First quarter 2010 results confirm market stabilization

  • Sales for the first quarter 2010 up 57.8% compared with previous year and up 2.1% compared with fourth quarter 2009
  • USD 7.7 million income from operations and USD 12.0 million operating cash flow

Bad Ragaz Switzerland, April 22, 2010. INFICON Holding AG (SIX Swiss Exchange: IFCN) has achieved 57.8% (adjusted for currency effects 51.4%) higher sales of USD 60.1 million in the first quarter 2010 versus the prior year period. Compared with the fourth quarter 2009 the increase amounted to 2.1%, indicating that the market recovery continues to show signs of stabilization. INFICON achieved income from operations of USD 7.7 million in the first quarter 2010 after a loss from operations of USD 3.4 million in the prior year period. Operating cash flow reached USD 12.0 million in the quarter.


Signs of a stabilizing market recovery
INFICON achieved a significant increase in sales in all regions and target markets in the first quarter 2010 compared with the same period of the previous year. INFICON closed the quarter with sales of USD 60.1 million, which amounts to an increase of 51.4% adjusted for currency effects.


A comparison with the last quarter 2009 shows, particularly for Europe, a considerable market recovery in all target markets. Sales declined slightly in Asia, mainly in the Refrigeration & Air Conditioning and General Vacuum Processes markets after the particularly strong recovery in the previous quarter. In North America, quarterly sales were lower due to decreased sales in the Emergency Response & Security market. This target market was the only one to record a slight decline globally in the reporting quarter. The decline however is primarily attributable to the market structure which traditionally consists of large-scale orders.


Solid income from operations and cash flow; balance sheet remains strong
INFICON generated an income from operations of USD 7.7 million in the first quarter of 2010 af-ter a loss from operations of USD 3.4 million in the first quarter 2009. Operating cash flow in-creased compared with the first quarter 2009, from USD -3.2 million to USD 12.0 million. This increase traces back to the strengthened earnings situation, to the improved net working capital as well as to low payouts for variable compensation due to the marginal results in the 2009 financial year. Net income increased by 39.5% to USD 5.7 million compared with the fourth quarter 2009. In the first quarter 2009 INFICON had disclosed a loss of USD 2.2 million. For the first quarter 2010 INFICON achieved, on a per diluted share basis, earnings per share of USD 2.64 compared with a loss per share of USD 1.02 the previous year.

The balance sheet remains very strong with an equity ratio of 78.0%. The tight inventory and receivable management resulted in a better net working capital.


INFICON remains cautiously optimistic about the future market development and expects the coming months will show how sustainable the recovery is. INFICON is confident that it is well positioned in all target markets. From today’s perspective INFICON confirms for the 2010 financial year the sales target in the range of USD 200 to 230 million and an income from operations of USD 20 to 26 million.

 Conference call and webcast today at 09:30 a.m. CEST
INFICON will discuss its first quarter results today in a conference call scheduled for 09:30 a.m. CEST. The local dial-in numbers are as follows: Continental Europe: +41 (0)91 610 41 11; UK: +44 (0)207 098 07 02; USA (Toll free): +1 (1) 866 666 56 64. All participants should dial in at least 10 minutes prior to the call. There is no pin required to access the call. A live webcast of the conference call and the presentation visuals (as from 07:00 a.m. CEST) are available in the Investors section of the INFICON website where the webcast will also be archived and available on demand approximately one hour after the end of the conference.


E-mail Alerts
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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, and automotive manufacturing. They are vital to equipment manufacturers and end-users in the complex fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells and industrial vacuum coating applications. Other users of vacuum based processes include the life sciences, research, aerospace, packaging, heat treatment, laser cutting and many other industrial processes. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON is headquartered in Switzerland and has world-class manufacturing facilities in Europe, the United States and China, as well as subsidiaries in China, Finland, France, Germany, Japan, Korea, Liechtenstein, Singapore, Switzerland, Taiwan, the United Kingdom and the United States. INFICON registered shares (IFCN) are listed on SIX Swiss Exchange. For more information about INFICON and its products, please visit


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. 

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