Earnings Release • Oct 23, 2012
Earnings Release
Open in ViewerOpens in native device viewer
Duiven, the Netherlands, October 23, 2012 - 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 third quarter ended September 30, 2012.
| (€ millions, except EPS) | Q3-2012 | Q2-2012 | Δ | Q3-2011 | Δ |
|---|---|---|---|---|---|
| Revenue | 74.6 | 87.0 | -14.3% | 75.6 | -1.3% |
| Operating income | 7.4 | 13.1 | -43.5% | 6.7 | 10.4% |
| EBITDA | 10.3 | 16.1 | -36.0% | 9.5 | 8.4% |
| Net income | 4.3 | 10.0 | -57.0% | 4.9 | -12.2% |
| EPS (diluted) | 0.12 | 0.27 | -55.6% | 0.13 | -7.7% |
| Orders | 48.7 | 91.1 | -46.5% | 75.1 | -35.2% |
| Backlog | 57.3 | 83.2 | -31.1% | 65.8 | -12.9% |
| Cash flow (deficit) from ops. | 14.2 | (12.4) | NM | 19.8 | -28.3% |
| Cash | 89.8 | 77.3 | 16.2% | 76.6 | 17.2% |
| Total Debt | 30.6 | 27.9 | 9.7% | 27.0 | 13.3% |
Richard W. Blickman, President and Chief Executive Officer of Besi, commented: "Our Q3-12 results reflect progress in our strategic efforts to reduce costs and increase operating flexibility in a highly volatile assembly equipment environment. Results were below expectations as industry conditions deteriorated more rapidly than we had anticipated at last quarter end. Underscoring the rapidly changing landscape, the semiconductor assembly equipment book to bill ratio declined from 1.4x at the end of May 2012 to 0.5x at the end of September 2012. Similarly, our orders declined by 46.5% sequentially reflecting renewed caution by customers in adding capacity after a significant expansion in H1-12. Uncertainty as to the direction of the global economy has caused very short term customer purchasing patterns and significant quarterly order volatility for our systems over the past three years.
In confronting this volatile industry environment, we continue work on enhancing our product mix of advanced packaging systems and optimizing 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. As such, despite a 15.2% revenue decrease, we were able to increase our gross margins from 40.4% to 40.6% in the comparable nine months results of 2012 and 2011 and reduce our operating expenses by € 6.2 million or 8.7%. Our balance sheet also remains strong with net cash increasing sequentially by € 9.8 million to € 59.2 million at the end of Q3-12.
Although visibility is limited at present, customer feedback indicates that the current downturn will limit order growth through year end. We anticipate that revenue will decrease by 25-35% in Q4-12, as compared to Q3-12, with a negative impact on profitability. As such, we have initiated a 13% headcount reduction plan which primarily seeks to lessen structural European based costs in the context of our ongoing transfer of production to Asia and reduce our Asian temporary production personnel to align capacity to current market realities. In addition, we will rationalize our plating operations to enhance their profitability and further integrate our die attach activities. In total, we anticipate
that the plan will generate € 11 million of annualized cost savings with associated restructuring charges of € 2.8 million, of which € 2.1 million will be incurred in Q4-12.
In addition, we initiated a share repurchase program covering a maximum of 1.5 million shares (approximately 4% of shares outstanding at September 30, 2012) in order to enhance shareholder value. We feel that the repurchase program is appropriate in light of the current market price of our shares relative to our anticipated future earnings potential as well as to further reduce share dilution resulting from the conversion of our 5.5% Convertible Notes in June 2011."
Besi's € 12.4 million (14.3%) sequential revenue decrease in Q3-12 reflected a downturn in industry conditions which began at the end of Q2-12 and accelerated in Q3-12. Soft industry conditions were reflected particularly in lower sales of flip chip and epoxy die bonding systems and molding equipment primarily to Asian subcontractors and European IDMs for automotive, PC, smart phone and tablet applications. The decrease was greater than prior guidance (decrease of 0% to 10%) due to the push-out of orders at quarter end that were scheduled for delivery in Q3-12. Such orders are now planned for delivery over the next two quarters. Revenue in Q3-12 decreased by € 1.0 million (1.3%) vs. Q3-11.
