ASM INTERNATIONAL REPORTS SECOND QUARTER 2010 OPERATING RESULTS

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Beleggingsadvies 29/07/2010 06:55
ALMERE, THE NETHERLANDS, July 28, 2010 - ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2010 (unaudited) operating results in accordance with US GAAP.
· Second quarter 2010 net sales of EUR 302.4 million a new record, up 38% quarter to quarter and up 153% year to year;
· For our Front-end segment this quarter we achieved our operating cost (including manufacturing overhead) reduction target of 40% compared to the fourth quarter 2008 run rate;
· Earnings from operations excluding impairment and restructuring charges increased from negative EUR 6.7 million in the second quarter of 2009 to EUR 83.5 million;
· The Front-end segment increased from negative EUR 22.5 million to EUR 6.9 million;
· The Back-end segment increased from EUR 15.8 million to EUR 76.6 million;
· Net earnings of the second quarter of 2010 were EUR 47.5 million, or EUR 0.61 diluted net earnings per share, as compared to net earnings of EUR 4.2 million, or EUR 0.08 diluted net earnings per share for the first quarter of 2010 and a net loss of EUR 55.7 million or EUR 1.08 diluted net loss per share for the second quarter of 2009;
· Bookings in the second quarter of 2010 were EUR 526.1 million, up 48% from the first quarter of 2010. Bookings from our Front-end segment were up 32% and bookings from our Back-end segment were up 52%. Quarter-end backlog was EUR 556.6 million, up 67% from the end of the previous quarter;

Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International, said, "ASMI's second quarter performance reflects strong growth in both our wafer processing and assembly and packaging operations.

Our Front-end business returned to profitability, we reached the cost reduction targets as set out in our global restructuring program PERFORM!, and we experienced an acceleration of orders compared to prior quarters. In Back-end, revenues, orders, and profits once again set quarterly records for our assembly and packaging operations serving the semiconductor and LED markets".

ACQUISITION OF THE SEAS BUSINESS BY ASMPT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

THE ACQUISITION



The Board is pleased to announce that on 28 July 2010, the Company entered into the Acquisition Agreement with the Seller pursuant to which the Company has conditionally agreed to acquire the SEAS Business by acquiring the shares in the Target Companies.



LISTING RULES IMPLICATIONS



As the relevant percentage ratios under Rule 14.07 of the Listing Rules in respect of the Acquisition are more than 25% but less than 100%, the Acquisition constitutes a major transaction of the Company and is therefore subject to the notification, publication and shareholders' approval requirements under Chapter 14 of the Listing Rules.



To the best of the knowledge of the Directors, no Shareholder has a material interest in the Acquisition Agreement. As no Shareholder is required to abstain from voting if the Company were to convene a general meeting for the approval of the Acquisition, pursuant to Rule 14.44 of the Listing Rules, written shareholders' approval can be accepted in lieu of holding a general meeting provided that no qualified opinion is issued by auditors in respect of the financial results of the SEAS Business for the last three financial years, namely the two financial years ended 30 September 2008 and 30 September 2009, and the financial year ending 30 September 2010. However, the audited financial statements for the SEAS Business for the financial year ended 30 September 2009 were qualified because of a lack of comparative financial data for the prior period. The Company is in the process of applying for a waiver from the Stock Exchange to waive the strict compliance of the requirements under Rule 14.86 of the Listing Rules so that written shareholders' approval can be accepted in lieu of holding a general meeting. If such waiver is not granted by the Stock Exchange, the Company will convene the EGM. The ultimate controlling Shareholder of the Company, ASM International N.V., which indirectly holds approximately 52.59% of the total issued shares of the Company as at the date of this announcement, has given an irrevocable undertaking to the Seller that it will vote, or cause its subsidiary ASM Pacific Holding B.V. to vote, in favour of all resolutions to approve the Acquisition Agreement and the transactions contemplated thereunder.



DESPATCH OF CIRCULAR



A circular containing, among other things, (i) further details of the Acquisition; and (ii) if necessary, a notice convening the EGM, will be despatched to the Shareholders. As the audited financial results of the SEAS Business for the financial year ending 30 September 2010 have not yet been published as at the date hereof, the Company requires more time for compiling the relevant disclosure in the circular, including but not limited to the accountants' report on the SEAS Business. The Company expects to despatch the circular in January 2011.

As completion of the Acquisition is subject to the fulfillment of a number of conditions precedent which are detailed in this announcement, the Acquisition may or may not be completed. Shareholders and potential investors should exercise caution when dealing in the shares of the Company.

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