Icos Vision (NASDAQ:IVIS)
Historical Stock Chart
From Jan 2020 to Jan 2025
ICOS Vision Systems Corporation NV (Nasdaq and Euronext: IVIS), a world
leader in vision solutions, today announced its unaudited financial
results for the third quarter ended September 30, 2006.
Revenues for the three months ended September 30, 2006 were €
20.9 million, representing a decrease of approximately 30% over second
quarter revenues of € 29.8 million, and an
increase of 6% compared to the € 19.7 million
reported for the third quarter of 2005. Income from operations for the
third quarter of 2006 was € 2.8 million, 66%
lower than the second quarter’s operating
income of € 8.4 million and 34% lower than
the € 4.3 million reported for the third
quarter of 2005. Net income for the third quarter of 2006 was €
3.0 million, or 28 Eurocents per share, compared to net income of €
7.1 million, or 67 Eurocents per share, for the second quarter of 2006
and to net income of € 3.3 million, or 31
Eurocents per share, for the third quarter of 2005.
Revenues for the nine months ended September 30, 2006 were €
84.0 million, representing an increase of 62% over €
52.0 million for the same period in 2005. Income from operations for the
first nine months of 2006 was € 22.0 million
compared to € 9.4 million for the same period
last year. Net income for the first nine months of 2006 was €
18.9 million, or € 1.79 per share, compared
to net income of € 7.1 million, or 67
Eurocents per share, for the first nine months of 2005.
“Revenue during the third quarter declined
towards the lower end of our guidance, as market demand weakened during
the quarter. Consistent with our past response to periods of soft demand
and our business strategy, we did not ease up on investments in new
product development, particularly for our Wafer Inspector products,
which continue to gain market acceptance,”
said Anton DeProft, ICOS’ President and Chief
Executive Officer. “Despite the softening of
the market and higher R&D spending, we still turned in a healthy bottom
line, illustrating the flexibility of our operational model.”
Mr. DeProft concluded, “For the fourth quarter
we do not anticipate any easing of market conditions, with customers
further curtailing capital equipment investments. In contrast to these
soft market conditions, we expect strengthening sales of our new Wafer
Inspector products, reflecting new and existing customer adoption. Taken
together, we believe revenues in the fourth quarter will be similar or
only slightly down from the third quarter. In addition, given higher
initial production costs for the wafer inspector and the anticipated
product configuration mix, we expect gross margin will fall in the range
between 54% and 57%.”
About ICOS
ICOS designs and manufactures inspection equipment for the semiconductor
packaging industry. It is a world-leading supplier of equipment for the
final visual control of chips before they are used in various
applications, such as PC’s, cars or portable
phones. ICOS’ systems perform two- and
three-dimensional (2D and 3D) inspections as part of the final visual
quality control step in the manufacturing of chips, wafers, flexible
tapes for flat panel displays, sockets, substrates and solar cells.
Aside from its complete systems, ICOS also offers inspection subsystems
for integration in other equipment.
ICOS' headquarters are located in Leuven, Belgium and it has R&D centers
in Belgium, Germany and Hong Kong and sales and support offices in
Japan, the USA, Singapore, Korea and Hong Kong and production facilities
in Belgium, Hong Kong and China.
“Safe Harbor”
Statement under the Private Securities Litigation Reform Act of 1995: This
press release contains forward-looking information that involves risks
and uncertainties, including statements regarding the Company's plans,
objectives, expectations and intentions. Such statements include,
without limitation, statements regarding: market conditions and the
Company’s expected financial performance in
the fourth quarter of 2006; the Company’s
long term business strategy and opportunities; and the Company’s
expectations for the results of that strategy in light of those
opportunities. These statements are subject to known and unknown risks
and uncertainties that could cause actual results to differ
materially from those projected or anticipated. These risks and
uncertainties include, without limitation, the risk that the Company's
dependence on the cyclical semiconductor and electronic assembly
industries; uncertainties inherent in the development of new products
and the enhancement of existing products, including technical and
regulatory risks, cost overruns and delays; the risk that newly
introduced products may contain undetected errors or defects or
otherwise not perform as anticipated; the Company's ability to predict
accurately the demand for its products, and products under development,
and to develop strategies to address its markets successfully; risks
relating to technological change and the introduction of new products by
the Company's competitors; risks relating to intellectual property and
the inherent uncertainty of law suits alleging patent infringement that
have been filed or threatened against, or filed by, the Company; risks
relating to the conduct of the business worldwide, risks related to
currency exchanges and other risks referred to in our most recent annual
report on form 20-F and other filings with the Securities and Exchange
Commission. The Company cautions readers not to place undue
reliance upon any such forward-looking statements, which speak only as
of the date made. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any such
statements to reflect any change in the Company’s
expectations or any change in events, conditions or circumstances on
which any such statement is based.
