Key Highlights

• Revenue of € 55.8 million down 20.7% vs. Q4-11 and in line with prior guidance
• Improved business outlook as orders rose to € 84.2 million (+52.5% vs. Q4-11). Increase across all product groups, but primarily focused on flip chip and multi module die attach systems for smart phone/tablet applications
• Gross margins increased to 39.4% from 38.5% in Q4-11 due to improved packaging gross margins and reduced production overhead
• Operating income of € 2.4 million in Q1-12 roughly equal to Q4-11 despite sequential revenue decrease demonstrates improved scalability of business model
• Net income declines to € 0.2 million in Q1-12 vs. € 3.4 million in Q4-11 due to adverse impact on hedging contracts from increase of Swiss franc vs. US dollar and higher effective tax rate due to subsidiary profit composition
• Liquidity position continues to strengthen with net cash up by € 7.7 million to € 70.4 million

Outlook

• Q1-12 ending backlog indicates approximately 50% revenue growth and substantial profit increase in Q2-12