Orders for Q3-12 were € 48.7 million, a decrease of € 42.4 million (46.5%), as compared to Q2-12 and a decrease of € 26.4 million (35.2%) as compared to Q3-11. The quarterly sequential order decrease was primarily due to a pause in demand for incremental smart phone and tablet capacity after a significant build in the first half of 2012 as well as renewed customer caution in adding capacity due to global macroeconomic concerns. Specifically, bookings decreased as a result of lower orders by Asian subcontractors for advanced packaging applications. On a customer basis, the sequential order decrease reflected a € 34.6 million (63.1%) decrease by subcontractors and a € 7.8 million (21.5%) decrease by IDMs. Backlog at September 30, 2012, was € 57.3 million, a decrease of € 25.9 million, or 31.1%, as compared to June 30, 2012 and € 8.5 million, or 12.9% as compared to Q3-11.
Besi's gross margin for Q3-12 was 40.3% as compared to 41.5% in Q2-12 and 40.0% in Q3-11 and within prior guidance (40-42%). As compared to Q2-12, the gross margin decrease was primarily due to lower sequential sales of equipment and spares. As compared to Q3-11, the gross margin improvement was due primarily to higher die attach and packaging equipment margins as a result of an increase in the US dollar vs. the euro partially offset by higher expenses to support the production ramp of Besi's epoxy die bonding system in Asia.
Besi's operating expenses declined to € 22.6 million in Q3-12 as compared to € 23.0 million in Q2-12 and € 23.6 million in Q3-11 and were lower than guidance (€ 23.0 million). In Q3-12, Besi incurred € 0.3 million of restructuring charges related to its headcount reduction plan. As compared to Q2-12, the decrease was primarily due to € 0.3 million lower general and administrative expenses as a result of lower consulting and travel costs and € 0.2 million of lower development spending due to decreased personnel. As compared to Q3-11, operating expenses declined by € 1.0 million primarily due to lower warranty and overhead expenses. As a percentage of revenue, total operating expenses were 30.3% in Q3-12 as compared to 26.4% in Q2-12 and 31.2% in Q3-11. Fixed and temporary headcount totaled 1,615 at September 30, 2012, a decrease of 3.5% vs. June 30, 2012 and 9.0% vs. September 30, 2011.
Financial income (expense), net reflected an expense of € 0.5 million in Q3-12 as compared to income of € 0.6 million in Q2-12 and expense of € 0.2 million in Q3-11. The decrease as compared to Q2-12 was due primarily to losses on foreign currency hedging positions from the upward movement of the US dollar vs. the euro and Swiss franc as compared to gains realized in Q2-12.
Besi's effective tax rate in Q3-12 was 36.7% as compared to 27.2% in Q2-12 and 25.5% in Q3-11. The increase in the effective tax rate in Q3-12 was due to a change in profit mix of its European subsidiaries.
Besi's net income in Q3-12 was € 4.3 million as compared to € 10.0 million in Q2-12 and € 4.9 million in Q3-11. The € 5.7 million profit decrease vs. Q2-12 was primarily due to (i) the revenue decline which also caused a reduction in gross margin levels, (ii) a € 1.1 million negative variance in financial income (expense), net due to losses realized on foreign currency hedging positions as compared to a profit in the prior quarter and (iii) an increase in the effective tax rate. The decrease was partially offset by a sequential reduction in operating overhead. As compared to Q3-11, the € 0.6 million profit decrease was primarily due to a higher effective tax rate, and, to a lesser extent, lower revenue and higher foreign currency losses on hedging positions partially offset by higher gross margins and lower operating expenses due to cost reduction efforts.
For the first nine months of 2012, Besi's revenue was € 217.4 million a decrease of € 39.1 million or 15.2% as compared to the first nine months of 2011. Orders for the first nine months of 2012 were € 224.1 million, a decrease of € 21.8 million, or 8.9%, as compared to the first nine months of 2011.
For the first nine months of 2012, Besi recorded net income of € 14.6 million (€ 0.39 per share) vs. € 23.2 million (€ 0.65 per share) for the first nine months of 2011. The profit reduction was due primarily to (i) lower revenue and (ii) a higher effective tax rate (34.2% vs. 24.7%) due to the change in the profit mix of its European subsidiaries partially offset by higher gross margins and a € 6.2 million reduction in operating expenses (8.7%) due primarily to Besi's headcount and cost reduction efforts and lower warranty costs.
At the end of Q3-12, Besi's cash and cash equivalents were € 89.8 million, an increase of € 12.5 million vs. Q2-12 while total debt and capital leases increased sequentially by € 2.7 million to € 30.6 million. As a result, net cash increased by € 9.8 million to € 59.2 million. Besi generated € 14.2 million of cash flow from operations which along with € 2.7 million of bank borrowings and capital lease and other financing were primarily utilized to fund (i) € 2.6 million of capitalized development spending and (ii) € 1.5 million of capital expenditures.
