INFICON Announces Fourth Quarter and Full Year 2005 Results; Successful Drive to Improve Profitability Boosts Fourth Quarter EPS to $2.19; INFICON Plans Par Value Repayment of CHF 5.00 Per Share.SYRACUSE Syracuse, city, Italy Syracuse (sĭr`əky  s, –kyz), Ital. Siracusa, city (1991 pop. , N.Y. & ZURICH, Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. -- INFICON (SWX Swiss
Exchange SWX Swiss ExchangeAn all-electronic securities exchange formed from the 1995 merger of exchanges in Geneva, Basel, and Zurich. The exchange offers trading in equity securities, investment funds, exchange-traded funds, bonds, Eurobonds, and options. : IFCN IFCN International Fitness Club Network IFCN Interfacility Flow Control Network ), a leading manufacturer of instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and process control software for the semiconductor and vacuum-coating industries and other industrial applications, today announced financial results for the fourth quarter and full year ended December December: see month. 31, 2005. Revenues for the fourth quarter of 2005 were $47.7 million, compared to $47.3 million for the fourth quarter of 2004, representing a 0.9% increase. On a constant dollar basis, revenues for the quarter increased 6.6%. The company reported net income of $5.2 million, or $2.19 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.8 million, or $0.75 per diluted share, in the fourth quarter of 2004. Revenues for the full year ended December 31, 2005 were $191.3 million compared to $188.1 million for 2004, representing a 1.7% increase. On a constant dollar basis, revenues increased 1.7%. Net income for the period was $15.5 million, or $6.64 per diluted share, compared to net income of $9.4 million, or $4.04 per diluted share, for 2004, which included a $2.0 million loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Lukas The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. Winkler Winkler may refer to:
Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. due to a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. sales mix sales mix See product mix. , improved operational leverage from cost-savings initiatives we have implemented, and from reprioritizing certain R&D projects. "The company's sales for the quarter met our expectations. In the semiconductor and vacuum coating market, sales decreased from last year. This was driven by significantly lower sales to optical data storage and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time equipment customers and lower demand from semiconductor customers in Asia. However, demand for our advanced process control software from U.S. chip makers was strong. In the refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. market, we experienced a solid increase, reflecting the success of two products introduced in 2005 - the Protec P3000 helium helium (hē`lēəm), gaseous chemical element; symbol He; at. no. 2; at. wt. 4.0026; m.p. below −272°C; at 26 atmospheres pressure; b.p. −268.934°C; at 1 atmosphere pressure; density 0. leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. detector detector: see particle detector. and the Ecotec E3000 multi-gas leak detector. Both set new standards for productivity and reliability in demanding production environments. "Sales to environmental health and security customers rose sharply from last year's fourth quarter due primarily to increased demand from customers outside the U.S. In the general vacuum processes market, demand was solid, reflecting favorable market conditions primarily in Asia. "For 2006, we continue to expect annual sales growth of 5 -10%, as we announced in October October: see month. 2005. By maintaining our strong focus on improving the company's operational leverage, we expect to achieve an operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of approximately 12% for the year. We believe this focus, combined with our commitment to technology leadership, positions INFICON for additional profitable growth. For example, in December we introduced a new series of capacitance capacitance, in electricity, capability of a body, system, circuit, or device for storing electric charge. Capacitance is expressed as the ratio of stored charge in coulombs to the impressed potential difference in volts. diaphragm diaphragm (dī`əfrăm'), term used to describe any of several large muscles, found in humans and other mammals, which separate two adjacent regions of the body. The most commonly known muscle of this class is the thoraco-abdominal diaphragm. gauges with digital electronics. The new design offers longer life and increased uptime on semiconductor manufacturing equipment." The INFICON Board of Directors intends to recommend a par value repayment of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.00 per share at the Annual General Meeting of Shareholders on May 4, 2006. As a result, the par value of INFICON shares will be reduced from CHF 10.00 to CHF 5.00. This distribution will be in addition to the planned dividend of CHF 5.00 per share for the business year 2005, as previously announced. Media-Analyst Conference The company will hold a joint Media-Analyst conference in Zurich on February 14, 2006 at 9:00 a.m. CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr to discuss its financial results and outlook. The conference, which will take place at the Marriott Hotel Zurich, Neumuhlequai 42, will be recorded and an archived version will be posted with accompanying visuals in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the INFICON website, http://www.inficon.com, later in the day. 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. ABOUT INFICON INFICON is a leading developer, manufacturer and supplier of innovative instrumentation, critical sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. 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 Gas leak detection can be done by use of various methods. Traditionally methods include Catalytic/IR Point Sensors and IR Open Path Sensors, more recent detection methods include Ultrasonic Gas Leak Detectors. to the air conditioning/refrigeration industries and toxic chemical Any chemical which, through its chemical action on life processes, can cause death, temporary incapacitation, or permanent harm to humans or animals. This includes all such chemicals, regardless of their origin or of their method of production, and regardless of whether they are produced analysis for the emergency response and security markets. Headquartered in Syracuse, New York
