Earnings Release • Feb 27, 2014
Earnings Release
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Duiven, the Netherlands, February 27, 2014 - BE Semiconductor Industries N.V. ("the Company" or "Besi") (NYSE Euronext: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2013.
Q1-14 revenue up 25-30% vs. Q4-13 reflecting improved industry outlook. Anticipate Q1-14 sequential quarterly order increase. Cautiously optimistic about 2014 industry prospects
| (€ millions, | Q4- | Q3- | Q4- | |||||
|---|---|---|---|---|---|---|---|---|
| except EPS) | 2013 | 2013 | Δ | 2012 | Δ | 2013 | 2012 | Δ |
| Revenue | 53.1 | 65.4 | -18.9% | 56.3 | -5.8% | 254.9 | 273.7 | -6.9% |
| Orders | 57.2 | 48.2 | +18.8% | 52.0 | +10.0% | 251.9 | 276.1 | -8.8% |
| EBITDA | 3.0 | 7.5 | -60.4% | 0.8 | +281.9% | 27.9 | 32.4 | -13.8% |
| Net income | 1.4 | 4.4 | -67.8% | 1.2 | +17.1% | 16.1 | 15.8 | +2.2% |
| EPS (diluted) | 0.04 | 0.12 | -67.9% | 0.03 | +17.7% | 0.43 | 0.42 | +2.1% |
| Net Cash | 71.0 | 56.0 | +26.7% | 79.5 | -10.8% | 71.0 | 79.5 | -10.8% |
Richard W. Blickman, President and Chief Executive Officer of Besi, commented: "In 2013, Besi enhanced its profitability in a volatile assembly equipment market and delivered solid total returns to shareholders. Net income increased by 2.2% to € 16.1 million this year as progress continued on making our business model more scalable, flexible and profitable in response to a challenging market environment. Despite a 6.9% year over year revenue decrease, we gained market share in our principal die attach and packaging systems products serving higher growth advanced packaging applications such as smart phones, tablets and automotive electronics and increased both gross and net margins. Furthermore, we ended the year in a strong financial position with total cash of € 89.6 million (€ 2.40 per share). Total dividends and share repurchases aggregated € 14.0 million in 2013 and € 44.9 million over the past three years, confirming our commitment to provide a current return to our shareholders while maintaining sufficient cash to fund future growth.
Our Q4-13 results exceeded expectations due to better than anticipated revenue, gross margin and operating expense development reflecting higher than anticipated shipments and ongoing progress in reducing materials costs and overhead levels. Besi's cost reduction efforts reduced break even revenue levels such that we were profitable at a € 50 million run rate this quarter, an improvement of approximately 10% versus year end 2012.
We are cautiously optimistic as to the industry's direction in 2014 as customers are generally more positive this year than prior years as to the development of the global economy and the industry's move to more complex and higher performance devices at geometries below 20 nanometers. Currently, VLSI Research expects that the semiconductor assembly equipment market will increase by 9.7% in 2014. From our perspective, the outlook has improved since Q3-13 as witnessed by the 18.8% sequential order increase in Q4-13 and continued order improvement through February 2014. Similarly, we forecast that our revenue will increase by approximately 25-30% in Q1-14 vs. Q4-13 with a significant increase in sequential quarterly profitability. In 2014, we will continue to enhance our product mix of advanced packaging systems and optimize our cost structure and scalability in order to further reduce break even cost levels in downturns and maximize revenue generation and profits in ensuing upturns."
Besi has revised its dividend policy such that it will consider the payment of dividends on an annual basis based upon (i) a review of its annual and prospective financial performance and liquidity/financing needs, the prevailing market outlook, its strategy, market position and acquisition strategy and/or (ii) a dividend payout ratio in the range of 40-80% relative to net income to be adjusted accordingly if the factors referred to under (i) so require.
