-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MTr/hcFFK2ckohXBf+BDSOlvUuFwgmQ9i03TJ4l1AiwXKOq5bS9/x+CrC4rHQ1rw 8nL8vICwIg6EnDLIt9fQYQ== 0001157523-04-006556.txt : 20040721 0001157523-04-006556.hdr.sgml : 20040721 20040721075106 ACCESSION NUMBER: 0001157523-04-006556 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040721 FILED AS OF DATE: 20040721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFICON HOLDING AG CENTRAL INDEX KEY: 0001126659 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30980 FILM NUMBER: 04923063 BUSINESS ADDRESS: STREET 1: INFICON INC TWO TECHNOLOGY PLACE CITY: EAST SYRACUSE STATE: NY ZIP: 13057 BUSINESS PHONE: 3154341100 6-K 1 a4684463.txt INFICON 6-K 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 -----END PRIVACY-ENHANCED MESSAGE-----