- Fourth quarter 2010: sales up 29.5% to USD 76.3 million compared with Q4 2009 and up 11.5% over Q3 2010; income from operations rises 65.5% to USD 13.4 million compared with previous year.
- FY 2010: annual sales USD 265.4 million (previous year: USD 181.7 million, +46.1%), operating cash flow USD 50.3 million (PY: USD 11.6 million), income from operations USD 39.2 million (PY: USD 5.1 million), net income USD 27.1 million (PY: USD 2.3 million).
- Proposal to the Annual General Meeting of Shareholders to distribute CHF 10.00 per share for FY 2010.
Bad Ragaz/Switzerland, March 3, 2011Strong Sales Trend in Fourth Quarter 2010
INFICON Holding AG (SIX Swiss Exchange: IFCN) achieved in the last three months of 2010 for the fifth consecutive time a significantly stronger quarterly result compared to the same prior-year periods. Sales were up considerably to USD 76.3 million in the fourth quarter 2010 compared to both the same prior-year period (+29.5%) and the previous quarter (+11.5%). Supported by positive exchange rate effects of 0.6% and a 3.2 percentage point sales contribution from the Agilent Technologies Inc. product line, annual sales increased by 46.1%. Sales to the Specific Vacuum Process Industries and the Refrigeration & Air Conditioning markets rose particularly, mainly in Asia. Operating income for the fourth quarter was up by 65.5% to USD 13.4 million from USD 8.1 million last year. Net profit for the fourth quarter was up by even 109.3% to now USD 8.6 million from USD 4.1 million in the same prior-year period. This amounts to an increase of 105.8% in net profit per diluted share to USD 3.93 after USD 1.91 in the last quarter of 2009.FY 2010: New Records in Sales, Profit and Cash Flow
In the year under review INFICON was able to continue the successes of the years preceding the economic crisis while also closing the year of recession 2009 profitably. Sales climbed to USD 265.4 million (Prior year: USD 181.7 million, +46.1%), operating income to 39.2 million (PY: USD 5.1 million) and net profit to USD 27.1 million (PY: USD 2.3 million). The most significant year-on-year increases were recorded in the markets for Specific Vacuum Process Industries and Refrigeration & Air Conditioning, which benefited from global and particularly Asian growth. INFICON was able to expand its number one market position most notably in the Refrigeration & Air Conditioning market. The market for General Vacuum Processes delivered extremely solid growth mirroring the global economic recovery. The Emergency Response & Security end market, which is mainly shaped by large government contracts and thus slipped into a delayed recession, achieved sales in line with the previous year. The Micro Gas Chromatography (Micro GC) product line, acquired from Agilent Technologies in the year under review, developed favorably and contributed USD 3.4 million or around 2 percentage points to sales growth. INFICON managed business effectively despite higher performance based pay, higher R&D expenditures and moderate capital expenditures, as operating and net income show. In sales terms this amounts to an operating margin of 14.8% and a net profit margin of 10.2%. This equates to net profit per diluted share of USD 12.47 after USD 1.06 in 2009.Strong Cash Flow and Solid Balance Sheet
Cash generated by operating activities was USD 11.7 million in the fourth quarter 2010 after USD 8.6 million in the last quarter of 2009. For the full fiscal year 2010, cash flow from operating activities set a new record of USD 50.3 million after reaching USD 11.6 Mio last year. INFICON closed the year 2010 with cash and cash equivalents of USD 70.3 million after achieving USD 32.3 million last year. Net working capital was again kept below 20% of sales with slightly higher inventories and shorter payment terms. INFICON closed the year with a solid equity ratio of 74% after 79% in the prior year.Proposed Payout
The Board of Directors intends to propose to the Annual Shareholder Meeting on April 28, 2011 to distribute the amount of CHF 10.00 per registered share for the financial year 2010. The payment will either take place in the form of a distribution from available earnings or it will be distributed from capital contribution reserves.Outlook
INFICON is confident for the months ahead. In 2011, INFICON should benefit from the solid end demand for consumer electronics coupled with its multiple needs for storage media and flat screens, continuously growing interest in LED light bulbs and resurging activities in photovoltaics. The market for Refrigeration & Air Conditioning is developing favorably, which is primarily attributable to local demand in China and India. The General Vacuum Process market is benefiting from the economic recovery while growing security needs, the renewed HAPSITE product family and the acquired Micro GC product line will deliver new momentum to the market for Emergency Response & Security. For the full year 2011 INFICON expects sales in the range of USD 260 to 300 million and operating income in the range of USD 38 and 50 million.Analyst/Media Conference
INFICON will discuss its fourth quarter and full year results today at 09:30 a.m. CET at a German-speaking analyst and media conference in Zurich, Zunfthaus zur Saffran, Limmatquai 54, 8001 Zurich. Presentations slides in English will be posted to the Investors’ section of the INFICON website, www.inficon.com
, at 07:00 a.m. CET.Annual Report 2010
The complete Annual Report 2010 of INFICON Holding AG will be published on March 11, 2011 in the Investors’ section of the company website www.inficon.com
To automatically receive notification via e-mail of the latest financial information from INFICON, sign up for e-mail Alert in the Investors 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, 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 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.