Exhibit 99.1
FOR: BE SEMICONDUCTOR INDUSTRIES N.V.
Marconilaan 4
5151 DR Drunen
The Netherlands
BE SEMICONDUCTOR INDUSTRIES REPORTS 2003 FIRST QUARTER RESULTS
*Net sales of E 20.7 million, net loss of E 3.0 million or E 0.10 per share*
*Quarter-end backlog of E 38.2 million, down 10% from the 2002 year-end backlog*
*Bookings of E 16.5 million, book-to-bill ratio of 0.80*
Drunen, the Netherlands, April 23, 2003, 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 first quarter of 2003.
Net sales for the first quarter of 2003 were E 20.7 million, an increase of
42.8% as compared to net sales of E 14.5 million in the first quarter of 2002.
Net loss for the first quarter of 2003 was E 3.0 million, or E 0.10 per share,
versus a net loss of E 4.1 million, or E 0.13 per share, for the first quarter
of 2002.
Net bookings for the quarter ended March 31, 2003 were E 16.5 million, an
increase of 2.5% as compared to bookings in the first quarter of 2002 and a
decrease of 33.5% as compared to the fourth quarter of 2002. Backlog decreased
by 10.1% to E 38.2 million at March 31, 2003 from E 42.5 million at
December 31, 2002. The book-to-bill ratio stood at 0.80 in the first quarter of
2003, compared to 1.11 in the first quarter of 2002 and 0.91 in the fourth
quarter of 2002.
Gross margin for the first quarter of 2003 was 30.0% as compared to 23.6% in the
first quarter of 2002. The increase in gross margin for the first quarter of
2003 as compared to the first quarter of 2002 was due to the increase in net
sales in the current period and the effect of restructuring efforts undertaken
in prior periods.
At March 31, 2003, cash totaled E 115.6 million as compared to E 119.9 million
at December 31, 2002, a decrease of E 4.3 million, primarily due to E 3.3
million in capital expenditures mainly for the construction of an 80,000 square
foot facility in Duiven, the Netherlands to consolidate part of Besi's Dutch
operations and a new plant in China for tooling manufacturing.
Richard W. Blickman, President and Chief Executive Officer of the Company,
commented: "The Company improved net sales and operating results in the first
quarter of 2003 as compared to the first quarter of 2002 reflecting increased
customer demand and the benefits of our substantial restructuring efforts in
2001 and 2002 undertaken to reduce our cost structure in light of the ongoing
downturn in the semiconductor industry. However, as expected, our net sales for
the first quarter of 2003 declined by 23.9%, bookings declined by 33.5% and our
backlog declined by 10.1% as compared to the fourth quarter of 2002. We continue
to experience uneven trends in our sequential quarterly operating results. As a
result, we intend to implement further cost saving
programs, while maintaining intact our customer service, tooling and development
capabilities in order to preserve leadership positions in our markets. Current
economic uncertainties make forecasting results for future periods extremely
difficult."
BE Semiconductor Industries N.V. designs, develops, manufactures, markets and
services die sorting, flip chip die-attach, molding, trim and form, singulation
and plating systems for the semiconductor industry's assembly operations. Its
customers consist primarily of leading U.S., European, Asian, Korean and
Japanese semiconductor manufacturers and subcontractors.
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 future revenues, expenses and operating results. 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 our Annual Report on Form 20-F for the year ended
December 31, 2002, 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 a substantial foreign customer
and supplier base and substantial 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 disclaims any
such obligations to) update or alter our forward-looking statements whether as a
result of new information, future events or otherwise.
A conference call to discuss these results will be held today at 4:30 PM Dutch
time (3:30 PM London time, 10:30 AM NY time). Interested participants may call
(31) 20 531 5871 for the teleconference.
