BE Semiconductor Industries N.V.

Earnings Release • Oct 30, 2014

PRESS RELEASE

Besi Posts Strong Q3-14 and Nine Month 2014 Results. Q3-14 Profit Exceeds Expectations

Duiven, the Netherlands, October 30, 2014 - BE Semiconductor Industries N.V. ("the Company" or "Besi") (Euronext Amsterdam: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter ended September 30, 2014.

Key Highlights Q3-14

• Revenue of € 103.5 million, down 10.9% vs. seasonal Q2-14 peak but up 58.3% vs. Q3-13 as strategic positioning in advanced packaging for leading smart phone and automotive supply chains aids growth
• Orders of € 90.9 million, down 26.8% vs. Q2-14 but up 88.7% vs. Q3-13 as advanced mobile, tablet and automotive applications continue to drive demand in volatile market
• Gross margins increase to 45.3% vs. 43.2% in Q2-14 due primarily to a more favorable product mix. Up significantly vs. 39.2% in Q3-13
• Net income of € 21.5 million, down slightly vs. Q2-14 due to sequential revenue decrease. Up € 17.1 million vs. Q3-13 due to revenue growth, gross margin expansion and cost controls
• Net margins reach 20.8% in Q3-14 vs. 19.7% in Q2-14 and 6.8% in Q3-13 illustrating increased profit potential of business model

Key Highlights YTD-14

• Revenue of € 289.8 million, up 43.5% vs. nine months 2013. Growth across product portfolio with particular demand for multi module and flip chip die attach systems and ultra-thin molding systems
• Order growth of 67.5% vs. nine months 2013 reflects customer capacity expansion, new device introductions and market share gains in advanced packaging applications
• Gross margins reach 43.8% vs. 39.8% in nine months 2013
• Net income of € 51.4 million, up € 36.7 million vs. nine months 2013. Net margins increase to 17.7% vs. 7.3%

Outlook

Q4-14 revenue up 65-70% vs. Q4-13 reflecting continued strength in advanced packaging and market share gains. Down 12-18% vs. Q3-14 reflecting seasonal trends and volatile market conditions

(€ millions,	Q3-	Q2-		Q3-
except EPS)	2014	2014	Δ	2013	Δ
Revenue	103.5	116.2	-10.9%	65.4	+58.3%
Orders	90.9	124.2	-26.8%	48.2	+88.6%
EBITDA	26.7	28.1	-5.0%	7.5	+256%
Net income	21.5	22.9	-6.1%	4.4	+387%
EPS (diluted)	0.56	0.59	-6.4%	0.12	+375%
Net Cash	86.1	62.5	+37.8%	56.0	+53.7%

Richard W. Blickman, President and Chief Executive Officer of Besi, commented: "Besi posted very solid results for the third quarter and nine months of 2014 with quarterly net income that exceeded expectations. Our financial results underscore the continued successful execution of Besi's advanced packaging product strategy, benefits of Besi's Asian production transfer and profit potential of our business. For the quarter, revenue grew by 58.3% over Q3-13 and net income reached € 21.5

million, an increase of € 17.1 million over Q3-13. Net margins more than tripled from 6.8% to 20.8%. Similarly, for the first nine months of 2014, revenue of € 289.8 million grew by 43.5% over the comparable 2013 period and net income of € 51.4 million increased by € 36.7 million. Besi's 10.9% sequential quarterly revenue decrease vs. peak Q2-14 revenue was in line with seasonal patterns and volatile industry conditions over the past four years albeit at revenue levels almost 60% higher than 2013.

Quarterly and year over year revenue and order growth in 2014 reflects increased customer demand in a more robust economic environment for Besi's advanced packaging solutions, serving leading smart phone, automotive and industrial applications, as well as market share growth. Besi's product strategy has capitalized on the market's move to smaller, thinner, more dense and more complex devices with ever lower power consumption in support of such end use applications. Our leading edge multi module, flip chip, TCB and soft solder die bonding systems as well as ultra-thin molding systems for advanced packaging applications have enjoyed particular market success and share gains with customers.

