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
April 22, 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 April 22, 2004, announcing first quarter 2004
financial results.
INFICON Announces First Quarter 2004 Results; Net Sales Increase 22%
and Operational Leverage Improves
SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--April 22,
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 results for the first quarter
ended March 31, 2004.
Revenues for the first quarter of 2004 were $47.3 million,
compared to $38.9 million for the first quarter of 2003, representing
a 22% increase. On a constant dollar basis, revenues grew 14.8%. Net
income for the first quarter of 2004 was $3.1 million ($1.31 per
diluted share - $0.13 per ADS), compared to the $43,000 ($0.02 per
diluted share - $0.00 per ADS) reported for the first quarter of 2003.
The company ended the quarter with $37.4 million in cash and cash
equivalents, having generated $2.5 million from operations and used
$1.1 million in investing activities.
Lukas Winkler, president and chief executive officer, commented,
"As expected, last year's fourth quarter improved momentum continued
into the first quarter producing revenue growth for the fifth
consecutive quarter and achieving an operating margin from continuing
operations of 10% for the first time since the second quarter of 2001.
Clearly, we are realizing once again the benefits of our flexible
operating model."
Winkler continued, "Improved economic conditions, particularly in
Europe and the U.S., and better-than-expected sales to our
private-label customers who are the major vacuum pump manufacturers -
they resell our products to a large and diverse customer base - were
the primary factors contributing to the favorable first quarter
results. This success illustrates INFICON's established, dominant
market share that we sustain with superior product performance. Sales
of our Environmental Health and Safety products also remained strong.
"We also saw ongoing strong order flow for vacuum gauges and in
situ metrology and process control products from our semiconductor
customers. And we were gratified to win two 'Editors' Choice Best
Products Awards' for FabGuard(R) process diagnostic software and
Stiletto(TM) Scanning Laser Particle Detector from Semiconductor
International, a premier trade publication in the semiconductor
industry. Even more impressive, FabGuard was recognized as this year's
Grand Winner for the most outstanding product used in semiconductor
manufacturing."
The first quarter financial statements include a reclassification
of the company's patterning solutions product line as a discontinued
operation. During the quarter, INFICON engaged the services of an
investment bank to explore alternatives for this business. "And we
have come to the conclusion that our plan to broaden our advanced
process control footprint with patterning solutions software did not
yield the expected synergies. Instead, we believe the company's
interests are best served by focusing on our core competency in
semiconductor vacuum processes with automated, 'tool-based' sensors
and process diagnostic software that enable our customers to focus
critical resources on making important manufacturing decisions," said
Winkler.
"We believe the reputation for technological innovation and
excellence that INFICON has built, combined with our operational
flexibility, will serve us well, especially as the semiconductor
industry continues to improve," concluded Winkler. "On the strength of
growing semiconductor end-user demand, offset by a seasonally slower
period in Europe and on-going limited visibility, we are forecasting
another robust quarter with revenues of approximately $49 million and
net income of approximately $3.3 million ($1.42 per share or $0.14 per
ADS) in the second quarter of fiscal 2004."
Semiconductor Vacuum Instrumentation segment revenues were $10.1
million in the first quarter of 2004 compared to $10.3 million in the
same quarter of 2003. General Vacuum Instrumentation segment revenues
for the first quarter of 2004 were $37.3 million compared to $28.6
million in the same period last year.
Conference Call Information
INFICON will hold a conference call to discuss its first quarter
2004 results on Thursday, April 22, 2004, at 10 a.m. EDT (4 p.m. CET).
To access the conference call, please dial +1.706.634.1033 by 9:50
a.m. EDT (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
+1.800.642.1687 (outside the U.S. and Canada, dial +1.706.645.9291),
and enter conference ID number 6683984. The replay will be available
until 11:59 p.m. EDT on April 29 (5:59 a.m. CET on April 30).
ABOUT INFICON
INFICON is a leading developer, manufacturer and supplier of
innovative vacuum instrumentation, critical sensor technologies, and
process control software for the semiconductor and related industries.
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 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" or
"potential". 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 2003 and the Company's reports on Form 6-K
filed with the Securities and Exchange Commission during 2004.
