Exhibit 99.1
FOR: BE SEMICONDUCTOR INDUSTRIES N.V.
Marconilaan 4
5151 DR Drunen
The Netherlands
BE SEMICONDUCTOR INDUSTRIES REPORTS 2003 SECOND QUARTER RESULTS
* Net sales up 15% and bookings up 32% over first quarter of 2003 *
*Net loss of E 1.6 million or E 0.05 per share versus E 3.0
million or E 0.10 per share in first quarter of 2003 *
* Book-to-bill ratio of 0.92 versus 0.80 in first quarter of 2003 *
Drunen, the Netherlands, July 22, 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 second quarter of 2003.
Net sales for the second quarter of 2003 were E 23.7 million, an increase of
14.5% from E 20.7 million for the first quarter of 2003 and an increase of 23.4%
as compared to net sales of E 19.2 million for the second quarter of 2002. Net
loss for the second quarter of 2003 was E 1.6 million, or E 0.05 per share,
versus a net loss of E 3.0 million, or E 0.10 per share, for the first quarter
of 2003 and a net loss of E 2.1 million, or E 0.07 per share, for the second
quarter of 2002.
Net bookings for the quarter ended June 30, 2003 were E 21.8 million, an
increase of 32.1% as compared to the first quarter of 2003. Backlog decreased by
5.0% to E 36.3 million at June 30, 2003 from E 38.2 million at March 31, 2003.
The book-to-bill ratio stood at 0.92 in the second quarter of 2003 as compared
to 0.80 in the first quarter of 2003 and 1.41 in the second quarter of 2002.
Gross margin for the second quarter of 2003 was 33.5%, compared to 30.0% in the
first quarter of 2003 and 31.2% in the second quarter of 2002. The increase in
gross margin for the second quarter of 2003 as compared to the first quarter was
mainly due to an increase in gross margins realized from the sale of packaging
equipment.
At June 30, 2003, cash totaled E 109.3 million as compared to E 119.9 million at
December 31, 2002, a decrease of E 10.6 million, primarily due to E 6.7 million
in capital expenditures mainly for the construction and completion 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 and E 1.1
million related to the retirement of long-term debt and repurchase of ordinary
shares.
For the six months ended June 30, 2003, net sales were E 44.4 million, up 32.1%
as compared to net sales of E 33.6 million for the six months ended June 30,
2002. Net loss for the six months ended June 30, 2003 was E 4.6 million, or E
0.15 per share, compared to a net loss of E 6.2 million, or E 0.19 per share,
for the six months ended June 30, 2002.
Richard W. Blickman, President and Chief Executive Officer of the Company,
commented: "We made good progress in the second quarter of 2003 with improved
net sales and operating results as compared to the first quarter of 2003. Our
net loss decreased by approximately 50% in comparison to the first quarter of
2003 due to increased sales, higher packaging equipment gross margins and lower
operating expenses related to careful expense management. Furthermore, we are
encouraged that our bookings in the second quarter of 2003 increased by 32.1% as
compared to the previous quarter, reflecting increased customer demand. However,
we have still not seen a consistent pattern of growth in customer orders to
date."
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 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.
A conference call to discuss these results will be held today at 4:00 PM Dutch
time (3:00 PM London time, 10:00 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)
(unaudited)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
---------------------------- ----------------------------
2002 2003 2002 2003
Euro EURO Euro EURO
Net sales 19,178 23,729 33,630 44,449
Cost of sales 13,192 15,777 24,234 30,276
----------- ----------- ----------- -----------
Gross profit 5,986 7,952 9,396 14,173
Selling, general and administrative 6,521 6,473 12,796 12,973
expenses
Research and development expenses 2,833 3,336 5,889 6,971
Amortization of intangible assets 650 630 1,306 1,265
----------- ----------- ----------- -----------
Total operating expenses 10,004 10,439 19,991 21,209
Operating loss (4,018) (2,487) (10,595) (7,036)
Interest income, net 844 629 1,783 1,408
----------- ----------- ----------- -----------
Loss before taxes and minority interest (3,174) (1,858) (8,812) (5,628)
Income tax benefit (1,076) (280) (2,653) (1,034)
----------- ----------- ----------- -----------
Loss before minority interest (2,098) (1,578) (6,159) (4,594)
Minority interest -- 4 -- 9
----------- ----------- ----------- -----------
Net loss (2,098) (1,574) (6,159) (4,585)
=========== =========== =========== ===========
Loss per share - basic and diluted (0.07) (0.05) (0.19) (0.15)
Weighted number of shares - basic 31,794,675 30,794,660 31,794,675 30,833,018
Weighted number of shares - diluted 31,794,675 30,794,660 31,794,675 30,833,018
=========== =========== =========== ===========
The financial information has been prepared in accordance with US GAAP.
(tables to follow)
CONSOLIDATED BALANCE SHEETS
(Euro in thousands)
December 31, 2002 JUNE 30, 2003
(UNAUDITED)
ASSETS
Cash and cash equivalents 119,866 109,341
Accounts receivable 28,238 24,396
Inventories 33,424 31,758
Other current assets 7,687 7,816
------- -------
TOTAL CURRENT ASSETS 189,215 173,311
Property, plant and equipment 23,103 27,752
Goodwill 14,690 13,723
Patents and trademarks 17,036 15,414
Other non-current assets 954 852
------- -------
TOTAL ASSETS 244,998 231,052
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt
and capital leases 1,228 908
Accounts payable 13,103 8,893
Accrued liabilities 17,272 15,357
------- -------
TOTAL CURRENT LIABILITIES 31,603 25,158
Long-term debt and capital leases 7,812 7,388
Deferred gain on sale and lease back 1,012 969
Deferred tax liabilities 4,039 3,698
------- -------
TOTAL NON-CURRENT LIABILITIES 12,863 12,055
MINORITY INTEREST 44 31
TOTAL SHAREHOLDERS' EQUITY 200,488 193,808
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 244,998 231,052
======= =======
The financial information has been prepared in accordance with US GAAP.
