Singulus Technologies announced financial results for the third quarter of 2013.
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Unedited press release follows:
SINGULUS TECHNOLOGIES Reports Positive Results as of September 30, 2013
• EBIT positive after nine months
• Positive EBIT for full-year 2013 forecast
• Gross profit margin improved
• Demand for Blu-ray significantly above plans
• Production line for solar cells launched
Kahl am Main, November 12, 2013 – The financial key figures of the SINGULUS TECHNOLOGIES AG (SINGULUS TECHNOLOGIES) for the first nine months of 2013 improved significantly compared with the prior-year period. SINGULUS TECHNOLOGIES achieved sales in the amount of € 93.1 million in the first nine months of the current business year and was thus able to exceed the sales in the amount of € 83.5 million recorded during the same period one year ago. In the 3rd quarter sales were also improved from € 39.9 million in the previous year to € 43.9 million in 2013.
The operating result (EBIT) increased considerably and amounted to € 1.4 million in the first nine months 2013 compared with € -10.9 million (before extraordinary charges) in the first nine months of 2012. Including extraordinary charges the EBIT stood at € -54.2 million in the comparable period in 2012. The EBITDA rose from € -29.9 million in the prior-year to € 5.8 million currently. The order intake in the first nine months of the business year 2013 amounted to € 82.6 million (previous year: € 110.6 million). The order backlog amounted to € 29.6 million as of September 30, 2013 (previous year: € 53.9 million).
The cost reductions implemented in the past months have resulted in a marked improvement of opex in the last three quarters. Due to this and the very good Blu-ray sales in the 3rd quarter a gross profit margin of 32.4 % was achieved. Amongst others, the cost reduction measures included the implemented streamlining of the international operations as well as personnel adjustments at our site in Fürstenfeldbruck. Accordingly, the number of employees in the SINGULUS TECHNOLOGIES Group declined from 420 employees as of September 30, 2012 to 356 staff as of September 30, 2013.
Business activities and market trends in the segments
For SINGULUS TECHNOLOGIES, in the Optical Disc segment the year 2013 has been very positive. For the current business year the volume sales of BLULINE II machines for the production of Blu-ray Discs were thus slightly above our own forecasts.
In the Solar division SINGULUS TECHNOLOGIES is a recognized supplier for new machine concepts and production processes for crystalline and thin-film solar cells, which increase the efficiency of solar cells and reduce their production costs. On September 12, 2013 SINGULUS TECHNOLOGIES signed a framework agreement with M•Cells, a renowned solar cell producer, for the delivery of up to 16 vacuum coating machines. The delivery of the first machine to China is already scheduled for the beginning of 2014.
In the Semiconductor segment SINGULUS TECHNOLOGIES delivered the ordered TIMARIS and ROTARIS lines in the past months and is currently working on the final acceptance tests of the systems. The new platform under the brand name TIMARIS III provides the semiconductor market with machines with high production capacity for the manufacturing of wafers. With the new platform SINGULUS TECHNOLOGIES targets the expected increased demand for MRAM wafers.
Outlook for the business year 2013
The results of the first nine months of the business year 2013 are characterized by the very favorable development in the Optical Disc segment, in particular the delivery of Blu-ray production lines. The development in this segment exceeded our expectations. At present we thus still expect the business year 2013 to finish with an overall positive operating result (EBIT) in the Group. However, adjusting for financing expenses a slightly negative net result for the Group pursuant to IFRS would result.
SINGULUS TECHNOLOGIES has continuously progressed in the past years through the technologic know-how and is thus excellently positioned in its existing three segments. The goal is to develop innovative products in the future as well on the basis of the core competencies nano- and vacuum coating as well as thermal and wet-chemical process technology in order to open new markets. The extensive advancements of the existing product portfolio through internal measures are the focus of the corporate strategy. However, at the same time we are continuing to review reasonable acquisition opportunities to strengthen the sustainable development at SINGULUS TECHNOLOGIES.
The successful implementation lays the foundation for the return to a long-term growth path.
Profile SINGULUS TECHNOLOGIES:
SINGULUS TECHNOLOGIES develops innovative technologies for efficient production processes, which only make use of resources conservatively. New production technology combined with sustainable processes and the use of novel materials can decouple the use of resources from economic growth in the long-term. SINGULUS TECHNOLOGIES’ innovative power and competitiveness are strengthened by these new technologic developments.
With its Optical Disc segment SINGULUS TECHNOLOGIES is the market leader for CD, DVD and Blu-ray Disc production equipment. As the only engineering company worldwide SINGULUS TECHNOLOGIES today already provides the machine technology for three-layer Blu-ray Discs with a storage volume of about 100 GB.
In the Solar division SINGULUS TECHNOLOGIES is a recognized supplier for new machines concepts and production processes for crystalline and thin-film solar cells, which increase the efficiency of solar cells and reduce their production costs. SINGULUS TECHNOLOGIES establishes itself as a development partner and machine supplier for technologies enabling a sustainable energy provision on the basis of renewable energies.
In the Semiconductor segment SINGULUS TECHNOLOGIES focuses its activities on the vacuum coating of wafers with ultra thin layers for the production of MRAM memory, thin-film write/read heads and other semiconductor applications.