29 Feb 2012
Besi Reports Solid 2011 Results in Challenging Industry Environment. Q4-2011 Revenue and Profit Exceed Expectations.
Duiven, the Netherlands, February 29, 2012 - BE Semiconductor Industries N.V. ("the Company" or "Besi") (NYSE Euronext: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2011.
Key Highlights FY 2011
Revenue of € 326.9 million in 2011; down 6.9% vs. peak cycle revenue in 2010
Gross margins maintained close to 40.0% due to product mix shift to advanced packaging applications such as smart phones and tablets and ongoing business transformation despite revenue decrease
Solid profitability as net income reached € 26.7 million in 2011 (€ 0.73 per share)
Fourfold rise in cash flow from operations increased net cash by € 39.8 million to € 62.7 million
Dividend proposal of € 0.22 per share, payable either in cash or in shares. 10% increase vs. previous year
Key Highlights Q4-2011
Q4-11 revenue € 70.4 million; down 6.9% vs. Q3-11 but above guidance due to higher advanced packaging revenue
Net income of € 3.4 million in Q4-11 vs. € 4.9 million in Q3-11 exceeds expectations
Cash up by € 10.9 million vs. September 30, 2011 to € 87.5 million. Net cash up by € 13.1 million
Higher orders in Q1-12 to date indicates industry trough may have been reached in Q4-11 after H2-11 downturn
For the full press release, please download the PDF file.