As part of the revised dividend policy, Besi will propose the payment of a cash dividend of € 0.33 per share to shareholders for the 2013 year for approval at its AGM on April 30, 2014. The dividend increase this year is due to increased profits in 2013, encouraging prospects for 2014 and Besi's healthy cash position at year end 2013. The proposed dividend represents a 10.0% increase over 2012, a pay-out ratio relative to 2013 net income of approximately 77% and will be payable from May 16, 2014.
| Q4-2013 | Q3-2013 | Δ | Q4-2012 | Δ | |
|---|---|---|---|---|---|
| Revenue | 53.1 | 65.4 | -18.9% | 56.3 | -5.8% |
| Orders | 57.2 | 48.2 | +18.8% | 52.0 | +10.0% |
| Backlog | 50.0 | 45.8 | +9.0% | 53.0 | -5.7% |
| Book to Bill Ratio | 1.1x | 0.7x | +46.4% | 0.9x | +16.8% |
Besi's € 12.3 million (18.9%) sequential revenue decrease in Q4-13 was primarily due to lower demand for die attach systems, particularly epoxy and flip chip die attach systems for smart phone and tablet applications due to general market weakness. Revenue in Q4-13 decreased by € 3.2 million (5.8%) vs. Q4-12 due to lower packaging and plating system shipments partially offset by increased sales of die attach equipment.
In contrast, orders increased by 18.8% sequentially in Q4-13 and were significantly better than the Q4/Q3-12 sequential trend (6.7% increase). Order growth was due primarily to increased bookings by European and US IDMs for packaging and plating systems used primarily in automotive, smart phone and solar applications. On a customer basis, the sequential order increase in Q4-13 reflected an € 8.2 million (26.6%) increase by IDMs and an € 0.8 million (4.6%) increase by subcontractors. As
compared to Q4-12, the 10.0% order increase reflected increased bookings for die attach systems in advanced packaging applications.
| Q4-2013 | Q3-2013 | Δ | Q4-2012 | Δ | |
|---|---|---|---|---|---|
| Gross Margin | 40.1% | 39.2% | +0.9% | 36.4% | +3.7% |
| Operating Expenses | 20.5 | 20.1 | +2.0% | 22.6 | -9.2% |
| Financial Expense, net | 0.0 | 0.2 | -82.1% | 0.5 | -91.9% |
Besi's 40.1% gross margin achieved in Q4-13 exceeded guidance of 38-40%. The sequential improvement as compared to Q3-13, despite significantly lower revenue levels, was due primarily to lower materials and freight costs partially offset by adverse foreign exchange effects from an increase in the value of the euro vs. the US\$. The 3.7% increase vs. Q4-12 was due primarily to lower materials costs resulting from the expansion of Besi's Asian supply chain network and, to a lesser extent, foreign exchange benefits from a decrease in the value of the Malaysian ringgit vs. the euro as well as lower restructuring, personnel and freight costs.
As compared to Q3-13, operating expenses increased by € 0.4 million (2.0%) due to a non-recurring pre-tax charge of € 2.2 million related to the theft of monies from a bank account at one of Besi's US subsidiaries. Excluding such charge, operating expenses declined by € 1.8 million (9.0%) due primarily to lower warranty and freight costs and increased development grants received in the quarter. As compared to Q4-12, the € 2.1 million decrease (€ 4.3 million or 19.0% excluding the nonrecurring charge) primarily resulted from lower personnel, restructuring and warranty expenses. Q4-13 total headcount declined by 2.3% vs. Q3-13 and by 5.3% as compared to Q4-12 highlighting Besi's ongoing cost reduction efforts.
Financial expense, net, was nil in Q4-13 as compared to an expense in both Q3-13 and Q4-12 due to reduced losses from foreign currency hedging activities in Besi's principal transactional currencies.
| Q4-2013 | Q3-2013 | Δ | Q4-2012 | Δ | |
|---|---|---|---|---|---|
| Net Income | 1.4 | 4.4 | -67.8% | 1.2 | +17.1% |
| Net Margin | 2.7% | 6.8% | -4.1% | 2.2% | +0.5% |
Besi's € 3.0 million net income decrease vs. Q3-13 was due primarily to significantly lower revenue and a non-recurring charge of € 2.0 million, net of taxes, partially offset by higher gross margins and a tax benefit of € 0.7 million due to the upward revaluation of deferred tax assets. As compared to Q4- 12, the € 0.2 million profit increase was primarily due to significantly improved gross margins combined with a € 2.1 million reduction in operating expenses which more than offset a 5.8% year over year revenue decrease and the non-recurring charge recognized in Q4-13.
