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www.us-tech.com
March, 2014
End-of-Life Doesn’t Have to Kill Mother Earth
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company’s process is certified by the highest EPA and RIOS standards (R2 and ISO 14001:2004 certifica- tion). ITAP’s mission is to manage assets, mitigate risk and recycle waste for client companies. According to the company, “A
3528 Torrance Blvd., Suite 100 Torrance, CA 90503 Phone: (310) 540-7310 Fax: (310) 540-7930
1580 Boggs Road, #900 Duluth, GA 30096 Phone: (770) 446-3116 Fax: (770) 446-3118
byproduct of this process is a clean environment and sustainable way of life.” (
www.goitap.com) All data is wiped in accordance
with DoD triple pass Data Destruc- tion protocol. The company takes care of end-of-life electronics, dam- aged gods, and reverse logistics. Components are disposed of in
accordance with the strictest State and International guidelines. The company has a zero landfill policy
and is committed to managing, miti- gating and recycling in the most en- vironmental and efficient manner possible. R2 promotes safe and legal
management of used electronics equipment, from the highest levels of data security, to comprehensive pro- tection for workers, communities, and the environment. It establishes global best-practice refurbishing and recycling capacity where it is most needed, in both developed and devel- oping nations. It emphasizes pre- serving resources by extending the lifespan of electronics through reuse and refurbishment. It also ensures that best-practice environmental standards are followed for end-of-life processing. r
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Semicon Growth Faces Serious Cost Challenges
at 41 percent, were over two-and-half times the average (16 percent) for the other 186 companies, and that 44 percent of the 186 companies saw EBITDA margins of 10 percent or lower, a level that could be a harbin- ger of potential cash-generation problems going forward. As a result of these and other
trends, the study finds that no less than 53 percent of the companies in the industry as a whole face the risk of possible financial distress — and that 32 percent of companies are at “high risk.”
High-Risk Companies “Though the popularity of end-
products such as smartphones, tablets and pads is a rising tide lift- ing many boats in the semiconductor industry today, the industry as a whole faces persistent structural problems,” said Karl Roberts, man- aging director at AlixPartners and co-lead of the firm’s global TMT (technology-media-telecommunica- tions) Practice. “In many corners of the industry revenues and profits have been flat or declining for some time now, just as the demands for more spending on research and de- velopment have been escalating more than ever.”
Earnings Don’t Tell it All The AlixPartners study shows
that for 12-month period through third quarter 2013, combined rev- enues for all 191 companies studied grew 0.7 percent (to $407 billion), com- bined EBITDA was up 8.9 percent (to $96 billion) and EBITDA margins in- creased to 23.6 percent from 21.8 per- cent for the previous 12-month period. Meanwhile, for the 186 tier-two com- panies, the study shows that even though, combined EBITDA grew 10.0 percent (to $45.8 billion) in the 12- month period through third quarter 2013, that number still lags combined EBITDA levels in fiscal years 2010 and 2011 ($60 billion and $59 billion, respectively). In addition, the study also
shows that after fiscal year 2011, on- ly the contract fabrication, “fabless” (companies that outsource their manufacturing), and package and test sectors saw positive revenue
growth through third quarter 2013 — for all 191 companies studied. The sectors that saw revenue declines in that same period included equip- ment, down a whopping 15.8 percent; materials, down 8.7 percent; and so- lar, down 2.2 percent. In terms of sector distress, the
study finds that 100 percent of solar companies were facing potential fi- nancial distress (with 82 percent at high risk), as do 92 percent of pack- age and test companies, 52 percent of materials companies, 34 percent of manufacturers doing their own fabri- cation and 32 percent of electronic components companies. Meanwhile, the sectors faring the best in this de- partment in the study were equip- ment (11 percent facing potential fi- nancial distress), fabless (13 percent) and contract fabrication (25 percent) — though, the study says, the latter percentage would likely have been higher were it not for the size of sec- tor leader TMSC. Meanwhile, finds the study,
even the five biggest companies in the industry are facing unprecedent- ed stresses today. According to the study, in the 12-month period ending third quarter 2013 research and de- velopment spending as a percentage of revenue for those five companies, at 15.9 percent, was near its highest level in the past five years. That’s on top of overhead costs and R&D spending combined rising 34.8 per- cent over fiscal years 2010-2012. One result, says the study: average re- turn on capital employed (ROCE), a measure of a company’s ability to generate returns from its total avail- able capital base, for the five biggest companies in the industry dropped to 17 percent from 26 percent over that three-year period. “Though some might call them
the ‘Fortunate 5’ compared with the relative performance of others in the industry today, size is really no pro- tection when overhead costs are sky- rocketing and returns on capital are going the other direction,” said Roberts. “Add to that the fact that many think the entire industry could be entering a world in which Moore’s Law is in danger of being repealed, and the reasons multiply for all com-
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