In order to improve its profitability and scalability, Besi announced a headcount reduction plan to reduce its personnel costs by € 11 million on an annualized basis. The plan calls for a reduction of approximately 13% of Besi's total worldwide headcount of 1,674 at June 30, 2012 of which approximately 55% represents a decrease of temporary personnel and the balance from contract personnel. The plan focuses primarily on the reduction of temporary production personnel in Asia and contract and temporary personnel in Europe including the rationalization of Besi's plating operations and the further integration of its die attach activities. Of the anticipated annualized cost savings, approximately € 6 million relates to the reduction of contract personnel and € 5 million relates to temporary production related personnel. Substantially all of the headcount reduction will take place before the end of Q1-13. Besi currently anticipates that it will incur charges not exceeding approximately € 2.8 million in connection with the proposed plan of which approximately € 2.1 million is anticipated to be recorded in Q4-12 and of which € 0.3 million was incurred in Q3-12.
Besi will commence a share repurchase program in which it may buy back up to a maximum of approximately 1.5 million ordinary shares (4% of its shares outstanding at September 30, 2012) on the open market from time to time and depending on market conditions. Besi is engaging in the repurchase program to enhance shareholder value in light of the current price of its shares relative to anticipated future earnings as well as to further reduce share dilution resulting from the conversion of its 5.5% Convertible Notes in June 2011. At present, Besi has authority to purchase up to 10% of its ordinary shares outstanding (approximately 4.0 million shares) until October 2013.
The repurchase program is being implemented in accordance with industry best practices and in compliance with applicable European buyback rules and regulations. The Company has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam. The maximum price to be paid per share under the program will not exceed the higher of the last independent trade price in the shares and the highest current independent bid price of the shares on Euronext Amsterdam. Furthermore, such price will not exceed 110% of the average of the highest quoted price for the shares on the five trading days prior to the date of purchase, as published in the Daily Official List of Euronext Amsterdam.
Based on its September 30, 2012 backlog and feedback from customers, Besi forecasts for Q4-12 that:
A conference call and webcast for investors and media will be held today at 4:00 p.m. CET (10:00 a.m. New York time). The dial-in number for the conference call is (31) 10 2944 215. To access the audio webcast, please visit www.besi.com.
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, 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.
Richard W. Blickman Cor te Hennepe Tel. (31) 26 319 4500 Tel. (31) 26 319 4500 [email protected] [email protected]
Citigate First Financial Uneke Dekkers/Frank Jansen Tel. (31) 20 575 4021 / 24 [email protected] [email protected]
President & CEO Senior Vice President Finance
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 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; 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, 2011 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 September 30, (unaudited) |
Nine Months Ended September 30, (unaudited) |
|||||
|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |||
| Revenue Cost of sales |
74,604 44,553 |
75,566 45,304 |
217,396 129,211 |
256,511 152,847 |
||
| Gross profit | 30,051 | 30,262 | 88,185 | 103,664 | ||
| Selling, general and administrative expenses Research and development expenses |
15,802 6,838 |
16,539 7,033 |
45,107 20,157 |
50,722 20,783 |
||
| Total operating expenses | 22,640 | 23,572 | 65,264 | 71,505 | ||
| Operating income (loss) | 7,411 | 6,690 | 22,921 | 32,159 | ||
| Financial expense (income), net | 543 | 182 | 796 | 1,297 | ||
| Income (loss) before taxes | 6,868 | 6,508 | 22,125 | 30,862 | ||
| Income tax expense (benefit) | 2,519 | 1,657 | 7,559 | 7,622 | ||
| Net income (loss) | 4,349 | 4,851 | 14,566 | 23,240 | ||
| Net income (loss) per share – basic Net income (loss) per share – diluted |
0.12 0.12a |
0.13 0.13 |
0.39 0.39a |
0.65 0.65 |
||
| Number of shares used in computing per share amounts: - basic - diluted |
37,780,778 37,828,488a |
38,059,537 38,059,537 |
37,281,194 37,535,196a |
35,807,774 35,807,774 |
a The calculation of the diluted income per share assumes the exercise of the equity settled share based payments.
