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
July 21, 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 July 21, 2004, announcing second quarter 2004
financial results.
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: July 21, 2004 INFICON Holding AG
By: /s/ Peter G. Maier
--------------------------------
Name: Peter G. Maier
Title: Vice President and Chief
Financial Officer
INFICON Announces Second Quarter 2004 Results;
Company Reports Record Quarterly Sales of $49.8 Million;
Operating Margin Increases to 11.3%
SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--July 21,
2004--INFICON (SWX Swiss Exchange and NASDAQ:IFCN), a leading
manufacturer of vacuum instrumentation and process control software
for the semiconductor and vacuum-coating industries and other
industrial applications, today announced results for the second
quarter ended June 30, 2004.
Revenues for the second quarter of 2004 were $49.8 million,
compared to $36.2 million for the second quarter of 2003, representing
a 37% increase. On a constant dollar basis, revenues grew 33%. Net
income for the second quarter of 2004 was $4.1 million ($1.75 per
diluted share - $0.18 per ADS) compared to a net loss for the second
quarter of 2003 of $1.6 million ($0.67 per diluted share - $0.07 per
ADS).
Revenues for the six months ended June 30, 2004 were $97.1 million
compared to $75.1 million for the same period in 2003, representing a
29% increase. On a constant dollar basis, revenues grew 24%. Net
income for the period was $7.6 million ($3.26 per diluted share -
$0.33 per ADS) compared to a net loss of $1.5 million ($0.66 per
diluted share - $0.07 per ADS) last year. As of June 30, 2004, the
company had $48.0 million in cash and cash equivalents, having
generated $12.6 million from operations during the first six months of
the year.
Lukas Winkler, president and chief executive officer, commented,
"This quarter's record sales reflect increased demand from end-users
in the semiconductor and vacuum coating markets, with especially
strong sales of in situ metrology products such as FabGuard(R), where
we benefited from a significant order from one of our largest
customers. We also had continuing strong orders for vacuum control
products from data storage OEMs and experienced a resurgence in the
refrigeration and air conditioning markets, where demand for INFICON
leak detectors for both manufacturing operations and the service
sector was high. We were also pleased to see increased international
sales of our Environmental Health and Safety products."
"In addition to producing revenue growth for the sixth consecutive
quarter, we again improved our operating margin from continuing
operations, raising it to 11.3%. This increased operational leverage
represents our company's best performance in three years and helped
produce a significant increase in cash on our balance sheet, now at a
record high for INFICON."
"In the third quarter of 2004, we expect our results to be much
improved over the third quarter of 2003, although on a sequential
basis, we expect results to be lower than 2004, reflecting normal
seasonal buying patterns in certain product lines and rather volatile
order flow in our Environmental Health and Safety product lines. Given
these patterns, we are forecasting revenues of approximately $47
million, a 25% increase from third quarter of 2003, and net income of
approximately $2.3 million ($1.00 per diluted share or $0.10 per ADS)
in the third quarter of fiscal 2004."
Semiconductor Vacuum Instrumentation segment revenues were $13.2
million in the second quarter of 2004, compared to $8.1 million in the
same quarter of 2003. General Vacuum Instrumentation segment revenues
for the second quarter of 2004 were $36.6 million, compared to $28.1
million in the same period last year.
Conference Call Information
INFICON will hold a conference call to discuss its second quarter
2004 results on Wednesday, July 21, 2004 at 10.00 a.m. EDT/4.00 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 (international callers dial +1.706.645.9291),
reservation number 8387209. The replay will be available until 11.59
p.m. EDT on July 28/5:59 a.m. CET on July 29.
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
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 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", "forecast," "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 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.