(table to follow)
CONSOLIDATED CASH FLOW STATEMENTS
(Euro in thousands)
SIX MONTHS ENDED
JUNE 30,
(UNAUDITED)
2002 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (6,159) (4,585)
Depreciation and amortization 3,411 3,031
Deferred income tax benefits (2,820) (348)
Other non-cash items 1,381 1,254
Changes in working capital (534) (87)
-------- --------
Net cash used in operating activities (4,721) (735)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,727) (6,749)
Proceeds from sale of equipment 6,539 67
Acquisition of subsidiaries, net of cash
acquired (10,496) --
-------- --------
Net cash used in investing activities (5,684) (6,682)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt and capital leases (858) (757)
Net proceeds from (payments of) advances
from customers 670 (1,009)
Payments of bank line of credit (1,323) --
Purchase of own shares -- (347)
-------- --------
Net cash used in financing activities (1,511) (2,113)
Net decrease in cash and cash equivalents (11,916) (9,530)
Effect of changes in exchange rates on
cash and cash equivalents (1,171) (995)
Cash and cash equivalents at beginning of
the period 141,506 119,866
-------- --------
Cash and cash equivalents at end of the
period 128,419 109,341
======== ========
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 TWEEDE KWARTAALRESULTAAT 2003
* Omzet stijgt met 15% en orders stijgen met 32% vergeleken
met het eerste kwartaal 2003 *
* Netto verlies E 1.6 mio, oftewel E 0.05 per aandeel, vergeleken met
E 3.0 mio, oftewel E 0.10 per aandeel in het eerste kwartaal 2003 *
* "Book-to-bill" ratio 0.92 vergeleken met 0.80 in het eerste kwartaal *
Drunen, 22 juli 2003 - BE Semiconductor Industries N.V. ("Besi"), een
vooraanstaand producent van productiesystemen voor de assemblage van
halfgeleiders, heeft vandaag haar tweede kwartaalresultaten 2003 bekend gemaakt.
Besi heeft in het tweede kwartaal 2003 een omzet behaald van E 23.7 mio, een
stijging van 14.5% ten opzichte van een omzet van E 20.7 mio in het eerste
kwartaal 2003 en een stijging van 23.4% ten opzichte van E 19.2 mio in het
tweede kwartaal 2002. Het verlies in het tweede kwartaal van 2003 bedroeg E 1.6
mio, oftewel E 0.05 per aandeel, vergeleken met een verlies van E 3.0 mio,
oftewel E 0.10 per aandeel, in het eerste kwartaal 2003 en een verlies van E 2.1
mio, oftewel E 0.07 per aandeel, in het tweede kwartaal van 2002.
In het tweede kwartaal 2003 heeft Besi E 21.8 mio aan orders geboekt, een
stijging van 32.1% ten opzichte van de orderbinnenkomst in het eerste kwartaal
2003. De orderportefeuille per 30 juni 2003 is afgenomen met 5.0% tot E 36.3
mio, vergeleken met E 38.2 mio per 31 maart 2003. De "book-to-bill" ratio was
0.92 in het tweede kwartaal 2003, vergeleken met 0.80 in het eerste kwartaal
2003 en 1.41 in het tweede kwartaal 2002.
De brutomarge in het tweede kwartaal 2003 was 33.5% ten opzichte van een
brutomarge van 30.0% in het eerste kwartaal 2003 en 31.2% in het tweede kwartaal
2002. De stijging van de brutomarge in het tweede kwartaal 2003 ten opzichte van
het eerste kwartaal was te danken aan hogere brutomarges gerealiseerd met de
verkoop van verpakkingssystemen.
Per 30 juni 2003 bedroeg de kaspositie E 109.3 mio vergeleken met E 119.9 mio
per 31 december 2002, een afname van E 10.6 mio. Deze afname is hoofdzakelijk
het gevolg van E 6.7 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 en E 1.1 mio voor aflossingen op langlopende schulden en inkoop van
eigen aandelen.
De omzet in het eerste halfjaar 2003 bedroeg E 44.4 mio, een stijging van 32.1%
vergeleken met een omzet van E 33.6 mio in het eerste halfjaar 2002. Het verlies
in het eerste halfjaar 2003 bedroeg E 4.6 mio, oftewel E 0.15 per aandeel,
vergeleken met een verlies van E 6.2 mio, oftewel E 0.19 per aandeel, in het
eerste halfjaar 2002.
Naar aanleiding van de resultaten over het tweede kwartaal 2003 lichtte Richard
Blickman, President en Chief Executive Officer toe: "Besi heeft in het tweede
kwartaal van 2003 een verbetering van de netto omzet en operationele resultaten
gerealiseerd ten opzichte van het eerste kwartaal 2003. Ons netto verlies is met
ongeveer 50% gedaald vergeleken met het eerste kwartaal 2003, dankzij een
gestegen omzet, hogere brutomarges en lagere operationele kosten door strikte
kostenbeheersing. Daarnaast zijn we positief gestemd over de stijging van de
orderbinnenkomst met 32.1% dit kwartaal ten opzichte van het vorige kwartaal.
Tot nu toe hebben we echter nog geen regelmatige trend gezien in
orderbinnenkomst."
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
# # #