Net Sales Rise to USD 57.2 Million;
Net Income Increases to USD 5.5 Million
Innovative New Products Contribute to Growth Prospects
SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--July 24, 2007--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, 2007.
Revenues for the second quarter of 2007 totaled USD 57.2 million compared to USD 52.8 million for the second quarter of 2006, representing an 8.3% increase. On a constant dollar basis, revenues for the quarter increased 7.2%. Net income increased 23.9% to USD 5.5 million, or USD 2.33 per diluted share, compared to USD 4.5 million, or USD 1.89 per diluted share, in the second quarter of 2006. Cash provided by operating activities was USD 7.6 million compared to USD 4.8 million in the same quarter last year.
Revenues for the six months ended June 30, 2007 were USD 115.0 million compared to USD 101.5 million for the same period in 2006, representing a 13.3% increase. On a constant dollar basis, revenues increased 11.3%. Net income for the period increased 33.2% to USD 12.4 million, or USD 5.18 per diluted share, compared to net income of USD 9.3 million, or USD 3.91 per diluted share, the previous year.
Lukas Winkler, president and chief executive officer, commented, "Our second-quarter results reflect the continued successful execution of our growth strategy. The increased focus on R&D represents an important investment in our company's future, enabling us to introduce groundbreaking products and capitalize on the many growth opportunities in our markets. The prestigious awards INFICON received this month as well as the interest from customers confirm the potential of our new products to accelerate growth.
"Sales in the semiconductor and vacuum coating markets continued to show strength with demand for our most advanced leak detection and vacuum control products especially strong. The Editors' Choice Best Product Award we just received from Semiconductor International magazine for FabGuard(R) FDC - powerful software for on-line fault detection and classification (FDC) in semiconductor manufacturing - illustrates the ability of our products to significantly improve our customers' processes and yields. And at last week's SEMICON West trade show, we introduced new products, expanding our line of innovative SKY(R) CDG Capacitance Diaphragm Gauges and featuring the Sion(TM) RF Detector, the only ultra-fast, ultra-small plasma arc detector.
"Sales to emergency response and security customers were in line with our expectations, increasing slightly over those of last year's same period. We were very pleased that the new INFICON HAPSITE(R) Viper Chemical Identification System, a vehicle-integrated system for detecting and analyzing chemical warfare agents that was built to international military specifications and can be easily dismounted for person-portable mission reconnaissance, was recently honored with an R&D 100 Award, illustrating the success of our focus on technological innovation and excellence.
"Another highlight of this quarter was our acquisition and rapidly progressing integration of Maxtek, Inc., a developer and manufacturer of high-quality thin film deposition and measurement instruments. This strategic addition to INFICON's product portfolio enables us to provide a more complete product range for thin film coating processes which are vital for the manufacturing of eyeglasses and precision optic products.
"Sales to the refrigeration and air conditioning market hit another record high, powered by increased demand by air-conditioning and automotive manufacturers for our high-end leak detectors. The many advantages our Protec(R) P3000 helium leak detector offers are continuing to help us gain market share.
"Finally, we experienced another good quarter in the general vacuum market, where INFICON supplies vacuum gauges, leak detectors and gas analyzers to private label partners who sell to a wide variety of sectors.
"In summary, INFICON is on track to achieve our previously announced revenue and operating margin goals for 2007."
During the second quarter of 2007, INFICON spent USD 6.7 million, or CHF 8.3 million, to repurchase 38,300 shares of common stock at an average purchase price of CHF 215.65 per share, as part of its share buyback program. This represents 1.63% of the voting rights in INFICON Holding AG.
Conference Call and Visual Presentation: INFICON will hold an earnings teleconference, including presentation slides, that will be webcast on July 24 at 4:00 p.m. CEST (10:00 a.m. EDT). Participants in Switzerland can access the call by dialing 0.800.891.753. Other participants can dial in at +1.706.634.1033. All participants should dial in at least 10 minutes prior to the call. The conference call ID number is 5049370. The audio and visual webcast will be available in the Investor Relations section of the INFICON website. Please visit www.inficon.com, where our presentation will be available 20 minutes prior to the teleconference and webcast.
A replay of the call will be available from approximately 7:00 p.m. CEST (1:00 p.m. EDT) on July 24 through 05:59 a.m. August 1 CEST (11:59 p.m. EDT on July 31). To access the replay, all callers should dial +1.706.645.9291, conference ID #5049370. 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.
INFICON is a leading developer, manufacturer and supplier of innovative instrumentation, critical sensor technologies, and advanced process control software for the semiconductor and vacuum-coating industries and other industrial applications. These analysis, measurement and control products are 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. INFICON also provides essential instrumentation for gas leak detection to the air conditioning/refrigeration industries and toxic chemical analysis for the emergency response and security markets. INFICON has world-class manufacturing facilities in the United States and Europe and subsidiaries in the U.S., China, 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.