Communiqué from Annual General Meeting of Micronic Laser Systems AB (publ.)

Communiqué from Annual General Meeting of Micronic Laser Systems AB (publ.) Address by Staffan Junel, president and CEO: Staffan Junel opened with a brief comment on the 1998 fiscal year. Net sales amounted to MSEK 268, an increase of four per cent on the previous year. 13 systems were delivered in 1998, the same as in 1997. Profit after financial net amounted to MSEK 43 in 1998. Income for 1997 amounted to MSEK 57, after items cost items disturbing comparability of MSEK 19. In 1998, the number of employees increased by 36 to 151. The first four-month period of 1999 was, like 1998, influenced by the financial crisis in Asia, a market of particular importance for Micronic. As a result of this crisis, our customers have postponed major investment decisions. The order intake by the end of April 1999 amounted to MSEK 57, a decline of 4 per cent from the previous year. In April, Micronic received an important order from the USA for the first reference machine in the MicroPlotter series with improved performance. The order book as of the end of April amounted to MSEK 121, of which 85 per cent will be delivered in 1999. Invoiced sales during the first quarter amounted to MSEK 43 (48), and the result was an operating loss of MSEK 8 (1). The company's operating costs have risen during the past year, primarily due to an increase in the number of employees within development and customer services, and the continued development of laser writers within the semiconductor segment. The goal of the developmental work within this segment is to meet future demands from the semiconductor industry for laser writers for the manufacture of photomasks. It is difficult to foresee how Micronic's order book will develop in the immediate future, as the level of orders depends upon developments on the market in Asia, and especially in Japan. We believe, however, that the underlying demand for electronic products for end-customers is still firm. Although we expect a recovery, this is probably at least six months away. Dividend In view of the company's rapid growth and the company's investments in research and development, it is the Board's belief that the company should adopt a restrictive dividend policy for the foreseeable future. The Annual General Meeting resolved that no dividend be paid for the 1998 fiscal year. Board and auditors The members of the Board and the president were discharged from liability for the 1998 fiscal year. At the Annual General Meeting, the following members of the Board were re-elected: Christer Zetterberg Nils Björk Millert Carlsson Hans Fletcher Bert Jeppsson Magnus Ryde was elected to the Board. Anders Östberg and Björn Stensson, authorised public accountants from Lindebergs Grant Thornton AB, were re-elected as auditors. Micronic Laser Systems in brief Micronic Laser Systems is a Swedish high-tech company engaged in the development, manufacturing and marketing of a series of extremely accurate laser writers for the production of photomasks. The technology involved is known as microlithography. Micronic's systems are used by the world's leading electronics companies in the manufacturing of television and computer displays, semiconductor circuits and semiconductor packaging components. Micronic is an expanding company and has now 154 employees. In September 1997 Micronic was awarded the prestigious "Sweden - Japan Trade Award 1996" by The Swedish Trade Council. Micronic is situated in Täby, north of Stockholm and has at present three service offices: Japan, Taiwan and the US. Contact: Staffan Junel, President & CEO, phone +46 8 638 52 66 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/05/07/20000707BIT00200/bit0001.doc http://www.bit.se/bitonline/1999/05/07/20000707BIT00200/bit0002.pdf