Exhibit 99.1
FOR: | BE SEMICONDUCTOR INDUSTRIES N.V. | |
Marconilaan 4 | ||
5151 DR Drunen | ||
The Netherlands |
PRESS RELEASE
BE Semiconductor Industries Reports 2006 Third Quarter Results
Drunen, the Netherlands, October 31, 2006, BE Semiconductor Industries N.V. (“the Company” or “Besi”) (Nasdaq: BESI; Euronext: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its financial results for the third quarter ended September 30, 2006.
Net sales for the third quarter of 2006 were€ 47.3 million, representing an increase of 9.7% as compared to net sales of€ 43.1 million in the third quarter of 2005 and a decrease of 5.0% as compared to net sales of€ 49.8 million in the second quarter of 2006. The year-over-year sales increase was due to a 24.6% increase in sales of assembly equipment for leadframe applications, primarily plating equipment, as well as a 3.9% increase in equipment sales for array connect applications, principally die bonding equipment. The sales level in the third quarter of 2006 versus the second quarter of 2006 was at the low end of the Company’s guidance due primarily to customers delaying delivery of certain orders for packaging equipment which we believe will be delivered in the fourth quarter of 2006.
Besi’s net income for the third quarter of 2006 was€ 2.3 million or€ 0.07 per basic and diluted share, compared to net income of€ 1.3 million, or€ 0.04 per basic and diluted share for the same period last year. The year-over-year net income improvement reflects improved industry conditions as well as cost and manufacturing efficiencies realized from Besi’s operational restructuring in 2005. Net income for the second quarter of 2006 was€ 4.9 million or€ 0.15 and€ 0.13 per basic and diluted share, respectively. Net income for the second quarter of 2006 included€ 2.6 million (€ 0.08 per basic share and€ 0.06 per diluted share) of net gains primarily related to the sale of certain non-core activities and net tax benefits associated with such sale, partially offset by charges arising from a reversal of certain tax assets.
Net bookings for the third quarter of 2006 were€ 44.5 million, an increase of 4.2% as compared to€ 42.7 million of net bookings for the third quarter of 2005 primarily due to a 28.6% increase in orders for leadframe applications, principally plating equipment. Bookings decreased by€ 2.0 million, or 4.3%, in the third quarter of 2006 as compared to the second quarter of 2006 due primarily to an 11.5% decrease in orders for array connect applications, principally packaging and singulation equipment, partially offset by a 13.3% increase in orders for leadframe applications, principally plating equipment. On a customer basis, bookings in the third quarter of 2006 as compared to the second
quarter of 2006 reflected a 10.5% increase in orders by subcontractors and a 13.0% decrease in orders by independent device manufacturers.
Backlog at September 30, 2006 was€ 65.9 million as compared to€ 68.7 million at June 30, 2006, representing a decrease of 4.1%. Approximately 73% and 27% of backlog at September 30, 2006 was represented by array connect and leadframe assembly applications, respectively, approximately equal to the composition of the backlog at June 30, 2006. The book-to-bill ratio was 0.94 in the third quarter of 2006 as compared to 0.99 in the third quarter of 2005 and 0.93 in the second quarter of 2006.
Besi’s gross margin for the third quarter of 2006 was 40.8% as compared to 37.3% for the third quarter of 2005 due primarily to higher gross margins realized for die bonding equipment in array connect applications and plating equipment in leadframe applications. While this represents a decline in comparison to the 42.2% gross margin achieved in the second quarter of 2006, gross margin was at the high end of guidance for the third quarter of 2006, primarily due to better than anticipated margins realized in the sale of die bonding and plating equipment.
Besi’s operating expenses were€ 15.0 million, or 31.7% of net sales, in the third quarter of 2006, as compared to€ 13.6 million, or 31.6% of net sales in the third quarter of 2005 primarily due to increased warranty and service costs related to new product introductions and higher advisory expenses related to compliance with the regulatory requirements of the Sarbanes-Oxley Act of 2002. Operating expenses declined by€ 1.6 million, or 9.6%, in the third quarter of 2006 as compared to the second quarter of 2006 primarily due to lower research and development expenses and foreign currency charges.
