- Sales increase to USD 81.8 million, up 36.1% versus the prior-year period and up 7.2% versus Q4 2010
- Income from operations of USD 15.8 million, or 19.3% of sales, and solid cash flow from operations of USD 8.9 million
- Higher expectations for full year 2011: sales between USD 270-310 million and income from operations between USD 42-54 million
Bad Ragaz/Switzerland, April 20, 2011.Significant Sales Increase
INFICON Holding AG (SIX Swiss Exchange: IFCN) reported for the first quarter 2011 a sales increase of 36.1% (foreign currency exchange effects of 5.0 percentage points and 2.3 percentage points acquisitions) to USD 81.8 million, which represents a new all-time high. The good business performance was made possible by the continued positive market developments, selective internal capacity increases as well as the elimination of bottlenecks on the procurement side. This enabled to reduce the backlog and in turn improve delivery times.Markets for Semiconductors and Refrigeration & Air Conditioning with Strongest Increases
The most notable delivery increases were recorded in the market for Specific Vacuum Process Industries (+71% to USD 32.3 million) to the manufacturers of memory and microprocessor chips, but also to display and OLED manufacturers. The strongest demand in this target market continued to come from Asia, followed by Europe. The market for General Vacuum Processes reported an increase of +30.5% to USD 33.9 million. Significantly driven by Asian demand, sales increased in the market for Refrigeration & Air Conditioning by +45.3% to USD 12.5 million. Not least as a result of the uncertain federal budget situation in the US, the expected orders from government agencies in the Emergency Response & Security market did not occur. Consequently INFICON’s smallest market was down substantially over last year (-52.9% to USD 3.2 million).Income From Operations Doubled
INFICON generated in the first quarter of 2011 income from operations of USD 15.8 million, which corresponds to a margin of 19.3 percentage points and a doubling over the prior-year period (+106.5%). The first quarter recorded a solid operating cash flow of USD 8.9 million after re-cording USD 12.0 million in the prior-year period. The inventory turns and days sales outstanding have been actively addressed so that net working capital remained stably below 20%, and INFICON closed the year with cash and cash equivalents of USD 79.5 million. The balance sheet continues to remain strong with an equity ratio of 74.3%.
Compared to the first quarter of 2010, net income for the period was increased by +88.0% to USD 10.8 million. This amounts to earnings per diluted share of USD 4.89 compared with earnings per diluted share of USD 2.65 last year.Outlook
Given the now mostly normalized procurement and production situation, and based on the assumption that the impacts of the catastrophe in Japan will not have massive negative effects, INFICON has raised its sales target and expects for the full year 2011 sales in the range of USD 270-310 million and significantly higher income from operations of USD 42-54 million.Conference Call and Webcast Today at 09:30 a.m. CEST
INFICON will discuss its detailed quarterly 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)203 059 58 64; 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 www.inficon.com
where the webcast will also be archived and available on demand approximately one hour after the end of the conference. The conference call can be accessed via http://phx.corporate-ir.net/phoenix.zhtml?c=124424&p=irol-audioarchives
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 at http://phx.corporate-ir.net/phoenix.zhtml?c=124424&p=irol-alerts&t=&id=&
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.