X-FAB announces financial resultsErfurt, Germany, April 29, 2010.
The X-FAB Silicon Foundries Group today announced sales of USD 79.1 million (EUR 57.2 million) for the first quarter of 2010. This corresponds to a year-on-year increase of approximately 93 percent and an increase of approximately 19 percent compared to the fourth quarter of 2009, making this the third quarter in a row with a significant growth in sales. Booking levels in the first quarter of 2010 were up approximately 24 percent over the previous quarter. As a result, the book-to-bill ratio in the first quarter of 2010 was 1.19. The outlook on fiscal 2010 as a whole is also positive as X-FAB expects sales to rise by more than 50 percent compared to 2009.
Consolidated sales of the X-FAB Group in 2009 were USD 210.5 million (EUR 151.1 million), a year-on-year decline of approximately 43 percent. This decline reflects the impact of the global economic and financial crisis on the development of business in the semiconductor industry.
At USD -3.6 million (EUR -2.6 million), earnings before interest and taxes (EBIT) in the first quarter of 2010 improved substantially compared to the same quarter the previous year, when EBIT amounted to USD -19.9 million. X-FAB returned to the black in the first quarter, generating a net profit of USD 8.2 million (EUR 5.9 million).
Excluding X-FAB UK, which was sold as of December 31, 2009, the figures for fiscal 2009 as of December 31, 2009 included: EBIT at USD -64.9 million (EUR -46.6 million), compared to USD 11.2 million the previous year, and earnings before taxes (EBT) of USD -49.4 million (EUR -35.5 million), compared to USD 12.7 million in 2008. Despite the difficult economic environment, the X-FAB Group managed to generate positive earnings before interest, taxes, depreciation and amortization (EBITDA) of USD 5.7 million (EUR 4.1 million) in 2009 based on comprehensive cost-cutting measures and temporary capacity adjustments.
Hans-Jürgen Straub, CEO of the X-FAB Silicon Foundries Group, commented on expected business development: "Both demand and sales are picking up noticeably, and we have returned to the black. In fiscal 2010, we expect approximately 50 percent growth beyond that of 2009. Our execution of key investment projects according to plan in the past year enabled us to adjust and expand the X-FAB Group's capacities despite the difficult economic environment. As a result, we are now well prepared for the increase in demand. With an equity ratio of more than 60 percent and cash and cash equivalents of around USD 100 million, the X-FAB Group continues to be a reliable partner for its customers in financial terms as well."