BE Semiconductor Industries Reports 2006 Third Quarter Results

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Overig advies 31/10/2006 08:33
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 third quarter ended September 30, 2006.
- Net sales for the third quarter of 2006 were € 47.3 million, representing an increase of 9.7% as compared to net sales of € 43.1 million in the third quarter of 2005 and a decrease of 5.0% as compared to net sales of € 49.8 million in the second quarter of 2006. The year-over-year sales increase was due to a 24.6% increase in sales of assembly equipment for leadframe applications, primarily plating equipment, as well as a 3.9% increase in equipment sales for array connect applications, principally die bonding equipment. The sales level in the third quarter of 2006 versus the second quarter of 2006 was at the low end of the Company’s guidance due primarily to customers delaying delivery of certain orders for packaging equipment which we believe will be delivered in the fourth quarter of 2006. Besi’s net income for the third quarter of 2006 was € 2.3 million or € 0.07 per basic and diluted share, compared to net income of € 1.3 million, or € 0.04 per basic and diluted share for the same period last year. The year-over-year net income improvement reflects improved industry conditions as well as cost and manufacturing efficiencies realized from Besi’s operational restructuring in 2005. Net income for the second quarter of 2006 was € 4.9 million or € 0.15 and € 0.13 per basic and diluted share, respectively. Net income for the second quarter of 2006 included € 2.6 million (€ 0.08 per basic share and € 0.06 per diluted share) of net gains primarily related to the sale of certain non-core activities and net tax benefits associated with such sale, partially offset by charges arising from a reversal of certain tax assets. Net bookings for the third quarter of 2006 were € 44.5 million, an increase of 4.2% as compared to € 42.7 million of net bookings for the third quarter of 2005 primarily due to a 28.6% increase in orders for leadframe applications, principally plating equipment. Bookings decreased by € 2.0 million, or 4.3%, in the third quarter of 2006 as compared to the second quarter of 2006 due primarily to an 11.5% decrease in orders for array connect applications, principally packaging and singulation equipment, partially offset by a 13.3% increase in orders for leadframe applications, principally plating equipment. On a customer basis, bookings in the third quarter of 2006 as compared to the second quarter of 2006 reflected a 10.5% increase in orders by subcontractors and a 13.0% decrease in orders by independent device manufacturers. Backlog at September 30, 2006 was € 65.9 million as compared to € 68.7 million at June 30, 2006, representing a decrease of 4.1%. Approximately 73% and 27% of backlog at September 30, 2006 was represented by array connect and leadframe assembly applications, respectively, approximately equal to the composition of the backlog at June 30, 2006. The book-to-bill ratio was 0.94 in the third quarter of 2006 as compared to 0.99 in the third quarter of 2005 and 0.93 in the second quarter of 2006. Besi’s gross margin for the third quarter of 2006 was 40.8% as compared to 37.3% for the third quarter of 2005 due primarily to higher gross margins realized for die bonding equipment in array connect applications and plating equipment in leadframe applications. While this represents a decline in comparison to the 42.2% gross margin achieved in the second quarter of 2006, gross margin was at the high end of guidance for the third quarter of 2006, primarily due to better than anticipated margins realized in the sale of die bonding and plating equipment. Besi’s operating expenses were € 15.0 million, or 31.7% of net sales, in the third quarter of 2006, as compared to € 13.6 million, or 31.6% of net sales in the third quarter of 2005 primarily due to increased warranty and service costs related to new product introductions and higher advisory expenses related to compliance with the regulatory requirements of the Sarbanes-Oxley Act of 2002. Operating expenses declined by € 1.6 million, or 9.6%, in the third quarter of 2006 as compared to the second quarter of 2006 primarily due to lower research and development expenses and foreign currency charges. At September 30, 2006, cash and cash equivalents increased to € 74.4 million as compared to € 70.5 million at June 30, 2006. Total debt and capital leases at September 30, 2006 was € 85.7 million. Net debt declined by € 2.2 million from June 30, 2006 to September 30, 2006.

Outlook Based on current backlog and anticipated customer shipment schedules, Besi expects that net sales in the fourth quarter of 2006 will be an increase of between 0% and 5% as compared to the third quarter of 2006. Orders for the fourth quarter of 2006 are expected to be flat to down 5% in comparison to the third quarter of 2006 depending primarily on the timing of placement of assembly equipment orders by subcontractors for their first half 2007 equipment needs. The Company continues to believe that sales and order trends reflect a cautious attitude toward new equipment purchases on the part of customers, particularly subcontractors, reflecting their careful monitoring of inventory and capacity levels. Besi anticipates that quarterly sales and order levels will continue to fluctuate based on customer capital spending trends. Besi expects that its gross margins will range between 39%-41% in the fourth quarter of 2006. In addition, operating expenses for the fourth quarter of 2006 are expected to increase by 5% to 10% as compared to the third quarter of 2006, primarily as a result of increased research and development expenses. Capital expenditures are forecast to be approximately € 1.0 million in the fourth quarter of 2006, roughly equivalent to expenditures in the third quarter of 2006. Capital expenditures are forecast to reach € 3.2 million for the full year 2006 as compared to € 6.4 million in the prior year.



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