News Article
SUSS announce better than expected results for Q1, slightly down on 2012
SUSS MicroTec, a global supplier of equipment and process solutions for the semiconductor industry and related markets, has published its report for the first quarter of the fiscal year 2013.
Order intake in the first three months 2013 developed positively and came in at EUR 34.9 million, which is at the upper end of guidance of EUR 25 - 35 million (previous year: EUR 39.0 million).
Sales amounted to EUR 30.1 million, which is 3.5 percent below the previous year's level of EUR 31.2 million. The Order backlog amounted to EUR 91.5 million (previous year: EUR 99.8 million).
The Lithography segment posted a 13 percent decrease in sales to EUR 18.6 million (previous year: EUR 21.5 million) during the quarter under review. Sales in the Substrate Bonder division declined from EUR 4.3 million in Q1 2012 to EUR 3.1 million in Q1 2013. The Photomask Equipment division recorded higher sales of EUR 7.5 million, after EUR 4.5 million in Q1 2012.
The management board of SUSS MicroTec has decided to focus permanent bonding on MEMS and LED applications to address the unsatisfying earnings level of this product line. With this step SUSS MicroTec takes into account the technological advancement of the product portfolio and the market developments of the recent years. In connection with these measures a non-cash adjustment of EUR 6.8 million in the second quarter 2013 will be necessary. The write-offs are on capitalized development costs, which originate from the years prior to 2008, as well as on no longer needed demonstration tools and inventories. The future growth of the Substrate Bonder division will mainly be driven by the product line Temporary Bonding which has been successfully established in the market. The sales contribution of the Permanent Bonding product line will for the time being remain at the level of the previous year. With these changes the Substrate Bonder division of SUSS MicroTec is well positioned to benefit from the expected growth in the target markets 3D IC, MEMS and LED in the years to come.
Cash and interest bearing securities amounted to EUR 29.3 million at the end of the first quarter. Net liquidity amounted to EUR 25.1 million (March 31, 2012: EUR 38.5 million). The free cash flow for the first quarter 2013, before effects of M&A activities and the purchase or sale of interest bearing securities, amounted to EUR -7.2 million (previous year's quarter: EUR 0.3 Million).
Outlook
Management reiterates the sales guidance of approximately EUR 150 million for the fiscal year 2013. Due to the write-offs, SUSS MicroTec now expects a negative EBIT in the mid-to-high single digit million Euro range for the fiscal year 2013. For the second quarter of the fiscal year 2013 the company expects orders to come in between EUR 30 - 40 million.
