ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2013 RESULTS
Almere, The Netherlands
July 24, 2013
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2013 operating results (unaudited) in accordance with US GAAP.
Following the close of the sale on March 15, 2013 of a 12% share in ASMPT, the entity in which the Back-end segment is organized, our shareholding is reduced to 40.08%. As a consequence, as from March 15, 2013 the results of ASMPT are deconsolidated. From that date onwards the net result of ASMPT is reported on the line "result from investments". In the second quarter of 2013 a purchase price allocation took place resulting in the recognition of certain intangible assets. The amortization of these intangible assets is reported as from this quarter.
The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated.
| EUR million || Pro-forma |
| Pro-forma |
| Q2 2013 |
| New orders || 85.5 || 105.9 || 128.4 |
| Net sales || 86.5 || 80.0 || 128.6 |
| Gross profit margin % || 33.0% || 37.7% || 39.3% |
| Operating results || (1.9) || 1.1 || 16.2 |
| Result from investments (excl. amortization and fair value purchase price allocation) || 16.5 || (0.5) || 9.2 |
| Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments || - || 1,407.6 || (40.8) |
| Net earnings || 17.7 || 1,410.1 || (23.4) |
| Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) || 17.7 || 2.5 || 17.4 |
Net sales for the second quarter 2013 increased with 61% compared to the first quarter and increased with 49% year-on-year, mainly driven by higher (PE)ALD sales.
Result from operations for the second quarter 2013 includes restructuring costs of €0.7 million compared to €0.3 million included in the first quarter.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q2 was a very strong quarter for ASMI's Front-end activities. While Q2 showed a very strong double digit sales increase, the book to bill ratio remained at 1.0. This sales increase was driven by further strengthening in demand for our (PE)ALD solutions for the most advanced technology nodes across all industry segments. The Front-end gross margin showed a further improvement, driven by a strong mix and better utilization levels. Our normalized net income improved strongly caused by a much stronger operating result in our Front-end operations and a stronger performance of ASMPT."
Although Front-end sales in Q3 are expected to remain on a high level, we foresee a low double digit decrease as compared to Q2. Q3 order intake is expected to show a double digit decrease as compared to Q2.
INTERIM FINANCIAL REPORT
On August 30, 2013 ASM International will publish its Interim Financial report for the six months ended June 30, 2013. This report comprises regulated information within the meaning of articles 1:1 and 5:25d of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht) and includes consolidated condensed interim financial statements prepared in accordance with IAS 34, "Interim Financial Reporting", an interim management board report and a management board responsibility statement. The interim financial report for the six months ended June 30, 2013 will be available online at www.asm.com as from August 30, 2013.
About ASM International
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 NASDAQ (symbol ASMI) and the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI's website at 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 generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, 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 natural disasters, terrorist activity, armed conflict or political instability, epidemics 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 reports on Form 20-F and Form 6-K. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
ASM International will host an investor conference call and web cast on Thursday, July 25, 2013 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
A simultaneous audio web cast will be accessible at www.asm.com.
The teleconference will be available for replay, beginning one hour after completion of the live broadcast, through September 22, 2013.
The replay dial-in numbers are:
United States: +1 347 366 9565
England: + 44 (0)20 3427 0598
The Netherlands: +31 (0)20 708 5013
Access Code: 3077172
T: +31 88 100 8500
Mary Jo Dieckhaus
T: +1 212 986 2900
Ian Bickerton Second Quarter 2013 Results
T: +31 625 018 512