Pfeiffer Vacuum Technology AG — Earnings Release 2002

May 7, 2002

News Details

Ad-hoc | 7 May 2002 08:51

Pfeiffer Vacuum english

Pfeiffer Vacuum: Earnings Release Q 1/ 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Weak 1st quarter in 2002. Strong influx of new orders in April. Pfeiffer Vacuum, a leading manufacturer of high-quality vacuum pumps, vacuum gauges and complete vacuum systems, announces its results for the 1st quarter of 2002. Highlights at a glance: Sales dropped by 20.8 % from 46.7 million Euro in Q 1/2001 to 37.0 million Euro in Q 1/2002. Operating profit (EBIT) dropped by 47.7 % from 8.8 to 4.6 million Euro. After-tax income dropped by 48.2 % from 5.6 to 2.9 million Euro. Earnings per share dropped from 0.65 Euro to 0.33 Euro. New orders dropped by 24.8 % from 47.1 to 35.4 million Euro. Orders on hand 25.0 million Euro as of March 31, 2001 versus 38.2 million Euro on March 31, 2002. Total sales lagged behind the record 1st quarter of 2001 by 9.7 million Euro. The sharpest decline was felt in the United States, where sales dropped by 35.2 % from 14.2 million Euro in Q1/2001 to 9.2 million Euro in Q1/2002. Continued stagnation in the semiconductor industry at the outset of the year 2002 played a crucial role in this development. Sales declined less dramatically in the other key markets of the world: Germany went from 12.6 to 10.2 million Euro = – 19.0 %, Europe outside Germany from 14.5 to 12.9 million Euro = – 11.0 %, Asia and the rest of the world from 5.4 to 4.7 million Euro = – 13.0 %. Although pressure on pricing tends to increase during difficult economic times, it was possible to sustain gross margin at a high level, thanks to no small degree to the investments made in new production processes and procedures in recent years. Gross margin was 45.3 % in Q1/2002, as opposed to 44.5 % in Q1/2001. The company’s new segment of DVD metalizers and complete production lines is not anticipated to begin generating sales until the 2nd half of 2002. The selling, general, administrative and R&D costs incurred for this new segment impacted operating profit for the 1st quarter of 2002 by some 1 million Euro. In April, it was possible to again post a stronger influx of new orders from the semiconductor industry. Orders from the glass coating industry, too, gave rise to cautious optimism. For detailed information including financial tables see the today’s press release on http://www.pfeiffer-vacuum.de . end of ad-hoc-announcement (c)DGAP 07.05.2002 ——————————————————————————– WKN: 691660; ISIN: DE0006916604; Index: NEMAX 50 Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, München, Hamburg, Hannover und Stuttgart 070851 Mai 02