X-FAB announces record sales and earnings for the second quarter of 2004Erfurt, Germany, August 24, 2004.
X-FAB Semiconductor Foundries AG, one of the world's leading analog mixed-signal semiconductor foundries, today announced an all-time high of EUR 36.0 million inquarterly sales for the second quarter of 2004. This represents a 26% increase compared to the secondquarter of 2003 in which sales of EUR 28.6 million were recorded. Sales for the first six months of 2004totaled EUR 67.0 million, up 25% from the same period of last year.
The operating income also improved markedly. After earnings of EUR 0.4 million were recorded in the first quarter, the operating income was boosted to EUR 2.5 million in the second quarter. The company's increased profitability has resulted in significantly improved earnings before interest and taxes (EBIT). After a negative EBIT of EUR 5.8 million in the first six months of 2003, X-FAB recorded a positive EBIT of EUR 7.7 million for the first two quarters of 2004.
The net income for the first six months was EUR 5.7 million, of which EUR 1.6 million were attributable to the second quarter of 2004. It has to be noted that the first-quarter income was positively impacted by exchange rate differences. In contrast, the second quarter saw slight exchange rate losses. A comparison with the previous year reveals a loss of EUR 0.5 million for the second quarter of 2003 and a loss of EUR 7.0 million for the first six months of 2003.
Investments, which were primarily spent to expand capacities, amounted to EUR 7.2 million in the second quarter.
Bookings continued to develop positively. X-FAB recorded bookings of EUR 44.7 million in the second quarter (up approximately 23% from the previous quarter) and EUR 81.2 million in the firstsix months of 2004. The book-to-bill ratio in the second quarter was 1.24.
This leads the company to expect another increase in sales and earnings in the second half of the year.