ALMERE, Netherlands, Feb. 26, 2014 (GLOBE NEWSWIRE) -- ASM International N.V. (Nasdaq:ASMI) (Euronext Amsterdam:ASM) reports today its fourth 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%. 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 2013 a purchase price allocation took place, which was finalized in the fourth quarter, 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 |
|Q3 2013||Q4 2013||Pro-forma 2012||Pro-forma 2013|
|Gross profit margin %||37.1%||39.1%||39.3%||33.6%||39.0%|
|Result from investments (excl. amortization and fair value purchase price allocation)||(3.0)||10.8||1.5||35.5||20.9|
|Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments||--||(17.2)||(369.8)||--||979.8|
|Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments)||(21.7)||16.3||9.3||7.1||45.5|
- Net sales for the fourth quarter 2013 increased with 9% compared to the third quarter and increased with 36% year-on-year, mainly driven by (PE)ALD sales which were substantially higher than in the comparable period last year.
- Result from operations for the fourth quarter 2013 includes restructuring costs of €0.5 million compared to €1.0 million included in the third quarter, while the result from investments included €4.0 million restructuring charges related to our 40% share in ASMPT.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q4 was again a very strong quarter for ASMI. Order intake was 19% higher than in the previous quarter, while sales increased with 9%. Both came in on the high side of our guidance for the quarter. ALD and PEALD were again the main drivers for the order intake and for sales. In our market which declined from 2012 to 2013, ASMI showed a sales increase of 22%. 2013 also showed a strong gross margin improvement. For the last three quarters, our gross margins were back in the 39% range, leading to double digit EBIT margins. The 2013 free cash flow was over €40 million."
For Q1 2014 we expect a double digit sales increase compared to Q4 2013, on a currency comparable base. For Q2 2014 we also expect a double digit sales increase compared to Q4 2013, on a currency comparable basis. For the second half of 2014, the current visibility is limited. Q1 2014 order intake is expected to show a double digit increase as compared to Q4 2013, on a currency comparable base.
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, February 27, 2014 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
- United States: +1 646 254 3388
- International: +44 (0) 20 3364 5381
- The Netherlands: +31 (0) 20 716 8295
- Access Code: 256 6596
A simultaneous audio web cast will be accessible at www.asm.com.
T: +31 88 100 8500
Mary Jo Dieckhaus
T: +1 212 986 2900
T: +31 625 018 512
Press Release Fourth Quarter 2013 Results http://hugin.info/132090/R/1764958/598739.pdf
Source:ASM International NV