FORM 6-K
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
Of the Securities Exchange Act of 1934
February 18, 2004
INFICON Holding AG
INFICON Holding Inc.
(Translation of registrant's name into English)
INFICON Inc.
Two Technology Place
East Syracuse, New York 13057
(Address of principal executive offices)
(Indicate by check market whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
--- ---
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes No X
--- ---
Enclosure: Press release dated February 18, 2004, announcing fourth quarter and
year 2003 financial results.
INFICON Announces Fourth Quarter 2003 Results;
Revenues Rise 35% on Strong Sales in All Segments
SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--Feb. 18,
2004--INFICON Holding AG (SWX Swiss Exchange and NASDAQ:IFCN), a
leading manufacturer of vacuum instrumentation and process control
software for the semiconductor and related industries and other
industrial applications, today announced final results for the fourth
quarter and year ended December 31, 2003.
Revenues for the fourth quarter of 2003 were $45.0 million,
compared to $33.3 million for the fourth quarter of 2002, up 35.0%. On
a constant dollar basis, revenues grew 26.5%. Semiconductor Vacuum
Instrumentation segment revenues were $10.9 million in the fourth
quarter of 2003, compared to $8.0 million in the same quarter of 2002.
General Vacuum Instrumentation segment revenues for the fourth quarter
of 2003 were $34.1 million, compared to $25.3 million in the same
period last year.
Net income for the quarter was $764 thousand ($0.33 per diluted
share - $0.03 per ADS), compared to $8 thousand ($0.00 per diluted
share - $0.00 per ADS) in the fourth quarter of 2002.
For the year ended December 31, 2003, revenues were $159.4 million
compared to $130.3 million reported in fiscal year 2002. For the full
year, the company reported a net loss of $9.4 million ($4.06 per
diluted share - $0.41 per ADS) compared to net income of $0.1 million
($0.05 per diluted share - $0.01 per ADS). Included in the full year
net loss was a one-time $7.4 million impairment charge related to a
write down of long-lived assets in the company's patterning solutions
product line that was taken in the third quarter. In addition, the
company recorded a loss from discontinued operations of $3.4 million
related to its Ultra Clean Processing Business Unit.
As of December 31, 2003, INFICON had $37.1 million in cash and
cash equivalents, having generated $890 thousand from operations, used
$5.6 million for investments and generated $208 thousand from
financing activities during the year.
"INFICON ended 2003 on a strong note with higher than expected
revenues and growth in all geographic regions and all product lines,"
said Lukas Winkler, president and chief executive officer. "Equally
important, we saw renewed order momentum in the semiconductor market.
This improved momentum was accompanied by another strong performance
in our Environmental Health and Safety business and by a surge in
sales of leak detectors."
Winkler continued, "We are encouraged by the recovery taking place
in both the semiconductor and related markets and by the momentum we
have been experiencing in this part of our business. We believe
INFICON is well positioned to take advantage of upswings in these
markets as a result of our strong new technology and product pipeline.
At the same time, the general economic environment has improved only
moderately. These factors, combined with the timing of anticipated
product deliveries, lead us to expect revenues of approximately $46
million and net income of approximately $1.7 million ($0.74 per share
or $0.07 per ADS) in the first quarter of fiscal 2004."
Conference Call Information
INFICON will hold a conference call to discuss its fourth quarter
fiscal year end 2003 results on Wednesday, February 18, 2004 at 10:00
a.m. EST/4:00 p.m. CET. To access the conference call, please dial
706-634-1033 by 9:50 a.m. EST/3:50 p.m. CET. A live webcast of the
conference call will also be available in the Investor Relations
section of the INFICON website, www.inficon.com. To access the replay,
please dial 800-642-1687 (international callers dial 706-645-9291),
conference ID number 4861329. The replay will be available until 11:59
p.m. EST on February 25/5:59 a.m. CET on February 26.
ABOUT INFICON
INFICON is a leading developer, manufacturer and supplier of
innovative vacuum instrumentation, critical sensor technologies, and
advanced process control software for the semiconductor and related
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 and toxic chemical analysis to
the air conditioning/refrigeration, emergency response and industrial
hygiene markets. Headquartered in Syracuse, New York, INFICON has
world-class manufacturing facilities in the United States and Europe
and worldwide offices in the U.S., China, France, Germany, Japan,
Korea, Liechtenstein, Singapore, Switzerland, Taiwan, and the United
Kingdom. For more information about INFICON and its products, please
visit the Company's website at 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. Forward looking
statements can be identified by the use of words such as "may",
"believe", "will", "expect", "project", "assume", "estimate",
"anticipate", "plan", "continue", "resumes", "opportunity,"
"potential", or "guidance". 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. Some of these
risks and uncertainties are discussed in the Company's Annual Report
on Form 20-F for fiscal 2002 and the Company's reports on Form 6-K
filed with the Securities and Exchange Commission during 2003. 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.
