Key Highlights

• Revenue of € 81.4 million is down 12.0% vs. Q4-18. Better than guidance (-15%). Down 47.4% vs. Q1-18 due to adverse impact of industry downturn on Besi's principal end user application markets
• Orders of € 83.4 million, up 0.4% vs. Q4-18 as customer demand stabilizes. Down 59.5% vs. Q1-18
• Gross margin of 55.9% remains at attractive levels despite significantly lower revenue vs. Q4-18 and Q1-18 reflecting alignment of production overhead with current demand. At midpoint of guidance
• Net income of € 9.5 million, down € 13.2 million vs. Q4-18 primarily due to 12% revenue decrease and, as anticipated, higher share based compensation expense. Down € 27.6 million (-74.4%) vs. Q1-18
• Net cash and deposits increase by € 30.3 million (+15.2%) vs. December 31, 2018 to reach € 229.7 million as solid quarterly cash generation continues

Outlook

• Q2-19 revenue expected to increase by approximately 5% vs. Q1-19 reflecting more stable market conditions. Gross margin anticipated to remain in 55%-57% range

To read the full version of our press release, please download the PDF file.