Micronic reports on first quarter 2009
Täby, Sweden, April 21, 2009 - Micronic Laser Systems AB (listed on the NASDAQ
OMX Nordic Exchange Stockholm, in the category Small cap, Information
Technology: MICR) today presented the Group's Interim Report for the first
quarter of 2009. The information contained in this interim report is subject to
the disclosure requirements of Micronic Laser Systems AB (publ.) pursuant to the
Swedish Securities Market Act. The information was submitted for publication on
April 21, 2009, 8:00 a.m.
* Order intake for the first quarter was SEK 78 million (50).
* Net sales for the first quarter reached SEK 67 million (79).
* The operating loss for the first quarter was SEK 67 million (42).
* The operating loss adjusted for capitalization and amortization of development
costs
for the first quarter was SEK 54 million (58).
* The loss after tax for the first quarter was SEK 50 million (29), equal to
earnings per
share of SEK -1.28 (-0.75).
* The order backlog excluding service at March 31, 2009, was SEK 200 million
(314) and consisted of systems and major upgrades.
* Micronic and Skanditek Industriförvaltning have signed a letter of intent for
Micronic to acquire MYDATA automation AB through a directed share issue to the
shareholders in MYDATA. After the acquisition, Skanditek will own approximately
40 percent of the combined company. Additional information has been provided in
a press release dated April 21, 2009.
* The Board's assessment is that the current order backlog for system sales will
be delivered during the first six months of 2009. The Board will wait to
announce its guidance on sales for the full year in connection with the Q2
report in July.
“From a sales perspective, we experienced a weak first quarter with no system
deliveries. However, after market revenues were essentially according to plan
despite the fact that a few customers have chosen to phase out some older
systems. Total payroll-related and other costs, including foreign exchange
effects, decreased by SEK 19 million compared to the same period of last year.
In the first quarter of 2008 we capitalized net development costs of SEK 16
million, but amortized SEK 13 million in the same period of 2009, resulting in a
change of SEK -29 million. We generated a positive cash flow during the quarter
and our cash and cash equivalents strengthened by SEK 34 million,” says Sven
Löfquist, President and CEO of Micronic Laser Systems AB.
“We now look forward to a strong second quarter with shipments of the closing
order book at March 31, as well as the recently announced order for one
Prexision-8 system. We are seeing signs that the display industry has started
stepping up production, albeit from a very low level. Several of the new display
fabs that were built last year have now gone onstream, which is stimulating
demand for advanced photomasks. And while the Japanese electronics industry
continues to struggle, not least as a result of the foreign exchange situation,
we are seeing a high level of activity in South Korea. In China, political
signals indicate initiatives to expand domestic display production,” adds Sven
Löfquist.
“In the semiconductor market, investment activity is very subdued at present.
Partly in response to the general situation for semiconductors, ASML has chosen
to discontinue its licenses covering SLM and data path technology for
semiconductor direct write applications under the license agreement signed with
Micronic in 2004. This means that we will refund the EUR 13 million advance on
future royalties from ASML, although the refund will not affect our earnings or
net cash, since the advance has been recognized as a non-current liability.
“All in all, developments so far this year are in line with our assessment that
investments in display pattern generators could pick up early on in a market
upswing. We also anticipate continued positive development in the after market,
since the current installed base is expected to remain in operation,” says Sven
Löfquist.
“After the end of the quarter, an letter of intent has been signed with
Skanditek to acquire its subsidiary MYDATA automation AB. Our combined knowledge
and market expertise will create a platform with major potential to develop
products in the market area from silicon wafer to finished PCB assembly,”
concludes Sven Löfquist.
Company contacts:
Sven Löfquist
President & CEO
+46 8 638 52 00
sven.lofquist@micronic.se
Carl-Johan Blomberg
CFO
+46 8 638 52 00
carl-johan.blomberg@micronic.se
About Micronic Laser Systems AB
Micronic Laser Systems is a Swedish high-tech company engaged in the
development, manufacture and marketing of a series of extremely accurate laser
pattern generators for the production of photomasks. The technology involved is
known as microlithography. Micronic´s product offering also includes metrology
systems for display photomasks. Micronic´s systems are used by the world´s
leading electronics companies in the manufacture of television and computer
displays, semiconductor circuits and semiconductor packaging components.
Micronic is located in Taby, north of Stockholm and at present has subsidiaries
in the United States, Japan, South Korea and in Taiwan. Micronic maintains a web
site at: http://www.micronic.se
