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Edwards Group Limited Announces Fourth Quarter 2012 Results

Stocks in this article: EVAC

  • Q4 2012 revenue of £131.4 million
  • Net loss of £2.3 million or (2.04) pence per fully diluted share. Adjusted net income 1of £8.2 million, or 7.27 pence per fully diluted share. Net loss includes £8.6 million of FX translation losses on loans
  • Good performance in General Vacuum and Service offset by expected decline in Semiconductor revenue, in line with broader industry
  • Generated £27.4 million in net cash from operating activities, £19.5 million in Management operating cash flow 2 and ended the quarter with cash and cash equivalents of £98.2 million
  • Strong cash conversion enabled repayment of $16 million (£10 million) of term loan in the quarter

CRAWLEY, WEST SUSSEX, United Kingdom, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Edwards Group Limited (Nasdaq:EVAC) ("Edwards" or the "Company") announced results of its operations for the fourth quarter ended December 31, 2012. In a simultaneous announcement made today, Jim Gentilcore has been appointed Chief Executive Officer, effective March 1, 2013.

Nick Rose, Chairman of Edwards said "This was a good result given where the semiconductor capex cycle was as we entered the final quarter of the year. The positive momentum in December was also encouraging, as a number of the leading manufacturers showed signs of more investment activity, which enabled Edwards to come in above the guidance range and this has continued into the New Year."

David Smith, Chief Financial Officer, said, "We saw a positive contribution from General Vacuum where we believe we gained further market share, including in the R&D subsector which was up over 30% on the prior quarter and on the prior year. We also benefitted from continued healthy performance in Service, with the sequential decline driven almost entirely by Semiconductor weakness.

The General Vacuum and Service sectors acted as a positive diversifier away from what we believe to have been the bottom point of our Semiconductor revenue during the quarter, and demonstrates that our strategy is working. China continues to be an interesting market, with General Vacuum sales up over 30% for the year as a whole, and a recent win of a significant FPD project to be delivered later this year and into 2014. It is a market we are committing more resources to, including plans for our fourth service center and the development of a manufacturing plant in Qingdao.

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