Record Q1 Sales of USD 57.8 Million
Net Income Increases 42% to USD 6.8 Million
SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--April 25, 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 first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 totaled USD 57.8 million compared to USD 48.7 million for the first quarter of 2006, representing an 18.8% increase. On a constant dollar basis, revenues for the quarter increased 15.7%. Net income increased 41.9% to USD 6.8 million, or USD 2.85 per diluted share, compared to USD 4.8 million, or USD 2.02 per diluted share, in the first quarter of 2006. Cash provided by operating activities was USD 5.6 million compared to USD 4.7 million in the same quarter last year.
"INFICON began the year by setting another quarterly revenue record," said Lukas Winkler, president and chief executive officer. "We are pleased to start 2007 on a strong note with substantial increases in sales worldwide and an even more significant improvement in profitability. These achievements reflect the power of the INFICON business model; we are focused on profitable growth through superior products that provide meaningful cost advantages and productivity improvements to our customers and by optimizing our own operations.
"Sales in the semiconductor and vacuum coating market to OEMs were robust, led by strong demand for leak detector and vacuum control products. A major international semiconductor manufacturer continued to expand its use of our FabGuard(R) Sensor Integration and Analysis system, again confirming the considerable productivity contribution of INFICON fault detection and control software. And the crystal business we acquired in 2006, through which we now manufacture quartz-based products for thin film monitoring and control instruments, made a significant and sustainable contribution to our vacuum coating sales. There is more potential for healthy growth in this business.
"The refrigeration and air conditioning market hit a record high with greater pre-season demand than usual from the service sector for INFICON hand-held leak detectors. Our new Compass(TM) Leak Detector -- delivering an optimal balance of features, functions and value -- was recently introduced and has been well-received. In addition, there were ongoing sales for quality checking in manufacturing industries. Our Protec(R) P3000 helium leak detector continued to help drive sales for quality checking on the production lines of air conditioning and refrigeration customers. This exceptional product is enabling us to gain even stronger market share for an already solid leadership position.
"Revenue in the general vacuum market, where we serve many different industries, rose to another record level, as our major private label partners increased their purchase of leak detectors and vacuum control products. Also, sales of INFICON-branded products, especially SKY(R) Capacitance Diaphragm Gauges (CDG), to industrial OEMs significantly increased this quarter, demonstrating growth in direct sales to this market.
"As expected, sales to emergency response and security customers declined from last year's first quarter due to reduced activity by the U.S. government, although we continued to receive orders internationally. We do see long-term promise in this market, however, and are expanding our family of HAPSITE(R) Chemical Identification Systems to address new security applications and the requirements of military customers.
Mr. Winkler concluded, "Our revenue goal for 2007 continues at the level we previously announced, around 10% above 2006 sales, including potential acquisitions. We still expect to achieve an operating margin between 13% and 14%."
Conference Call and Visual Presentation: INFICON will hold an earnings teleconference, including presentation slides, that will be webcast on April 25 at 09:00 a.m. CEST (3:00 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 4431554. 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 12:00 p.m. CEST (6:00 a.m. EDT) on April 25 through 05:59 a.m. May 3 CEST (11:59 p.m. EDT on May 2). To access the replay, all callers should dial +1.706.645.9291, conference ID #4431554. 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 address, among other things, our strategic objectives, trends in vacuum technology and in the industries that employ vacuum instrumentation, such as the semiconductor and related industries and the anticipated effects of these trends on our business. 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. As a consequence, our current and anticipated plans and our future prospects, results of operations and financial condition may differ from those expressed in any forward-looking statements made by or on behalf of our company. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.