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© alinoubigh dreamstime.com Components | July 24, 2013

ams with 'stuttering' 2Q results

ams recorded sequential revenue growth in the second quarter 2013. Currently, ams is preparing to realize a full multi-year pipeline of projects and design-ins going forward.
Second quarter group revenues were EUR 91.2 million, up 8% sequentially compared to the first quarter and decreasing 5% from EUR 96.1 million in the same quarter 2012. Group revenues for the first half of 2013 were EUR 176.1 million, decreasing 6% from EUR 186.8 million recorded in the first half of 2012. On a constant currency basis, second quarter revenues were 4% lower compared to the second quarter last year and first half revenues were 5% lower compared to the first half of 2012.

In the second quarter, gross margin was 54% excluding acquisition-related amortization and 51% including acquisition-related amortization, compared to 54% and 52% respectively, in the same quarter 2012. For the first half of 2013, gross margin was 54% excluding acquisition-related amortization and 51% including acquisition-related amortization, compared to 54% and 51% respectively, in the first half of 2012.

The result from operations (EBIT) for the second quarter was EUR 9.1 million or 10% of revenues, a decrease of 57% from EUR 21.3 million in the second quarter of 2012. Adjusted for a one-time severance payment for a previous management board member of approximately EUR 1.2 million and a one-time equity investment write-down of EUR 1.8 million, EBIT was EUR 12.1 million or 13% of revenues for the second quarter.

This result reflects ams’ continuing upfront investments into R&D resources for existing pipeline projects and sales and marketing resources for dedicated customer support. For the first half of 2013, reported EBIT was EUR 19.6 million compared to EUR 39.6 million in the same period last year.

The net result for the second quarter was EUR 9.0 million compared to EUR 19.7 million in the same period last year. Basic and diluted earnings per share for the quarter were CHF 0.83/0.79 or EUR 0.67/0.64 based on 13,358,739/13,932,770 shares (basic/diluted; weighted average), compared to CHF 1.87/1.77 or EUR 1.56/1.48 for the second quarter 2012.

The net profit for the first half year 2013 was EUR 18.9 million, equivalent to CHF 1.73/1.66 or EUR 1.41/1.35 per share (basic/diluted) based on 13,384,672/14,008,626 shares (basic/diluted; weighted average), compared to EUR 38.9 million, i.e. CHF 3.68/3.53 or EUR 3.06/2.93 per share (basic/diluted), for the same period last year.

Operating cash flow for the second quarter was EUR 23.2 million compared to EUR 24.8 million in the second quarter last year, while operating cash flow for the first half was EUR 36.9 million compared to EUR 49.4 million in the first half year 2012. Total backlog on June 30, 2013 (excluding consignment stock agreements) was EUR 82.4 million compared to EUR 77.4 million at the end of the first quarter and EUR 106.8 million on June 30, 2012.

Outlook

For the third quarter 2013, ams expects revenues of EUR 94-98 million driven by new product ramp-ups. ams also expects gross margin to increase quarter-on-quarter in the third quarter and EBIT margin to expand by more than 400 bps on a sequential basis.

While ams sees a flattish revenue development for 2013 compared to the previous year, ams reiterates its strong longer term outlook for growth in revenues and profitability in the coming years. This expectation is driven by ams’ significant pipeline of products and design-ins across the markets for smartphones, tablet PCs, mobile devices, industrial, medical, and automotive systems.

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