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.
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