austriamicrosystems on track for full year growth in the first quarter
Key financial data for the first quarter of 2007
austriamicrosystems (SWX:AMS), a leading global designer and manufacturer of analog ICs for communications, industrial, medical and automotive applications, showed a positive development in revenues and good profitability in the first quarter 2007 given broad-based demand for its analog semiconductor solutions.
Consolidated group revenues grew slightly to EUR 39.4 million from EUR 38.8 million in the first quarter 2006. Gross margin for the first quarter remained strong at 49% compared to 45% in the same period last year. Due to anticipated higher R&D expenses for the development of future product platforms, the result from operations (EBIT) for the first quarter reached EUR 3.7 million, compared to EUR 4.3 million for the same quarter 2006.
Net result for the first quarter was EUR 3.5 million, compared to EUR 3.9 million in the same period 2006. Earnings per share for the first quarter 2007 were CHF 0.53 / EUR 0.32, compared to CHF 0.56 / EUR 0.36 in the same period 2006. Total backlog (excluding consignment agreements) reached EUR 54.2 million on March 31, 2007 compared to EUR 58.3 million on March 31, 2006.
The first quarter 2007 results reflect effects from seasonality and the ongoing phase-out of a legacy communications customer while austriamicrosystems prepares for significant ramp-up activity with a number of high-volume products and customers in the second half of 2007.
In the first quarter, austriamicrosystems’ Communications, Industry & Medical, and Automotive business units continued to be successful in their target markets power management, sensors and sensor interfaces, mobile entertainment and car access, delivering high performance analog ICs to a growing worldwide customer base including major global OEMs.
Strong design activities continued particularly around austriamicrosystems’ lighting management products which offer significant technological advantages over the competition. In the last quarter, the first of a range of new handset models by SonyEricsson which are powered by austriamicrosystems’ lighting technology became available in stores while a second model was announced to the public. In addition, austriamicrosystems gained important design-wins at two major LCD display manufacturers for its industry-leading backlighting solutions, leveraging its LED driver technology. The corresponding large-size PC display and TV products are expected to become available later this year.
austriamicrosystems’ Industry & Medical and Automotive business units also continued to see good demand for their products. Taking a key step on its process technology roadmap, austriamicrosystems recently announced a significant development and licensing partnership with IBM for a high-voltage 0.18µm process which includes licensing of its high-voltage process technology.
Looking forward, austriamicrosystems expects its business to develop positively over the course of the current year with growth in revenues and earnings. Based on available information, austriamicrosystems reiterates its anticipation of double-digit full year revenue growth for 2007 compared to last year, accompanied by substantial growth in earnings.
The complete first quarter report 2007 including detailed financial information is available on austriamicrosystems’ website.
austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining more than 25 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 1,000 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces, portable audio and car access in its markets Communications, Industry & Medical and Automotive, complemented by its Full Service Foundry activities. austriamicrosystems is listed on the SWX Swiss Exchange in Zurich (ticker symbol: AMS).