At September 30, 2006, cash and cash equivalents increased to€ 74.4 million as compared to€ 70.5 million at June 30, 2006. Total debt and capital leases at September 30, 2006 was€ 85.7 million. Net debt declined by€ 2.2 million from June 30, 2006 to September 30, 2006.
Comments
Richard W. Blickman, President and Chief Executive Officer of the Company, commented: “This was another successful quarter for the Company in the profitable development of our assembly equipment operations. Our gross margin and operating expense levels were better than we expected which contributed to our operating income in the third quarter of 2006 being roughly equivalent to that achieved in the second quarter of 2006 despite the reduction in sequential sales. Our operating margins reached 9.0% this quarter as compared to 5.8% in the comparable period of the prior year. We saw particular strength this quarter in our plating operations, including the first order for a RFID flex antenna plating system from a major European manufacturer.”
Outlook
Based on current backlog and anticipated customer shipment schedules, Besi expects that net sales in the fourth quarter of 2006 will be an increase of between 0% and 5% as compared to the third quarter of 2006. Orders for the fourth quarter of 2006 are expected to be flat to down 5% in comparison to the third quarter of 2006 depending primarily on the timing of placement of assembly
equipment orders by subcontractors for their first half 2007 equipment needs. The Company continues to believe that sales and order trends reflect a cautious attitude toward new equipment purchases on the part of customers, particularly subcontractors, reflecting their careful monitoring of inventory and capacity levels. Besi anticipates that quarterly sales and order levels will continue to fluctuate based on customer capital spending trends.
Besi expects that its gross margins will range between 39%-41% in the fourth quarter of 2006. In addition, operating expenses for the fourth quarter of 2006 are expected to increase by 5% to 10% as compared to the third quarter of 2006, primarily as a result of increased research and development expenses. Capital expenditures are forecast to be approximately€ 1.0 million in the fourth quarter of 2006, roughly equivalent to expenditures in the third quarter of 2006. Capital expenditures are forecast to reach€ 3.2 million for the full year 2006 as compared to€ 6.4 million in the prior year.
Investor Conference Call / Webcast Details
Besi will host a conference call to discuss the results for the third quarter of 2006 on Tuesday, October 31, 2006 at 4:00 p.m. Continental European Time (3:00 p.m. London Time, 10:00 a.m. New York Time). Interested participants may call (31) 20 531 5856 for the teleconference. A live webcast of the conference call will be available at Besi’s website (www.besi.com). A replay of the call will be available approximately one hour after the end of the call through Tuesday November 7, 2006. To access the replay, please dial (31) 70 315 4300 and use the pass code 125922#.
About BE Semiconductor Industries N.V.
BE Semiconductor Industries N.V. designs, develops, manufactures, markets and services die sorting, flip chip and multi-chip die bonding, packaging and plating equipment for the semiconductor industry’s assembly operations. Its customers consist primarily of leading U.S., European, Asian, Korean and Japanese semiconductor manufacturers and subcontractors which utilize its products for both array connect and conventional leadframe manufacturing processes.
Besi reports its financial statements in accordance with United States generally accepted accounting principles, or US GAAP, in accordance with applicable United States regulations. However, European Union regulations require Besi to also report its financial statements in accordance with international financial reporting standards, or IFRS, as adopted and endorsed by the European Union. The Company’s IFRS Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Cash Flow Statements and some additional information regarding the differences between IFRS and US GAAP (including a reconciliation of net income and equity from US GAAP to IFRS) are made available on the Company’s website atwww.besi.com.
