Singulus Technologies announced financial results for its first quarter of 2012.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Results for the 1st Quarter of 2012
• High Order Intake in the 1st Quarter
• Quarterly Sales Slightly Below Prior-Year Level
• Gross Margin Higher Than in the Prior-Year Period
• EBIT In-Line with Expectations
• Positive EBIT for the Full-Year 2012 Expected
• Large Orders and Current Projects Confirm Favorable Outlook for Optical Disc, Solar & Semiconductor
Kahl am Main, May 10, 2012 – In the 1st quarter 2012 the SINGULUS TECHNOLOGIES Group achieved a good order intake in the amount of € 55.7 million (1st quarter 2011: € 65.9 million). Accordingly, the order backlog improved compared with the year-end 2011 and stood at € 66.8 million (December 31, 2011: € 26.8 million). Due to the low order backlog at the end of 2011 the sales in the 1st quarter 2012 of € 16.0 million came in below the prior-year level (€ 19.8 million).
The gross margin in the 1st quarter 2012 stood at 28.0 %, above the level of the prior-year period (24.9 %). In the 1st quarter 2012 earnings before interest and taxes (EBIT) in the amount of € -5.7 million were realized (previous year: € -2.6 million) and were thus in-line with expectations. In the prior-year period positive one-off effects in the amount of € 2.4 million were included in the other operating income. Adjusted for the one-time effects, an EBIT of € -5.0 million resulted for the prior-year period compared with € -5.7 million in the 1st quarter 2012. The number of employees in the SINGULUS Group changed only slightly by seven employees from 455 employees as of December 31, 2011 to 448 employees as of March 31, 2012.
It is very pleasing to note the project activities in all segments have picked up since the beginning of 2012. The orders received in the past couple of weeks and months will predominantly only be realized as sales in the 3rd and 4th quarter 2012.
Optical Disc segment
Currently, SINGULUS is in talks with international disc manufacturers for additional projects. Due to the favorable development in the past year and growth forecasts we expect the uptrend in the Blu-ray market to continue in 2012 and to have a positive impact on the demand and the resulting order intake for our Blu-ray production machines.
Solar segment with successful start in the year 2012
Despite the difficult market environment SINGULUS was able to achieve some important success in the first quarter. Correspondingly, the start into the year 2012, which is viewed as a transition year for the photovoltaics sector, was successful.
Semiconductor segment
SINGULUS’ strategy in the Semiconductor segment is confirmed and the company intends to extend the position as a supplier of vacuum coating machines for the manufacturing of MRAM wafers in this future growth market. Overall, in the first three months orders in excess of € 13 million for four TIMARIS coating machines with different configurations were already received. These orders are an important step for the further expansion of the Semiconductor activities.
Outlook
Following three years with negative earnings SINGULUS TECHNOLOGIES once again reported positive earnings for the business year 2011. After a stage of consolidation and transition, the turnaround was achieved in the past year.
With the two strong core work areas Optical Disc and Solar as well as the opportunities presented by the semiconductor market and the potential inherent in new applications of vacuum coating we are optimistic for the full-year 2012 and once again project a positive EBIT for the business year.
SINGULUS continues to review sectors and work areas, where new market segments and work areas can be developed on the basis of the present know-how in the area of vacuum coating.