Besi's profit improvement this year has resulted from strong revenue growth, expanding gross margins and significant operating leverage inherent in our business model. Gross margins have benefited as we capture more labor and production overhead efficiencies from our Asian production transfer and reduce European and North American based costs. In addition, even as Besi's revenue has ramped this year, operating expenses have stayed within a recent historical range of € 20-25 million per quarter providing a healthy tailwind to profitability.

Looking to Q4-14, we anticipate a revenue increase of 65-70% vs. Q4-13 reflecting a more positive equipment environment in 2014 vs. prior years and Besi's increased market penetration of leading edge smart phone, automotive and industrial supply chains. In comparison to Q3-14, revenue will decline by 12-18% in line with seasonal trends. It appears that volatile quarterly purchasing patterns experienced over the past four years will continue in 2014 wherein customers build significant capacity in the first half of the year and then are more cautious as to capacity additions in the second half of the year. Based on guidance, we expect to substantially exceed net income levels reached in Q4-13."

	Q3-2014	Q2-2014	Δ	Q3-2013	Δ
Revenue	103.5	116.2	-10.9%	65.4	+58.3%
Orders	90.9	124.2	-26.8%	48.2	+88.7%
Backlog	86.4	99.0	-12.7%	45.8	+88.6%
Book to Bill Ratio	0.9x	1.1x	-0.2	0.7x	+0.2

Third Quarter Results of Operations

Besi's 10.9% sequential quarterly revenue decrease vs. Q2-14 was primarily due to lower die attach revenue, partially offset by growth in both packaging and plating shipments and was within guidance (-10-15%). Lower sequential die attach revenue was primarily focused on multi module, flip chip and epoxy die bonding systems and reflected a reduction in customer investment after a significant H1-14 order ramp. However, Q3-14 revenue increased by 58.3% vs. Q3-13 due primarily to higher sales of multi module and epoxy die bonding equipment and ultra-thin molding systems reflecting increased customer demand for advanced packaging solutions and market share gains.

Orders decreased by 26.8% sequentially vs. Q2-14 consistent with seasonal patterns and volatile industry conditions. The decline was primarily centered on reduced orders by Asian subcontractors for die bonding and molding systems used primarily in smart phone applications partially offset by growth in soft solder and TCB die bonding equipment orders for automotive and memory applications. On a customer basis, the sequential order decrease in Q3-14 reflected a € 41.4 million (-64.5%) decrease

by subcontractors partially offset by a € 8.1 million (+13.5%) increase by IDMs. As compared to Q3- 13, orders increased by 88.7% as global IDMs and, to a lesser extent, Asian subcontractors, significantly increased capacity to address new smart phone and tablet introductions, increased demand for intelligent automotive electronics and new semiconductor device production in a more robust market environment.

	Q3-2014	Q2-2014	Δ	Q3-2013	Δ
Gross Margin	45.3%	43.2%	+2.1%	39.2%	+6.1%
Operating Expenses	23.0	24.6	-6.5%	20.1	+14.2%
Financial Expense, net	0.0	0.5	-103.9%	0.2	-107.8%
EBITDA	26.7	28.1	-5.0%	7.5	+256%

Besi's 45.3% gross margin in Q3-14 improved by 2.1% vs. Q2-14 and 6.1% vs. Q3-13. The sequential increase was primarily due to a more favorable product and customer mix and, to a lesser extent, lower inventory provisions and the absence of restructuring charges. The year over year increase was due to Besi's 58.3% revenue increase, increased labor, production overhead and materials cost efficiencies realized and lower inventory and restructuring provisions. Gross margins also benefited from a decrease in the value of the euro vs. the USD in the respective periods.

