Melexis reports fourth quarter and FY 2011 results and confirms 2012 guidance
February 9, 2012 -
Intermediate declaration by the Board of Directors.
Ieper, Belgium - February 9th, 2012, 07.00 hrs CET
The statutory auditors BDO Bedrijfsrevisoren BCV, have confirmed that their audit procedures, which have been substantially completed, have not revealed material adjustments which would have to be made to the accounting information included in this press release.
For the year 2011, sales were 230.7 million EUR, an increase of 5% compared to the previous year. On a constant currency basis, sales would have increased with 8% compared to 2010. Gross margin was 108.2 million EUR, an increase of 6% compared to 2010. The operating result was 54.4 million EUR, a decrease of 3% compared to last year. Net income was 45.9 million EUR, compared to 48.6 million EUR in 2010, a decrease of 6%.
Sales in the 4th quarter of 2011 were 57.3 million EUR, a decrease of 1% compared to the 4th quarter of 2010. On a constant currency basis, sales would have dropped with 1% as well. Gross margin was 28.2 million EUR, an increase of 3% compared to 2010. The operating result was 14.4 million EUR. R&D expenses were at 15% of sales, selling expenses at 3% and G&A expenses at 6% of sales. Net income was 13 million EUR, down 1.5% compared to the same quarter last year.
Melexis purchased 923.019 own shares during 2011 at an average price of 10.92 EUR. As a result, the total number of treasury shares at the end of 2011 was 2.998.564, representing 6.93% of shares outstanding.
Françoise Chombar, CEO of Melexis comments:
"Melexis launched a record high of 26 new products during 2011. These range pretty proportionally over our four business units. Next to serving the needs of our core market - the automotive - more than half of these newly launched products can address the industrial, consumer and medical markets as well. Most of them serve the "green wave", meaning they respond to this planet's need for more environmentally-friendly and energy-saving products and processes, by which Melexis makes its valid contribution to a sustainable future. Last but not least, a vast majority of them are market premieres, proving Melexis takes pride in bringing innovation to our valued customer base."
Karen van Griensven, CFO of Melexis adds:
"In the 4the quarter of 2011, Melexis managed to post a record gross margin of 49%. On top of the continued efforts to improve test efficiency, reduce cost of yield and obtain a good product mix, Melexis also booked higher then average non recurring engineering income and enjoyed a favourable USD-effect."
We expect sales in the first quarter of 2012 to be at the same level as the previous quarter. For 2012, Melexis expects mid to high single digit growth in sales. Taking into account a EUR/USD exchange rate of 1.40, we expect our gross profit and operating margin as percentage of sales to be around the same level as 2011.
Annual Shareholders Meeting: April 20, 2012
Publication Q1 2012 Results: April 25, 2012
Publication Q2/HY1 2012 Results: August 1, 2012
Publication Q3 2012 Results: October 17, 2012
Publication FY 2012 Results: February 6, 2013
The company's results will be discussed in a conference call on Thursday, February 9th, 2012 at 17 hrs CET. The conference call will be in English. You have to register for this conference call in advance. You can register by clicking on the following link and filling out the requested information:
Conference ID: 911158.
After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes all participants must register individually if they wish to join the call. A replay number for this call is available for 7 days after the end of the conference call. The replay number for this call is +32 2 290 17 05, access code: 911158.
For Further Information
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