ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2013 RESULTS
Almere, The Netherlands
October 31, 2013
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its third 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, ASMI's 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 and subsequent amortization of certain intangible assets.
The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated.
| EUR million || Pro-forma |
| Q2 2013 || Q3 2013 |
| New orders || 64.3 || || 128.4 || || 112.2 || |
| Net sales || 96.1 || || 128.6 || || 116.4 || |
| Gross profit margin % || 31.4 || % || 39.3 || % || 39.1 || % |
| Operating results || (1.6 || ) || 16.2 || || 11.6 || |
| Result from investments (excl. amortization and fair value purchase price allocation) || 13.3 || || 9.2 || || 10.8 || |
| Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments || - || || (40.8 || ) || (17.2 || ) |
| Net earnings || 4.9 || || (23.4 || ) || (0.9 || ) |
| Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) || 4.9 || || 17.4 || || 16.3 || |
Net sales for the third quarter 2013 decreased with 9% compared to the second quarter and increased with 21% year-on-year, mainly driven by (PE)ALD sales which were subsequently higher than in the comparable period last year, but below the Q2 level.
Result from operations for the third quarter 2013 includes restructuring costs of €1.0 million compared to €0.7 million included in the second quarter.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q3 was again a strong quarter for ASMI. Sales came in 9% lower than the very strong second quarter, slightly better than expected. Our book to bill ratio remained at 1.0. Both sales and order intake were driven by (PE)ALD demand in the most advanced technology nodes. Margins remained healthy, leading to a 10% operating result. We also saw strong improvement in our operational cash flow due to lower working capital requirements for the quarter. Our result from investments excluding 'PPA-effects' improved due to better results in ASMPT".
Our sales in Q4, on a currency comparable level, are expected to show a single digit increase compared to Q3. Q4 order intake, on a currency comparable level, is expected to show a low double digit increase as compared to Q3.
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 Friday, November 1, 2013 at 15:00 Continental European Time (10:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
United States: +1 212 444 0412
International: + 44 (0)20 3427 1919
The Netherlands: + 31 (0)20 716 8295
Access Code: 9228211
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, for a duration of 7 days starting on November 1, 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: 9228211
T: +31 88 100 8500
Mary Jo Dieckhaus
T: +1 212 986 2900
Ian Bickerton ASMI Reports Third Quarter 2013 Results
T: +31 625 018 512