Events & Shows23 Oct 2012
Progress on Strategic Plan Limits Impact of Assembly Equipment Downturn on Besi's Q3-12 Results. Headcount Reduction to Increase Profit Potential in Volatile Market Environment
- Revenue of € 74.6 million down 14.3% vs. Q2-12 and below prior guidance. Down 1.3% vs. Q3-11. Global macro uncertainty after H1-12 capacity build causes customers to push out deliveries at quarter end.
- Orders of € 48.7 million down 46.5% vs. Q2-12 and 35.2% vs. Q3-11. Reduced demand by Asian subcontractors for PC, smart phone and tablet applications and European IDMs for automotive components.
- Gross margins of 40.3% vs. 41.5% in Q2-12 (40.0% Q3-11) due to lower volume. Within prior guidance.
- Net income declines to € 4.3 million in Q3-12 vs. € 10.0 million in Q2-12 and € 4.9 million in Q3-11.
- 13% headcount reduction plan initiated to reduce European based fixed costs and align production with current market demand. Annualized cost savings of € 11 million anticipated.
- Share buy-back program initiated for maximum of 1.5 million shares (4% of current shares outstanding).
To read the full version of the press release, please download the PDF file.