Besi's Q3-14 operating expenses declined by € 1.6 million vs. Q2-14 and increased by € 2.9 million vs. Q3-13. The quarterly sequential reduction was due primarily to (i) the absence of € 0.8 million in restructuring charges, (ii) € 0.9 million lower share based compensation expense and (iii) € 0.3 million of lower warranty expense related to lower shipments. Expense growth vs. Q3-13 was due primarily to increased personnel, warranty and commission costs related to higher sales levels and higher amortization of capitalized development costs. As a percentage of revenue, total operating expenses were 22.2% in Q3-14 as compared to 21.2% in Q2-14 and 30.8% in Q3-13.

Total fixed and temporary headcount increased by 10.5% from 1,493 people at September 30, 2013 to 1,649 people at September 30, 2014 due primarily to increased Asian temporary production personnel to support sales growth in 2014. In contrast, European and US fixed headcount decreased by 3.0% during the period.

	Q3-2014	Q2-2014	Δ	Q3-2013	Δ
Net Income	21.5	22.9	-6.1%	4.4	+386.9%
Net Margin	20.8%	19.7%	+1.1%	6.8%	+14.0%
Tax Rate	10.2%	9.4%	+0.8%	15.5%	-5.3%

Besi's € 1.4 million net income decrease vs. Q2-14 was due primarily to lower revenue realized and a higher effective tax rate partially offset by higher gross margins and lower operating expenses. As compared to Q3-13, the € 17.1 million increase was primarily due to significantly higher revenue and gross margins and a lower effective tax rate partially offset by higher operating expenses.

Besi's higher effective tax rate vs. Q2-14 was due to the absence of a deferred tax credit recognized in Q2-14. As compared to Q3-13, the lower tax rate reflected a structural change in Besi's operational organization as well as a change in profit mix contributed by its European subsidiaries.

Nine Month Results of Operations 2014/2013

	2014	2013	Δ
Revenue	289.8	201.9	+43.5%
Orders	326.2	194.7	+67.5%
Gross Margin	43.8%	39.8%	+4.0%
EBITDA	65.2	25.0	+161.2%
Net Income	51.4	14.7	+250.5%
Net Margin	17.7%	7.3%	+10.4%
Tax Rate	10.0%	20.4%	-10.4%

Besi's 43.5% revenue increase in the first nine months of 2014 was broad based with a particular emphasis on sales of multi module and flip chip die attach systems. Similarly, orders increased by 67.5% vs. 2013. Orders by subcontractors and IDMs represented 46% and 54%, respectively, of Besi's total orders in the 2014 period vs. 54% and 46%, respectively, in the comparable 2013 period.

Besi's € 36.7 million net income growth vs. the comparable 2013 period was primarily due to (i) 43.5% year over year revenue growth, (ii) gross margin improvement due to increased labor, production overhead and freight efficiencies and lower inventory provisions and (iii) a reduction in its effective tax rate. Such benefits were partially offset by an 11.3% increase in operating expenses due primarily to increased personnel and warranty costs related to higher sales levels and increased share based compensation expense.

Financial Condition

	Q3-	Q2-		Q3-
	2014	2014	Δ	2013	Δ
Net Cash	86.1	62.5	+37.7%	56.0	+53.7%
Cash flow from Ops.	26.7	4.4	+507%	3.2	+734%

At the end of Q3-14, Besi's cash and cash equivalents increased by € 21.6 million vs. Q2-14 to € 105.4 million and net cash increased by € 23.6 million to € 86.1 million. In Q3-14, Besi generated cash flow from operations of € 26.7 million which was utilized to fund (i) € 2.2 million of debt repayments, (ii) € 2.0 million of capitalized development spending and (iii) € 1.6 million of capital expenditures. As compared to Q3-13, Besi's net cash position increased by € 30.1 million due primarily to increased profit generation.

