Melexis with levelled 1Q results

Gross margin was 27.2 million EUR, an increase of 0.5% compared to the same quarter last year. The operating result was 13.2 million EUR, compared to 14.2 million EUR in the same quarter of 2011, a decrease of 7.4%. Net income was 11 million EUR, 25 cent per share, down from 27 cent per share in the first quarter of 2011. R&D expenses were at 15.6% of sales, Selling remained stable at 3% and G&A was at 5.4% of sales. Melexis purchased 120.986 shares during the first quarter of 2012 at an average price of 11.26 EUR. As a result, the total number of shares at the end of the first quarter of 2012 was 3.119.550, representing 7.21% of shares outstanding. After the decision of the extraordinary general meeting of Melexis of April 20, 2012 to cancel 2.841.860 of its own shares, the total number of shares held decreased to 277.690, representing 0.69% of shares outstanding. Outlook Melexis expects sales in the second quarter of 2012 to exceed - for the first time - the threshold of 60 million EUR. For 2012, Melexis expects mid to high single digit growth in sales. Taking into account a EUR/USD exchange rate of 1.40, the company expect gross profit and operating margin as percentage of sales to be around the same level as 2011. Françoise Chombar, CEO of Melexis comments: "Melexis profile is THE Sensor and Actuator Semiconductor company that supports customers to engineer their sustainable future. The automotive component is clearly a stronghold as demonstrated by our steady growth in that area. This being said, and as the Electronica trade show held in Shanghai in March demonstrated, Melexis products arouse interest in automotive and non-automotive customers alike. Especially the Melexis magnetic Triaxis, pressure, infrared and BLDC motor products enjoyed a lot of attention."