ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2013 RESULTS
February 26 2014 - 5:58PM
Almere, The
Netherlands
February 26, 2014
ASM
International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM)
reports today its fourth quarter 2013 operating results (unaudited)
in accordance with US GAAP.
Following the close of the sale on
March 15, 2013 of a 12% share in ASMPT, the entity in which the
Back-end segment is organized, ASMI's shareholding is reduced to
40%. As a consequence, as from March 15, 2013 the results of ASMPT
are deconsolidated. From that date onwards the net result of ASMPT
is reported on the line 'result from investments'. In 2013 a
purchase price allocation took place, which was finalized in the
fourth quarter, resulting in the recognition and subsequent
amortization of certain intangible assets.
FINANCIAL
HIGHLIGHTS
The pro-forma figures show ASMI numbers whereby
ASMPT is deconsolidated.
|
Quarter |
|
|
Full Year |
|
EUR million |
Pro-forma
Q4 2012 |
Q3 2013 |
Q4 2013 |
|
Pro-forma 2012 |
Pro-forma 2013 |
New orders |
129.5 |
|
112.2 |
|
133.1 |
|
|
360.1 |
|
479.6 |
|
Net sales |
93.1 |
|
116.4 |
|
126.9 |
|
|
370.4 |
|
452.0 |
|
Gross profit margin % |
37.1 |
% |
39.1 |
% |
39.3 |
% |
|
33.6 |
% |
39.0 |
% |
Operating results |
1.2 |
|
11.6 |
|
15.8 |
|
|
0.5 |
|
44.7 |
|
Result from investments (excl.
amortization and fair value purchase price allocation) |
(3.0 |
) |
10.8 |
|
1.5 |
|
|
35.5 |
|
20.9 |
|
Remeasurement gain, realized gain
on sale of ASMPT shares, amortization and fair value
adjustments |
- |
|
(17.2 |
) |
(369.8 |
) |
|
- |
|
979.8 |
|
Net earnings |
(21.7 |
) |
(0.9 |
) |
(360.6 |
) |
|
7.1 |
|
1,025.3 |
|
Normalized net earnings (excl. remeasurement gain realized
gain on sale of ASMPT shares, amortization and fair value
adjustments) |
(21.7 |
) |
16.3 |
|
9.3 |
|
|
7.1 |
|
45.5 |
|
-
Net sales for the fourth quarter 2013 increased
with 9% compared to the third quarter and increased with 36%
year-on-year, mainly driven by (PE)ALD sales which were
substantially higher than in the comparable period last
year.
-
Result from operations for the fourth quarter
2013 includes restructuring costs of €0.5 million compared to €1.0
million included in the third quarter, while the result from
investments included €4.0 million restructuring charges related to
our 40% share in ASMPT.
COMMENT
Commenting on the results, Chuck
del Prado, President and Chief Executive Officer of ASM
International said:
"Q4 was again a very strong quarter for ASMI. Order intake was 19%
higher than in the previous quarter, while sales increased with 9%.
Both came in on the high side of our guidance for the quarter. ALD
and PEALD were again the main drivers for the order intake and for
sales. In our market which declined from 2012 to 2013, ASMI showed
a sales increase of 22%. 2013 also showed a strong gross margin
improvement. For the last three quarters, our gross margins were
back in the 39% range, leading to double digit EBIT margins. The
2013 free cash flow was over €40 million."
OUTLOOK
For Q1 2014 we expect a double
digit sales increase compared to Q4 2013, on a currency comparable
base. For Q2 2014 we also expect a double digit sales increase
compared to Q4 2013, on a currency comparable basis. For the
second half of 2014, the current visibility is limited. Q1 2014
order intake is expected to show a double digit increase as
compared to Q4 2013, on a currency comparable base.
About ASM
International
ASM International NV,
headquartered in Almere, the Netherlands, its subsidiaries and
participations design and manufacture equipment and materials used
to produce semiconductor devices. ASM International, its
subsidiaries and participations provide production solutions for
wafer processing (Front-end segment) as well as for assembly &
packaging and surface mount technology (Back-end segment) through
facilities in the United States, Europe, Japan and Asia. ASM
International's common stock trades on NASDAQ (symbol ASMI) and the
Euronext Amsterdam Stock Exchange (symbol ASM). For more
information, visit ASMI's website at www.asm.com.
Safe Harbor
Statement under the U.S. Private Securities Litigation Reform Act
of 1995: All matters discussed in this statement, except for any
historical data, are forward-looking statements. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. These include, but are not limited to, economic
conditions and trends in the semiconductor industry generally and
the timing of the industry cycles specifically, currency
fluctuations, corporate transactions, financing and liquidity
matters, the success of restructurings, the timing of significant
orders, market acceptance of new products, competitive factors,
litigation involving intellectual property, shareholder and other
issues, commercial and economic disruption due to natural
disasters, terrorist activity, armed conflict or political
instability, epidemics and other risks indicated in the Company's
filings from time to time with the U.S. Securities and Exchange
Commission, including, but not limited to, the Company's reports on
Form 20-F and Form 6-K. The Company assumes no obligation nor
intends to update or revise any forward-looking statements to
reflect future developments or circumstances.
ASM International will host an investor conference
call and web cast on Thursday, February 27, 2014 at 15:00
Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as
follows:
-
United States:
+1 646 254 3388
-
International:
+44 (0) 20 3364 5381
-
The Netherlands:
+31 (0) 20 716 8295
-
Access Code:
256 6596
A simultaneous audio web cast will be accessible
at www.asm.com.
CONTACT
Investor
contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com
Mary Jo Dieckhaus
T: +1 212 986 2900
E: maryjo.dieckhaus@asm.com
Media contact:
Ian Bickerton
T: +31 625 018 512
Press Release Fourth Quarter 2013
Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ASM International NV via Globenewswire
HUG#1764958
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