BE Semiconductor Industries Reports 2005 Second Quarter Results

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Overig advies 28/07/2005 11:36
* Net Sales of € 37.0 Million versus € 36.6 Million in Q1-2005 *
* Net Loss of € 4.5 Million or € 0.14 per share, Including € 2.1 Million After-Tax or € 0.06 per share for Restructuring Expenses and Datacon Purchase Accounting Adjustments *
* Q2 Bookings of € 38.1 Million versus € 40.3 Million in Q1-2005 *
Drunen, the Netherlands, July 28, 2005, 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 second quarter of 2005.
Besi’s second quarter and first half 2005 results include, since the date of acquisition, the results of Datacon Technology GmbH (“Datacon”) which the Company acquired on January 4, 2005. In order to facilitate a meaningful comparison of its 2005 quarterly results, Besi has prepared comparative quarterly financial information for 2004 on a pro forma basis to incorporate Datacon’s results of operations as if the transaction had occurred on January 1, 2004.
Net sales for the second quarter of 2005 were € 37.0 million, an increase of 1.1% as compared to net sales of € 36.6 million in the first quarter of 2005 but a decrease of 23.4% as compared to pro forma net sales of € 48.3 million in the second quarter of 2004. Besi’s net loss for the second quarter of 2005 was € 4.5 million, or € 0.14 per share, equal to its net loss and net loss per share in the first quarter of 2005 and compared to pro forma net income for the second quarter of 2004 of € 1.5 million, or € 0.04 per share. Besi’s net loss for the second quarter of 2005 included charges, net of taxes, of € 0.9 million, or € 0.03 per share, of net purchase accounting adjustments related to the Datacon acquisition and € 1.2 million, or € 0.04 per share, of net restructuring expenses related to its Fico molding, tooling and trim and form operations.
Net sales for the second quarter of 2005 increased by 11.8% as compared to actual net sales of € 33.1 million in the second quarter of 2004. Besi’s € 4.5 million net loss for the second quarter of 2005 compared with actual net income of € 0.7 million, or € 0.02 per share, in the second quarter of 2004 and pro forma net income of € 1.5 million, or € 0.04 per share in the second quarter of 2004.
Net bookings for the second quarter ended June 30, 2005 were € 38.1 million, a decrease of € 2.2 million, or 5.5%, as compared to net bookings of € 40.3 million in the first quarter of 2005 and a decrease of € 28.8 million, or 43.0%, as compared to pro forma net bookings for the second quarter of 2004 of € 66.8 million. Actual net bookings were € 47.6 million in the second quarter of 2004.

Backlog at June 30, 2005 was € 55.7 million, an increase of € 4.8 million, or 9.4%, as compared to pro forma backlog at December 31, 2004 of € 50.9 million and an increase of € 23.9 million, or 75.2%, as compared to actual backlog of € 31.8 million at December 31, 2004. The book-to-bill ratio stood at 1.03 in the second quarter of 2005 as compared to 1.10 for the first quarter of 2005 and 1.38 on a pro forma basis for the second quarter of 2004. On an actual basis, Besi’s book-to-bill ratio was 1.44 in the second quarter of 2004.
Besi’s gross margin for the second quarter of 2005 was 33.6% as compared to 28.0% for the first quarter of 2005 and 37.8% on a pro forma basis for the second quarter of 2004. Besi’s gross margin in the second quarter of 2005 was 36.1% excluding the increased cost of sales related to fair value inventory adjustments incurred in connection with the Datacon acquisition as compared to 33.9% in the first quarter of 2005. The Company’s actual gross margin was 33.9% in the second quarter of 2004.
At June 30, 2005, cash and cash equivalents were € 66.2 million as compared to € 73.0 million at March 31, 2005. The reduction in cash and cash equivalents in the second quarter of 2005 resulted primarily from a € 1.8 million net reduction in indebtedness outstanding and the payment of € 2.0 million of restructuring liabilities during the quarter.
Richard W. Blickman, President and Chief Executive Officer of the Company, commented: "The second quarter result reflected important progress for the Company. The net sales shortfall versus our expectations was due primarily to unanticipated delays in the shipment of two orders for certain assembly and test handling production equipment aggregating approximately € 6.0 million. We currently expect to ship these orders in the third and fourth quarters of 2005. In spite of lower than anticipated net sales, our gross margins improved in the second quarter primarily as a result of a more favorable product mix and the benefits we are beginning to realize from the restructuring of our global manufacturing capacity. Furthermore, we are pleased by the continued progress this year of sales and bookings for our chip sorting and singulation equipment."
Mr. Blickman continued: "We believe our second quarter results show that customers continue to remain cautious in placing purchase orders for assembly equipment, a trend that has resulted in fluctuating levels of bookings in recent quarters and the extension of delivery dates for certain specific equipment. We anticipate that quarterly bookings will continue to fluctuate for the remainder of the year. At present, our order visibility does not extend beyond the third quarter of 2005. We expect that, based on current backlog, our net sales could increase between 5% and 10% in the third quarter ending September 30, 2005 as compared to the second quarter of 2005, which, if achieved, would improve our operating results in comparison to those achieved in the second quarter of 2005."

Besi reports its financial statements in US GAAP in accordance with applicable US regulations. However, recent EU regulations require Besi to also report its financial statements in accordance with IFRS. The Company’s IFRS Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Cash Flow Statements and some additional information regarding the differences between IFRS and US GAAP (including a reconciliation of net income and equity from US GAAP to IFRS) are made available on the Company’s website at www.besi.com
BE Semiconductor Industries N.V. designs, develops, manufactures, markets and services die sorting, flip chip bonding and multi-chip die bonding, packaging and plating equipment for the semiconductor industry’s assembly operations. Its customers consist primarily of leading U.S., European, Asian, Korean and Japanese semiconductor manufacturers and subcontractors which utilize its products for both array connect and conventional leadframe manufacturing processes.

Caution Concerning Forward Looking Statements
This press release contains forward-looking statements, which are found in various places throughout the press release, including statements relating to expectations of orders, net sales, product shipments, expenses, operating results and the impact of the acquisition of Datacon on Besi’s net income in fiscal year 2005. The words “anticipate”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. While these forward looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, those listed or discussed in our Annual Report on Form 20-F for the year ended December 31, 2004, as well as the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our expanding and more diverse operations; and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including those with the United States Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.



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