CONTACTS:
Richard W. Blickman Cor te Hennepe
President & CEO Director of Finance
Tel. (31) 416 384345 Tel. (31) 416 384345
(tables to follow)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Euro in thousands, except share and per share data)
- ------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
--------------------------------------
2002 2003
- ------------------------------------------------------------------------------------
Net sales 14,452 20,720
Cost of sales 11,042 14,499
--------------------------------------
Gross profit 3,410 6,221
Selling, general and administrative expenses 6,275 6,500
Research and development expenses 3,056 3,635
Amortization of intangible assets 656 635
--------------------------------------
Total operating expenses 9,987 10,770
Operating loss (6,577) (4,549)
Interest income, net 939 779
--------------------------------------
Loss before taxes and minority interest (5,638) (3,770)
Income tax benefit (1,577) (754)
--------------------------------------
Loss before minority interest (4,061) (3,016)
Minority interest -- 5
--------------------------------------
Net loss (4,061) (3,011)
====================================================================================
Loss per share - basic and diluted (0.13) (0.10)
Number of shares - basic 31,794,675 30,871,802
Number of shares - diluted 31,794,675 30,871,802
====================================================================================
The financial information has been prepared in accordance with US GAAP.
(tables to follow)
CONSOLIDATED BALANCE SHEETS
(Euro in thousands)
- ------------------------------------------------------------------------------
December 31, 2002 MARCH 31, 2003
(UNAUDITED)
- ------------------------------------------------------------------------------
ASSETS
Cash and cash equivalents 119,866 115,566
Accounts receivable 28,238 23,816
Inventories 33,424 34,738
Other current assets 7,687 9,732
------------------------------------
TOTAL CURRENT ASSETS 189,215 183,852
Property, plant and equipment 23,103 25,360
Goodwill 14,690 14,211
Patents and trademarks 17,036 16,223
Other non-current assets 954 890
------------------------------------
TOTAL ASSETS 244,998 240,536
==============================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt
and capital leases 1,228 908
Accounts payable 13,103 14,165
Accrued liabilities 17,272 16,648
------------------------------------
TOTAL CURRENT LIABILITIES 31,603 31,721
Long-term debt and capital leases 7,812 7,605
Deferred gain on sale and lease back 1,012 990
Deferred tax liabilities 4,039 3,945
------------------------------------
TOTAL NON-CURRENT LIABILITIES 12,863 12,540
MINORITY INTEREST 44 37
TOTAL SHAREHOLDERS' EQUITY 200,488 196,238
------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 244,998 240,536
==============================================================================
The financial information has been prepared in accordance with US GAAP.
(table to follow)
CONSOLIDATED CASH FLOW STATEMENTS
(Euro in thousands)
- ---------------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
------------------------------------
2002 2003
- ---------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (4,061) (3,011)
Depreciation and amortization 1,703 1,480
Deferred income taxes (benefits) (99) (130)
Other non-cash items 31 655
Changes in working capital 233 2,360
------------------------------------
Net cash provided by (used in) operating activities (2,193) 1,354
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (628) (3,268)
Proceeds from sale of equipment 37 25
Acquisition of subsidiaries, net of cash acquired (10,496) --
------------------------------------
Net cash used in investing activities (11,087) (3,243)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt and capital leases (590) (527)
Net proceeds from (payments of) advances
from customers 625 (964)
Proceeds from bank line of credit 323 --
Purchase of own shares -- (347)
------------------------------------
Net cash provided by (used in) financing activities 358 (1,838)
Net decrease in cash and cash equivalents (12,922) (3,727)
Effect of changes in exchange rates on cash
and cash equivalents 92 (573)
Cash and cash equivalents at beginning of
the quarter 141,506 119,866
------------------------------------
Cash and cash equivalents at end of the quarter 128,676 115,566
=======================================================================================
The financial information has been prepared in accordance with US GAAP.
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BIJLAGE BIJ ENGELSTALIG PERSBERICHT
BE Semiconductor Industries N.V.
Marconilaan 4
5151 DR Drunen
BE SEMICONDUCTOR INDUSTRIES RAPPORTEERT EERSTE KWARTAALRESULTAAT 2003
* Omzet E 20.7 mio, netto verlies E 3.0 mio, oftewel E 0.10 per aandeel *
* Orderportefeuille E 38.2 mio, een daling van 10% vergeleken met eind 2002 *
* Orders eerste kwartaal E 16.5 mio, "book-to-bill" ratio 0.80 *
Drunen, 23 april 2003 - BE Semiconductor Industries N.V. ("Besi"), een
vooraanstaand producent van productiesystemen voor de assemblage van
halfgeleiders, heeft vandaag haar eerste kwartaalresultaten 2003 bekend gemaakt.