| (euro in thousands) | September 30, | June 30, | March 31, | December 31, |
|---|---|---|---|---|
| 2012 | 2012 | 2012 | 2011 | |
| (unaudited) | (unaudited) | (unaudited) | (audited) | |
| ASSETS | ||||
| Cash and cash equivalents | 89,783 | 77,272 | 93,539 | 87,484 |
| Accounts receivable | 77,793 | 92,920 | 59,909 | 66,728 |
| Inventories | 78,577 | 79,470 | 74,445 | 73,348 |
| Income tax receivable | 588 | 788 | 997 | 989 |
| Other current assets | 10,999 | 10,511 | 9,474 | 8,102 |
| Total current assets | 257,740 | 260,961 | 238,364 | 236,651 |
| Property, plant and equipment | 25,849 | 25,744 | 25,755 | 26,506 |
| Goodwill | 44,061 | 44,247 | 43,770 | 44,062 |
| Other intangible assets | 32,109 | 31,264 | 29,634 | 27,818 |
| Deferred tax assets | 12,867 | 12,821 | 12,771 | 12,506 |
| Other non-current assets | 1,460 | 1,450 | 1,438 | 1,372 |
| Total non-current assets | 116,346 | 115,526 | 113,368 | 112,264 |
| Total assets | 374,086 | 376,487 | 351,732 | 348,915 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Notes payable to banks | 28,321 | 26,033 | 22,080 | 23,749 |
| Current portion of long-term debt and financial leases |
468 | 184 | 336 | |
| Accounts payable | 420 24,563 |
34,465 | 22,605 | 21,377 |
| Accrued liabilities | 36,177 | 36,126 | 34,793 | 32,222 |
| Total current liabilities | 89,481 | 97,092 | 79,662 | 77,684 |
| Other long-term debt and financial | ||||
| leases | 1,871 | 1,403 | 807 | 695 |
| Deferred tax liabilities | 6,923 | 7,024 | 7,043 | 7,046 |
| Other non-current liabilities | 8,396 | 8,329 | 8,190 | 7,427 |
| Total non-current liabilities | 17,190 | 16,756 | 16,040 | 15,168 |
| Total equity | 267,415 | 262,639 | 256,030 | 256,063 |
| Total liabilities and equity | 374,086 | 376,487 | 351,732 | 348,915 |
| (euro in thousands) | Three Months Ended September 30, (unaudited) |
Nine Months Ended September 30, (unaudited) |
|||
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | ||
| Cash flows from operating activities: | |||||
| Operating income | 7,411 | 6,690 | 22,921 | 32,159 | |
| Depreciation and amortization Share based compensation expense |
2,937 270 |
2,804 788 |
8,694 29 |
8,372 2,546 |
|
| Other non-cash items | 180 | (44) | 181 | (81) | |
| Changes in working capital Income tax received (paid) |
3,915 (542) |
9,740 (32) |
(17,063) (1,044) |
(11,433) (212) |
|
| Interest received (paid) | 18 | (131) | 10 | (1,154) | |
| Net cash provided by (used in) operating activities | 14,189 | 19,815 | 13,728 | 30,197 | |
| Cash flows from investing activities: Capital expenditures Capitalized development expenses Proceeds from sale of equipment |
(1,486) (2,641) - |
(1,632) (2,140) 44 |
(3,155) (9,082) - |
(5,438) (6,010) 84 |
|
| Net cash used in investing activities | (4,127) | (3,728) | (12,237) | (11,364) | |
| Cash flows from financing activities: Proceeds from (payments of) bank lines of credit Proceeds from (payments of) long-term debt and |
2,276 | 11,562 | 4,543 | 9,674 | |