Outlook

Based on its September 30, 2014 backlog and feedback from customers, Besi forecasts for Q4-14 that:

• Revenue will increase by approximately 65-70% vs. the € 53.1 million reported in Q4-13 and decrease by approximately 12-18% vs. the € 103.5 million reported in Q3-14.
• Gross margins will range between 42-44% vs. the 45.3% realized in Q3-14.
• Operating expenses will increase by approximately 5-10% vs. the € 23.0 million reported in Q3-14.
• Capital expenditures will be approximately € 2.2 million vs. € 1.6 million in Q3-14.

Investor and media conference call

A conference call and webcast for investors and media will be held today at 4:00 pm CET (11:00 am EST). The dial-in for the conference call is (31) 20 531 5871. 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 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.

Contacts:

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 investor.relations@besi.com Uneke.Dekkers@citigateff.nl

Frank.Jansen@citigateff.nl

Caution Concerning Forward Looking Statements

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, 2013 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.

Consolidated Statements of Operations

(euro in thousands, except share and per share data)

		Three Months Ended September 30, (unaudited)	Nine Months Ended September 30, (unaudited)
	2014	2013	2014	2013
Revenue	103,525	65,417	289,749	201,873
Cost of sales	56,579	39,805	162,902	121,617
Gross profit	46,946	25,612	126,847	80,256
Selling, general and administrative expenses	15,531	14,232	48,525	42,618
Research and development expenses	7,477	5,895	20,602	19,515
Total operating expenses	23,008	20,127	69,127	62,133
Operating income (loss)	23,938	5,485	57,720	18,123
Financial expense (income), net	(18)	228	598	(334)
Income (loss) before taxes	23,956	5,257	57,122	18,457
Income tax expense (benefit)	2,448	816	5,724	3,761
Net income (loss)	21,508	4,441	51,398	14,696
Net income (loss) per share – basic Net income (loss) per share – diluted	0.57 0.56	0.12 0.12a	1.37 1.36	0.39 0.39a
Number of shares used in computing per share amounts:
- basic - diluted a	37,662,456 38,104,243	37,169,608 37,357,825	37,482,414 37,895,682	37,300,118 37,506,505

a The calculation of diluted income per share assumes the exercise of equity settled share based payments.

(euro in thousands)	September	June 30,	March 31,	December 31,
	30, 2014	2014	2014	2013
	(unaudited)	(unaudited)	(unaudited)	(audited)
ASSETS
Cash and cash equivalents	105,383	83,794	91,931	89,586
Accounts receivable	116,542	117,598	70,414	53,697
Inventories	76,555	73,241	73,832	65,167
Income tax receivable	881	1,033	1,744	1,228
Other current assets	7,776	9,070	8,572	9,328
Total current assets	307,137	284,736	246,493	219,006
Property, plant and equipment	25,646	24,682	24,486	24,649
Goodwill	44,105	43,537	43,403	43,541
Other intangible assets	39,338	38,493	37,480	35,594
Deferred tax assets	14,045	14,887	15,847	16,485
Other non-current assets	1,551	1,530	1,500	1,435
Total non-current assets	124,685	123,129	122,716	121,704
Total assets	431,822	407,865	369,209	340,710
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks	15,756	17,720	16,079	15,574
Current portion of long-term debt
and financial leases	815	344	309	-
Accounts payable	43,534	51,768	35,072	21,056
Accrued liabilities	41,872	34,052	28,895	23,157
Total current liabilities	101,977	103,884	80,355	59,787
Other long-term debt and
financial leases	2,760	3,231	2,750	3,059
Deferred tax liabilities	5,365	5,386	5,413	5,444
Other non-current liabilities	8,807	8,663	8,465	8,262
Total non-current liabilities	16,932	17,280	16,628	16,765
Total equity	312,913	286,701	272,226	264,158
Total liabilities and equity	431,822	407,865	369,209	340,710

