- Second quarter year over year sales up 56.6%, reaching level of first quarter 2010
- Income from operations USD 8.2 million; operating cash flow USD 10.4 million
- 2010 guidance raised: sales to reach USD 235-245 million and income from operations USD 28-32 million
- Half-year report available for download at www.inficon.com
Bad Ragaz/Switzerland, August 9, 2010. INFICON Holding AG (SIX Swiss Exchange: IFCN) achieved significant sales increases in all regions and target markets in the second quarter com-pared with the same period last year. INFICON closed the quarter with sales of USD 60.6 million, which represents an increase of 56.6%, or of 56.5% adjusted for currency effects. Compared with the first three months of 2010, quarterly sales rose by 0.9%, or by 2.9% adjusted for currency effects. Sales to the Specific Vacuum Processes and Refrigeration & Air Conditioning markets were up significantly both compared to this year's first quarter and last year's second quarter. The market for semiconductors, flat panel displays and LED/OLED applications recorded particularly dynamic growth. Raised capacity levels coupled with increasing quality requirements for end products also led to higher sales to Asian manufacturers of refrigeration and air conditioning equipment. Sales to the General Vacuum Processes market were down slightly versus the first three months of the year. This decrease is due to the considerable customer backlog built-up during the crisis which had already been largely reduced in the first quarter of 2010. INFICON is satisfied with developments in its Emergency Response & Security market, especially now that the replacement cycle for first generation HAPSITE models is being realized.Solid Income From Operations and Cash Flow; Strong Balance Sheet
INFICON generated income from operations of USD 8.2 million in the second quarter of 2010, which represents 13.5% of sales, versus a loss of USD 2.5 million in the second quarter of 2009 (which included one-time expenses of USD 2 million), and income from operations of USD 7.7 million in the first quarter of 2010. The earnings strength and tight management of net working capital enabled INFICON to increase cash flow from operating activities from USD 2.6 million in the second quarter of 2009 to USD 10.4 million in the second quarter of 2010. The balance sheet remains strong with an equity ratio of 74.4%.
After posting a loss of USD 2.1 million in the second quarter of 2009, INFICON augmented net income to USD 5.9 million or 9.7% of sales. For the second quarter 2010, INFICON achieved earnings per diluted share of USD 2.72 after a loss per share of USD 0.96 a year ago.Outlook
INFICON is convinced that it is well-positioned in all its target markets and from today's perspective is optimistic about the further market development for 2010. INFICON has raised its outlook for the full year 2010 and now targets sales between USD 235 and 245 million and income from operations between USD 28 and 32 million.Half-Year Report
The half-year report with the complete financials is available for download athttp://phx.corporate-ir.net/phoenix.zhtml?c=124424&p=irol-ReportsAnnualConference Call and Webcast Today at 09:30 a.m. CEST
INFICON will discuss its second 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, www.inficon.com
, where the webcast will also be archived and available on demand approximately one hour after the end of the conference.E-mail Alerts
To automatically receive notification via e-mail of the latest financial information from INFICON, sign up for E-mail Alerts in the Investors section of the INFICON website at http://phx.corporate-ir.net/phoenix.zhtml?c=124424&p=irol-alerts&t=&id=&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.