| financial leases | 468 | (642) | 1,176 | (1,488) | |
| Dividend paid to shareholders Purchase Treasury Shares Other financing activities |
- - - |
- (12,362) - |
(5,093) (109) - |
(5,097) (13,858) (28) |
|
| Net cash provided by (used in) financing activities | 2,744 | (1,470) | 517 | (10,797) | |
| Net increase/(decrease) in cash and cash equivalents |
12,806 | 14,617 | 2,008 | 8,036 | |
| Effect of changes in exchange rates on cash and cash equivalents |
(295) | 201 | 291 | (717) | |
| Cash and cash equivalents at beginning of the period |
77,272 | 61,806 | 87,484 | 69,305 | |
| Cash and cash equivalents at end of the period | 89,783 | 76,624 | 89,783 | 76,624 |
(euro in millions, unless stated otherwise)
| REVENUE | Q1-2011 | 02-2011 | Q3-2011 | Q4-2011 | Q1-2012 | Q2-2012 | Q3-2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per geography: | |||||||||||||||
| Asia Pacific | 66.8 | 73% | 64.5 | 72% | 57.4 | 76% | 54.7 | 78% | 41.3 | 74% | 65.2 | 75% | 56.7 | 76% | |
| Europe and ROW | 18.0 | 20% | 18.3 | 20% | 11.4 | 15% | 11.8 | 17% | 8.4 | 15% | 10.4 | 12% | 12.7 | 17% | |
| USA | 6.3 | 7% | 7.1 | 8% | 6.8 | 9% | 3.8 | 5% | 6.1 | 11% | 11.3 | 13% | 5.2 | 7% | |
| Total | 91.1 | 100% | 89.9 | 100% | 75.6 | 100% | 70.4 | 100% | 55.8 | 100% | 87.0 | 100% | 74.6 | 100% | |
| ORDERS | Q1-2011 | Q2-2011 | Q3-2011 | Q4-2011 | 01-2012 | 02-2012 | Q3-2012 | ||||||||
| Per geography: | |||||||||||||||
| Asia Pacific | 64.2 | 73% | 60.5 | 73% | 58.5 | 78% | 37.5 | 68% | 66.4 | 79% | 67.4 | 74% | 37.2 | 76% | |
| Europe and ROW | 17.4 | 20% | 13.9 | 17% | 12.1 | 16% | 9.5 | 17% | 11.2 | 13% | 15.5 | 17% | 7.1 | 15% | |
| USA | 6.7 | 7% | 8.1 | 10% | 4.5 | 6% | 8.2 | 15% | 6.6 | 8% | 8.2 | 9% | 4.4 | 9% | |
| Total | 88.3 | 100% | 82.5 | 100% | 75.1 | 100% | 55.2 | 100% | 84.2 | 100% | 91.1 | 100% | 48.7 | 100% | |
| Per customer type: | |||||||||||||||
| IDM | 41.5 | 47% | 36.3 | 44% | 24.3 | 32% | 21.5 | 39% | 33.1 | 39% | 36.3 | 40% | 28.5 | 59% | |
| Subcontractors | 46.8 | 53% | 46.2 | 56% | 50.8 | 68% | 33.7 | 61% | 51.1 | 61% | 54.8 | 60% | 20.2 | 41% | |
| Total | 88.3 | 100% | 82.5 | 100% | 75.1 | 100% | 55.2 | 100% | 84.2 | 100% | 91.1 | 100% | 48.7 | 100% | |
| BACKLOG | Mar 31, 2011 | Jun 30, 2011 | Sep 30, 2011 | Dec 31, 2011 | Mar 31, 2012 | Jun 30, 2012 | Sep 30, 2012 | ||||||||
| Backlog | 73.7 | 66.3 | 65.8 | 50.6 | 79.1 | 83.2 | 57.3 | ||||||||
| HEADCOUNT | Mar 31, 2011 | Jun 30, 2011 | Sep 30, 2011 | Dec 31, 2011 | Mar 31, 2012 | Jun 30, 2012 | Sep 30, 2012 | ||||||||
| Fixed staff (FTE) | |||||||||||||||
| Europe | 698 | 46% | 703 | 45% | 709 | 45% | 695 | 45% | 670 | 44% | 671 | 44% | 666 | 44% | |
| Asia Pacific | 774 | 51% | 815 | 52% | 814 | 52% | 802 | 52% | 799 | 53% | 817 | 53% | 812 | 53% | |
| USA | 45 | 3% | 45 | 3% | 46 | 3% | 46 | 3% | 46 | 3% | 47 | 3% | 47 | 3% | |
| Total | 1,516 | 100% | 1,563 | 100% | 1,570 | 100% | 1,543 | 100% | 1,515 | 100% | 1,535 | 100% | 1,525 | 100% | |
| Temporary staff (FTE) | |||||||||||||||
