Lambda Physik AG
Lambda Physik AG english

Third quarter sales of EUR 14.3 million, negative net income Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Cautious outlook for Fiscal Year 2003 Göttingen, July 23, 2003. Lambda Physik AG (SIN 549 427), one of the world’s leading suppliers of pulsed UV lasers, generated sales of EUR 14.3 million (down 32% year-on-year) in the third quarter of the current fiscal year (October 1, 2002 to September 30, 2003). Despite the cost-cutting measures initiated so far, net income at EUR -3.0 million is clearly below the EUR -0.3 million of the prior year quarter. At EUR 61.5 million, sales after nine months are thus 15 percent lower than in the comparable prior period of 2002. Net income slid from EUR -0.8 million to EUR -2.6 million. The outlook for the coming months remains cautious. The development of business of Lambda Physik AG in the third quarter of 2003 was characterized by the continued economic weakness in most regions and operating areas. Sales declined by 32% compared to the already low prior year value of EUR 21.1 million. The cost-cutting measures introduced early last year could not prevent net income from dropping to EUR minus 3.0 million. Negative net income after 3 quarters After a surplus of EUR 0.5 million was reported for the first half of the fiscal year, net income for the first nine months was EUR -2.6 million. After the first three quarters, EBITDA declined by 16 percent to EUR 5.4 million compared to the same period of the prior year. While EBIT in the prior year period was still positive at EUR 0.5 million, the value for the current nine month period is negative at EUR -0.8 million. At EUR 10.3 million, operating cash flow continues to be clearly positive, while still failing to reach the prior year value of EUR 11.5 million. After three quarters, earnings per share are EUR – 0.19 after EUR -0.06 in the prior year. Decline in nine month sales, pleasing trend in lithography segment Sales in the first three quarters amount to EUR 61.5 million after EUR 72.3 million in the prior year period. On the positive side, lithography sales of 23.1 million were generated, a 39 percent year-on-year. However, this was not sufficient to make up for the 36 percent decline of industrial sales to EUR 26.2 million. Despite this negative sales trend, Lambda Physik is still the world market leader in excimer lasers used for the production of flat-panel displays. At EUR 12.3 million, sales in science and medicine were 16 percent lower than in the first nine months of the prior year. Regionally, the business in Europe posted gains of 13 percent to EUR 20.6 million while the Americas and Asia each generated 24 percent lower sales of EUR 12 million and EUR 28.8 million, respectively. The Asian region, which accounted for the highest share of Lambda Physik’s sales in FY 2002, was additionally negatively impacted by SARS. Bookings in the first nine months of Fiscal Year 2003 declined by 34 percent to EUR 44.6 million. The order backlog stands at EUR 25.6 million as of June 30, 2003, which represents a decrease by 44 percent compared to EUR 45.5 million as of June 30, 2002. Cautious outlook The turnaround in the company’s business segments has still not occurred. Lambda Physik is using this time not only to improve cost structures but also to invest in new products. Thus in the first nine months, expenditures for research and development stayed at a high level of 16.2 percent. These expenditures are the basis for a positive development of Lambda Physik in the future. In the fourth quarter, targeted investments in new products will even increase the research and development expenditures compared to the past months. Since at the same time, the development of business in the fourth quarter is only expected to be slightly better than in the past months, an additional quarterly loss must be expected. A negative net income for the total FY 2003 is expected. Lambda Physik expects total sales for FY 2003, ending September 30, 2003 in the range of EUR 75 to 78 million. About the company Lambda Physik is one of the pioneers and world leaders in the development and production of pulsed UV lasers such as excimer lasers, diode-pumped solid-state lasers, and dye lasers. Founded in 1971, the company is the sole or leading supplier in growth markets for applications in industry, science, and medicine and has become a major supplier in the area of microlithography. The group has subsidiaries in the USA, Japan and Germany. Further information can be obtained at http://www.lambdaphysik.com or from: Lambda Physik AG Claudia Thomé Hans-Böckler-Str. 12 37079 Göttingen Germany Tel.: +49 (0)551 6938-113 Fax: +49 (0)551 6938-104 cthome@lambdaphysik.com end of message, (c)DGAP 23.07.2003 ——————————————————————————– WKN: 549427; ISIN: DE0005494272; Index: NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 230923 Jul 03