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
March 31,
2004 2003
---- ----
(unaudited) (unaudited)
Net sales $47,328 $38,889
Cost of sales 24,726 21,507
--------- ---------
Gross profit 22,602 17,382
Research and development 5,117 4,390
Selling, general and administrative 12,964 11,114
--------- ---------
Operating income from continuing operations 4,521 1,878
Interest expense (income) , net 16 (89)
Other (income) , net (231) (134)
--------- ---------
Income from continuing operations before
income taxes 4,736 2,101
Provision for income taxes 955 546
--------- ---------
Income from continuing operations 3,781 1,555
Discontinued operations
(Loss) from operations of discontinued
operations (less applicable income tax
provision (benefit) of $(354) in Q1 2004 and
$(572) in Q1 2003) (912) (1,512)
(Loss) on disposal of discontinued operations
(less applicable income tax provision of $24
in Q1 2004) 196 -
--------- ---------
(Loss) from discontinued operations (716) (1,512)
--------- ---------
Net income $3,065 $43
=========== ===========
Earnings (loss) per share
Diluted
Continuing operations $1.62 $0.67
Discontinued operations $(0.31) $(0.65)
--------- ---------
Total $1.31 $0.02
Basic
Continuing operations $1.63 $0.67
Discontinued operations $(0.31) $(0.65)
--------- ---------
Total $1.32 $0.02
Earnings (loss) per ADS
(10 ADS : 1 Share)
Diluted
Continuing operations $0.16 $0.07
Discontinued operations $(0.03) $(0.07)
--------- ---------
Total $0.13 $0.00
Basic
Continuing operations $0.16 $0.07
Discontinued operations $(0.03) $(0.07)
--------- ---------
Total $0.13 $0.00
Shares used to compute net income per share
Diluted 2,335 2,316
Basic 2,315 2,315
INFICON Holding AG
Consolidated Balance Sheets
(In thousands)
March December
31, 31,
2004 2003
---- ----
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $37,420 $37,074
Trade accounts receivable, net 25,311 22,197
Accounts receivable - affiliates 854 94
Inventories, net 21,700 19,395
Deferred tax assets 2,759 3,161
Other current assets 4,516 2,950
---------- ---------
Total current assets 92,560 84,871
Property plant and equipment, net 21,882 22,398
Intangibles, net 997 1,526
Deferred tax assets 38,654 39,293
Other assets 2,294 2,586
---------- ---------
Total non-current assets 63,827 65,803
Total assets $156,387 $150,674
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $7,636 $5,918
Accounts payable - affiliates 27 193
Accrued liabilities 15,403 12,911
Income taxes payable 751 962
Deferred tax liabilities 547 545
---------- ---------
Total current liabilities 24,364 20,529
Deferred tax liabilities 482 479
Other liabilities 4,478 3,907
---------- ---------
Total non-current liabilities 4,960 4,386
Total liabilities 29,324 24,915
Stockholders' equity 127,063 125,759
---------- ---------
Total liabilities and stockholders' equity $156,387 $150,674
========== =========
INFICON Holding AG
Consolidated Statements of Cash Flow
(In thousands)
Three Months Ended
March 31,
2004 2003
---- ----
(unaudited) (unaudited)
Cash flows from operating activities:
Net income $3,065 $43
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,209 1,029
Impairment of long lived assets 341 -
Deferred taxes 868 (699)
Changes in operating assets and liabilities:
Trade accounts receivable (3,957) (2,272)
Inventories (2,569) (876)
Other assets (1,210) (590)
Accounts payable 1,633 1,350
Accrued liabilities 2,719 (2,212)
Income taxes payable (192) 254
Other liabilities 571 478
---------- ----------
Net cash provided by (used in) operating
activities 2,478 (3,495)
Cash flows from investing activities:
Purchases of property, plant and equipment (1,091) (1,314)
---------- ----------
Net cash (used in) investing activities (1,091) (1,314)
Net cash provided by (used in) financing
activities - -
---------- ----------
Effect of exchange rate changes on cash and
cash equivalents (1,041) 698
---------- ----------
Increase (decrease) in cash and cash
equivalents 346 (4,111)
Cash and cash equivalents at beginning of
period 37,074 37,846
---------- ----------
Cash and cash equivalents at end of period $37,420 $33,735
========== ==========
CONTACT: INFICON
Investor Relations:
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: April 22, 2004 INFICON Holding AG
By: /s/ Peter G. Maier
-------------------------------------
Name: Peter G. Maier
Title: Vice President and Chief Financial
Officer