Melexis Q1 2014 results - Full year guidance raised

Intermediate declaration by the Board of Directors.
Ieper, Belgium - 23 April, 2014, 07.00 am CET

Sales for the first quarter of 2014 were 75.6M EUR, an increase of 22% compared to the same quarter of the previous year and an increase of 1% compared to the previous quarter.
The EUR/USD exchange rate evolution had a negative impact of 2% compared to the same quarter of last year and a negative impact of 1% compared to the previous quarter.
Gross margin was 35.2M EUR, an increase of 25% compared to the same quarter of last year.
R&D expenses were 14.2% of sales, G&A was at 5.0% of sales and Selling was at 2.8% of sales.
The operating result was 18.6M EUR, an increase of 46% compared to the same quarter of the previous year.
Net income was 18.9M EUR or 47 cent per share, an increase of 69% compared to 11.2M EUR or 28 cent per share in the first quarter of 2013.

We expect sales growth in the second quarter of 2014 to exceed 3% versus the first quarter of 2014.
For FY 2014, Melexis expects sales growth to be between 10% and 15%, a gross profit margin above 45% and an operating margin above 23%, all taking into account a EUR/USD exchange rate of 1.35.

Business comment - Françoise Chombar, CEO:
"Melexis achieved a 22% year on year sales growth, though a first quarter is usually marked by seasonal effects such as the global impact of the yearly price downs and the Chinese New Year slow which produces a regional impact.
Our magnetic sensors portfolio continued to shine as the main growth driver. Second in line were our sensor interfaces. Motor control drivers equally gained further momentum.
Sales to automotive customers represented 89% of total sales, versus 87% in the first quarter of last year. Automotive sales showed a very strong 24% increase and we were equally pleased to see our sales outside automotive grow by 7% year on year.
The portion of ASSP sales represented 56%, hovering roughly at the same level quarter on quarter.
Customer sentiment is felt to be positive for 2014. Global markets all seem set for growth. Our sound first quarter results and the solid state of our order book comforted us to raise our outlook for the year."

Financial Calendar

Publication Q2/HY1 2014 Results: 30 July 2014
Publication Q3 2014 Results: 22 October 2014
Publication FY 2014 Results: 4 February 2015

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