INFICON Reports Second-Quarter 2008 Results
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.
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