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Components | October 21, 2011

Steady sailing for Melexis

Melexis' sales for the third quarter were 56.8 million EUR, a decrease of 4% compared to the same quarter of the previous year and a decrease of 2% versus the previous quarter.
The EUR/USD exchange rate evolution had no impact compared to the previous quarter.

Gross margin was 26.3 million EUR, an decrease of 8% compared to the same quarter last year and a decrease of 1% versus the previous quarter.

The operating result was at 13 million EUR, compared to 16.9 million EUR in the same quarter of 2010 and 12.8 million EUR in the previous quarter.

Net income was 10.6 million EUR, 25 cent per share, down from 35 cent per share in the third quarter of 2010 and equal to 25 cent in the previous quarter.

R&D expenses were 15% of sales, Selling remains stable at 3% of sales and G&A was at 5% of sales.

Melexis purchased 233.795 own shares during the third quarter of 2011 at an average price of 9.66 EUR. As a result, the total number of treasury shares amounts to 2.682.499 at the end of the third quarter of 2011, representing 6.20% of shares outstanding.

Françoise Chombar, CEO of Melexis comments: "Inventories are well filled at this point in time and customers seem cautious to order too much in view of the current uncertainties in the financial markets. This being said, Melexis products continue to be designed in steadily in all geographies as they cover our customers' needs for better energy efficiency, higher safety, and legislation compliance."

Karen van Griensven, CFO of Melexis adds: "In view of the current share price levels, the Board of Directors decided to increase the daily volume of our share buy back program."

Outlook Q4 2011

Melexis expects sales for the fourth quarter of 2011 to be at the same level as the third quarter.

Outlook 2012

For 2012, Melexis expects mid to high single digit growth in sales. Taking into account a EUR/USD exchange rate of 1.40, we expect our gross profit and operating margin as percentage of sales to be around the same level as 2011.

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