Besi heeft in het eerste kwartaal 2003 een omzet behaald van E 20.7 mio, een
stijging van 42.8% ten opzichte van een omzet van E 14.5 mio in dezelfde periode
van 2002. Het verlies in het eerste kwartaal van 2003 bedroeg E 3.0 mio, oftewel
E 0.10 per aandeel, vergeleken met een verlies van E 4.1 mio, oftewel E 0.13 per
aandeel, in het eerste kwartaal 2002.
In het eerste kwartaal 2003 heeft Besi E 16.5 mio aan orders geboekt, een
stijging van 2.5% ten opzichte van de orderbinnenkomst in het eerste kwartaal
2002 en een daling van 33.5% vergeleken met het vierde kwartaal van 2002. De
orderportefeuille per 31 maart 2003 is afgenomen met 10.1% tot E 38.2 mio,
vergeleken met E 42.5 mio per eind december 2002. De "book-to-bill" ratio was
0.80 in het eerste kwartaal 2003, vergeleken met 1.11 in het eerste kwartaal
2002 en 0.91 in het vierde kwartaal 2002.
De brutomarge in het eerste kwartaal 2003 was 30.0% ten opzichte van een
brutomarge van 23.6% in het eerste kwartaal van 2002. De stijging van de
brutomarge in het eerste kwartaal van 2003 ten opzichte van dezelfde periode van
voorgaand jaar was te danken aan een forse omzetstijging dit kwartaal, alsmede
de positieve effecten van de in 2001 en 2002 doorgevoerde herstructureringen.
Per 31 maart 2003 bedroeg de kaspositie E 115.6 mio vergeleken met E 119.9 mio
per 31 december 2002, een afname van E 4.3 mio. Deze afname is hoofdzakelijk het
gevolg van E 3.3 mio aan investeringen met name in de aanbouw van een 7.500 m2
productiefaciliteit in Duiven teneinde een deel van Besi's activiteiten in
Nederland samen te voegen, alsmede een nieuwe faciliteit voor tooling productie
in China.
Naar aanleiding van de resultaten over het eerste kwartaal 2003 lichtte Richard
Blickman, President en Chief Executive Officer toe: "Besi heeft in het eerste
kwartaal van 2003 een verbetering van de netto omzet en operationele resultaten
gerealiseerd ten opzichte van het eerste kwartaal 2002. Deze verbetering is te
danken aan een toename van de vraag naar onze machines en de voordelen van de in
2001 en 2002 doorgevoerde herstructureringen met als doel de kostenstructuur te
verlagen inspelend op de voortdurende recessie in de industrie. Echter, zoals
verwacht is de netto omzet in het eerste kwartaal 2003 gedaald met 23.9%, de
orderbinnenkomst met 33.5% en de backlog met 10.1% ten opzichte van het vierde
kwartaal
2002. We blijven onregelmatige trends zien in onze kwartaalresultaten.
Dientengevolge overwegen we maatregelen te nemen ter verlaging van de
kostenstructuur. Hierbij zullen we onze klantenservice, tooling- en
ontwikkelingscapaciteit in tact houden om onze marktleiderschapsposities in
stand te houden. Gezien de huidige economische onzekerheden blijven
toekomstvoorspellingen uiterst moeilijk."
BE Semiconductor Industries N.V. ontwerpt, ontwikkelt, produceert, verkoopt,
installeert en onderhoudt chip sorteer systemen, automatische flip chip die
attach bonding systemen, molding systemen, trim en form integratie systemen,
singulation systemen en plating systemen waarmee halfgeleiders worden bewerkt.
De belangrijkste klanten zijn met name vooraanstaande Amerikaanse, Europese,
Aziatische, Koreaanse en Japanse halfgeleider producenten en subcontractors.
CONTACTPERSONEN:
Richard Blickman Cor te Hennepe
President & CEO Director of Finance
Tel. 0416-384345 Tel. 0416-384345
# # #