6-K 1 a4730408.txt INFICON 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 September 30, 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 September 30, 2004, Inficon Revises Third Quarter 2004 Outlook 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: September 30, 2004 INFICON Holding AG By: /s/ Peter G. Maier ----------------------------------------- Name: Peter G. Maier Title: Vice President and Chief Financial Officer INFICON Revises Third Quarter 2004 Outlook; Regular Quarterly Earnings Conference Call Scheduled for October 21, 2004 SYRACUSE, N.Y. & ZURICH, Switzerland--(BUSINESS WIRE)--Sept. 30, 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 that it expects to report revenue of approximately $42 million and a net loss of approximately $0.8 million ($0.34 per diluted share - $0.03 per ADS) for the third quarter ended September 30, 2004. This includes a $1.5 million charge on disposal of discontinued operations, related primarily to a valuation allowance on deferred tax assets associated with its Patterning Solutions business. This compares to earlier guidance for revenue of approximately $47 million and net income of approximately $2.3 million ($1.00 per diluted share - $0.10 per ADS). The company attributed the revenue shortfall primarily to a delay in large orders for HAPSITE, its chemical identification detector, from the U.S. Department of Defense, reflecting slower-than-expected government procurement processes, and also to softness in the data storage market. Lukas Winkler, president and chief executive officer, commented, "The timing of government orders in our Environmental Health and Safety business has always been difficult to predict. We still expect to receive these orders in the near future, and we are quite confident about the long-term growth potential of this market. We remain committed to strengthening our focus on our company's core competencies to continue to drive our strategy of profitable growth for INFICON." Presentation of Third Quarter Results INFICON will report the company's final third quarter results and fourth quarter outlook on Thursday, October 21, 2004 at 7:00 a.m. CET/1:00 a.m. EDT. A conference call has been scheduled for 4:00 p.m. CET/10:00 a.m. EDT that same day and can be accessed by dialing +1.706.634.1033 at least 10 minutes prior to the call. A live webcast of the conference call will also be available in the Investor Relations section of the INFICON website, www.inficon.com. A telephone replay of the call will be available from 7:00 p.m. CET/1:00 p.m. EDT on October 21 through 5:59 a.m. October 29 CET/11:59 p.m. EDT on October 28. To access the replay, please dial +1.800.642.1687 (international callers dial +1.706.645.9291), conference ID #1203046. An archived replay of the conference webcast also will be available on the INFICON Web site. 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. This 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", "outlook", "forecast" 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. CONTACT: INFICON Betty Ann Kram, 315-434-1122 BettyAnn.Kram@inficon.com or sensus pr GmbH Europe: Bernhard Schweizer, +41-43-366-5511 bschweizer@sensus.ch or Lippert/Heilshorn & Associates, Inc. North America: Jody Burfening/Harriet Fried 212-838-3777 jbs@lhai.com

June 30, December 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, net 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, net 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, net 732 545 --------- --------- Total current liabilities 24,476 20,529 Deferred tax liabilities, net 491 479 Other liabilities 5,050 3,907 --------- --------- Total non-current liabilities 5,541 4,386 Total liabilities 30,017 24,915 Stockholders' equity: Common stock (2,315,800 shares 2004 and 2,315,000 shares 2003 issued par value CHF 10 (U.S. $5.63) 13,039 13,033 Additional paid-in capital 94,049 94,024 Notes receivable from officers (383) (383) Retained earnings 13,541 5,941 Accumulated other comprehensive income 11,778 13,144 --------- --------- Total stockholders' equity 132,024 125,759 --------- --------- Total liabilities and stockholders' equity $ 162,041 $ 150,674 ========= =========

