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Riber — Earnings Release 2010
Sep 7, 2010
1629_iss_2010-09-07_aeb5a791-4e24-4820-92f1-9ea7d3a9244b.pdf
Earnings Release
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STRONG HALF-YEAR EARNINGS POSITIVE OUTLOOK FOR 2010
- Improvement in net income by €0.2 million
- Tripling of net cash to €6.7 million
- Order book up 190% over one year
Bezons, September 7th, 2010 – 5:45 pm – RIBER, the global leader for molecular beam epitaxy (MBE), achieved growth in its net income during the first half of 2010. The strong level of visibility over business for the second six months makes it possible to forecast a year of growth in both revenues and profitability.
| (€'000,000) | H1 2010 | H1 2009 | Change | 2009 |
|---|---|---|---|---|
| Revenues | 4.4 | 5.9 | -1.5 | 17.4 |
| Gross margin | 2.0 | 1.6 | 0.4 | 6.5 |
| Operating income | (0.4) | (0.4) | - | 0.6 |
| Pre-tax earnings | (0.2) | (0.4) | 0.2 | 0.4 |
| Net income | (0.2) | (0.4) | +0.2 | 0.4 |
CHANGE IN PERFORMANCE
Revenues totaled €4.4 million for the first half of 2010, with the change in sales primarily reflecting the delivery of two research systems, compared with four during the first half of 2009. A further two systems (including one production machine) with a total value of €4 million have been produced, but will only be delivered and billed during the second half of the year.
The downturn in business has been partially offset by the record growth achieved on services and accessories, up 58% in relation to the first half of 2009.
The gross margin before changes in provisions for inventories came to €1.2 million, representing 28% of revenues, compared with 29% the previous year, reflecting the effective management of costs. With the launch of work to produce two production systems and the improved outlook for sales on this segment, RIBER has reversed €0.8 million in provisions for inventories.
Operating income is stable at -€0.4 million, while consolidated net income has improved to -€0.2 million, compared with -€0.4 million at June 30th, 2009.
CASH POSITION FURTHER STRENGTHENED
After factoring in earnings for the first half of the year and the annual dividend paid out in June, the Group's shareholders' equity represented €20.6 million at June 30th, 2010. Net cash (after deducting recoverable advances) totaled €6.7 million, up 220% in relation to June 30th, 2009 as a result of advances on orders.
OUTLOOK
At August 31st, 2010, the order book represented a record level of €19.1 million, 190% higher than at August 31st, 2009, with 10 MBE systems, including two production systems and eight research systems. It also takes into account the largest effusion cell orders ever recorded by RIBER, reflecting its arrival in the strongly growing solar and OLED (Organic LED) sectors.
The sound balance sheet and stronger cash position are enabling RIBER to move forward with its strategic development with confidence, based on:
- Continuing to further strengthen RIBER's leadership on the market for molecular beam epitaxy machines;
- Capitalizing on the installed base and growing sales of epitaxy equipment, spare parts and accessories, as well as the corresponding services;
- Releasing a range of high value-added equipment and services on the market for strong-growth application fields (thin-layer solar cells, OLED lighting and screens, etc.)
In view of the structure of the order book, RIBER is forecasting over €19 million in revenues for 2010, paving the way for a further improvement in profitability.
NEXT DATE: 2010 third-quarter revenues on October 14 (after close of trading)
The accounts have been subject to a limited review by the statutory auditors. The half-year financial report was approved by the Management and Supervisory Boards on September 6th, 2010.
About RIBER:
Riber designs and produces molecular beam epitaxy (MBE) systems as well as evaporation sources and cells for the semiconductor industry. This high-technology equipment is essential for the manufacturing of compound semiconductor materials and new materials that are used in numerous consumer applications, such as new information technologies, OLED flat screens and new generation solar cells.
Riber is listed on Euronext Paris Compartment "C" and is part of the CAC IT index ISIN: FR0000075954 Reuters code: RIBE.PA Bloomberg code: RIB: FP Riber has been innovation certified by OSEO, the dedicated French innovation agency, enabling it to qualify for French innovation mutual funds (FCPI).
Your contacts: RIBER Olivier Handschumacher tel: +33 1 39 96 65 00 email: [email protected]
CALYPTUS Cyril Combe tel: +33 1 53 65 68 68 cyril.combe@©alyptus.net
www.riber.com