| 2013 | 2012 | Δ | |
|---|---|---|---|
| Revenue | 254.9 | 273.7 | -6.9% |
| Orders | 251.9 | 276.1 | -8.8% |
| Net Income | 16.1 | 15.8 | +2.2% |
| Net Margin | 6.3% | 5.8% | +0.5% |
| Tax Rate | 15.8% | 19.1% | -3.3% |
Besi's 6.9% revenue decline in 2013 was principally due to lower sales of multi module die attach systems for high end smart phones which could not be fully compensated for by increased die attach and packaging equipment sales for low-end to mid-range smart phone and tablet applications. However, Besi experienced sales and market share growth for its flip chip, epoxy and soft solder die
bonding and ultra-thin molding systems in 2013 to support increased smart phone and automotive electronics demand. The 8.8% order decrease in 2013 was due primarily to continued customer caution in adding new capacity as a result of global macro-economic concerns. Orders by subcontractors and IDMs represented 51% and 49%, respectively, of Besi's total orders in 2013 as compared to 57% and 43%, respectively, in 2012.
Besi's net income in 2013 increased by € 0.3 million vs. 2012 despite the year over year revenue decrease primarily due to increased operating efficiency as well as a lower effective tax rate from a restructuring of its European operations. Specifically, profit increased in 2013 primarily due to (i) lower production and overhead costs from Besi's Asian production transfer and further integration of its European die attach operations, (ii) € 1.6 million of decreased restructuring costs, (iii) € 1.6 million of increased financial income, net, and (iv) a lower effective tax rate partially offset by (i) an € 18.8 million revenue reduction between the comparable periods and (ii) a € 2.0 million non-recurring charge, net of taxes.
| Q4- | Q3- | Q4- | ||||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2013 | Δ | 2012 | Δ | 2013 | 2012 | Δ | |
| Net Cash | 71.0 | 56.0 | +26.7% | 79.5 | -10.8% | 71.0 | 79.5 | -10.8% |
| Cash flow from Ops. | 18.3 | 3.2 | +481.9% | 25.4 | -28.1% | 18.1 | 39.2 | -53.9% |
At the end of Q4-13, Besi's cash and cash equivalents were € 89.6 million, an increase of € 11.1 million vs. Q3-13 while total debt and capital leases decreased sequentially by € 3.9 million to € 18.6 million. As a result, net cash increased by € 15.0 million to € 71.0 million. In Q4-13, Besi generated cash flow from operations of € 18.3 million which was utilized to fund (i) € 3.9 million of debt reduction, net, (ii) € 1.7 million of capitalized development spending and (iii) € 1.7 million of capital expenditures.
Year over year, Besi's net cash position of € 71.0 million decreased by € 8.5 million versus year end 2012 due primarily to a € 6.1 million increase in cash dividends paid and a € 1.8 million increase in share repurchases.
Besi appointed Mr Ruurd Boomsma as Chief Technology Officer effective January 1, 2014 and also as a member of the Executive Committee. Mr Boomsma will be responsible for the oversight of all development projects and further strengthening of Besi's technology and product offerings. Mr Boomsma is a very experienced manager with over 28 years in the semiconductor equipment industry and high tech machine manufacturing industry for LCD and solar cell production equipment. He has a master's degree in semiconductor physics and has been involved in all business aspects of the industry worldwide including the development and introduction of several new equipment generations and full responsibility for the oversight of multiple global locations.
Based on its December 31, 2013 backlog and feedback from customers, Besi forecasts for Q1-14 that:
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). The dial-in for the conference call is (31) 20 531 5845. To access the audio webcast, please visit www.besi.com.
About Besi
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, computer, automotive, industrial, RFID, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on NYSE Euronext Amsterdam (symbol: BESI) and OTCQX International (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
The annual numbers in this press release have been derived from the 2013 Financial Statements that have not yet been adopted and filed at the trade register. On February 26, 2014, KPMG Accountants N.V. issued an unqualified independent auditor's report on these 2013 Financial Statements.
