Singulus Technologies announced financial results for its first quarter of 2011.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Results for the 1st Quarter of 2011
May 11, 2011
• Strong increase in order intake by about 66 % to € 65.9 million compared with previous year
• Significant improvement in order backlog by about 130 %
• Quarterly sales slightly below prior-year level
• EBIT significantly less negative than last year due to cost reductions
• Considerably Improved, positive EBITDA in the amount of € 0.2 million
• First major orders confirm favorable outlook for optical disc and solar
Kahl am Main, May 11, 2011. The order intake of the SINGULUS TECHNOLOGIES Group (SINGULUS) in the 1st quarter 2011 rose by 65.6 % and improved sharply to € 65.9 million compared with the 1st quarter 2010 at € 39.8 million. Accordingly, the order intake is three times as high as the comparable figure in 2009. Correspondingly, the order backlog also improved significantly by 129.9 % to € 81.6 million compared with the year-end level (December 31, 2010: € 35.5 million). Sales in the 1st quarter 2011 developed as expected. Due to the low order backlog at the end of 2010 the sales of € 19.8 million in the 1st quarter 2011 came in slightly below the prior-year level (€ 21.6 million). In the 1st quarter 2011 earnings before interest and taxes (EBIT) in the amount of € -2.6 million were realized (previous year: € -5.5 million). The orders received in the past couple of weeks and months will realized as sales in the 3rd and 4th quarter 2011.
The number of employees in the SINGULUS Group rose by 5 employees from 459 employees as of December 31, 2010 to 464 employees as of March 31, 2011.
Optical Disc segment with Blu-ray significantly above prior-year level
The increasing order intake figures for the 1st quarter 2011 as well as the ongoing talks with key customers confirm the company’s forecasts. The Optical Disc activities will continue to grow in the Blu-ray sector. Here, SINGULUS is not only global market leader but currently the only provider of complete production lines for optical storage media. An expansion of the utilized production capacity in the market results in additional order intake for SINGULUS and further growth in the Optical Disc division. Our Blu-ray machines are “3D ready” and therefore a safe investment for the future of optical disc production.
Solar division with successful start in 2011
In close cooperation with the AVANCIS GmbH & Co. KG (AVANCIS), the leading European manufacturer in thin-film solar technology, SINGULUS TECHNOLOGIES had developed a new process machine for this technology in 2009 and received the first order over approximately € 19 million at the beginning of 2010. In the 1st quarter 2011 SINGULUS received an additional order for five selenization machines for CIS thin-film solar cells. The follow-up order by Hyundai-AVANCIS exceeded € 30 million.
Dr. Stefan Rinck, Chief Executive Officer of the SINGULUS TECHNOLOGIES AG, comments: “This order is an additional important step for us to establish ourselves in the growing solar market with new machines and also shows that the CIS thin-film solar technology is a trend-setting technology for the future. SINGULUS is one of the leading producers in this photovoltaics segment and expects continuing strong growth in the coming years.”
The wet-chemical division in Fürstenfeldbruck also recorded a favorable order trend. Here, amongst others order intake from the US for process machines of the VITRUM type for the thin-film solar technology was received.
Outlook
For the Optical Disc segment the course of the Christmas activities 2010, the resulting nearly 100% utilization rate at disc producers as well as the development of order intake in the past couple of months make us optimistic. We expect additional order intake for our BLULINE II and CRYSTALLINE systems in the next couple of weeks. The development in this market is clearly set for growth.
Also the Solar segment is continuing to develop favorably, which is confirmed by current talks to conclude orders as well as the reported order intake. With an advanced technology, which is especially applied to new cell concepts leading to improved cell performance and additional cost savings, SINGULUS will prove itself in the solar market with its products. Further projects for individual and complete systems are currently being negotiated and will be concluded shortly.
SINGULUS TECHNOLOGIES is optimally positioned for the future and has good chances to return to a stage of stable earnings again.
