BE Semiconductor Industries Reports Third Quarter Sales and Net Income.ZEVENAAR  is a municipality and a city in the eastern Netherlands. Population centres
- Earnings Per Share NLG NLG The ISO 4217 currency code for the Dutch Guilder. 0.26 - BE Semiconductor Industries N.V. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BESIF; Amsterdam Stock Exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. : BESI; Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. : BSI BSI - British Standards Institute ), a leading manufacturer of assembly equipment for the semiconductor industry, today announced a net income of NLG 6.7 million in the third quarter of 1996 in comparison with a loss of NLG 7.3 million in the year-ago quarter. The Company has prepared pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financial information for 1995 in order to present an accurate comparison of the Company's year-over-year financial performance. The pro forma data reflects a non-recurring charge of NLG 44.4 million in the second quarter of 1995 for the acquisition of Meco International and a non-cash management compensation charge of NLG 11.3 million in the third quarter of 1995. For the three months ended Sept. 30, 1996, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were NLG 110.0 million (US$ 64.2 million), compared to NLG 128.5 million (US$ 75.0 million) in the 1996 second quarter and NLG 88.5 million (US$ 51.6 million) in the third quarter of 1995. Net income for the third quarter of 1996 totaled NLG 6.7 million (US$ 3.9 million) compared to NLG 11.4 million (US$ 6.7 million) in the 1996 second quarter and pro forma net income of NLG 4.7 million (US$ 2.7 million) in the 1995 third quarter, an increase of 44.4%. 1996 third quarter earnings per share were NLG 0.26 (US$ 0.15), compared to NLG 0.43 (US$ 0.25) for the 1996 second quarter and pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of NLG 0.18 (US$ 0.11) in the prior year period. For the nine months ended Sept. 30, 1996, net sales increased 35.9% to NLG 365.5 million (US$ 213.3 million) as compared to net sales on a pro forma basis of NLG 269.0 million (US$ 157.0 million) in the corresponding period of 1995. The Company's net income for the first nine months of 1996 was NLG 30.5 million (US$ 17.8 million) compared to pro forma net income of NLG 19.4 million (US$ 11.3 million) in the pro forma nine-month period of 1995. The sales increases in the third quarter and the first nine months of 1996 as compared to the prior year period, were due to increased shipments of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. plating and packaging equipment systems. The gross margin was 34.9% in the 1996 third quarter compared to 37.1% in the 1996 second quarter and 32.5% in the year-ago quarter. Gross profit for the first nine months of 1996 rose to NLG 131.8 million, or 36.1% of sales, compared to NLG 89.7 million, or 33.3% of sales, in the corresponding pro forma 1995 period. 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. for the third quarter of 1996 decreased to NLG 178.9 million from NLG 237.6 million at June June: see month. 30, 1996. Looking at the backlog for Systems separately, BE Semiconductor reported a decrease in systems backlog to NLG 165.5 million in the 1996 third quarter compared to NLG 226.3 million in the 1996 second quarter. This decrease can be attributed to higher shipments and significantly lower new orders for automated plating systems and, to a lesser extent, for AMS AMS - Andrew Message System and trim and form systems. The backlog of leadframes and plating services increased from NLG 11.3 million at June 30, 1996 to NLG 13.4 million at Sept. 30, 1996. The Company views leadframe activity as an important indicator of future semiconductor production by its customers. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Blickman, President and Chief Executive Officer, commented, "The decline in new orders and backlog for the third quarter of 1996 is the result of continued reductions in purchases of new semiconductor equipment by BE Semiconductor's principal customers. Although we cannot predict when new order rates will stabilize stabilize See peg. or improve in relation to current levels, we can report that new systems order activity has increased in the month of October October: see month. . Such rates are tied primarily to the performance of the overall semiconductor industry and the specific purchasing patterns and capacity needs of its customers. As we look ahead to the fourth quarter, net sales and net income are expected to approximate the levels reported in the 1996 third quarter. Based upon our current backlog and order rates, both net sales and net income for the first quarter of 1997 are expected to be substantially below the 1996 fourth quarter indications. We continue to work very hard to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our costs with anticipated revenues in response to the current slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the semiconductor equipment industry. "We recently announced two milestones that could have a significant impact on BE Semiconductor's future growth. The Company received its first order for an Advanced Cutstrip Plating system (ACP (Associate Computing Professional) The award for successful completion of an examination in computers offered by the ICCP. It is geared to newcomers in the computing field. For more information, visit www.iccp.org. ACP - Algebra of Communicating Processes ) from a leading Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and leadframe materials manufacturer. The ACP system will outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. existing products in the marketplace with improved plating quality based on photolithographic pho·to·li·thog·ra·phy n. A planographic printing process using plates made according to a photographic image. pho process technology. Second, it completed shipment of the first integrated line for the final packaging and test of power integrated circuits Power integrated circuits Integrated circuits that are capable of driving a power load. The key feature of a power integrated circuit that differentiates it from other semiconductor technologies is its ability to handle high voltage, high current, or a to a major US semiconductor manufacturer. This line enables the integration of four key assembly and test functions which will significantly improve manufacturing cycle time, yield and cost of ownership. These milestones demonstrate that BE Semiconductor is developing the technology for the next generation of semiconductor packaging and plating equipment," Mr. Blickman added. At Sept. 30, 1996, cash totaled NLG 35.0 million and exceeded total debt of NLG 22.9 million, of which NLG 19.5 million was long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. . Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was NLG 255.4 million and equaled 62.5% of total assets. This press release contains 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. that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the cylicality of the semiconductor equipment industry, risks related to customer concentration, delays and cancellations of product orders, competitive pressures, general economic conditions and the risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. BE Semiconductor Industries N.V. designs, develops, manufactures, markets and services molding, trim and form and selective plating and tin-lead plating systems for the semiconductor industry's 'back-end' assembly operations and provides leadframes and connector plating services to customers. The Company's customers consist primarily of leading U.S., European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. , Asian, Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known and Japanese semiconductor manufacturers and subcontractors.
