Record Results with USD 71.0 Million in Sales and USD 10.4 Million
Operating Income
ZURICH, Switzerland & SYRACUSE, N.Y.--(BUSINESS WIRE)--July 24,
2008--INFICON (SWX Swiss Exchange: IFCN), a leading manufacturer of
instrumentation and process control software for the semiconductor and
vacuum-coating industries and other industrial applications, today
announced financial results for the second quarter ended June 30,
2008.
Sales for the second quarter of 2008 totaled USD 71.0 million
compared to USD 57.2 million for the second quarter of 2007,
representing a 24.2% increase. Organic growth accounted for 11.9% of
the company's increase in sales, foreign currency exchange effect for
9.9% and sales from the Maxtek and Sigma Instruments acquisitions
INFICON made in 2007 for 2.4%.
Income from operations rose 39.7% to USD 10.4 million compared to
USD 7.4 million in the second quarter of 2007, while net income
increased 37.3% to USD 7.6 million compared to USD 5.5 million. On a
per diluted share basis, net income rose 51.1% to USD 3.52 compared to
USD 2.33 per diluted share in last year's second quarter. Cash
provided by operating activities in the second quarter was USD 12.6
million compared to USD 7.6 million in the same quarter last year.
Sales for the six months ended June 30, 2008 totaled USD 139.9
million compared to USD 115.0 million for the same period in 2007,
with organic growth accounting for 10.0% of the increase, foreign
currency exchange effect for 9.0%, and sales from acquisitions made in
2007 for 2.7%. Operating income rose 26.7% to USD 20.4 million
compared to USD 16.1 million in the first six months of 2007. Net
income for the period increased 20.5% to USD 14.9 million compared to
net income of USD 12.4 million the previous year. On a per diluted
share basis, net income rose 33.0% to USD 6.89 compared to USD 5.18 in
the first half of 2007.
President and Chief Executive Office Lukas Winkler commented,
"This quarter's record results were fueled by robust business in the
general vacuum processes market and a significant increase in our
HAPSITE(R) Chemical Identification business for emergency response,
security and environmental applications. As illustrated by the orders
we recently announced from agencies of the People's Republic of China,
we expect continued activity in this product line in the third
quarter. We also look forward to introducing the next-generation
HAPSITE - the new HAPSITE ER - in the coming months. Powered by
state-of-the-art software, HAPSITE ER combines new features and low
consumables usage with easy-to-use-operation to target the
environmental and emergency response markets worldwide."
Within the semiconductor and vacuum coating markets, demand for
OLED-based display devices was an important growth driver for INFICON,
while interest in the company's FabGuard(R) fault detection and
analysis software for semiconductor manufacturing remained high
despite the apparent weakening of the semiconductor market. Sales in
the refrigeration and air conditioning (RAC) market also rose in the
second quarter, with strong business in China, where INFICON products
set the standard in leak detection for quality control.
INFICON continues to explore opportunities in the solar market.
Last week at the Intersolar North America trade show in San Francisco,
the company showcased its Guardian(TM) Co-Deposition Controller
targeting emerging technologies in solar photovoltaic manufacturing.
Interest was high for this unique instrument and for Sky(R) CDG vacuum
gauges, leak detectors, and a variety of INFICON in situ analysis
sensors which can deliver productivity gains in the fabrication of
solar cells.
The company has updated its financial guidance for 2008. For the
year, INFICON now expects to achieve sales in the range of USD 260 -
270 million, up from USD 250 - 260 million; it continues to expect
income from operations in the range of USD 36 - 40 million.
Conference Call and Visual Presentation: INFICON will hold an
earnings teleconference, including presentation slides, that will be
webcast on July 24 at 2:00 p.m. CEST (8:00 a.m. EDT). Participants in
Switzerland/Europe can access the call by dialing +41 43 456 9368.
Participants in the UK can access the call by dialing +44 207 153
8942, and other participants can dial in at 1.866.796.1569. All
participants should dial in at least 10 minutes prior to the call. No
PIN is required to access the call.
The audio and visual webcast will be available in the Investor
Relations section of the INFICON website. Please visit
www.inficon.com, where the company's presentation will be available 20
minutes prior to the teleconference and webcast.
