austriamicrosystems increases year forecast
Third quarter group revenues reflect the first-time consolidation of TAOS at EUR 81.7 million, up 47% compared to the same quarter 2010 (55% in constant currency terms) and 41% quarter-on-quarter. Gross margin was 50% despite a recurring depreciation charge of around EUR 2 million per quarter from the TAOS purchase and a one-time ramp-up effect for a recently launched global smartphone, compared to 49% in the third quarter 2010 and 51% in the previous quarter.The result from operations (EBIT) for the third quarter grew to EUR 13.0 million, up 41% from EUR 9.2 million in the same period 2010, in spite of an unfavorable EUR/USD exchange rate development in the quarter. The third quarter net result was EUR 9.5 million (EUR 8.0 million in the same period 2010) and basic / diluted earnings per share were CHF 0.87 / 0.86 or EUR 0.74 / 0.73 (CHF 1.04 / 1.02 and EUR 0.78 / 0.77 in the third quarter 2010).Total backlog (excluding consignment stock agreements) was EUR 89.1 million on September 30, 2011 (EUR 61.9 million on June 30, 2011 and EUR 75.6 million on September 30, 2010). Operating cash flow increased to EUR 20.9 million (EUR 17.9 million in the third quarter 2010).In Consumer & Communications austriamicrosystems is experiencing strong growth in smartphone and tablet PC applications. This trend is underpinned by the success and high volumes of leading customers’ smartphone platforms including new models and a global smartphone recently launched by a key customer. With ongoing high run rates, MEMS microphone ICs continued their dynamic growth validating the company’s clear market leader position while Active Noise Cancellation is gaining market presence.austriamicrosystems’ Industry & Medical business recorded another robust quarter and remains the strong foundation of the company. Design activity and wins for industrial solutions continued at a very attractive pace creating additional future-year revenue streams from increased applications. austriamicrosystems’ Automotive business continued to show a good performance as the company delivers critical sensor interfaces and sensors to major systems suppliers. In operations, austriamicrosystems is adding subcontractor sourcing sites to fortify its optical sensor supply chain driven by recent events in Thailand.Based on the successful combination with TAOS, austriamicrosystems increases its 2011 revenue guidance to EUR 270-275m (USD 365-371m). Based on currently available information, despite more cautious order trends in certain markets and supply chain related efforts, austriamicrosystems sees its business continuing to develop positively in the current quarter and expect revenues for the fourth quarter on a similar level as the third quarter. For 2012, austriamicrosystems expects double-digit growth in revenues and earnings compared to 2011.