Elettronica
SOITEC : Q1'16 Electronics sales in line with guidance at 54.1 million Euros, Management confirms the strategy refocusing on electronics business
- Soitec (Tech 40 Euronext Paris), a world leader in generating and manufacturing revolutionary semiconductor materials for the electronics and energy industries, today announced total consolidated sales of 55.4 million Euros for the first quarter of FY15-16, up 116%, compared to 25.7 million Euros last year (77% at constant exchange rate). This is due to the recovery in the electronic core business and a low activity in the 300 mm during last fiscal year first quarter. The 14% decrease compared to 64.3 million Euros in the fourth quarter of FY15 (15% at constant exchange rate) is explained by seasonal recurrent high activity recorded during the last FY quarter. Reported separately, the Solar business generated 4.5 million Euros of sales (down 81% year on year and down 2% sequentially).
Electronics sales reached 54.1 million Euros in Q1'16, in line with May 28 guidance of 60 million Dollars (54.3 million Euros at constant exchange rate). This represents a 117% year-on-year increase and a 9% sequential decline.
Other activities generated 1.4 million Euros of sales in Q1'16 (up 82% year on year and down 71% sequentially).
Solar business, for which a sale negotiation is ongoing, generated 4.5 million Euros revenues in Q1'16. System sales were mostly in France and China.
In January 2015, the Board of Directors decided to implement a strategic plan aiming at refocusing Soitec's activities on its core electronics business. This will lead to simplify the organization and to adjust transversal support functions. As announced on May 21th 2015, Soitec signed an agreement with ConcenSolar, a privately held company and a business partner of concentrator photovoltaic (CPV) leader Suncore Photovoltaic Technology Co Ltd, to sell its solar system business. Soitec expects the transaction to be closed before the end of the fiscal H1'16.
At the end of June 2015, after completion of new financing package described in May 28 press release, cash available amounted 63 million Euros (unaudited) compared to 23 million Euros in March. Gross debt amounted to 227 million Euros.
For Q2'16, Soitec expects wafer sales to be in line with Q1'16, at constant exchange rate.
Sales for the Q2'16 quarter
will be published on October 19 after the closing of the Paris Stock Exchange.
Soitec (Tech 40 Euronext, Paris) is a world leader in designing and manufacturing high performance semiconductor materials. The company uses its unique technologies and semiconductors expertise to serve the electronics and energy markets. With 3,600 patents worldwide, Soitec's strategy is based on disruptive innovation to answer its customers' needs for high performance, energy efficiency and cost competitiveness. Soitec has manufacturing facilities, R&D centers and offices in Europe, US and Asia. For more information, please visit www.soitec.com .
Copyright GlobeNewswire
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