Richard W. Blickman, President & CEO Citigate First Financial Cor te Hennepe, SVP Finance Uneke Dekkers/Frank Jansen Tel. (31) 26 319 4500 Tel. (31) 20 575 4021 / 24 [email protected] [email protected]
This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" constitutes forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including the discovery of weaknesses in our internal controls and procedures, our inability to maintain continued demand for our products; the impact on our business of potential disruptions to European economies from euro
zone sovereign credit issues; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to adequately decrease costs and expenses as revenues decline, loss of significant customers, lengthening of the sales cycle, incurring additional restructuring charges in the future, acts of terrorism and violence; inability to forecast demand and inventory levels for our products, the integrity of product pricing and to protect our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2012 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
(euro in thousands, except share and per share data)
| Three Months Ended | Year Ended | |||
|---|---|---|---|---|
| December 31, | December 31, | |||
| (unaudited) | (audited) | |||
| 2013 | 2012 | 2013 | 2012 | |
| Revenue | 53,063 | 56,324 | 254,936 | 273,720 |
| Cost of sales | 31,789 | 35,800 | 153,406 | 165,011 |
| Gross profit | 21,274 | 20,524 | 101,530 | 108,709 |
| Selling, general and administrative expenses | 15,300 | 15,438 | 57,918 | 60,544 |
| Research and development expenses | 5,238 | 7,192 | 24,753 | 27,349 |
| Total operating expenses | 20,538 | 22,630 | 82,671 | 87,893 |
| Operating income (loss) | 736 | (2,106) | 18,859 | 20,816 |
| Financial expense (income), net | 41 | 506 | (293) | 1,302 |
| Income (loss) before taxes | 695 | (2,612) | 19,152 | 19,514 |
| Income tax expense (benefit) | (736) | (3,834) | 3,025 | 3,726 |
| Net income (loss) | 1,431 | 1,222 | 16,127 | 15,788 |
| Net income (loss) per share – basic | 0.04 | 0.03 | 0.43 | 0.42 |
| Net income (loss) per share – diluted a | 0.04 | 0.03 | 0.43 | 0.42 |
| Number of shares used in computing per share amounts: |
||||
| - basic | 37,306,966 | 37,684,822 | 37,343,336 | 37,382,653 |
| - diluted a | 37,515,810 | 37,738,585 | 37,550,338 | 37,586,595 |
a The calculation of diluted income per share assumes the exercise of equity settled share based payments.
| (euro in thousands) | December 31, | September 30, | June 30, | March 31, | December 31, |
|---|---|---|---|---|---|
| 2013 | 2013 | 2013 | 2013 | 2012 | |
| (audited) | (unaudited) | (unaudited) | (unaudited) | (audited)a | |
| ASSETS | |||||
| Cash and cash equivalents | 89,586 | 78,494 | 81,140 | 91,886 | 106,358 |
| Accounts receivable | 53,697 | 69,566 | 79,313 | 81,274 | 58,552 |
| Inventories | 65,167 | 71,745 | 76,626 | 74,379 | 69,403 |
| Income tax receivable | 1,228 | 950 | 727 | 1,134 | 897 |
