Melexis reports results for the first quarter of 2010.

Intermediate declaration by the Board of Directors.
Ieper, Belgium – April 22nd, 2010, 07.00 hrs CET

Revenues for the first quarter were 46.4 million EUR, an increase of 106% compared to the same quarter of the previous year and an increase of 10% compared to the previous quarter. The USD had a positive impact of 4% compared to the previous quarter.

Gross margin was 20.4 million EUR, an increase of 162% compared to the same quarter last year and an increase of 21% compared to the previous quarter.

The operating result was at 9.6 million EUR, compared to a loss of 2.6 million EUR in the same quarter of 2009 and a profit of 6.8 million EUR in the previous quarter. This represents an increase of 42% compared to previous quarter.

Net profit was 8.1 million EUR, 19 cent per share, up from 8 cent loss per share in the first quarter of 2009. Net profit increased by 33% compared to the previous quarter.

R&D expenses were 15% of sales, Selling decreased to 3% of sales and G&A was at 5% of sales.

Outlook
For the full year we expect a revenue growth of min. 35% vs 2009, with an operating margin of min. 18%, considering a EUR/USD rate of 1.40. For the second quarter, we expect sequential growth of 5% compared to the first quarter.

Rudi De Winter, CEO of Melexis comments:
“We are glad to see our automotive products, and in particular our sensor and actuator products, are riding the wave of ecology and CO2 reductions. This is a structural evolution across the board, for both luxury and budget cars, which we expect to extend over the next years.”

Françoise Chombar, CEO of Melexis adds:
“Melexis is now starting to reap the benefits of our cost saving efforts over the last years. Gross margin is at a historical high thanks to a better product mix and yield improvement programs. Consequently, also the operating margin is back at levels over 20%.”

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