Consolidated Balance Sheets

(euro in thousands)	Three Months Ended			Nine Months Ended
		September 30,		September 30,
		(unaudited)		(unaudited)
	2014	2013	2014	2013
Cash flows from operating activities:
Operating income	23,938	5,485	57,720	18,123
Depreciation and amortization	2,754	2,029	7,503	6,844
Share based compensation expense	646	181	2,976	863
Other non-cash items	108	(11)	340	(67)
Changes in working capital	(567)	2,515	(31,363)	(18,630)
Income tax received (paid)	(335)	(7,126)	(821)	(7,838)
Interest received (paid)	121	78	396	453
Net cash provided by (used in) operating activities	26,665	3,151	36,751	(252)
Cash flows from investing activities:
Capital expenditures	(1,572)	(786)	(3,569)	(2,262)
Capitalized development expenses	(2,024)	(2,016)	(7,258)	(6,255)
Proceeds from sale of equipment	(1)	1	17	121
Net cash used in investing activities	(3,597)	(2,801)	(10,810)	(8,396)
Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit Proceeds from (payments of) debt and financial	(1,741)	(2,422)	599	(4,860)
leases	(469)	312	(297)	1,008
Dividend paid to shareholders	-	-	(12,402)	(11,168)
Reissuance (purchase) of treasury shares	-	-	1,123	(2,737)
Net cash provided by (used in) financing activities	(2,210)	(2,110)	(10,977)	(17,756)
Net increase/(decrease) in cash and cash
equivalents	20,858	(1,760)	14,964	(26,404)
Effect of changes in exchange rates on cash and
cash equivalents	731	(886)	833	(1,460)
Cash and cash equivalents at beginning of the
period	83,794	81,140	89,586	106,358
Cash and cash equivalents at end of the period	105,383	78,494	105,383	78,494

Consolidated Cash Flow Statements

Supplemental Information (unaudited)

(euro in millions, unless stated otherwise)