| Other current assets | 9,328 | 8,002 | 8,187 | 7,448 | 7,598 |
| Total current assets | 219,006 | 228,757 | 245,993 | 256,121 | 242,808 |
| Property, plant and equipment | 24,649 | 24,339 | 25,212 | 25,576 | 26,061 |
| Goodwill | 43,541 | 43,663 | 43,973 | 44,094 | 43,854 |
| Other intangible assets | 35,594 | 35,194 | 34,072 | 33,236 | 32,858 |
| Deferred tax assets | 16,485 | 15,321 | 15,879 | 16,503 | 16,345 |
| Other non-current assets | 1,435 | 1,289 | 1,518 | 1,553 | 1,476 |
| Total non-current assets | 121,704 | 119,806 | 120,654 | 120,962 | 120,594 |
| Total assets | 340,710 | 348,563 | 366,647 | 377,083 | 363,402 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| Notes payable to banks | 15,574 | 19,566 | 21,862 | 24,621 | 24,513 |
| Current portion of long-term debt | - | ||||
| and financial leases Accounts payable |
21,056 | - 23,488 |
413 33,655 |
413 31,535 |
415 24,010 |
| Accrued liabilities | 23,157 | 26,706 | 34,286 | 36,869 | 34,056 |
| Total current liabilities | 59,787 | 69,760 | 90,216 | 93,438 | 82,994 |
| Other long-term debt and | |||||
| financial leases | 3,059 | 2,934 | 2,622 | 2,622 | 1,926 |
| Deferred tax liabilities | 5,444 | 4,359 | 4,410 | 4,454 | 4,481 |
| Other non-current liabilities | 8,262 | 8.987 | 9,115 | 9,101 | 9,050 |
| Total non-current liabilities | 16,765 | 16,280 | 16,147 | 16,177 | 15,457 |
| Total equity | 264,158 | 262,523 | 260,284 | 267,468 | 264,951 |
| Total liabilities and equity | 340,710 | 348,563 | 366,647 | 377,083 | 363,402 |
| (euro in thousands) | Three Months Ended December 31, |
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
| 2013 | (unaudited) 2012 |
2013 | (audited) 2012 |
|||
| Cash flows from operating activities: | ||||||
| Operating income | 736 | (2,106) | 18,859 | 20,816 | ||
| Depreciation and amortization Share based compensation expense Curtailment gain Other non-cash items |
2,240 310 - (852) |
2,884 153 (1,966) 339 |
9,084 1,173 - (919) |
11,578 183 (1,966) 520 |
||
| Changes in working capital Income tax received (paid) Interest received (paid) |
17,451 (1,203) (283) |
28,911 (2,813) 93 |
(1,179) (9,041) 170 |
11,846 (3,857) 103 |
||
| Net cash provided by (used in) operating activities |
18,399 | 25,495 | 18,147 | 39,223 | ||
| Cash flows from investing activities: Capital expenditures Capitalized development expenses Proceeds from sale of equipment |
(1,658) (1,664) 81 |
(1,794) (2,403) - |
(3,920) (7,919) 202 |
(4,949) (11,485) - |
||
| Net cash used in investing activities | (3,241) | (4,197) | (11,637) | (16,434) | ||
| Cash flows from financing activities: Proceeds from (payments of) bank lines of credit |
(3,886) | (3,753) | (8,746) | 790 | ||
| Proceeds from (payments of) debt and financial leases Dividend paid to shareholders Purchase Treasury Shares Other financing activities |
125 - (50) |
134 - (790) - |
1,133 (11,168) (2,737) (50) |
1,310 (5,093) (899) - |
||
| Net cash provided by (used in) financing activities | (3,811) | (4,409) | (21,568) | (3,892) | ||
