Melexis reports results for Q4 and FY 2009
Declaration by the Board of Directors.
Ieper, Belgium – February 11th, 2010 at 07.00 hrs CET
Melexis ended 2009 exceeding its own expectations expressed in April 2009.
Revenues in the 4th quarter of 2009 were 42.3 million EUR, an increase of 26% compared to the 4th quarter of 2008. Gross margin was 16.9 million EUR, an increase of 35% compared to 2008. The operating result was 6.8 million EUR. R&D expenses were at 16% of sales, while SG&A expenses decreased to 8% of sales. Net profit was 6 million EUR, from a 3 million EUR loss the same quarter last year.
The sales in the Asia region have reached a record high in the 4thQ 2009 with 45% of sales compared to 39% of sales in the Europe region. The percentage of revenue generated in US dollars has gradually gone up and was 52% for the 4thQ 2009.
For the year 2009, revenues were 128.9 million EUR, a decrease of 31% compared to the previous year.
Gross margin was 48 million EUR, a decrease of 36.5% compared to 2008. The operating result was 7 million EUR, a decrease of 76% compared to last year. Net loss was 4 million EUR.
Due to the recent rebound in sales, Melexis is no longer in breach of its covenants as per end December 2009. Net debt decreased from 68 million EUR end 2008 to 44 million EUR end 2009.
Melexis realized cost savings of 10 million EUR in 2009 where 8 million EUR were planned. Of the total cost savings, about 4 million EUR are structural.
Melexis purchased 22.230 own shares during 2009 at an average price of 4.98 EUR, bringing the total number of own shares at 1.725.943.
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.
Rudi De Winter, CEO of Melexis comments:
“There is a general trend of the VMs downsizing the engines with the goal to further reduce emissions. Yet, the downsized low emission engines deliver more power and more torque with lower emissions. This requires much tighter control of the combustion process by means of additional sensors and actuators on the engine block. We are pleased to see that our newly developed sensor and actuator products are adopted into these new engine concepts.”
Françoise Chombar, CEO of Melexis comments:
"The past 15 months have been the most challenging among Melexis' existence, as we were hit hard by the most turbulent automotive downturn ever. In hindsight, the 08/09 crisis, though painful, has proven to be truly beneficial for our company too. It has impelled us to "sharpen the saw" in all aspects of our business. It has allowed us to become more consciously healthy on the expense side, while keeping sound top line growth in the focus. Despite adversity, our crew has shown great character, vigor and above all unity throughout. They deserve the credit for the way Melexis has weathered this storm. Melexis is absolutely equipped for a continued recovery"
Outlook
Outlook Q1 2010: Melexis expects a minimum of 5% Q-o-Q increase for the first quarter of the year.
Outlook 2010: Melexis expects to grow minimum 25% in sales in 2010 and an EBIT of minimum 16%, assuming a EUR/USD rate of 1.45.
Download press release (PDF - 128 KB)