-- tables to follow -
INFICON Holding AG
Consolidated Statements of Income
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
(unaudited) (unaudited) (audited) (audited)
Net sales $45,004 $33,328 $159,438 $130,279
Cost of sales 24,542 18,108 89,102 72,364
--------- --------- --------- ---------
Gross profit 20,462 15,220 70,336 57,915
Research and
development 5,579 4,224 20,988 16,052
Impairment of long
lived assets - - 7,370 -
Selling, general and
administrative 13,004 10,076 48,326 39,264
--------- --------- --------- ---------
Operating Income (Loss)
from continuing
operations 1,879 920 (6,348) 2,599
Interest expense
(income) , net 21 (223) (126) (597)
Other expense (income)
, net 56 271 (546) 383
--------- --------- --------- ---------
Income (loss) from
continuing operations
before income taxes 1,802 872 (5,676) 2,813
Provision (Benefit) for
income taxes 1,464 (130) 271 (120)
--------- --------- --------- ---------
Income (Loss) from
continuing operations 338 1,002 (5,947) 2,933
Discontinued operations
Income (Loss) from
operations of
discontinued Ultra
Clean Operations
(less applicable
income tax provision
(benefit) of $8 in
Q4 2003 and $(177)
YTD 2003 and $(148)
in Q4 2002 and $(422)
YTD 2002) 57 (994) (1,188) (2,828)
Income (Loss) on
disposal of Ultra
Clean Operations
(less applicable
income tax provision
(benefit) of $55 in
Q4 2003 and $(337)
YTD 2003 369 - (2,254) -
--------- --------- --------- ---------
Income (Loss) from
discontinued
operations 426 (994) (3,442) (2,828)
--------- --------- --------- ---------
Net Income (loss) $764 $8 $(9,389) $105
=========== =========== ========== ==========
Earnings (loss) per
share
Diluted
Continuing Operations $0.14 $0.43 $(2.57) $1.27
Discontinued
Operations $0.18 $(0.43) $(1.49) $(1.22)
--------- --------- --------- ---------
Total $0.33 * $0.00 $(4.06) $0.05
Basic
Continuing Operations $0.15 $0.43 $(2.57) $1.27
Discontinued
Operations $0.18 $(0.43) $(1.49) $(1.22)
--------- --------- --------- ---------
Total $0.33 $0.00 $(4.06) $0.05
Earnings (loss) per ADS
(10 ADS : 1 Share)
Diluted
Continuing Operations $0.01 $0.04 $(0.26) $0.13
Discontinued
Operations $0.02 $(0.04) $(0.15) $(0.12)
--------- --------- --------- ---------
Total $0.03 $0.00 $(0.41) $0.01
Basic
Continuing Operations $0.02 $0.04 $(0.26) $0.13
Discontinued
Operations $0.02 $(0.04) $(0.15) $(0.12)
--------- --------- --------- ---------
Total $0.03 * $0.00 $(0.41) $0.01
Shares used to compute
net income per share
Diluted 2,333 2,315 2,315 2,315
Basic 2,315 2,315 2,315 2,315
* figures do not total due to rounding
INFICON Holding AG
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2003 2002
---- ----
(audited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $37,074 $37,846
Trade accounts receivable, net 22,197 15,895
Accounts receivable - affiliates 94 417
Inventories 19,395 19,880
Deferred tax assets 3,161 5,325
Other current assets 2,950 3,065
---------- ----------
Total current assets 84,871 82,428
Property plant and equipment, net 22,398 21,419
Intangibles, net 1,526 343
Deferred tax assets 39,293 35,664
Other assets 2,586 8,074
---------- ----------
Total assets $150,674 $147,928
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable $5,918 $5,736
Accounts payable - affiliates 193 172
Accrued liabilities 12,911 9,711
Income taxes payable 962 2,547
Deferred tax liabilities 545 466
---------- ----------
Total current liabilities 20,529 18,632
Deferred tax liabilities 479 696
Other liabilities 3,907 1,190
---------- ----------
Total liabilities 24,915 20,518
Stockholders' equity 125,759 127,410
---------- ----------
Total liabilities and stockholders' equity $150,674 $147,928
========== ==========
INFICON Holding AG
Consolidated Statements of Cash Flow
(In thousands)
Twelve Months Ended
December 31,
2003 2002
---- ----
(audited) (audited)
Cash flows from operating activities:
Net income (loss) $(9,389) $105
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 5,222 3,879
Impairment of long lived assets 7,370 -
Deferred taxes 60 (1,691)
Changes in operating assets and liabilities: - -
Trade accounts receivable (4,481) 3,566
Inventories 2,317 4,319
Other assets 1,833 471
Accounts payable (813) 160
Accrued liabilities (1,918) (1,269)
Income taxes payable (2,022) 636
Other liabilities 2,712 60
---------- ----------
Net cash provided by operating activities 890 10,236
Cash flows from investing activities:
Purchases of property, plant and equipment (4,109) (7,341)
Increase in other assets - (5,947)
Purchase of Sentex Systems, Inc. (1,500) -
---------- ----------
Net cash (used in) investing activities (5,609) (13,288)
Cash flows from financing activities:
Payments on notes receivable from officers 208 -
---------- ----------
Net cash provided by (used in) financing
activities 208 -
---------- ----------
Effect of exchange rate changes on cash and cash
equivalents 3,739 7,110
---------- ----------
Increase (Decrease) in cash and cash equivalents (772) 4,058
Cash and cash equivalents at beginning of period 37,846 33,788
---------- ----------
Cash and cash equivalents at end of period $37,074 $37,846
========== ==========
CONTACT: INFICON Holding AG, Syracuse
Corporate Contact:
BettyAnn Kram, 315-434-1122
BettyAnn.Kram@inficon.com
or
European Contact:
c-matrix group ag
Bernhard Schweizer/Sara Koch, +41 (0) 41.769.80.40
inficon@cmatrix.ch
or
North American Contact:
Lippert/Heilshorn & Associates, Inc.
Jody Burfening/Harriet Fried, 212-838-3777
jbs@lhai.com
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: February 18, 2004 INFICON Holding AG
By: /s/ Peter G. Maier
___________________________
Name: Peter G. Maier
Title: Vice President and Chief
Financial Officer