Syracuse (IPA: , INFICON has world-class manufacturing facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe and worldwide offices in the U.S., China, France, Germany, Japan, Korea, Liechtenstein, Singapore, Switzerland, Taiwan, and the United Kingdom. INFICON is a publicly listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → , registered with the Swiss Stock Exchange (SWX SWX Swiss Exchange (trademark of SWX Swiss Exchange) SWX SolidWorks (3D solid modeling CAD software) SWX Splitter / Wave Division Multiplexer ). 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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", "outlook", "forecast" or "guidance." These forward-looking statements address, among other things, our strategic objectives, trends in vacuum technology Vacuum Technology is a 5B$ market, it includes several disciplines Vacuum Pump Vacuum Gauges or Measurement Leak detection equipment Process monitoring equipment Gas analyser 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 for fiscal 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
(U.S. Dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
---- ---- ---- ----
Net sales $47,723 $47,304 $191,300 $188,147
Cost of sales 25,159 25,844 102,086 100,603
------- ------- -------- --------
Gross profit 22,564 21,460 89,214 87,544
Research and development 4,160 5,427 18,700 20,181
Selling, general and
administrative 11,706 13,690 50,098 52,740
------- ------- -------- --------
Operating income from continuing
operations 6,698 2,343 20,416 14,623
Interest (income) , net (186) (52) (448) (83)
Other expense (income) , net (33) (349) 297 (1,415)
------- ------- -------- --------
Income from continuing operations
before income taxes 6,917 2,744 20,567 16,121
Provision for income taxes 1,835 1,141 5,053 4,661
------- ------- -------- --------
Income from continuing operations 5,082 1,603 15,514 11,460
Discontinued operations
Income (loss) from operations of
discontinued operations (less
applicable income tax provision
(benefit) of $25 in Q4 2005 and
$(126) in Q4 2004 and $(197)in
FY 2005 and $(1,230)in FY 2004) 44 (33) (319) (1,328)
Income on disposal of discontinued
operations (less applicable
income tax provision of $3 in Q4
2005 and $20 in Q4 2004 and $45
in FY 2005 and $1,398 in FY 2004) 53 185 333 (711)
------- ------- -------- --------
Income (loss) from discontinued
operations 97 152 14 (2,039)
------- ------- -------- --------
Net income $ 5,179 $ 1,755 $ 15,528 $ 9,421
======== ======== ========= ========
Earnings (loss) per share
Diluted
Continuing operations $ 2.15 $ 0.69 $ 6.63 $ 4.91
Discontinued operations $ 0.04 $ 0.07 $ 0.01 $ (0.87)
------- ------- -------- --------
Total $ 2.19 $ 0.75* $ 6.64 $ 4.04
Basic
Continuing operations $ 2.18 $ 0.69 $ 6.68 $ 4.95
Discontinued operations $ 0.04 $ 0.07 $ 0.01 $ (0.88)
------- ------- -------- --------
Total $ 2.22 $ 0.76 $ 6.68* $ 4.07
* figures do not total due to rounding
INFICON Holding AG
Consolidated Balance Sheets
(U.S. Dollars in thousands)
(unaudited)
December 31, December 31,
2005 2004
---- ----
Assets
Current assets:
Cash and cash equivalents $ 68,715 $ 56,116
Short term investments 3,553 5,048
Trade accounts receivable, net 25,505 19,998
Accounts receivable - affiliates 1,476 735
Inventories, net 18,810 21,029
Deferred tax assets 2,866 2,650
Other current assets 2,812 3,177
---------- ----------
Total current assets 123,737 108,753
Property plant and equipment, net 20,308 22,779
Intangibles, net 791 1,334
Deferred tax assets 34,332 37,134
Other assets 2,163 2,165
---------- ----------
Total non current assets 57,594 63,412
Total assets $ 181,331 $ 172,165
========== ==========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 6,300 $ 6,092
Accounts payable - affiliates 53 268
Short term borrowings 2,761 -
Accrued liabilities 15,468 15,081
Income taxes payable 856 1,617
Deferred tax liabilities 877 1,005
---------- ----------
Total current liabilities 26,315 24,063
Deferred tax liabilities 454 550
Other liabilities 7,439 5,248
---------- ----------
Total non current liabilities 7,893 5,798
Total liabilities 34,208 29,861
Stockholders' equity 147,123 142,304
---------- ----------
Total liabilities and stockholders' equity $ 181,331 $ 172,165
========== ==========
INFICON Holding AG
Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)
(unaudited)
Twelve Months Ended
December 31,
2005 2004
---- ----
Cash flows from operating activities:
Net income $15,528 $ 9,421
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,499 4,863
Gain on receipt and sale of marketable securities - (1,038)
Impairment of long lived assets - 363
Deferred taxes 1,553 3,713
Changes in operating assets and liabilities: - -
Trade accounts receivable (7,570) 2,451
Inventories 295 (341)
Other assets (451) 895
Accounts payable 553 (43)
Accrued liabilities 1,656 1,590
Income taxes payable (581) 591
Other liabilities 2,371 657
------- --------
Net cash provided by operating activities 17,853 23,122
Cash flows from investing activities:
Purchases of property, plant and equipment (3,998) (3,745)
Proceeds from sale of marketable securities - 1,038
Purchase of short-term investment 829 (5,048)
------- --------
Net cash (used in) investing activities (3,169) (7,755)
Cash flows from financing activities:
Proceeds from short term borrowings 2,761 -
Payments on notes receivable from officers 220 -
Proceeds from exercise of stock options 1,350 34
------- --------
Proceeds from exercise of stock options 4,331 34
------- --------
Effect of exchange rate changes on cash and cash
equivalents (6,416) 3,641
------- --------
Increase in cash and cash equivalents 12,599 19,042
Cash and cash equivalents at beginning of period 56,116 37,074
------- --------
Cash and cash equivalents at end of period $68,715 $ 56,116
======= ========
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