VIENNA, AUSTRIA -- AT&S reported first-quarter revenues rose 37%  year-over-year to 113.9 million euros.

Net income was up 180% from last year to 7.57 million euros, while gross profits were up 55% to 19.8 million euros,

The 14% sequential increase in sales beat the printed circuit board fabricator's forecasts and market expectations. Earnings before interest and tax (EBIT), adjusted for one-time items, 10.1 million euros, also up 14%

"Our focus on the high-end market is paying off handsomely, primarily because the global economy is recovering quicker than we were able to anticipate only three months ago,” said CEO Andreas Gerstenmayer.

AT&S is planning to expand capacity in Shanghai and Nanjangud, India, and may take advantage of the depressed euro to expand its Leoben-Hinterberg site in Austria. "The weakling of the euro may allow us to improve our ability to produce in Europe,” Gerstenmayer said. “In India, on the other hand, we still have some homework to do, and the stronger dollar is not necessarily playing in our cards.”

AT&S is Europe's largest PWB manufacturer.

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