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BE Semiconductor Industries N.V.
Consolidated Statements of Operations
(NLG in thousands, except per share data)
(unaudited)
Pro Forma(2)
Three Three Three
Months Months Months
Ended(1) Ended Ended
9/30/95 9/30/95 9/30/96
Net sales 88,451 88,451 109,986
Cost of sales 59,715 59,715 71,547
Gross profit on sales 28,736 28,736 38,439
Selling, general and
administrative expenses 28,078 16,782 18,600
Research and development expenses 2,466 2,466 6,674
Write-off of acquired in process
research and development -- -- --
Amortization of intangible assets 1,876 1,876 1,876
Total operating expenses 32,420 21,124 27,150
Operating income (loss) (3,684) 7,612 11,289
Interest expense, net 2,124 1,174 959
Equity in net earnings of
affiliated company 167 167 38
Income (loss) before income taxes (5,641) 6,605 10,368
Income taxes (benefit) 1,708 1,948 3,641
Net income (loss) (7,349) 4,657 6,727
Net income per share(3) N.M. 0.18 0.26
Number of shares used in
calculating net income per share N.M. 26,186,433 26,194,552
Pro Forma(2)
Nine Nine Nine
Months Months Months
Ended(1) Ended Ended
9/30/95 9/30/95 9/30/96
Net sales 209,989 269,010 365,543
Cost of sales 138,703 179,306 233,732
Gross profit on sales 71,286 89,704 131,811
Selling, general and
administrative expenses 50,332 48,509 61,328
Research and development expenses 6,629 7,046 14,579
Write-off of acquired in process
research and development 44,400 -- --
Amortization of intangible assets 3,793 5,628 5,629
Total operating expenses 105,154 61,183 81,536
Operating income (loss) (33,868) 28,521 50,275
Interest expense, net 4,992 3,708 2,287
Equity in net earnings of
affiliated company 405 543 276
Income (loss) before income taxes (38,455) 25,356 48,264
Income taxes (benefit) (10,221) 5,977 17,725
Net income (loss) (28,234) 19,379 30,539
Net income per share(3) N.M. 0.74 1.16
Number of shares used in
calculating net income per share N.M. 26,186,433 26,225,444
(1) Represents BESI's results of operations for the three months
ended Sept. 30, 1995 and nine months ended Sept. 30, 1995 which
include Meco's results of operations for the five months ended Sept.
30, 1995.
(2) The pro forma financial statements reflect the acquisition of
Meco as if such transaction had occurred on Jan. 1, 1995 and
eliminate (i) non-recurring charges relating to the write-off of
acquired in-process research and development costs, (ii) reflect
additional depreciation related to the write-up to fair value of
acquired property, plant and equipment, (iii) include amortization
related to the write-up to fair value of acquired patents, (iv)
reflect the amortization of goodwill resulting from the acquisition
(v) reflect the tax effects related to such adjustments and
eliminate (i) a one-time non-cash management compensation charge and
(ii) interest expense relating to a loan from Berliner Elektro
Holding which was repaid out of the proceeds of the initial public
offering.
(3) Net income per share is calculated by diving (pro forma) net
income by the total number of outstanding ordinary shares and
ordinary share equivalents, calculated using the treasury stock
method.
The financial information of these interim periods has been prepared
in accordance with US GAAP.
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Consolidated Balance Sheets
(NLG in thousands)
December 31, 1995 September 30, 1996
(unaudited)
Assets
Cash 32,913 35,031
Accounts receivables, net 82,180 86,833
Inventories, net 75,747 82,957
Other current assets 15,317 25,276
Total current assets 206,157 230,097
Property, plant and
equipment, net 66,555 86,564
Intangible assets, net 95,400 89,784
Financial fixed assets 10,151 2,379
Total assets 378,263 408,824
Liabilities and shareholders'
equity
Current portion of long-term debt 3,241 3,442
Accounts payable 58,362 38,249
Other current liabilities 67,540 70,131
Total current liabilities 129,143 111,822
Long-term debt 13,421 10,194
Subordinated debt 10,000 9,285
Deferred income tax liability 22,862 22,100
Total shareholders' equity 202,837 255,423
Total liabilities and
shareholders' equity 378,263 408,824
CONTACT: BE Semiconductor Industries N.V., Zevenaar Richard Blickman, President 31 316 597 511 or Hetwig van der Sande, Controller 31 416 384 384 or Morgen-Walke Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Michele Katz/Jessica Davis Press: Miriam Adler/Erika Brown 212/850-5600 |
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