X-FAB announces third-quarter resultsErfurt, Germany, November 19, 2009.
The X-FAB Silicon Foundries Group today announced sales of USD 60.0 million for the third quarter of 2009. This corresponds to a year-on-year decline of 27.4 percent. Compared to the second quarter of the current fiscal year, sales were up 38.2 percent. Sales of the X-FAB Group as of September 30, 2009, were USD 144.4 million, down 53.2 percent from USD 308.9 million the previous year.
Booking levels continued to improve in the third quarter. Already on par with the previous year, recorded bookings were up 50.5 percent compared to the second quarter. The book-to-bill ratio for the third quarter is 1.17, indicating further expected sales growth.
Earnings before interest and taxes (EBIT) for the third quarter were USD -10.8 million, compared to USD -7.5 million in the prior-year quarter. EBIT for the first nine months of the year were USD -45.1 million, down from USD 15.9 million for the first nine months of last year.
Compared to sales developments, the minor decline of EBIT in the third quarter shows the positive effect of the cost-cutting measures initiated by X-FAB. Based on expected further improvement in sales, this also will be reflected positively in the X-FAB Group's future earnings.
Hans-Jürgen Straub, CEO of the X-FAB Silicon Foundries Group, said: "The third-quarter results are in line with our expectations, and the outlook for second half has improved again. Given a sustained increase in demand, we anticipate further growth and foresee a positive trend for 2010."