austriamicrosystems records strong revenue and earnings growth in 2004, expects further growth in 2005
Key financial figures for full year and fourth quarter 2004
austriamicrosystems (SWX: AMS) announces key financial data for the fiscal year 2004 and fourth quarter 2004.
austriamicrosystems was able to conclude 2004 very successfully with strong growth in revenues and earnings. Group revenues for the past fiscal year achieved a record high of EUR 160.5 million, an increase of 19.4% (EUR 26.1 million) compared to the previous year. All business units and geographical regions contributed to this significant revenue growth. Revenues for the fourth quarter 2004 were EUR 50.5 million, an increase of 12.2% (EUR 5.5 million) compared to the same quarter 2003.
Gross margin for the full year 2004 rose to 43%, a considerable increase from 40% in the previous fiscal year. In the fourth quarter 2004, gross margin reached 44% compared to 45% in the same period 2003. The group result from operations according to IFRS (EBIT) for the fiscal year 2004 grew strongly to EUR 20.6 million, an increase of more than 300% (EUR 15.7 million) compared to the previous year. For the fourth quarter 2004 the result from operations amounted to EUR 9.4 million, increasing by EUR 7.6 million compared to the same period 2003.
Net income for the fiscal year 2004 increased significantly to EUR 3.7 million from EUR 0.6 million in the previous year, resulting in earnings per share for the fiscal year 2004 of CHF 0.56 / EUR 0.36. Net income for the fourth quarter 2004 was EUR 7.5 million, an increase of EUR 6.9 million compared to the same period 2003. Net income for the fiscal year 2004 was impacted by a one-time extraordinary non-cash adjustment to our deferred tax asset of around EUR 12 million in the second quarter 2004 required by IFRS to reflect the lowering of the Austrian corporate tax rate from 34% to 25% from January 1st, 2005. Excluding the non-cash tax adjustment, net income for the fiscal year 2004 would have reached EUR 15.8 million, equivalent to earnings per share of CHF 2.38 / EUR 1.54. Total backlog stood at EUR 45.3 million on December 31, 2004 compared to EUR 42.8 million on December 31, 2003.
austriamicrosystems was able to further strengthen its position in the worldwide analog semiconductor market in the past fiscal year. A supplier of high performance analog solutions through its business units Communications, Industry & Medical and Automotive, austriamicrosystems achieved significant market success with existing and new products for its expanding global customer base. The positive development of the company’s business in fiscal year 2004 confirms austriamicrosystems’ technological leadership in the analog semiconductor market.
With innovative solutions in the areas of standard products and customer-specific developments, austriamicrosystems is strongly positioned in the global analog semiconductor market for further growth in the focus segments Power Management, Sensors & Sensor Interfaces and Portable Audio.
austriamicrosystems is confident for 2005 and expects its business to develop positively in the current fiscal year with further growth in revenues and earnings. Based on currently available information, austriamicrosystems foresees revenue growth of between 10 and 15% and substantial growth in earnings for the fiscal year 2005.
austriamicrosystems will present detailed financial information for the fiscal year 2004 at a press conference and analyst meeting in Zurich on March 15, 2005.
austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining more than 20 years of analog design capabilities and system know-how with its own state-of-the-art manufacturing and test facilities. austriamicrosystems leverages its expertise in low power and high accuracy to provide industry-leading customized and standard analog products. Operating worldwide with more than 800 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces, portable audio and car access through its business units Communications, Industry & Medical, Automotive and Full Service Foundry. austriamicrosystems is listed on the SWX Swiss Exchange in Zurich (ticker symbol: AMS).