compared to an adjusted gross margin of 37.9% in the first quarter of 2010 and 30.5% in the second quarter of 2009 and exceeded prior guidance (36-38%). The increase as compared to the first quarter of 2010 was due primarily to higher revenue levels and a more favourable product mix.
Besi’s operating expenses excluding restructuring charges were € 20.3 million in the second quarter of 2010 as compared to € 17.9 million in the first quarter of 2010. Second quarter 2010 operating expenses included charges of € 0.4 million mainly related to Besi’s wire bonding operations. The sequential operating expense increase was primarily due to (i) higher development spending primarily as a result of lower R&D capitalization levels as new products were commercially introduced and (ii) higher selling expenses in support of expanded sales activities. In the second quarter of 2010, Besi capitalized € 1.2 million of development expenses as compared to € 1.9 million in the first quarter of 2010. As a % of revenue, total operating expenses (excluding restructuring charges) declined to 22.7% in the second quarter of 2010 as compared to 31.7% in the first quarter of 2010 due to the benefits of Besi’s cost reduction efforts combined with higher rates of revenue growth.
Net financial expense was € 0.9 million in the second quarter of 2010 as compared to € 0.5 million in the first quarter of 2010. In the first quarter of 2010, Besi recognized a one-time gain of € 0.8 million from the repurchase of € 8.5 million of its 5.5% Convertible Notes at a discount. Foreign exchange losses on hedging contracts were € 0.3 million and € 0.7 million in each of the second and first quarters of 2010, respectively.
Besi recorded a net tax benefit of € 2.3 million in the second quarter of 2010 due to a € 4.8 million tax benefit related to a re-assessment of the recoverability of net operating losses at its Esec subsidiary due to its improved profitability and prospects.

For the first half year 2010, Besi’s revenue increased to € 146.1 million as compared to € 46.0 million in the first half year 2009 due to the expansion and acceleration of the industry recovery which began in the second quarter of 2009 combined with significant revenue contributed by Esec’s die bonding and wire bonding units from their April 2009 acquisition date. Similarly, orders for the first half of 2010 were € 231.0 million as compared to € 50.3 million for the first half of 2009.
For the first half of 2010, Besi recorded adjusted net income of € 12.2 million (€ 0.36 per share) as compared to an adjusted net loss of € 18.2 million (or € 0.57 per share) for the first half of 2009. The improvement in adjusted net income in the first half of 2010 was due primarily to significantly higher revenue and gross margin levels, improved pricing conditions and the Company’s restructuring and Esec integration efforts which resulted in substantially increased operating efficiencies. Set forth below is a reconciliation of Besi’s reported and adjusted net income (loss) for each of the respective half-year periods.
(€ millions) HY1-2010 HY1-2009
Reported net income 12.8 22.1
Restructuring charges, net 5.0 2.9
Deferred tax write-up (4.8) -
Gain on debt retirement (0.8) -
Acquisition gain, net - (41.2)
Release purchase commitments - (1.7)
Taxes/other - (0.3)
Adjusted net income (loss) 12.2 (18.2)
Financial Condition
Our cash and cash equivalents were € 48.1 million at June 30, 2010 as compared to € 47.7 million at March 31, 2010. Total debt and capital leases increased from € 46.8 million at March 31, 2010 to € 49.4 million at June 30, 2010. The € 2.2 million sequential decrease in Besi’s net cash position at June 30, 2010 was primarily due to the funding of € 17.2 million of increased working capital requirements in support of a 37.4% quarterly sequential order increase partially offset by profits and depreciation/amortization generated during the period.
Outlook
We have experienced broad based growth in demand across our entire system portfolio beginning in the third quarter of 2009 consistent with the global economic recovery. Our revenue and order growth rates accelerated commencing in the first quarter of 2010 due to an expansion of demand by our semiconductor customers to increase capacity for memory, personal computing and smart phone device applications.
Based on our June 30, 2010 backlog and feedback from customers, we forecast for Q3-10 that:
• Revenue will increase by approximately 10%-15% as compared to the € 89.5 million reported in Q2-10.
• Gross margins will range between 37.5%-39.5% as compared to 38.7% realized in Q2-10.
• Operating expenses will increase by approximately 10%-15% as compared to € 20.3 million (ex restructuring) reported in Q2-10.
• Capital expenditures will be approximately € 1.6 million as compared to € 2.0 million in Q2-10.
As a result, we anticipate that our adjusted net profit will improve sequentially in Q3-10 as compared to Q2-10.

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