Caution Concerning Forward Looking Statements
This press release contains forward-looking statements, which are found in various places throughout the press release, including statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The words “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions
are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” constitutes forward looking statements. While these forward looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, those listed or discussed in Besi’s Annual Report on Form 20-F for the year ended December 31, 2005, as well as the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our expanding and more diverse operations; and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including those with the United States Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Contacts: | ||
Richard W. Blickman | Cor te Hennepe | |
President & CEO | Director of Finance | |
Tel. (31) 416 384345 | Tel. (31) 416 384345 | |
investor.relations@besi.nl | investor.relations@besi.nl | |
David Pasquale The Ruth Group | ||
Tel. (1) 646 536-7006 | ||
dpasquale@theruthgroup.com |
(tables to follow)
Consolidated Statements of Operations
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
(Euro in thousands, except share and per share data) | 2005 | 2006 | 2005 | 2006 | ||||||||||||
Net sales | 43,060 | 47,324 | 116,657 | 141,646 | ||||||||||||
Cost of sales | 26,985 | 28,037 | 77,893 | 84,303 | ||||||||||||
Gross profit | 16,075 | 19,287 | 38,764 | 57,343 | ||||||||||||
Selling, general and administrative expenses | 8,805 | 10,435 | 28,251 | 31,761 | ||||||||||||
Research and development expenses | 3,968 | 3,853 | 14,134 | 12,736 | ||||||||||||
Restructuring charges (release) | — | — | 1,718 | (255 | ) | |||||||||||
Amortization of intangible assets | 819 | 751 | 2,973 | 2,258 | ||||||||||||
Total operating expenses | 13,592 | 15,039 | 47,076 | 46,500 | ||||||||||||
Operating income (loss) | 2,483 | 4,248 | (8,312 | ) | 10,843 | |||||||||||
Other income | — | — | — | 1,216 | ||||||||||||
Interest expense, net | (776 | ) | (830 | ) | (2,056 | ) | (2,348 | ) | ||||||||
Income (loss) before taxes and minority interest | 1,707 | 3,418 | (10,368 | ) | 9,711 | |||||||||||
Income tax expense (benefit) | 427 | 1,093 | (2,592 | ) | 1,390 | |||||||||||
Income (loss) before minority interest | 1,280 | 2,325 | (7,776 | ) | 8,321 | |||||||||||
Minority interest | (17 | ) | (24 | ) | (26 | ) | (104 | ) | ||||||||
Net income (loss) | 1,263 | 2,301 | (7,802 | ) | 8,217 | |||||||||||
Net income (loss) per share — basic | 0.04 | 0.07 | (0.24 | ) | 0.25 | |||||||||||
Net income (loss) per share — diluted | 0.04 | 0.07 | (0.24 | ) | 0.23 | |||||||||||
Number of shares used in computing per share amounts: | ||||||||||||||||
— basic | 32,735,002 | 32,766,704 | 32,702,334 | 32,755,873 | ||||||||||||
— diluted | 32,768,035 | 41,857,929 | (1) | 32,702,334 | 41,844,876 | (1) | ||||||||||
(1) | The calculation of the diluted income per share assumes conversion of the Company’s 5.5% outstanding convertible notes due 2012 into 8,975,610 ordinary shares, which would have a dilutive effect. |
The financial information has been prepared in accordance with US GAAP.
