AIXTRON on Track
Revenues, Orders and EBIT on high levels - Full Year guidance confirmed Higher-margin common platform compound systems contribute strongly Silicon revenues decrease in line with company expectations & market conditions
AIXTRON recorded Total Revenues of €128.2m during the first half of 2008, 18% higher than the same period last year, in spite of current currency and macro-economic headwinds.
Gross and Operating margins stand at a healthy 39% and 14% respectively, mainly as a result of the significantly higher volume effect and higher-margin Compound Semiconductor common platform system revenues (around 70% of the total revenue figure in H1/2008).
Group EBIT was up 54% yoy, at €17.6m, including a positive other income effect from currency hedging in the first six months of 2008. Net Profit was up 16% yoy at €13.3m.
Order Intake continued to be strong - up 74% yoy to €158m, leading to an Order Backlog figure of €165.1m at June 30. This is more than twice the size of the backlog at the end of the same period in 2007, and supports management confidence in confirming the previously given 2008 full-year guidance.
AIXTRON's operating performance has further strengthened its financial position. Cash and Cash Equivalents (incl. Cash Deposits) stand at almost €88m to the end of H1/2008, which represents a 15% improvement on the end of December 2007 figure (Dec. 31, 2007: EUR 76.7m).
Paul Hyland, President & Chief Executive Officer of AIXTRON, comments: "We have worked very hard in the last few years to ensure that our products are both market-led and customer focused in design, and that our operations become increasingly flexible and cost-efficient.
Operationally and financially, we are as strong as we have ever been. This strength will allow us to continue to perform in the current challenging market environment and supports our confidence with the guidance range we published in March this year. We are on track for what will be in 2008 AIXTRON's highest ever recorded annual revenue and we remain very positive about our medium and long term outlook despite the short term challenges the whole semi-conductor industry faces."
Following the continued positive Revenue and EBIT development, AIXTRON management reiterates its full-year 2008 guidance for Total Revenue of €270-300m and an EBIT Margin of 10-12%.
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 http://www.aixtron.com, section "Investors/Reports/Financial Reports", as part of AIXTRON's Group interim report for the first half of 2008.
Call AIXTRON will host a financial analyst and investor conference call on Thursday, August 7, 2008, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00 a.m. EDT) to review the first half 2008 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 (30)86871-786 or +1 (212) 444-0296. The presentation document reviewing the half year results can be downloaded from http://www.aixtron.com, section "Investors/Presentations/IR Presentation". Both a conference call audio replay and a transcript of the conference call will be available at http://www.aixtron.com,section "Investors/Reports/Conference Call", following the call.
This news release may contain forward-looking statements about the business, financial condition, results of operations and earnings outlook of AIXTRON within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "may", "will", "expect", "anticipate", "contemplate", "intend", "plan", "believe","continue" and "estimate", and variations of these words and similar expressions, identify these forward-looking statements. The forward-looking statements reflect our current views and assumptions and are subject to risks and uncertainties. You should not place undue reliance on the forward-looking statements. The following factors, and others which are discussed in AIXTRON's public filings and submissions with the U.S. Securities and Exchange Commission, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: actual customer orders received by AIXTRON;the extent to which chemical vapor deposition, or CVD, technology is demanded by the market place; the timing of final acceptance of products by customers; the financial climate and accessibility of financing; general conditions in the thin film equipment market and in the macro-economy; cancellations, rescheduling or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth; increased competition; exchange rate fluctuations; availability of government funding; variability and availability of interest rates; delays in developing and commercializing new products; general economic conditions being less favorable than expected; and other factors. The forward-looking statements contained in this news release are made as of the date hereof and AIXTRON does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law
For further information on AIXTRON AG (FSE: AIX, ISIN DE0005066203; NASDAQ: AIXG, ISIN US0096061041) please consult our website at: http://www.aixtron.com.