AT&S has begun its 2010/11 financial year with one of the best first quarter results in its history. The 14% increase in revenues meant not only a respectable pre-tax profit, but it was also substantially in excess both of AT&S forecasts and of market expectations. The EBIT margin also improved, and net debt was significantly reduced.

Revenues for the first quarter of 2010/11 came to EUR 114 million, some 37% higher than in the first quarter of 2009/10. Earnings before interest and tax (EBIT) for first quarter 2010/11, adjusted for non-recurring items, came to EUR 10.1 million, which was 14% higher than in the preceding quarter and almost at the same level as before the crisis.

Although net capital investment rose from EUR 2 million in the previous quarter to EUR 19 million in the first quarter of 2010/11, the Group's net debt ratio fell by more than 24 percentage points, resulting in a net gearing of 62%.

AT&S is planning to further expand capacity in its facilities in Shanghai (China) and Nanjangud (India). In its expansion, respect for the environment and safety is a major concern of AT&S's management at all its locations worldwide.

AT&S is raising its outlook for the current financial year--assuming stable exchange rates, sales revenues are now projected to rise to EUR 470 million to 500 million, with an EBIT margin ≥9%. The actual capital spent during this financial year is estimated to be in the region of EUR 100 million to EUR 110 million.

About AT&S

AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) is European market leader and one of the world's strongest-performing PCB manufacturers. AT&S is especially well-positioned worldwide in the high-tech market segment for HDI microvia PCBs, which are chiefly used in mobile devices. The Group is also highly successful in the automotive PCB market, and in the industrial and medical technology sectors.

As a vigorous and growing international enterprise, AT&S has a global presence, with three production facilities in Austria (Leoben, Fehring, Klagenfurt) and one each in India (Nanjangud), China (Shanghai) and Korea (Ansan, near Seoul). For more information, visit http://www.ats.net/.