(tables to follow)
Consolidated Balance Sheets
September 30, 2006 | ||||||||
(Euro in thousands) | December 31, 2005 | (unaudited) | ||||||
ASSETS | ||||||||
Cash and cash equivalents | 72,950 | 74,371 | ||||||
Accounts receivable | 31,456 | 41,667 | ||||||
Inventories | 53,779 | 61,032 | ||||||
Other current assets | 12,737 | 13,164 | ||||||
Total current assets | 170,922 | 190,234 | ||||||
Property, plant and equipment | 40,398 | 37,814 | ||||||
Goodwill | 68,864 | 66,389 | ||||||
Other intangible assets | 14,619 | 12,202 | ||||||
Other non-current assets | 6,233 | 8,770 | ||||||
Total assets | 301,036 | 315,409 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Notes payable to banks | 5,693 | 752 | ||||||
Current portion of long-term debt and capital leases | 15,457 | 17,830 | ||||||
Accounts payable | 14,916 | 17,375 | ||||||
Accrued liabilities | 17,663 | 19,813 | ||||||
Total current liabilities | 53,729 | 55,770 | ||||||
Convertible notes | 46,000 | 46,000 | ||||||
Other long-term debt and capital leases | 15,636 | 21,151 | ||||||
Deferred tax liabilities | 821 | 643 | ||||||
Other non-current liabilities | 3,261 | 3,309 | ||||||
Total non-current liabilities | 65,718 | 71,103 | ||||||
Minority interest | 178 | 274 | ||||||
Total shareholders’ equity | 181,411 | 188,262 | ||||||
Total liabilities and shareholders’ equity | 301,036 | 315,409 | ||||||
The financial information has been prepared in accordance with US GAAP.
(tables to follow)
Consolidated Cash Flow Statements
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
(Euro in thousands) | 2005 | 2006 | 2005 | 2006 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | 1,263 | 2,301 | (7,802 | ) | 8,217 | |||||||||||
Depreciation and amortization | 2,258 | 1,997 | 7,253 | 6,134 | ||||||||||||
Other non-cash items | (230 | ) | 723 | (2,449 | ) | (1,775 | ) | |||||||||
Changes in working capital | (6,898 | ) | (1,928 | ) | (13,223 | ) | (13,094 | ) | ||||||||
Net cash provided by (used in) operating activities | (3,607 | ) | 3,093 | (16,221 | ) | (518 | ) | |||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (982 | ) | (885 | ) | (5,472 | ) | (2,171 | ) | ||||||||
Acquisition of subsidiaries, net of cash acquired | (81 | ) | — | (61,943 | ) | — | ||||||||||
Proceeds from sale of assets and liabilities | — | — | — | 1,000 | ||||||||||||
Proceeds from sale of equipment | 20 | 34 | 660 | 374 | ||||||||||||
Net cash (used in) investing activities | (1,043 | ) | (851 | ) | (66,755 | ) | (797 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Payment of bank lines of credit | (140 | ) | (2,248 | ) | (12,725 | ) | (4,865 | ) | ||||||||
Proceeds from (payments of) debt and capital leases | (1,151 | ) | 3,808 | 5,059 | 8,009 | |||||||||||
Net proceeds from issuance of convertible notes | (31 | ) | — | 43,695 | — | |||||||||||
Proceeds from exercised stock options | 23 | 26 | 23 | 26 | ||||||||||||
Net cash provided by (used in) financing activities | (1,299 | ) | 1,586 | 36,052 | 3,170 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (5,949 | ) | 3,828 | (46,924 | ) | 1,855 | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents | (24 | ) | 20 | 622 | (434 | ) | ||||||||||
Cash and cash equivalents at beginning of the period | 66,244 | 70,523 | 106,573 | 72,950 | ||||||||||||
Cash and cash equivalents at end of the period | 60,271 | 74,371 | 60,271 | 74,371 | ||||||||||||
The financial information has been prepared in accordance with US GAAP.
