ASM International N.V. reports Fourth Quarter 2012 and Full Year 2012 Operating Results

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Beleggingsadvies 06/03/2013 07:22
ALMERE, The Netherlands - March 05, 2013 - ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its fourth quarter 2012 and full year 2012 (unaudited) operating results in accordance with US GAAP.
Highlights
Net sales for the fourth quarter 2012 were EUR 320 million, a decrease of 22% quarter-to-quarter and 9% year-on-year. Net sales of our Front-end segment decreased 3% quarter-to-quarter, completely driven by currencies. Back-end sales decreased by 28% (excluding currency impact 25%).

Result from operations for Q4 2012 was EUR (4) million. Result from operations in Q3 2012 was EUR 32 million while Q4 of 2011 showed a profit of EUR 19 million.

The Front-end segment's operating profit was EUR 1.2 million compared to a loss of EUR 1.6 million quarter-to-quarter. Q4 2011 showed an operating profit of EUR 9.5 million;
The Back-end segment operating loss was EUR 5.3 million compared to a profit of EUR 33.6 million quarter-to-quarter. Q4 2011 showed an operating profit of EUR 9.5 million.

Fourth quarter 2012 net earnings were EUR (22) million compared to net earnings of EUR 5 million for the third quarter of 2012 and EUR 15 million for the fourth quarter of 2012

Book to bill in the fourth quarter of 2012 was 1.0. For the Front-end, the book to bill was 1.4, and for the Back-end segment 0.8. The Backlog compared to the end of the third quarter 2012, remained stable at EUR 289 million.

Soft call on €150 million convertible bond took place in November. Further deleveraging ASM International by making the Front-end business debt free.

Comment
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International, said:

"Front-end results came in stronger than expected. Our Front-end sales, on a currency comparable level, showed a stable development quarter on quarter. Our Front-end gross margin improved strongly, mainly due to a better mix. Also our Front-end order intake was strong with 129 million euro. Our Back-end operation in Q4 experienced a much lower activity level. This in combination with a weak mix, led to a low gross margin percentage and an operating loss. Back-end order intake was 191 million euro, approximately 10% lower than Q3, as expected.

To the forthcoming AGM we will propose a dividend of €0.50 cent per common share, equal to last year."

Outlook
Sales in the Front-end are expected to show a double digit decline in Q1, as compared to Q4 2012. However, we expect our Front-end operation to show an order intake in Q1, strongly above the expected sales level for Q1. Based on the backlog at the end of Q4 and the expected order intake in Q1 and Q2, we foresee a double-digit sales increase for Front-end in Q2.

Q1 sales in the Back-end are expected to be at approximately the same level as in Q4, order intake is expected to show an increase in Q1 over Q4.

Study on Market Valuation of the Company
ASM International with the assistance of its financial advisers is in the final stage of completing the study regarding the non-recognition by the markets of the value of the combined businesses of the Company. ASM International will report on the outcome of this study as soon as practical and in any event before the forthcoming Annual General Meeting scheduled on May 16, 2013.

Annual Report
ASM will publish its 2012 Annual report on Form 20-F and its Statutory Annual Report on April 4, 2013. The reports will be published on our website at www.asm.com.

tijd 09.45
ASMI EUR 31,28 +45ct vol. 94.000




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