AMIS Holdings, Inc. Reports First Quarter Results.Business Editors/High-Tech Writers POCATELLO Pocatello (pōkətĕl`ō), city (1990 pop. 46,080), seat of Bannock co., SE Idaho, between mountains on the Portneuf River near its junction with the Snake (there dammed to form the American Falls Reservoir); inc. 1889. , Idaho--(BUSINESS WIRE)--April 29, 2004 AMIS A·mis , Kingsley 1922-1995. British writer best known for his novels, including Lucky Jim (1954) and Jake's Thing (1978). Holdings, Inc. (Nasdaq:AMIS) -- Record revenue in first quarter -- Gross margins for the quarter increased for the fifth consecutive quarter, improving 470 basis points year over year -- Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for first quarter grew 33 percent to $0.16 AMIS Holdings, Inc. ("AMIS" or "Company") (Nasdaq:AMIS), parent company of AMI Semiconductor AMI Semiconductor is a company engaged the design and manufacture of customer specific integrated circuit solutions, including solutions for the automotive, medical and industrial markets. Among its products are products that integrate processing of analog and digital signals. , a leader in the design and manufacture of integrated mixed-signal solutions, today reported results for the first quarter ended March 27, 2004. Financial Results First quarter 2004 revenue was $128.3 million, an increase of two percent over the fourth quarter 2003 revenue and 25 percent above the first quarter of last year. Gross margin for the first quarter of 2004 was 45.8 percent, an increase of 50 basis points sequentially and 470 basis points year over year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $22.2 million for the first quarter of 2004, an increase of 12 percent over fourth quarter operating income of $19.8 million. Fourth quarter results included restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.7 million. Excluding these charges, operating income grew three percent sequentially. Operating income grew 124 percent over the first quarter 2003 amount of $9.9 million. Net income for the first quarter of 2004 was $13.5 million, or $0.16 per fully diluted share, compared to net income of $3.4 million, or $0.04 per fully diluted share for the fourth quarter and $1.8 million or $(0.30) per share for the first quarter of 2003. There were no unusual items impacting net income in the first quarter of 2004. Net income increased 297 percent over the fourth quarter. Excluding the restructuring charges of $1.7 million, $10.3 million of other expense related to the redemption of senior subordinated notes and the related tax effects, net income in the fourth quarter would have been $10.5 million, or $0.12 per fully diluted share, resulting in the first quarter of 2004 having an increase of 33 percent over the fourth quarter. Net income grew 650 percent over the first quarter 2003 amount of $1.8 million. Excluding the $4.5 million write off of deferred and other financing fees and the related tax effects in the first quarter of 2003, net income would have been $4.4 million, resulting in first quarter 2004 showing an increase of 207 percent over the first quarter of 2003. First quarter 2003 earnings per share were impacted by a preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividend. "AMIS generated record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for revenue in the first quarter of 2004, despite historical seasonal downward trends," said Christine King Christine Elizabeth King is a British historian and university administrator. She is currently Vice-Chancellor and Chief Executive of Staffordshire University.[1] , president and chief executive officer. "Our record revenue was driven by our integrated mixed-signal product line, which increased 10 percent over the fourth quarter. This growth was centered in the automotive, industrial and communications end markets. As anticipated, our mixed-signal foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. services revenue decreased two percent and structured digital products revenue decreased 10 percent sequentially." Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the first quarter was $8.8 million and capital expenditures were $9.7 million. Cash at March 27, 2004 was $116.7 million. "I am very pleased with our first quarter financial results," stated King. "We continue to sustain our margin growth through operational efficiencies. Our visibility improved during the first quarter. Our six-month backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. entering the second quarter grew to $144 million, a 12.5 percent increase over the prior period. This further demonstrates the predictability of our business model." Business Outlook "We expect our second quarter revenue to increase from three percent to five percent over the first quarter 2004," said King. "Going into the second quarter, we had approximately 85 percent of this revenue recorded in our backlog. We anticipate gross margins to increase 50 basis points and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: to improve 100 basis points over the first quarter, which will help offset an anticipated increase in our effective tax rate to between 24 percent and 26 percent in the second quarter. Our cash tax rate should be approximately 17 percent for the year. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of is expected to increase $0.01 sequentially to $0.17. Capital expenditures for the year are planned to be approximately seven percent of annual revenues and are expected to be weighted toward the first half of the year, as we expand the capacity of our eight-inch fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facility. Depreciation and amortization will be about $10.5 million in the second quarter." Conference Call President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Chris King For other persons named Chris King, see Chris King (disambiguation). Christopher Donnell King (born July 24 1969 in Newton Grove, North Carolina) is an American professional basketball player, most notably for the NBA. along with interim Chief Financial Officer Michael Salvati and newly appointed CFO See Chief Financial Officer. David Henry