(table to follow)
Supplemental Information (unaudited)
(Euro in millions, unless stated otherwise)
(Euro in millions, unless stated otherwise)
FINANCIAL | Q1-2005 | Q2-2005 | Q3-2005 | Q4-2005 | Q1-2006 | Q2-2006 | Q3-2006 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales per productline: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Array connect | 22,1 | 60 | % | 26,2 | 71 | % | 30,9 | 72 | % | 32,2 | 68 | % | 29,1 | 65 | % | 32,1 | 64 | % | 32,1 | 68 | % | |||||||||||||||||||||||||||||||||||
Leadframe | 14,5 | 40 | % | 10,8 | 29 | % | 12,2 | 28 | % | 15,4 | 32 | % | 15,4 | 35 | % | 17,7 | 36 | % | 15,2 | 32 | % | |||||||||||||||||||||||||||||||||||
Total | 36,6 | 100 | % | 37,0 | 100 | % | 43,1 | 100 | % | 47,6 | 100 | % | 44,5 | 100 | % | 49,8 | 100 | % | 47,3 | 100 | % | |||||||||||||||||||||||||||||||||||
Net sales per geographical area: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 19,9 | 55 | % | 19,7 | 53 | % | 26,5 | 62 | % | 24,5 | 51 | % | 28,5 | 64 | % | 32,0 | 64 | % | 26,6 | 56 | % | |||||||||||||||||||||||||||||||||||
Europe and ROW | 12,9 | 35 | % | 11,3 | 31 | % | 12,2 | 28 | % | 15,7 | 33 | % | 11,4 | 26 | % | 12,8 | 26 | % | 14,9 | 32 | % | |||||||||||||||||||||||||||||||||||
USA | 3,8 | 10 | % | 6,0 | 16 | % | 4,4 | 10 | % | 7,4 | 16 | % | 4,6 | 10 | % | 5,0 | 10 | % | 5,8 | 12 | % | |||||||||||||||||||||||||||||||||||
Total | 36,6 | 100 | % | 37,0 | 100 | % | 43,1 | 100 | % | 47,6 | 100 | % | 44,5 | 100 | % | 49,8 | 100 | % | 47,3 | 100 | % | |||||||||||||||||||||||||||||||||||
Gross margin1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Array connect | 35,4 | % | 38,4 | % | 39,3 | % | 41,9 | % | 39,8 | % | 42,9 | % | 41,9 | % | ||||||||||||||||||||||||||||||||||||||||||
Leadframe | 31,7 | % | 30,2 | % | 34,5 | % | 33,2 | % | 35,5 | % | 40,5 | % | 38,4 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 33,9 | % | 36,1 | % | 37,9 | % | 39,1 | % | 38,3 | % | 42,2 | % | 40,8 | % | ||||||||||||||||||||||||||||||||||||||||||
Operating income/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as % of net sales | (5,5 | ) | -15,0 | % | (5,3 | ) | -14,3 | % | 2,5 | 5,8 | % | 3,1 | 6,5 | % | 2,2 | 4,9 | % | 4,4 | 8,8 | % | 4,2 | 9,0 | % | |||||||||||||||||||||||||||||||||
EBITDA/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as % of net sales | (2,8 | ) | -7,7 | % | (3,0 | ) | -8,1 | % | 4,7 | 10,9 | % | 5,3 | 11,1 | % | 4,3 | 9,7 | % | 6,4 | 12,9 | % | 6,2 | 13,1 | % |
ORDERS | Q1-2005 | Q2-2005 | Q3-2005 | Q4-2005 | Q1-2006 | Q2-2006 | Q3-2006 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per productline: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Array connect | 27,7 | 69 | % | 26,7 | 70 | % | 30,8 | 72 | % | 37,9 | 77 | % | 36,0 | 60 | % | 33,0 | 71 | % | 29,2 | 66 | % | |||||||||||||||||||||||||||||||||||
Leadframe | 12,6 | 31 | % | 11,4 | 30 | % | 11,9 | 28 | % | 11,1 | 23 | % | 23,7 | 40 | % | 13,5 | 29 | % | 15,3 | 34 | % | |||||||||||||||||||||||||||||||||||
