ALMERE, Netherlands, July 23, 2014 (GLOBE NEWSWIRE) -- ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2014 operating results (unaudited) in accordance with US GAAP.
|EUR million||Q2 2013||Q1 2014||Q2 2014|
|Gross profit margin %||39.3%||43.7%||42.3%|
|Result from investments (excl. amortization and fair value purchase price allocation)||9.2||5.7||15.8|
|Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments1)||(40.6)||(5.4)||(5.5)|
|Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments)||17.2||32.5||40.1|
- Net sales for the second quarter 2014 decreased with 2% compared to the first quarter and increased with 15% year-on-year, mainly driven by ALD and PEALD sales which were substantially higher than in the comparable period last year.
- Normalized net earnings for the second quarter 2014 increased compared to the first quarter mainly due to a higher result from investments. Compared to the same quarter last year, besides the effect of higher results from investments, the improvement was due to higher sales and positive mix effects.
1) 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.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"The second quarter of 2014 showed again strong financial results. Sales were at EUR 148m only 2% below the record level in Q1. ALD and PEALD were the main drivers. Gross margin remained above 42%, even though the mix was not as favorable as in Q1. Order intake decreased by strong double digits in Q2, which was in line with our guidance and followed on the very high level of orders in Q1. We have seen that some of our customers are absorbing the investments that they have made in the last quarters, which drove the lower order intake in Q2."
For Q3 we expect a strong double digit sales decrease compared to Q2, on a currency comparable basis. The Q3 2014 order intake is expected to be around the same level as Q2, also on a currency comparable basis.
INTERIM FINANCIAL REPORT
On August 29, 2014 ASM International will publish its Interim Financial report for the six months ended June 30, 2014. 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, 2014 will be available online at www.asm.com as from August 29, 2014.
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 24, 2014 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
- United States: +1 212 444 0412
- International: +44 (0)20 3427 1911
- The Netherlands: +31 (0)20 713 2998
- Access Code: 8866280
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 Second Quarter 2014 Results http://hugin.info/132090/R/1835390/637700.pdf
Source:ASM International NV