Elettronica
SOITEC: Third Quarter Sales 2015-2016
- Soitec (Euronext Paris), a world leader in manufacturing innovative semiconductor materials, today announced total consolidated revenues of 60.8 million Euros for the third quarter of FY'16. This represented a rise of 36% (growth of 19% at constant exchange rates), compared with 44.6 million Euros in the previous financial year excluding the Solar activities .
In the first nine months of FY'16, revenues grew by 49% to 171.7 million Euros (growth of 27% at constant exchange rates), from 115.4 million Euros in the first nine months of FY'15.
Q3'16 wafer sales totaled 58.9 million Euros. At constant exchange rates, that represents an increase of 6% compared with Q2'16 and a 20% rise relative to Q3'15.
During Q3'16, Soitec saw a further increase in sales of 200mm wafers and an increase in 300mm wafers.
Soitec's order book at its 200mm site in Bernin is full until the end of calendar 2016. Nevertheless, Soitec should continue to support growth in RF applications by meeting demand for 300mm wafers, a segment in which it recorded its first sales in Q3'16. Available capacity at the Bernin site will enable Soitec to meet expected increase in demand for 300mm RF products in the next two years.
Soitec will also be able to start using the additional production capacity of its partner Simgui in China for 200mm technologies. Client qualification of Simgui's 200mm wafer plant is continuing and production at that plant is likely to ramp up over the next few quarters.
The qualification process by foundry customers for 300mm fully depleted silicon-on-insulator (FD-SOI) wafers is continuing, with a view to starting production at certain fabless customers. Management confirms that the first integrated circuits made on 28nm FD-SOI wafers are currently going into production.
The Lighting and Equipment businesses generated 1.9 million Euros of sales in Q3'16. That figure broke down into 0.3 million Euros in Lighting and 1.6 million Euros in Equipment (Altatech Semiconductor).
In the first nine months of FY'16, Lighting and Equipment revenues grew by 10% year-on-year to 3.9 million Euros.
In Q3'16, Soitec completed the disposal of its non-strategic Lighting R&D activities based in Phoenix, USA.
Revenues in the Solar business are recognized separately under "discontinued operations" in line with Soitec's decision to refocus on its Electronics business. Solar revenues amounted to 11.9 million Euros in Q3'16 (versus 3.4 million Euros in Q3'15) and 21.8 million Euros in the first nine months of FY'16 (versus 38.6 million Euros in the year-earlier period). Management reiterates that it has ceased all manufacturing and R&D activities in San Diego (USA) and Freiburg (Germany) and is continuing to sell off the residual assets of its Solar activities.
On December 31, 2015, Soitec's cash position was 51 million Euros as opposed to 71 million Euros on September 30, 2015.
This evolution was in line with management expectations, and was caused by:
Debt amounted to 220 million Euros at December 31, 2015, almost unchanged compared with September 30, 2015.
Given the size of its debt and its inadequate equity level, Soitec indicates that it is continuing talks with several investors with a view to their possible involvement in a recapitalization project.
For Q4'16, Electronics sales are expected to grow by over 10% versus Q3'16 (at constant exchange rates).
commented:
Q4'16 revenues will be published on April 18, 2016.
Soitec (Euronext, Paris) is a world leader in manufacturing innovative semiconductor materials. The company uses its unique technologies to serve the electronics and energy markets. With 3,600 patents worldwide, Soitec's strategy is based on disruptive innovation to respond to 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.
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