Elettronica
ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS
· Net sales for the third quarter 2015 were EUR162 million, a decrease of 19% compared to the previous quarter. Year-on-year net sales increased with 33%.
· New orders at EUR148 million were 11% below the Q2 2015 level.
· Normalized net earnings for the third quarter 2015 decreased by EUR4.3 million compared to the second quarter 2015. While operating result, due to the lower activity level, dropped by EUR19 million, the financing result included more favorable effects from currencies when compared to the second quarter. Moreover Q3 included EUR9 million one-off benefits due to tax refunds in Korea from previous years related to higher tax exemptions than originally assumed. The result from investments decreased with EUR12.6 million.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q3 revenues at EUR162 million were in line with our guidance, and, although 19% lower than Q2, still at the same level as Q1, our second best quarter ever. Order intake, at EUR148 million, came in at the high end of our guidance. Our gross profit margin of 44% remained at a solid level. Our company performance in combination with a healthy cash situation has led to today's announcement to start another EUR100 million share buy-back program.
For Q4 we expect sales between EUR125 and EUR145 million, on a currency comparable level. Orders are expected to come in at a level of EUR120 to EUR140 million, also on a currency comparable level. Our current visibility is that equipment bookings for next technology node investments in logic/foundry will start in the course of the first half of 2016.
On August 21, 2015, ASM International N.V.'s (Euronext Amsterdam: ASM) ("ASMI" or the "Company") common shares, par value EUR0.04 per share ("ASMI Common Shares"), were delisted from the Nasdaq Stock Market effective. The ASMI Common Shares, which are held in the U.S. as New York Registry Shares, are eligible for trading on the OTCQX® Best Market under the symbol ASMIY. The Company intends to maintain its existing NY Registry Program in place to support settlement of these shares traded on the OTCQX market.
The Company intends to terminate the registration of the ASMI Common Shares under Section 12(g) of the Securities Exchange Act of 1934 (the "1934 Act"), and to terminate all reporting obligations under Sections 13(a) and 15(d) of the 1934 Act. In furtherance of this, the Company filed on the same date with the U.S. Securities and Exchange Commission a Form 15F, pursuant to Rule 12h-6 under the 1934 Act. Upon the filing of the Form 15F, the Company's reporting obligations under Sections 13(a) and 15(d) of the 1934 Act have been suspended.
ASMI announced today that its Management Board authorized the repurchase of up to EUR100 million of the Company's common shares within the 2015-2016 time frame. This buyback program will be executed by intermediaries through on-exchange purchases and will end as soon as the aggregate purchase price of the common shares acquired by ASMI has reached EUR100 million.
On May 21, 2015 the General Meeting of Shareholders authorized ASMI to acquire shares for a period of 18 months.
The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.
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 the Euronext Amsterdam Stock Exchange (symbol ASM) and in the U.S. on the OTCQX Best Market (symbol ASMIY). For more information, visit ASMI's website at www.asm.com .
ASM International will host an investor conference call and web cast on Thursday, October 29, 2015 at 15:00 Continental European Time (10:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
· United States: +1 718 354 1357
· International: + 44 (0)20 7136 2054
· The Netherlands: + 31 (0)20 716 8295
· Access Code: 4694141
A simultaneous audio web cast will be accessible at www.asm.com .
Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com
Ian Bickerton
T: +31 625 018 512
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