| Net increase/(decrease) in cash and cash equivalents Effect of changes in exchange rates on cash and cash equivalents Cash and cash equivalents at beginning of the period |
11,347 (255) 78,494 |
16,889 (314) 89,783 |
(15,058) (1,714) 106,358 |
18,897 (23) 87,484 |
||
| Cash and cash equivalents at end of the period | 89,586 | 106,358 | 89,586 | 106,358 |
(euro in millions,unless stated otherwise)
| REVENUE | Q1-2012 | Q2-2012 | Q3-2012 | Q4-2012 | Q1-2013 | Q2-2013 | Q3-2013 | Q4-2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per geography: | ||||||||||||||||
| Asia Pacific | 41.3 | 74% | 65.2 | 75% | 56.7 | 76% | 38.6 | 69% | 49.9 | 78% | 60.1 | 83% | 48.4 | 74% | 33.1 | 62% |
| EU / USA | 14.5 | 26% | 21.7 | 25% | 17.9 | 24% | 17.7 | 31% | 14.1 | 22% | 12.3 | 17% | 17.0 | 26% | 20.0 | 38% |
| Total | 55.8 | 100% | 87.0 | 100% | 74.6 | 100% | 56.3 | 100% | 64.0 | 100% | 72.4 | 100% | 65.4 | 100% | 53.1 | 100% |
| ORDERS | Q1-2012 | Q2-2012 | Q3-2012 | Q4-2012 | Q1-2013 | Q2-2013 | Q3-2013 | Q4-2013 | ||||||||
| Per geography: | ||||||||||||||||
| Asia Pacific | 66.4 | 79% | 67.4 | 74% | 37.2 | 76% | 36.9 | 71% | 49.8 | 78% | 64.5 | 78% | 33.3 | 69% | 36.9 | 64% |
| EU / USA | 17.9 | 21% | 23.7 | 26% | 11.5 | 24% | 15.1 | 29% | 14.0 | 22% | 18.2 | 22% | 14.9 | 31% | 20.3 | 36% |
| Total | 84.2 | 100% | 91.1 | 100% | 48.7 | 100% | 52.0 | 100% | 63.9 | 100% | 82.7 | 100% | 48.2 | 100% | 57.2 | 100% |
| Per customer type: | ||||||||||||||||
| IDM | 33.1 | 39% | 36.3 | 40% | 28.5 | 59% | 21.3 | 41% | 28.1 | 44% | 29.8 | 36% | 30.8 | 64% | 39.0 | 68% |
| Subcontractors | 51.1 | 61% | 54.8 | 60% | 20.2 | 41% | 30.7 | 59% | 35.8 | 56% | 52.9 | 64% | 17.4 | 36% | 18.2 | 32% |
| Total | 84.2 | 100% | 91.1 | 100% | 48.7 | 100% | 52.0 | 100% | 63.9 | 100% | 82.7 | 100% | 48.2 | 100% | 57.2 | 100% |
| BACKLOG | Mar 31, 2012 | Jun 30, 2012 | Sep 30, 2012 | Dec 31, 2012 | March 31, 2013 | June 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | ||||||||
| Backlog | 79.1 | 83.2 | 57.3 | 53.0 | 52.8 | 63.1 | 45.8 | 50.0 | ||||||||
| HEADCOUNT | Mar 31, 2012 | Jun 30, 2012 | Sep 30, 2012 | Dec 31, 2012 | March 31, 2013 | June 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | ||||||||
| Fixed staff (FTE) | ||||||||||||||||
| Asia Pacific | 799 | 53% | 817 | 53% | 812 | 53% | 799 | 54% | 820 | 56% | 825 | 57% | 820 | 57% | 810 | 56% |
| EU / USA | 716 | 47% | 718 | 47% | 713 | 47% | 680 | 46% | 644 | 44% | 634 | 43% | 630 | 43% | 624 | 44% |
| Total | 1,515 | 100% | 1,535 | 100% | 1,525 | 100% | 1,479 | 100% | 1,464 | 100% | 1,458 | 100% | 1,449 | 100% | 1,434 | 100% |
| Temporary staff (FTE) | ||||||||||||||||
| Asia Pacific | 5 6 |
55% | 7 9 |
57% | 4 2 |
47% | 3 7 |
61% | 2 9 |
48% | 2 7 |
44% | 1 6 |
37% | 2 | 8% |
| EU / USA | 4 7 |
45% | 6 0 |
43% | 4 8 |
53% | 2 3 |
39% | 3 1 |
52% | 3 4 |
56% | 2 8 |
63% | 2 2 |
92% |
| Total | 103 | 100% | 139 | 100% | 9 0 |
100% | 6 0 |