REVENUE	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014		Q3-2014
Per geography:
Asia Pacific	49.9	78%	60.1	83%	48.4	74%	33.1	62%	49.8	71%	74.1	64%	76.3	74%
EU / USA	14.1	22%	12.3	17%	17.0	26%	20.0	38%	20.2	29%	42.1	36%	27.2	26%
Total	64.0	100%	72.4	100%	65.4	100%	53.1	100%	70.0	100%	116.2	100%	103.5	100%
ORDERS	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014		Q3-2014
Per geography: Asia Pacific	49.8	78%	64.5	78%	33.3	69%	36.9	64%	76.6	69%	88.4	71%	55.5	61%
EU / USA	14.0	22%	18.2	22%	14.9	31%	20.3	36%	34.5	31%	35.8	29%	35.4	39%
Total	63.9	100%	82.7	100%	48.2	100%	57.2	100%	111.1	100%	124.2	100%	90.9	100%
Per customer type: IDM	28.1	44%	29.8	36%	30.8	64%	39.0	68%	49.4	45%	60.0	48%	68.1	75%
Subcontractors	35.8	56%	52.9	64%	17.4	36%	18.2	32%	61.7	56%	64.2	52%	22.8	25%
Total	63.9	100%	82.7	100%	48.2	100%	57.2	100%	111.1	100%	124.2	100%	90.9	100%
BACKLOG	March 31, 2013		June 30, 2013		Sep 30, 2013		Dec 31, 2013		Mar 31, 2014		Jun 30, 2014		Sep 30, 2014
Backlog	52.8		63.1		45.8		50.0		91.1		99.0		86.4
HEADCOUNT	March 31, 2013		June 30, 2013		Sep 30, 2013		Dec 31, 2013		Mar 31, 2014		Jun 30, 2014		Sep 30, 2014
Fixed staff (FTE)
Asia Pacific	820	56%	825	57%	820	57%	810	56%	839	57%	897	60%	895	59%
EU / USA	644	44%	634	43%	630	43%	624	44%	623	43%	610	40%	611	41%
Total	1,464	100%	1,458	100%	1,449	100%	1,434	100%	1,462	100%	1,507	100%	1,506	100%
Temporary staff (FTE) Asia Pacific	2 9	48%	2 7	44%	1 6	37%	2	8%	7 5	70%	109	66%	8 1	57%
EU / USA	3 1	52%	3 4	56%	2 8	63%	2 2	92%	3 2	30%	5 6	34%	6 2	43%
Total	6 0	100%	6 1	100%	4 4	100%	2 4	100%	107	100%	165	100%	143	100%
Total fixed and temporary staff (FTE)	1,524		1,520		1,493		1,458		1,569		1,672		1,649
OTHER FINANCIAL DATA	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014		Q3-2014
Gross profit: Restructuring charges	25.4 0.0	39.6%	29.2 (0.1)	40.3% 0.1%	25.6 (0.0)	39.1% 0.1%	21.3 0.0	40.2% 0.1%	29.7 0.1	42.4% 0.1%	50.7 0.5	43.7% 0.5%	46.9 0.0
Total	25.4	39.6%	29.3	40.4%	25.6	39.2%	21.3	40.1%	29.6	42.3%	50.3	43.2%	46.9
Selling, general and admin expenses: SG&A expenses	13.6	21.2%	13.2	18.2%	13.7	20.9%	14.7	27.7%	15.0	21.5%	16.8	14.5%	15.2	45.3% 0.5% 45.3% 14.7%
Amortization of intangibles	0.5	0.8%	0.5	0.7%	0.5	0.8%	0.5	1.0%	0.3	0.4%	0.3	0.2%	0.3	0.3%
Restructuring charges	0.1	0.2%	0.5	0.7%	0.0	0.1%	0.1	0.2%	0.2	0.2%	0.4	0.3%	0.0	-
Total	14.2	22.2%	14.2	19.6%	14.2	21.8%	15.3	28.8%	15.5	22.1%	17.5	15.1%	15.5
Research and development expenses:														15.0%
R&D expenses	7.8	12.2%	8.3	11.4%	7.1	10.8%	6.5	12.3%	7.7	11.1%	7.9	6.8%	8.2	7.9%
Capitalization of R&D charges	(2.1)	-3.2%	(2.2)	-3.0%	(1.7)	-2.5%	(2.0)	-3.8%	(2.8)	-4.0%	(2.4)	-2.1%	(2.0)
Amortization of intangibles	1.0	1.6%	0.6	0.8%	0.5	0.8%	0.7	1.3%	1.1	1.6%	1.2	1.1%	1.3	-2.0% 1.3%
Restructuring charges	0.1	0.2%	0.1	0.2%	0.0	-	0.0	-	0.0	-	0.4	0.3%	0.0	-
Total	6.8	10.7%	6.8	9.4%	5.9	9.0%	5.2	9.9%	6.1	8.7%	7.1	6.1%	7.5	7.2%
Financial expense (income), net:
Interest expense (income), net	(0.2)		(0.0)		(0.1)		(0.0)		(0.1)		(0.0)		(0.1)
Foreign exchange (gains) \ losses	(0.4)		(0.0)		0.3		0.1		0.2		0.5		0.1
Total	(0.6)		(0.0)		0.2		0.0		0.2		0.5		(0.0)
Operating income (loss) as % of net sales	4.3	6.7%	8.3	11.5%	5.5	8.4%	0.7	1.4%	8.1	11.6%	25.7	22.1%	23.9
EBITDA as % of net sales	7.0	10.9%	10.5	14.4%	7.5	11.5%	3.0	5.6%	10.5	15.0%	28.1	24.0%	26.7
Net income (loss)
as % of net sales	3.8	5.9%	6.5	9.0%	4.4	6.8%	1.4	2.7%	7.0	10.1%	22.9	19.7%	21.5
Income per share Basic	0.10		0.17		0.12		0.04		0.20		0.60		0.57	23.1% 25.8% 20.8%