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10 Sep 2015

BE Semiconductor Industries Lowers Q3-15 Revenue Guidance

Duiven, the Netherlands, September 10, 2015 - 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 that its Q3-15 revenue is expected to be below its previously reported guidance due to a weakening of industry conditions in recent weeks. Besi now expects that its Q3-15 revenue will decrease by approximately 28 - 33% (€ 70.0 - € 75.0 million range) vs. the € 104.3 million reported in Q2-15. Previously, Besi guided for a revenue decrease of approximately 15 - 20% (€ 83.2 - € 88.4 million range) vs. Q2-15.

Richard Blickman, Besi's Chief Executive Officer, commented: "In recent weeks, we have experienced a reduction in mainstream orders vs. expectations as well as push-outs of orders into the next two quarters previously scheduled for delivery in Q3-15 consistent with broad based weakness in the semiconductor assembly equipment market. The current downturn reflects excess semiconductor inventory and production capacity primarily related to reduced demand for retail oriented consumer applications such as smart phones, tablets and PCs.

Given the downward shift in industry conditions, Besi has initiated actions to align its cost structure with current revenue trends. Fixed and temporary headcount will be reduced by approximately 10% by year end 2015. Additional operating expense initiatives are also underway to reduce quarterly break even revenue levels further. We anticipate annualized cost savings of approximately € 12-14 million from such actions, of which € 6.5 million relates to the previously announced transfer of certain software engineering, logistics and related administrative functions and personnel from our Swiss die attach operations to our Singapore die attach applications engineering facility. Incremental restructuring charges related to the overhead re-alignment are anticipated to be less than € 1 million and are expected to be recorded in Q3-15 and Q4-15."

To read the full version of our press release, please download the PDF file. 


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