Micronic reports on third quarter 2008
Täby, Sweden, October 17, 2008 - Micronic Laser Systems AB (listed on the OMX
Nordic
Exchange Stockholm, in the category Small cap, Information Technology: MICR)
today presented the Group's Interim Report for January 1 - September 30, 2008.
The information contained in this interim report is subject to the disclosure
requirements of Micronic Laser Systems AB (publ.) pursuant to the Swedish
Securities Market Act. The information was submitted for publication on October
17, 8:00 a.m.
* Order intake for the nine-month period was SEK 228 million (498), of which SEK
132 million (402) was booked in the third quarter.
* Net sales for the nine-month period reached SEK 235 million (298), of which
SEK 110 million (178) referred to the third quarter.
* The operating loss for the nine-month period was SEK 162 million (248). For
the third quarter, the operating loss was SEK 35 million (34).
* The operating loss adjusted for capitalization and amortization of development
costs for the nine-month period was SEK 205 million (175). The adjusted
operating loss for the third quarter was SEK 47 million (9).
* The loss after tax for the nine-month period was SEK 115 million (177), equal
to earnings per share of SEK -2.95 (-4.53). The third quarter loss after tax was
SEK 25 million (24), equal to earnings per share of SEK -0.64 (-0.62).
* The order backlog at September 30, 2008, was SEK 377 million (420) and
consisted solely of systems. At year-end 2007 the order backlog was SEK 332
million.
* The future outlook for 2008 has been revised with respect to weaker market
conditions in the display industry. The Board of Directors' earlier assessment
was that sales for 2008 would exceed the level in 2007. In light of the slowdown
in the display industry, the Board's current assessment is that sales for 2008
will be on par with 2007.
“Net sales for the third quarter amounted to SEK 110 million, a figure that
includes invoicing of one Sigma system for which the order was also received
during the quarter. During the third quarter we also received an order for an
electronic packaging system to be shipped in the first half of 2009,”says Sven
Löfquist, President and CEO of Micronic Laser Systems AB.
“The delayed order intake in the display area is a disappointment, but not
surprising in view of the ongoing financial turbulence with credit restrictions
and dramatic exchange rate fluctuations. We therefore anticipate further
postponements in order intake. Shipment of the first Prexision-10 system is
progressing smoothly and we expect to invoice this system during the year,
according to plan.”
“Our view of the semiconductor pattern generator market is conservative, but we
nonetheless see opportunities for additional business during the current year,”
adds Sven Löfquist.
“We are accelerating our adaptation to the lower sales volume and cut back the
number of consultants and contract personnel by around 40 people. So far in 2008
we have decreased our headcount by 26 people and are in the process of carrying
out an additional staff reduction of similar size. In 2009 we expect our R&D
expenditure to decrease by around SEK 50 million to approximately SEK 150
million, since development of the Prexision-10 is nearing completion.”
“Because of the cyclical nature of the market where Micronic operates, we are
taking measures to expand our existing product areas and evaluate new business
opportunities in markets with larger volumes as a means for creating a more even
flow for the company.”
“After the end of the quarter we sold our property in Täby, generating a direct
liquidity gain of around SEK 95 million. The capital gain will be recognized in
the fourth quarter, and amounts to a preliminary SEK 99 million,” concludes Sven
Löfquist.
Company contacts:
Sven Löfquist
President & CEO
+46 8 638 52 00
sven.lofquist@micronic.se
Carl-Johan Blomberg
CFO
+46 8 638 52 00
carl-johan.blomberg@micronic.se
About Micronic Laser Systems AB
Micronic Laser Systems is a Swedish high-tech company engaged in the
development, manufacture and marketing of a series of extremely accurate laser
pattern generators for the production of photomasks. The technology involved is
known as microlithography. Micronic´s product offering also includes metrology
systems for display photomasks. Micronic´s systems are used by the world´s
leading electronics companies in the manufacture of television and computer
displays, semiconductor circuits and semiconductor packaging components.
Micronic is located in Taby, north of Stockholm and at present has subsidiaries
in the United States, Japan, South Korea and in Taiwan. Micronic maintains a web
site at: http://www.micronic.se
