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Posted: May 7, 2009
AIXTRON Cautiously Optimistic After Q1 Low Point
(Nanowerk News) AIXTRON AG, a leading provider of deposition
equipment to the semiconductor industry, today announced consolidated financial results for
the first quarter of 2009.
Influenced by the global recession and the currently difficult market environment, first quarter
revenues of EUR 46.2m were 26% lower year on year and 44% below the Q4/2008 level.
Nevertheless, the gross margin increased by 2 percentage points to 45% compared to
Q4/2008 and, as such, was 6 percentage points higher in comparison to Q1/2008. This
improvement was principally due to a stronger US-Dollar rate, a more favorable revenue mix
and the benefits from the flexible production model employed by the Company.
As previously predicted, at EUR 31.2m, the equipment order intake in Q1/2009 was less than
Q4/2008 (-23%) and also 64% down year on year, with 98% of the total value of equipment
orders being for compound semiconductor equipment.
As a result of weaker order intake, the equipment order backlog of EUR 100.7m at March 31,
2009 was 36% lower than at the same point in time in 2008 (EUR 157.3m), but only 4%
lower sequentially. The Management expects that about EUR 96m of that backlog will be
converted into revenues by the end of the year 2009.
AIXTRON’s cash position continues to be very strong, being positively impacted by the cash
inflow from the office building sale of EUR 6.7m. Consequently, free cash flow of EUR 10.4m
was significantly up on the Q4/2008 negative free cash flow figure of EUR -2.9m and EUR
2.5m down year on year.
Paul Hyland, President & Chief Executive Officer at AIXTRON, comments: “Whilst we are still
looking for firm evidence of a sustainable recovery, we are now having some more positive
dialogue with our customers that is leading us towards a sense of cautious optimism.
Another positive influence on the business is the increased interest from customers who are
not necessarily motivated to buy systems because of short-term demand signals, but
because investing in LED production is seen as a timely strategic development.
These positive developments persuade us that we can now offer an initial revenue and EBIT
guidance range for fiscal year 2009.”
AIXTRON Management believes that in fiscal year 2009, AIXTRON can deliver revenues in
the range of EUR 200-220m and an EBIT margin in the range of 10-11%.
The consolidated interim financial statements (balance sheet, income statement, cash flow
statement, statement of changes in equity) relating to this press release are available on
www.aixtron.com, section “Investors”, subsection “Financial Data”, subsection “Reports”, as part of AIXTRON’s Group quarterly financial report for the first quarter 2009.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on Thursday, May 7th,
2009, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00 a.m. EDT) to review the first quarter 2009
results. From 2:45 p.m. CET (5:45 a.m. PDT, 8:45 a.m. EDT) you may dial in to the call at
+49 (69) 247501–891 or +1 (212) 444-0297. Both a conference call audio replay and a
transcript of the conference call will be available at http://www.aixtron.com, section
“investors”, following the conference call.