Electronics Production | October 27, 2010

Melexis stacks up records again in the 3Q/2010

Revenues for the third quarter were EUR 59.1 million, an increase of 65% compared to the same quarter of the previous year and an increase of 6% versus the previous quarter.
The EUR/USD exchange rate evolution had a positive impact of 2% compared to the previous quarter. Gross margin was EUR 28.5M, an increase of 106% compared to the same quarter last year and an increase of 10% compared to the previous quarter.

The operating result was at EUR 17M, compared to EUR 3.4M in the same quarter the previous year and EUR 14.8M in the previous quarter. This represents an increase of 14% compared to the previous quarter. Net profit was EUR 15.2M.. Net profit increased by 26% compared to the previous quarter.

R&D expenses were 12,5% of sales, Selling was 3% of sales and G&A was at 5% of sales.

Rudi De Winter, CEO of Melexis comments: “The Melexis Shanghai office is now fully deployed to serve the local market. We were extremely pleased by the high customer presence and interest at the Melexis technology days both in Shanghai and Shenzhen last September. China is clearly eager to adopt the newest automotive technologies.”

Françoise Chombar, CEO of Melexis comments: “Melexis products are now anchoring on a broader customer base. The excellent growth path is being enabled mainly by Melexis own IP (ASSPs), profoundly fostered by our people’s innovative spirit.”

Outlook Q4 2010

We expect sales in the fourth quarter of 2010 to be at about the same level as the current quarter despite the weaker EUR/USD exchange rate.

Outlook 2011

For 2011, we expect high single digit growth in sales, our gross profit margin to solidify above 45% and operating margin to remain above 23% taking into account a EUR/USD exchange rate of 1.40.
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