Sales Reach USD 68.9 Million and Net Income USD 7.3 Million
ZURICH, Switzerland & SYRACUSE, N.Y.--(BUSINESS WIRE)--April 16, 2008--INFICON (SWX Swiss Exchange: IFCN), a leading, worldwide manufacturer of instrumentation and process control software for advanced industrial vacuum processes, today announced excellent financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter of 2008 totaled USD 68.9 million compared to USD 57.8 million for the first quarter of 2007, representing a 19.1% increase. Organic growth accounted for 8.0% of the company's increase in sales, foreign currency exchange effect for 8.1% and sales from the Maxtek and Sigma Instruments acquisitions INFICON made in 2007 for 3.0%.
INFICON reported net income of USD 7.3 million, or USD 3.37 per diluted share. These results compared to net income of USD 6.8 million, or USD 2.85 per diluted share, for the first quarter of 2007. Cash generated by operating activities was USD 0.5 million compared to cash generated of USD 5.6 million in the same quarter last year.
President and Chief Executive Officer Lukas Winkler commented, "Sales were especially strong in the emergency response and security market, as the multi-million dollar HAPSITE order we announced last December was shipped to the State Environmental Protection Administration of China. In addition, we delivered several HAPSITE Viper(R) systems for integration into military vehicles to a customer in Europe and fulfilled other emergency response orders from the UK, Canada and Asia. We believe 2008 will continue to be a very active year for this product line."
The refrigeration and air conditioning (RAC) market was another source of growth for INFICON, with demand for market-leading refrigerant and multi-gas leak detectors continuing at a high level internationally. In the semiconductor and vacuum coating market, sales of thin film deposition measurement and control instrumentation, accessories and consumables showed significant strength, validating the company's strategy of acquiring companies that extend its reach to diverse, specialized markets with sustained, high-growth prospects. Order intake was stable for advanced sensors and FabGuard fault detection and analysis software from semiconductor manufacturers in Asia and the U.S. INFICON also generated another solid quarter in the general vacuum processes market.
The company is reaffirming its previously announced 2008 revenue target of USD 250 - 260 million and income from operations in the range of USD 36 - 40 million.
Conference Call and Visual Presentation: INFICON will hold an earnings teleconference, including presentation slides, that will be webcast on April 16, 2008 at 4:00 p.m. CEST (10:00 a.m. EDT). All participants can access the call by dialing +1.706.634.1033. All participants should dial in at least 10 minutes prior to the call. The conference call ID number is 41441071. 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 approximately 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 April 16, 2008 through 05:59 a.m. CEST on April 24 CEST (11:59 p.m. EDT on April 23). To access the replay, all callers should dial +1.706.645.9291, conference ID 41441071. 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, 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 manufacturing and 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. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON has world-class manufacturing facilities in the United States and Europe and subsidiaries in China, Finland, 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.
Betty Ann Kram, +1 315-434-1122
Director of Global Communications
sensus pr GmbH
Bernhard Schweizer, +41 43-366-5511