Record results for Melexis in the second quarter of 2010
Revenues for the second quarter were 55.8 million EUR, an increase of 98% compared to the same quarter of the previous year and an increase of 20% versus the previous quarter. The EUR/USD exchange rate evolution had a positive impact of 2% compared to the previous quarter.
Gross margin was 26 million EUR, an increase of 168% compared to the same quarter last year and an increase of 27% compared to the previous quarter.
The operating result was at 14.9 million EUR, compared to a loss of 0.6 million EUR in the same quarter the previous year and a profit of 9.6 million EUR in the previous quarter. This represents an increase of 55% compared to the previous quarter.
Net profit was 12.1 million EUR, 28 cent per share, up from 18 cent loss per share in the second quarter of 2009. Net profit increased by 49% compared to the previous quarter.
R&D expenses were 13% of sales, Selling was 3% of sales and G&A was at 4% of sales.
Melexis broke a number of historic records in the second quarter of 2010, resp. HY1/10:
- highest ever quarterly sales
- highest ever gross profit margin at 46.5%
- highest ever operating margin at 26.6%
- highest ever quarterly operating result and net profit in absolute figures
- peak automotive sales percentage at 77% of total sales.
- first time for Business Unit Sensors to contribute over half of the Melexis semi-annual sales, confirming Melexis’ position as a genuine automotive sensor supplier with magnetic sensors in pole position.
- sales in Asia is, in absolute figures, at an all time high with 23.5 million EUR in the first half of 2010, herewith fortifying Melexis as an established semiconductor vendor in a major growth market.
Rudi De Winter, CEO of Melexis comments:
"Melexis automotive sales in the second quarter 2010 came out 17% above our previous high in 2007, while the global automotive semiconductor as such has not reached its historic peak yet. Melexis thus gained market share in its core market thanks to the innovations we introduced in the past years."
Françoise Chombar, CEO of Melexis comments:
“Ramping up production output so much faster than anticipated was a substantial challenge. Our team members deserve a lot of credit for accomplishing this fine result. They herewith demonstrated their sincere commitment to our customers and to continuous improvement, values which are inseparably connected to Melexis.”
The Board of Directors decided to pay out an interim dividend of 0.3 EUR gross per share (0.225 EUR net per share). The Melexis shares will start trading ex coupon on October 25, 2010 (opening of the market). The record date is October 27, 2010 (closing of the market) and the dividend will be payable as from October 28, 2010.
Revenue for the full year 2010 is expected to increase by minimum 60% versus the previous year, considering a EUR/USD exchange rate of 1.3 for the remainder of the year. Operating result for the full year is expected to be around 23% of sales.
• October 21, 2010 : Publication of Q3 2010 results
• February 10, 2011: Publication of FY 2010 results
The company’s results will be discussed in a conference call on Thursday July 29th, 2010 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 in the requested information:
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 (0) 22901705, access code: 867447.
For further information, please contact:
Karen van Griensven
CFO Melexis NV
Phone: +32 13 67 07 79
Fax: +32 13 67 21 34
Melexis Microelectronic Integrated Systems N.V. (Euronext Brussels:MELE) imagines, creates and delivers innovative mixed signal integrated circuits. Melexis ICs are driving green solutions that enable our customers to bring more energy efficient automotive systems to market. Melexis product portfolio addresses 4 classes of ICs; Sensor, Optoelectronic, Wireless and Actuators. Sensors include magnetic, MEMs, and sensor
interface ICs. Optoelectronic products encompass linear arrays, single point sensors, infrared thermometers and CMOS wide dynamic range and night vision cameras. Wireless ICs focus on RKE, TPMS, ISM band applications, NFC, RFID reader and smart tag solutions. Actuator ICs cover LIN and CAN bus networking ICs and advanced BLDC motor driver technology. Melexis is proud of its participation toward reducing the human race's global environmental footprint.