BILTHOVEN, The Netherlands, April 22, 2002 (PRIMEZONE) --
* Net Sales of Euro 100.6 million, Net Loss of Euro (12.2) million or Euro (0.25) per share * First quarter bookings of Euro 108.2 million, up 16% from the previous quarter * Quarter-end backlog of Euro 140.2 million, up 6% from the previous quarter, Book-to-Bill ratio for the first quarter of 1.08
ASM International N.V. (Nasdaq:ASMI) (Euronext Amsterdam:ASM) today reported operating results for the first quarter of 2002. The net loss for the first quarter amounted to Euro (12.2) million, or Euro (0.25) diluted net loss per share compared to net earnings of Euro 18.5 million or Euro 0.37 diluted net earnings per share for the first quarter of 2001.
Net sales
Net sales amounted to Euro 100.6 million for the first quarter of 2002, a decline of 49.9% compared to net sales for the first quarter of 2001 and 4.5% below the sales level of the fourth quarter of 2001.
Operations
The gross profit margin amounted to 33.0% of net sales, 8.7 percentage points below the gross profit margin of 41.7% of net sales in the first quarter of 2001, and 4.0 percentage points below the 37.0% gross profit margin realized in the fourth quarter of 2001. The lower margin is primarily the result of fixed manufacturing costs in relation to the low sales volumes, resulting in under-utilization of the manufacturing capacity. Secondly the mix of products sold in the first quarter of 2002 with lower margins for new technology sales did have a negative impact.
Selling, general and administrative expenses decreased 29.2% from Euro 31.6 million in the first quarter of 2001 to Euro 22.4 million in the first quarter of 2002, and decreased 13.8% from the Euro 26.0 million level in the fourth quarter of 2001. As a percentage of net sales, selling, general and administrative expenses were 22.3% in the first quarter of 2002, compared to 15.8% in the first quarter of 2001.
Research and development expenses increased from Euro 19.0 million or 9.4% of net sales in the first quarter of 2001 to Euro 20.5 million or 20.4% of net sales in the first quarter of 2002, which was slightly below the Euro 21.0 in research and development expenses in the fourth quarter of 2001.
Amortization of goodwill. As of January 1, 2002 the company adopted SFAS 142 "Goodwill and Other Intangible Assets" This new accounting standard requires that goodwill not be amortized, but rather be tested at least annually for impairment. Consequently, the company stopped amortizing goodwill as of January 1, 2002. The company did not record an impairment loss upon adoption of SFAS 142. Amortization of goodwill in the first quarter of 2001 amounted to Euro 1.8 million.
Earnings (loss) from operations amounted to Euro (9.8) million for the first quarter of 2002 compared to earnings from operations of Euro 33.1 million for the same period in 2001.
Bookings and backlog
New orders received in the first quarter of 2002 amounted to Euro 108.2 million, 15.8% higher than the Euro 93.4 million level of new orders received in the fourth quarter of 2001. The backlog at the end of March 2002 amounted to Euro 140.2 million, an increase of 5.7% compared to Euro 132.6 million at the end of December 31, 2001. The book-to-bill ratio for the first quarter of 2002 was 1.08 compared to 0.89 in the fourth quarter of 2001 and above 1.0 for the first time since the third quarter of 2000.
Outlook
Over the past few months, ASMI has witnessed improved sentiment in the industry and among its customers for a semiconductor market rebound and the subsequent higher demand for capital equipment. However the pace in which this recovery will take place is still uncertain.
The company believes, that for the upturn in the industry it is well positioned in the front-end segment of the semiconductor equipment market due to its strategies in 300 mm, low-k, high-k, SiGe and copper, and in the back-end segment due to its established position as a leading supplier of a full spectrum of innovative products.
ASMI also strongly believes that its firm commitment to research and development, its readiness in new technologies, design-in wins at top-tier customers as well as recent strategic partnerships provide the Company with a broad basis for substantial long-term market share gains.
Based on the increasing level of orders booked and customer requests for production slots in the second half of this year, ASMI believes firm purchase orders will continue to increase over the next few months.
While ASMI expects higher order activity in the near term, the company anticipates for the second quarter of 2002 sales and net losses at comparable or slightly improved levels when compared to the first quarter of this year.
ASM INTERNATIONAL CONFERENCE CALL
ASM International will host an investor conference call and web cast on
TUESDAY, April 23, 2002 at 9:00 a.m. US Eastern time 15:00 Continental European time. The teleconference dial-in numbers are as follows: United States: 800.553.0273 International: +1 612.332.0345
The teleconference will be available for digitized replay from 2:30 p.m. (U.S. Eastern time) on Tuesday, April 23, 2002 through Thursday, April 25, 2002 at 11:59 p.m. (U.S. Eastern time). The replay numbers are:
United States: 800.475.6701
International: +1 320.365.3844.
In both cases, the following access code is required: 634513. A simultaneous audio web cast will be accessible at www.asm.com and www.companyboardroom.com.
Please click on the following link to see the financial overviews:
http://www.irconnect.com/tester/files/asmi_financials.pdf
About ASM
ASM International N.V. based in Bilthoven, the Netherlands, is a global company servicing one of the most important and demanding industries in the world. The Company possesses a strong technology base, state-of-the-art manufacturing facilities, a competent and qualified workforce and a highly trained, strategically distributed support network. ASM International and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (front-end segment) as well as assembly and packaging (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 http://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, currency fluctuations, 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 terrorist activity, armed conflict or political instability 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 report on Form 20-F for the year ended December 31, 2001.