David Henry (b.February 24, 1975 in Denver, Colorado)is an IFBB professional bodybuilder. will conduct a conference call on April 29, 2004 at 5 p.m. ET, to discuss the Company's earnings and operations. Investors and other interested parties may listen to a live audio webcast of the conference call by visiting the investor relations Investor relations The process by which the corporation communicates with its investors. section of the AMIS Web site at http://www.amis.com. A webcast replay is expected to be available on the Company's Web site until close of business May 13. About AMI Semiconductor AMI Semiconductor (AMIS) is a leader in the design and manufacture of silicon solutions for the real world. As a widely recognized innovator in state-of-the-art integrated mixed-signal products, mixed-signal foundry services and structured digital products AMIS is committed to providing customers with the optimal value, quickest time-to-market semiconductor solutions. Offering unparalleled manufacturing flexibility and dedication to customer service, AMI Semiconductor operates globally with headquarters in Pocatello, Idaho Pocatello (IPA: [po kə tɛ lo]) is the county seat and largest city of Bannock CountyGR6 , European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. corporate offices in Oudenaarde, Belgium, and a network of sales and design centers located in the key markets of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and the Asia Pacific region. For more information, please visit the AMIS Web site at www.amis.com. Forward Looking Statements Statements in this press release other than statements of historical fact are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's future results could differ materially from the expectations discussed herein. Factors that could cause or contribute to such differences include general economic and political uncertainty, conditions in the semiconductor industry, changes in the conditions affecting our target markets, manufacturing underutilization, fluctuations in customer demand, raw material costs, exchange rates, timing and success of new products, competitive conditions in the semiconductor industry, and risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . For a more comprehensive discussion of risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our business, please read the discussions of these risks in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. Annual Report filed with the SEC. The Company undertakes no obligation to revise or update any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this press release.
AMIS Holdings, Inc.
Condensed Consolidated Statements of Operations
(In millions - Unaudited)
Three Months Ended
--------------------------
Mar 27, Mar 29,
2004 2003
------------- ------------
Revenue
Integrated mixed-signal products $68.7 $56.8
Mixed-signal foundry services 31.7 26.0
Structured digital products 27.9 20.0
------------- ------------
Total revenue 128.3 102.8
Cost of revenue 69.5 60.5
------------- ------------
Gross profit 58.8 42.3
Operating expenses:
Research & development 19.6 18.0
Selling, general and
administrative 17.0 14.4
------------- ------------
36.6 32.4
------------- ------------
Operating income 22.2 9.9
Non-operating expenses, net 4.8 8.6
------------- ------------
Income (loss) before income taxes 17.4 1.3
Provision (benefit) for income taxes 3.9 (0.5)
------------- ------------
Net income (loss) $13.5 $1.8
============= ============
Earnings per share
Basic $0.16 $(0.30)
Diluted $0.16 $(0.30)
Weighted average shares
Basic 82.1 46.7
Diluted 86.3 46.7
Note: 2003 EPS is based on net loss
available to common shareholders
of approximately $14.0 million
Key Ratios & Information:
------------------------------------
Gross margin 45.8% 41.1%
Operating margin 17.3% 9.6%
Depreciation & amortization expense $10.2 $12.2
Capital expenditures $9.7 $1.9
Operating cash flow $8.8 $25.1
Three
Months
Ended
Dec 31,
Reconciliations: 2003
------------------------------------ -------
GAAP operating income $19.8
Restructuring charges 1.7
-------
Operating income excluding
restructuring charges 21.5
GAAP net income (loss) $1.8 $3.4
Restructuring charges - 1.7
Other income (expense) 4.5 10.3
Associated tax effects (1.9) (4.9)
------------ -------
Net income excluding restructuring charges, other
expense and associated tax effects $4.4 $10.5
============ =======
Earnings per share, excluding restructuring charges,
other expense and associated tax effects
Basic $0.09 $0.13
Diluted $0.09 $0.12
Weighted average shares
Basic 46.7 79.1
Diluted 46.7 86.4
AMIS Holdings, Inc.
Condensed Consolidated Balance Sheets
(In Millions)
Mar 27, Dec 31,
2004 2003
(unaudited)
------------------------------
Assets
---------------------------------------
Current assets:
Cash and cash equivalents $116.7 $119.1
Accounts receivable, net 82.3 73.6
Inventories 41.6 45.6
Other current assets 28.8 29.7
--------------- -------------
Total current assets 269.4 268.0
Property, plant and equipment, net 206.2 205.9
Other non-current assets, including
intangibles 74.2 76.2
--------------- -------------
Total assets $549.8 $550.1
=============== =============
Liabilities and Stockholders' Equity
(Deficit)
Current liabilities:
Accounts payable and other accrued
expenses $78.8 $90.0
Current portion of long-term debt 1.3 1.3
--------------- -------------
Total current liabilities 80.1 91.3
Long-term debt, less current portion 253.4 253.4
Other long-term liabilities 0.4 0.4
Stockholder's equity (deficit) 215.9 205.0
--------------- -------------
Total liabilities and stockholders'
equity (deficit) $549.8 $550.1
=============== =============
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