Total | 40,3 | 100 | % | 38,1 | 100 | % | 42,7 | 100 | % | 49,0 | 100 | % | 59,7 | 100 | % | 46,5 | 100 | % | 44,5 | 100 | % | |||||||||||||||||||||||||||||||||||
Per geographical | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 22,8 | 57 | % | 24,5 | 64 | % | 26,7 | 63 | % | 28,7 | 59 | % | 38,7 | 65 | % | 26,0 | 56 | % | 25,6 | 58 | % | |||||||||||||||||||||||||||||||||||
Europe and ROW | 14,7 | 36 | % | 9,0 | 24 | % | 10,0 | 23 | % | 14,2 | 29 | % | 13,6 | 23 | % | 13,4 | 29 | % | 16,6 | 37 | % | |||||||||||||||||||||||||||||||||||
USA | 2,8 | 7 | % | 4,6 | 12 | % | 6,0 | 14 | % | 6,1 | 12 | % | 7,4 | 12 | % | 7,1 | 15 | % | 2,3 | 5 | % | |||||||||||||||||||||||||||||||||||
Total | 40,3 | 100 | % | 38,1 | 100 | % | 42,7 | 100 | % | 49,0 | 100 | % | 59,7 | 100 | % | 46,5 | 100 | % | 44,5 | 100 | % | |||||||||||||||||||||||||||||||||||
Per customer type: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IDM | 24,2 | 60 | % | 19,7 | 52 | % | 27,5 | 64 | % | 22,7 | 46 | % | 33,9 | 57 | % | 29,3 | 63 | % | 25,5 | 57 | % | |||||||||||||||||||||||||||||||||||
Subcontractors | 16,1 | 40 | % | 18,4 | 48 | % | 15,2 | 36 | % | 26,3 | 54 | % | 25,8 | 43 | % | 17,2 | 37 | % | 19,0 | 43 | % | |||||||||||||||||||||||||||||||||||
Total | 40,3 | 100 | % | 38,1 | 100 | % | 42,7 | 100 | % | 49,0 | 100 | % | 59,7 | 100 | % | 46,5 | 100 | % | 44,5 | 100 | % |
Mar 31, 2005 | June 30, 2005 | Sept 30, 2005 | Dec 31, 2005 | Mar 31, 2006 | June 30, 2006 | Sept 30, 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Backlog: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Array connect | 37,1 | 68 | % | 37,7 | 68 | % | 37,7 | 68 | % | 43,3 | 76 | % | 50,2 | 70 | % | 50,8 | 74 | % | 47,9 | 73 | % | |||||||||||||||||||||||||||||||||||
Leadframe | 17,4 | 32 | % | 18,0 | 32 | % | 17,7 | 32 | % | 13,5 | 24 | % | 21,8 | 30 | % | 17,9 | 26 | % | 18,0 | 27 | % | |||||||||||||||||||||||||||||||||||
Total | 54,5 | 100 | % | 55,7 | 100 | % | 55,4 | 100 | % | 56,8 | 100 | % | 72,0 | 100 | % | 68,7 | 100 | % | 65,9 | 100 | % |
HEADCOUNT2) | Mar 31, 2005 | June 30, 2005 | Sept 30, 2005 | Dec 31, 2005 | Mar 31, 2006 | June 30, 2006 | Sept 30, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 869 | 70 | % | 844 | 67 | % | 772 | 65 | % | 743 | 64 | % | 776 | 64 | % | 775 | 62 | % | 773 | 61 | % | |||||||||||||||||||||||||||||||||||
Asia Pacific | 291 | 23 | % | 320 | 26 | % | 329 | 28 | % | 331 | 29 | % | 349 | 29 | % | 388 | 32 | % | 414 | 32 | % | |||||||||||||||||||||||||||||||||||
USA | 88 | 7 | % | 90 | 7 | % | 83 | 7 | % | 82 | 7 | % | 81 | 7 | % | 81 | 7 | % | 82 | 6 | % | |||||||||||||||||||||||||||||||||||
Total | 1.248 | 100 | % | 1.254 | 100 | % | 1.184 | 100 | % | 1.156 | 100 | % | 1.206 | 100 | % | 1.244 | 100 | % | 1.269 | 100 | % |
1) | Excludes the cost of sales adjustment related to the Datacon Acquisition in all 2005 quarters | |
2) | Includes temporary personnel |