INFICON Holding AG
Consolidated Statements of Income
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------- ------
2004 2003 2004 2003
---- ---- ---- ----
Net sales $49,810 $36,245 $97,138 $75,134
Cost of sales 26,193 20,511 50,919 42,018
-------- -------- -------- --------
Gross profit 23,617 15,734 46,219 33,116
Research and development 4,904 4,361 10,021 8,751
Selling, general and
administrative 13,085 11,642 26,049 22,756
-------- -------- -------- --------
Operating income (loss) from
continuing operations 5,628 (269) 10,149 1,609
Interest (income) net (18) (73) (2) (162)
Other (income) net (140) (427) (1,128) (560)
-------- -------- -------- --------
Income from continuing operations
before income taxes 5,786 231 11,279 2,331
Provision (benefit) for income
taxes 1,728 (181) 2,986 365
-------- -------- -------- --------
Income from continuing operations 4,058 412 8,293 1,966
Discontinued operations
(Loss) from operations of
discontinued operations (less
applicable income tax (benefit)
of $(483) in Q2 2004 and $(837)
YTD 2004 and $(583) in Q2 2003
and $(1,155) YTD 2003) (268) (1,972) (1,179) (3,483)
Income on disposal of discontinued
operations (less applicable
income tax provision of $26 in Q2
2004 and $50 YTD 2004) 291 - 486 -
-------- -------- -------- --------
Income (loss) from discontinued
operations 23 (1,972) (693) (3,483)
-------- -------- -------- --------
Net income (loss) $4,081 $(1,560) $7,600 $(1,517)
======== ======== ======== ========
Earnings (loss) per share
Diluted
Continuing operations $1.74 $0.18 $3.55 $0.85
Discontinued operations $0.01 $(0.85) $(0.30) $(1.50)
------ ----------------- --------
Total $1.75 $(0.67) $3.26 * $(0.66)*
Basic
Continuing operations $1.75 $0.18 $3.58 $0.85
Discontinued operations $0.01 $(0.85) $(0.30) $(1.50)
------ -------- ------ --------
Total $1.76 $(0.67) $3.28 $(0.66)*
Earnings (loss) per ADS
(10 ADS : 1 Share)
Diluted
Continuing operations $0.17 $0.02 $0.36 $0.09
Discontinued operations $0.00 $(0.09) $(0.03) $(0.15)
------ -------- -------- --------
Total $0.18 * $(0.07) $0.33 $(0.07)*
Basic
Continuing operations $0.18 $0.02 $0.36 $0.09
Discontinued operations $0.00 $(0.09) $(0.03) $(0.15)
------ -------- -------- --------
Total $0.18 $(0.07) $0.33 $(0.07)*
Shares used to compute net income
per share
Diluted 2,334 2,315 2,334 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)
June 30, Dec. 31,
2004 2003
(unaudited)
Assets
Current assets:
Cash and cash equivalents $47,963 $37,074
Trade accounts receivable, net 23,131 22,197
Accounts receivable - affiliates 1,097 94
Inventories, net 19,848 19,395
Deferred tax assets 2,364 3,161
Other current assets 4,034 2,950
---------- ---------
Total current assets 98,437 84,871
Property plant and equipment, net 21,864 22,398
Intangibles, net 1,112 1,526
Deferred tax assets 38,274 39,293
Other assets 2,354 2,586
---------- ---------
Total non current assets 63,604 65,803
Total assets $162,041 $150,674
========== =========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $7,198 $5,918
Accounts payable - affiliates 8 193
Accrued liabilities 15,273 12,911
Income taxes payable 1,265 962
Deferred tax liabilities 732 545
---------- ---------
Total current liabilities 24,476 20,529
Deferred tax liabilities 491 479
Other liabilities 5,050 3,907
---------- ---------
Total non current liabilities 5,541 4,386
Total liabilities 30,017 24,915
Stockholders' equity 132,024 125,759
---------- ---------
Total liabilities and stockholders' equity $162,041 $150,674
========== =========
INFICON Holding AG
Consolidated Statements of Cash Flow (in thousands)
(unaudited)
Six Months Ended
June 30,
2004 2003
-------- --------
Cash flows from operating activities:
Net income (loss) $7,600 $(1,517)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 2,310 2,087
Gain on receipt and sale of marketable securities (1,038) -
Impairment of long lived assets 341 -
Deferred taxes 1,760 (832)
Changes in operating assets and liabilities: - -
Trade accounts receivable (2,069) (254)
Inventories (709) (1,921)
Other assets (766) (286)
Accounts payable 1,177 1,031
Accrued liabilities 2,564 (1,924)
Income taxes payable 322 (1,024)
Other liabilities 1,143 1,140
-------- --------
Net cash provided (used in) by operating activities 12,635 (3,500)
Cash flows from investing activities:
Purchases of property, plant and equipment (2,082) (1,290)
Purchase of Sentex Systems, Inc. - (1,500)
Proceeds from sale of marketable securities 1,038 -
-------- --------
Net cash (used in) investing activities (1,044) (2,790)
Proceeds from exercise of stock options 31 -
-------- --------
Net cash provided by financing activities 31 -
-------- --------
Effect of exchange rate changes on cash and cash
equivalents (733) 900
-------- --------
Increase (decrease) in cash and cash equivalents 10,889 (5,390)
Cash and cash equivalents at beginning of period 37,074 37,846
-------- --------
Cash and cash equivalents at end of period $47,963 $32,456
======== ========
CONTACT: Corporate Contact
Betty Ann 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