| Europe | 58 | 28% | 72 | 35% | 79 | 38% | 46 | 72% | 44 | 42% | 54 | 39% | 44 | 49% | |
| Asia Pacific | 150 | 71% | 129 | 64% | 122 | 60% | 16 | 25% | 56 | 55% | 79 | 57% | 42 | 47% | |
| USA | 2 | 1% | $\overline{2}$ | 1% | 4 | 2% | $\overline{2}$ | 3% | 3 | 3% | 6 | 4% | 4 | 4% | |
| Total | 210 | 100% | 203 | 100% | 205 | 100% | 64 | 100% | 103 | 100% | 139 | 100% | 90 | 100% | |
| Total fixed and temporary staff (FTE) | 1,726 | 1,766 | 1,775 | 1,607 | 1,618 | 1,674 | 1,615 | ||||||||
| OTHER FINANCIAL DATA | Q1-2011 | Q2-2011 | Q3-2011 | Q4-2011 | Q1-2012 | Q2-2012 | Q3-2012 | ||||||||
| Gross profit: Amortization of intangibles |
36.4 | 40.0% | 37.0 | 41.2% | 30.3 | 40.0% | 27.1 | 38.5% | 22.0 | 39.4% | 36.1 | 41.5% | 30.1 | 40.3% | |
| Restructuring charges | ×, | ٠ ÷. |
$\overline{\phantom{a}}$ | ×, | ×. | J. | |||||||||
| Total | 36.4 | 40.0% | 37.0 | 41.2% | 30.3 | 40.0% | 27.1 | 38.5% | 22.0 | 39.4% | 36.1 | 41.5% | 30.1 | 40.3% | |
| Selling, general and admin expenses: | |||||||||||||||
| SG&A expenses | 16.0 | 17.6% | 17.2 | 19.1% | 16.0 | 21.2% | 16.8 | 23.9% | 12.6 | 22.6% | 15.5 | 17.8% | 14.9 | 20.0% | |
| Amortization of intangibles | 0.5 | 0.5% | 0.5 | 0.6% | 0.5 | 0.7% | 0.5 | 0.7% | 0.6 | 1.0% | 0.6 | 0.6% | 0.6 | 0.8% | |
| Restructuring charges | J. | 0.7 | 1.1% | 0.0 | 0.0 | 0.3 | 0.4% | ||||||||
| Total | 16.5 | 18.1% | 17.7 | 19.7% | 16.5 | 21.8% | 18.0 | 25.6% | 13.2 | 23.6% | 16.1 | 18.5% | 15.8 | 21.2% | |
| Research and development expenses: | |||||||||||||||
| R&D expenses Capitalization of R&D charges |
6.8 | 7.5% | 8.6 | 9.6% | 8.0 | 10.6% | 8.2 | 11.7% | 8.5 | 15.2% | 8.9 | 10.2% | 8.2 | 11.0% | |
| Amortization of intangibles | (1.5) 1.1 |
$-1.6%$ 1.2% |
(2.3) 1.1 |
-2.6% 1.2% |
(2.1) 1.1 |
$-2.8%$ 1.4% |
(2.7) 1.1 |
$-3.8%$ 1.5% |
(3.3) 1.2 |
$-5.8%$ 2.1% |
(3.2) 1.2 |
$-3.7%$ 1.4% |
(2.6) 1.2 |
$-3.5%$ 1.6% |
|
| Restructuring charges | |||||||||||||||
| 6.4 | 7.0% | 7.4 | 8.2% | 7.0 | 9.2% | 6.6 | 9.3% | 6.4 | 11.4% | 6.9 | 7.9% | 6.8 | 9.1% | ||
| Total | |||||||||||||||
| Financial expense (income), net: | |||||||||||||||
| Interest expense (income), net | 0.6 | (0.1) | 0.1 | 0.1 | 0.0 | 0.1 | (0.2) | ||||||||
| Foreign exchange (gains) \losses | 0.7 | (0.1) | 0.1 | (1.3) | 0.9 | (0.7) | 0.7 | ||||||||
| Total | 1.3 | (0.2) | 0.2 | (1.2) | 0.9 | (0.6) | 0.5 | ||||||||
| Operating income (loss) | |||||||||||||||
| as % of net sales | 13.5 | 14.8% | 12.0 | 13.3% | 6.7 | 8.8% | 2.5 | 3.6% | 2.4 | 4.3% | 13.1 | 15.1% | 7.4 | 9.9% | |
| EBITDA as % of net sales |
16.3 | 17.9% | 14.8 | 16.5% | 9.5 | 12.6% | 5.3 | 7.5% | 5.2 | 9.3% | 16.1 | 18.5% | 10.3 | 13.9% | |
| Net income (loss) | |||||||||||||||
| as % of net sales | 9.6 | 10.5% | 8.8 | 9.8% | 4.9 | 6.4% | 3.4 | 4.8% | 0.2 | $0.4\%$ | 10.0 | 11.5% | 4.3 | 5.8% | |
| Income per share | |||||||||||||||
| Basic | 0.28 | 0.25 | 0.13 | 0.09 | 0.01 | 0.27 | 0.12 | ||||||||
| Diluted | 0.26 | 0.25 | 0.13 | 0.09 | 0.01 | 0.27 | 0.12 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.