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) (561) --------------------------------------------------------- Income from continuing operations before income taxes 5,786 231 11,279 2,332 Provision (benefit) for income taxes 1,728 (181) 2,986 365 --------------------------------------------------------- Income from continuing operations 4,058 412 8,293 1,967 Discontinued Operations (Note 7): (Loss) from operations of discontinued Patterning Solutions Operations (net of income tax (benefit) of $(483) in Q2 2004 and $(583) in Q2 2003 and $(837) YTD 2004 and $(1,155) in YTD 2003 (267) (1,972) (1,179) (3,484) Gain on disposal of Ultra Clean Operations (net of income tax provision of $26 in Q2 2004 and $50 YTD 2004) 290 -- 486 -- --------------------------------------------------------- Gain (loss) from discontinued operations 23 (1,972) (693) (3,484) --------------------------------------------------------- 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)* ========================================================= -4- 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)* ========================================================= * Figures do not total due to rounding Denominator for basic and diluted earnings per share: Weighted average shares outstanding Basic shares 2,315,574 2,315,000 2,315,345 2,315,000 Diluted shares 2,333,573 2,315,000 2,334,512 2,315,000

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 (used in) 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 by (used in) operating activities 12,635 (3,500) Cash flows from investing activities: Purchases of property, plant and equipment (2,082) (1,290) Purchases of Sentex Systems, Inc. -- (1,500) Proceeds from sale of marketable securities 1,038 -- -------------------- Net cash (used in) investing activities (1,044) (2,790) Cash flows from financing activities: Proceeds from exercise of stock options 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 ====================

Three months ended Six months ended June 30 June 30 -------------------------------------------- 2004 2003 2004 2003 -------------------------------------------- Net income (loss), as reported $ 4,081 $(1,560) $ 7,600 $(1,517) Income from continuing operations 4,058 412 8,293 1,967 Less: Stock based compensation expense, net of tax (312) (1,583) (538) (3,093) -------------------------------------------- Proforma income (loss) from continuing operations 3,746 (1,171) 7,755 (1,126) Gain (loss) from discontinued operations 23 (1,972) (693) (3,484) -------------------------------------------- Pro forma net income (loss) $ 3,769 $(3,143) $ 7,062 $(4,610) ============================================ Earnings (loss) per share Diluted: Continuing operations - as reported $ 1.74 $ 0.18 $ 3.55 $ 0.85 Discontinued operations - as reported 0.01 (0.85) (0.30) (1.50) -------------------------------------------- Total - as reported $ 1.75 $ (0.67) $ 3.26* $ (0.66)* Continuing operations - pro forma $ 1.61 $ (0.51) $ 3.32 $ (0.49) Discontinued operations - pro forma 0.01 (0.85) (0.30) (1.50) -------------------------------------------- Total - proforma $ 1.62 $ (1.36) $ 3.02 $ (1.99) Earnings (loss) per share Basic: Continuing operations - as reported $ 1.75 $ 0.18 $ 3.58 $ 0.85 Discontinued operations - as reported 0.01 (0.85) (0.30) (1.50) -------------------------------------------- Total - as reported $ 1.76 $ (0.67) $ 3.28 $ (0.66)* Continuing operations - pro forma $ 1.62 $ (0.51) $ 3.35 $ (0.49) Discontinued operations - pro forma 0.01 (0.85) (0.30) (1.50) -------------------------------------------- Total - proforma $ 1.63 $ (1.36) $ 3.05 $ (1.99) --------------------------------------------

Three Months Ended June 30 (USD in Thousands) 2004 2003 ------------------------------------ -------------------------------------- Patterning Patterning Total Ultra Clean Solutions Total Ultra Clean Solutions Loss from operations $ (267) $ -- $ (267) $ (1,972) $ (790) $ (1,182) Gain on disposal $ 290 $ 290 $ -- $ -- $ -- $ -- ----------------------------------- ------------------------------------- Income (loss) from discontinued operations $ 23 $ 290 $ (267) $ (1,972) $ (790) $ (1,182) Six Months Ended June 30 (USD in Thousands) 2004 2003 ------------------------------------ -------------------------------------- Patterning Patterning Total Ultra Clean Solutions Total Ultra Clean Solutions Loss from operations $ (1,179) $ -- $ (1,179) $ (3,484) $ (1,395) $ (2,089) Gain on disposal $ 486 $ 486 $ -- $ -- $ -- $ -- ----------------------------------- ------------------------------------- Income (loss) from discontinued operations $ (693) $ 486 $ (1,179) $ (3,484) $ (1,395) $ (2,089)

Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 -------------------------------------------------- Net Sales: Semiconductor vacuum instrumentation $ 13,169 $ 8,110 $ 23,241 $ 18,363 General vacuum instrumentation 36,641 28,135 73,897 56,771 ------------------------------------------------ Total net sales $ 49,810 $ 36,245 $ 97,138 $ 75,134 ================================================ Gross profit: Semiconductor vacuum instrumentation $ 6,837 $ 3,571 $ 12,669 $ 8,883 General vacuum instrumentation 16,780 12,163 33,550 24,233 ------------------------------------------------ Total gross profit $ 23,617 $ 15,734 $ 46,219 $ 33,116 ================================================ Earnings (loss) before interest and taxes: Semiconductor vacuum instrumentation $ 1,184 $ (1,732) $ 1,924 $ (1,688) General vacuum instrumentation 4,584 1,890 9,353 3,858 ------------------------------------------------ Total earnings before interest and taxes $ 5,768 $ 158 $ 11,277 $ 2,170 ================================================ Depreciation and amortization: Semiconductor vacuum instrumentation $ 365 $ 649 $ 699 $ 1,205 General vacuum instrumentation 736 409 1,611 882 ------------------------------------------------ Total depreciation and amortization $ 1,101 $ 1,058 $ 2,310 $ 2,087 ================================================ Capital expenditures: Semiconductor vacuum instrumentation $ 526 $ 402 $ 676 $ 1,027 General vacuum instrumentation 465 1,074 1,406 1,763 ------------------------------------------------ Total capital expenditures $ 991 $ 1,476 $ 2,082 $ 2,790 ================================================ Sales by geographic location:(1) United States $ 15,996 $ 13,390 $ 32,315 $ 25,820 Europe 22,496 16,267 44,983 33,381 Asia 11,318 6,588 19,840 15,933 ------------------------------------------------ Total sales $ 49,810 $ 36,245 $ 97,138 $ 75,134 ================================================

Three Months Ended Six Months Ended June 30 June 30 ------------------------------------------------------- 2004 2003 2004 2003 ------------------------------------------------------- Numerator: Numerator for basic and diluted earnings per share: Income from continuing operations $ 4,058 $ 412 $ 8,293 $ 1,967 Gain (loss) from discontinued operations 23 (1,972) (693) (3,484) ------------------------------------------------------- Net income (loss) $ 4,081 $ (1,560) $ 7,600 $ (1,517) Denominator: Denominator for basic and diluted earnings per share: Weighted average shares outstanding 2,315,574 2,315,000 2,315,345 2,315,000 Basic shares Diluted shares 2,333,573 2,315,000 2,334,512 2,315,000 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)* =======================================================

Three months ended Six months ended June 30 June 30 ---------------------------------------------- 2004 2003 2004 2003 ---------------------------------------------- Net Sales $ 49,810 $ 36,524 $ 97,138 $ 75,692 Net income (loss) $ 4,081 $ (1,532) $ 7,600 $ (1,460) ============================================== Diluted net income per share $ 1.75 $ (0.66) $ 3.26 $ (0.63) Basic net income per share $ 1.76 $ (0.66) $ 3.28 $ (0.63)

Three Months Ended Six Months Ended June 30 June 30 2004 2003 2004 2003 -------- -------- -------- -------- Service cost $ 641 $ 592 $ 960 $ 1,004 Interest cost 704 621 1,057 978 Expected return on assets (595) (532) (1,023) (957) Net amortization of: Prior service cost 20 140 35 151 Net actuarial loss 291 242 519 575 -------- -------- -------- -------- Net periodic pension cost $ 1,061 $ 1,063 $ 1,548 $ 1,751

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