100% | 6 0 |
100% | 6 1 |
100% | 4 4 |
100% | 2 4 |
100% |
| Total fixed and temporary staff (FTE) | 1,618 | 1,674 | 1,615 | 1,539 | 1,524 | 1,520 | 1,493 | 1,458 | ||||||||
| OTHER FINANCIAL DATA | Q1-2012 | Q2-2012 | Q3-2012 | Q4-2012 | Q1-2013 | Q2-2013 | Q3-2013 | Q4-2013 | ||||||||
| Gross profit: | 22.0 | 39.4% | 36.1 | 41.5% | 30.1 | 40.3% | 21.2 | 37.7% | 25.4 | 39.6% | 29.2 | 40.3% | 25.6 | 39.1% | 21.3 | |
| Restructuring charges | - | - | - | 0.7 | 1.3% | - | (0.1) | 0.1% | (0.0) | 0.1% | 0.0 | |||||
| Total | 22.0 | 39.4% | 36.1 | 41.5% | 30.1 | 40.3% | 20.5 | 36.4% | 25.4 | 39.6% | 29.3 | 40.4% | 25.6 | 39.2% | 21.3 | |
| Selling, general and admin expenses: | ||||||||||||||||
| SG&A expenses | 12.6 | 22.6% | 15.5 | 17.8% | 14.9 | 20.0% | 13.9 | 24.7% | 13.6 | 21.2% | 13.2 | 18.2% | 13.7 | 20.9% | 14.7 | |
| Amortization of intangibles | 0.6 | 1.0% | 0.6 | 0.6% | 0.6 | 0.8% | 0.6 | 1.1% | 0.5 | 0.8% | 0.5 | 0.7% | 0.5 | 0.8% | 0.5 | |
| Restructuring charges | - | - | - | - | 0.3 | 0.4% | 0.9 | 1.6% | 0.1 | 0.2% | 0.5 | 0.7% | 0.0 | 0.1% | 0.1 | |
| Total | 13.2 | 23.6% | 16.1 | 18.5% | 15.8 | 21.2% | 15.4 | 27.4% | 14.2 | 22.2% | 14.2 | 19.6% | 14.2 | 21.8% | 15.3 | |
| Research and development expenses: | ||||||||||||||||
| R&D expenses | 8.5 | 15.2% | 8.9 | 10.2% | 8.2 | 11.0% | 8.0 | 14.2% | 7.8 | 12.2% | 8.3 | 11.4% | 7.1 | 10.8% | 6.5 | |
| Capitalization of R&D charges | (3.3) | -5.8% | (3.2) | -3.7% | (2.6) | -3.5% | (2.4) | -4.3% | (2.1) | -3.2% | (2.2) | -3.0% | (1.7) | -2.5% | (2.0) | |
| 2.1% | 1.4% | 1.6% | 2.0% | 1.6% | 0.8% | 0.8% | ||||||||||
| Amortization of intangibles | 1.2 | 1.2 | 1.2 | 1.1 | 0.9% | 1.0 | 0.2% | 0.6 | 0.2% | 0.5 | - | 0.7 | - | |||
| Restructuring charges | - | - | - | 0.5 | 0.1 | 0.1 | 0.0 | 0.0 | ||||||||
| Total | 6.4 | 11.4% | 6.9 | 7.9% | 6.8 | 9.1% | 7.2 | 12.8% | 6.8 | 10.7% | 6.8 | 9.4% | 5.9 | 9.0% | 5.2 | |
| Financial expense (income), net: | ||||||||||||||||
| Interest expense (income), net | 0.0 | 0.1 | (0.2) | 0.0 | (0.2) | (0.0) | (0.1) | (0.0) | ||||||||
| Foreign exchange (gains) \ losses | 0.9 | (0.7) | 0.7 | 0.5 | (0.4) | (0.0) | 0.3 | 0.1 | 40.2% 0.1% 40.1% 27.7% 1.0% 0.2% 28.8% 12.3% -3.8% 1.3% 9.9% |
|||||||
| Total | 0.9 | (0.6) | 0.5 | 0.5 | (0.6) | (0.0) | 0.2 | 0.0 | ||||||||
| Operating income (loss) | ||||||||||||||||
| as % of net sales | 2.4 | 4.3% | 13.1 | 15.1% | 7.4 | 9.9% | (2.1) | -3.7% | 4.3 | 6.7% | 8.3 | 11.5% | 5.5 | 8.4% | 0.7 | |
| EBITDA | ||||||||||||||||
| as % of net sales | 5.2 | 9.3% | 16.1 | 18.5% | 10.3 | 13.9% | 0.8 | 1.4% | 7.0 | 10.9% | 10.5 | 14.4% | 7.5 | 11.5% | 3.0 | |
| Net income (loss) | ||||||||||||||||
| as % of net sales | 0.2 | 0.4% | 10.0 | 11.5% | 4.3 | 5.8% | 1.2 | 2.2% | 3.8 | 5.9% | 6.5 | 9.0% | 4.4 | 6.8% | 1.4 | |
| Income per share | ||||||||||||||||
| Basic | 0.01 | 0.27 | 0.12 | 0.03 | 0.10 | 0.17 | 0.12 | 0.04 | 1.4% 5.6% 2.7% |
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