A replay of the call will be available from approximately 6:00
p.m. CEST (12:00 p.m. EDT) on July 24 through 06:00 p.m. July 28 CEST
(12:00 p.m. EDT on July 28). To access the replay, callers in
Switzerland/Europe should dial +41 91 612 4330, participants in the UK
can access the replay by dialing +44 207 108 6233, and other
participants can dial in at 1.866.416.2558. Enter conference ID
#11575, followed by the pound sign. The webcast and visual
presentation will also remain available on the INFICON website.
Email Alerts: The latest financial information from INFICON can
automatically be sent via Email Alert; sign up is available in the
Investor Relations section of the INFICON website.
ABOUT INFICON
INFICON is a leading, provider of innovative instrumentation,
critical sensor technologies, and advanced process control software
that enhance productivity and quality in sophisticated industrial
vacuum processes. These analysis, measurement and control products are
essential for gas leak detection in air conditioning/refrigeration
manufacturing and vital to original equipment manufacturers (OEMs) and
end-users in the complex manufacturing of semiconductors, flat panel
displays, magnetic and optical storage media, and precision optics. We
also leverage our expertise in vacuum technology to provide unique,
toxic chemical analysis products for emergency response, security, and
environmental monitoring. INFICON has world-class manufacturing
facilities in the United States and Europe and subsidiaries in China,
Finland, France, Germany, Japan, Korea, Liechtenstein, Singapore,
Switzerland, Taiwan, and the United Kingdom. INFICON registered shares
(IFCN) are listed on the SWX Swiss Stock Exchange. For more
information about INFICON and its products, please visit
www.inficon.com.
This press release and oral statements or other written statements
made, or to be made, by us contain forward-looking statements that do
not relate solely to historical or current facts. These
forward-looking statements are based on the current plans and
expectations of our management and are subject to a number of
uncertainties and risks that could significantly affect our current
plans and expectations, as well as future results of operations and
financial condition. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
INFICON Holding AG
Consolidated Statements of Income
(U.S. Dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Net sales $ 70,990 $ 57,164 $139,858 $114,991
Cost of sales 38,743 30,202 76,782 60,578
-------- -------- -------- --------
Gross profit 32,247 26,962 63,076 54,413
Research and development 5,793 5,176 11,265 10,116
Selling, general and
administrative 16,064 14,346 31,425 28,213
-------- -------- -------- --------
Income from operations 10,390 7,440 20,386 16,084
Interest (income) , net (94) (418) (250) (724)
Other expense , net 197 26 572 32
-------- -------- -------- --------
Income before income taxes 10,287 7,832 20,064 16,776
Provision for income taxes 2,671 2,284 5,172 4,422
-------- -------- -------- --------
Net income 7,616 5,548 14,892 12,354
======== ======== ======== ========
Earnings per share
Diluted $ 3.52 $ 2.33 $ 6.89 $ 5.18
Basic $ 3.55 $ 2.36 $ 6.95 $ 5.24
Shares used to compute net
income per share
Diluted 2,166 2,385 2,162 2,387
Basic 2,145 2,355 2,143 2,357
INFICON Holding AG
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
(unaudited)
June 30, December 31,
2008 2007
------------ ------------
Assets
Current assets:
Cash and short term investments $ 34,636 $ 39,250
Trade accounts receivable, net 40,067 32,861
Inventories, net 33,563 30,304
Other current assets 8,589 10,041
----------- -----------
Total current assets 116,855 112,456
Property plant and equipment, net 26,896 25,507
Goodwill and Intangibles, net 15,168 13,103
Other non current assets 27,357 30,570
----------- -----------
Total non current assets 69,421 69,180
----------- -----------
Total assets $ 186,276 $ 181,636
=========== ===========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 9,872 $ 6,356
Short term borrowings 5,713 4,269
Other current liabilities 27,421 31,470
----------- -----------
Total current liabilities 43,006 42,095
Non current liabilities 1,169 1,289
----------- -----------
Total liabilities 44,175 43,384
Stockholders' equity 142,101 138,252
----------- -----------
Total liabilities and stockholders' equity $ 186,276 $ 181,636
=========== ===========
CONTACT: Corporate:
Betty Ann Kram, 1-315-434-1122
Director of Global Communications
BettyAnn.Kram@inficon.com
OR
European:
sensus pr GmbH
Bernhard Schweizer, 41-43-366-5511
bschweizer@sensus.ch
SOURCE: INFICON