ICOS Vision Systems Corporation NV can be found on the World Wide Web
at www.icos.be
Consolidated Statements of Operations according to US GAAP
(in thousands of EURO, except for share and per share data)
ICOS Vision Systems Corporation NV
Three months
Nine months
ended September 30,
ended September 30,
2006
2005
2006
2005
(unaudited
(unaudited)
(unaudited)
(unaudited)
Revenues
20,870
19,684
84,022
51,952
Cost of goods sold
8,933
7,572
33,260
20,375
Gross profit
11,937
12,112
50,762
31,577
Operating expenses:
Research & development
3,831
2,733
10,991
8,030
Selling, general & administrative
5,265
5,064
17,801
14,165
Total operating expenses
9,096
7,797
28,792
22,195
Income from operations
2,841
4,315
21,970
9,382
Other income :
Interest income, net
359
176
887
441
Other income
35
47
112
136
Foreign currency exchange gain (loss)
63
(43)
373
(441)
Net other income
457
180
1,372
136
Net income before taxes
3,298
4,495
23,342
9,518
Income taxes
293
1,226
4,430
2,462
Net income
3,005
3,269
18,912
7,056
Basic earnings per share
0.28
0.31
1.79
0.67
Weighted average number of shares
10,563,303
10,540,810
10,565,117
10,531,958
Diluted earnings per shares
0.28
0.31
1.77
0.66
Diluted weighted average number of shares
10,669,258
10,709,276
10,672,921
10,705,835
CONSOLIDATED BALANCE SHEETS according to US GAAP
(in thousands of EURO)
ICOS Vision Systems Corporation NV
September 30, 06
December 31, 05
ASSETS
(unaudited)
(unaudited)
Current Assets
Cash and cash equivalents
61,163
50,728
Trade accounts receivable, net
23,497
26,542
Inventories, net
26,026
25,368
Prepaid expenses and other current assets
4,377
3,430
Total current assets
115,063
106,068
Net property and equipment
10,849
10,131
Intangible assets
3,321
4,257
Other assets
2,093
2,071
Total Assets
131,326
122,527
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable
6,361
12,994
Short-term borrowings & current portion long-term debt
630
638
Other current liabilities
17,088
14,375
Total current liabilities
24,079
28,007
Long-term debt, excluding current portion
3,376
3,852
Other long-term liabilities
1,584
1,587
Total liabilities
29,039
33,446
STOCKHOLDERS’ EQUITY
Common stock
3,271
3,247
Additional paid-in-capital
22,807
22,524
Treasury stock
(3,323)
-
Retained earnings
82,694
63,782
Accumulated other comprehensive income (loss)
(3,162)
(472)
Total stockholders’ equity
102,287
89,081
Total liabilities and stockholders’ equity
131,326
122,527
CONSOLIDATED STATEMENTS OF CASH FLOWS according to US GAAP
ICOS Vision Systems Corporation NV
Three months ended
Nine months ended
(in thousands of Euro)
Sept 2006
Sept 2005
Sept 2006
Sept 2005
Cash flows from operating activities
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net income
3,005
3,269
18,912
7,056
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
600
513
1,703
1,503
Allowance for doubtful debts
44
6
327
105
Deferred tax expense (benefit)
166
497
(231)
611
Loss on disposal of property and equipment
-
1
-
20
Stock based compensation expense
8
-
24
-
Changes in assets and liabilities:
Decrease (increase) in trade accounts receivable
1,795
(640)
1,524
(878)
Decrease (increase) in inventories
1,191
(2,014)
(1,687)
(1,263)
Decrease (increase) in prep. expenses and other current assets
(54)
(4)
Decrease (increase) in other assets
(53)
96
(144)
72
(Decrease) increase in trade accounts payable
(1,983)
793
(6,535)
1,910
(Decrease) increase in other current liabilities
2,706
1,417
3,317
(81)
(Decrease) increase in other long-term liabilities
22
(12)
282
(93)
Net cash provided by operating activities
7,447
3,922
16,075
9,460
Cash flows from investing activities
Additions to property and equipment
(399)
(102)
(1,400)
(540)
Net cash used in investing activities
(399)
(102)
(1,400)
(540)
Cash flows from financing activities
Repayment of borrowings
(218)
(142)
(551)
(457)
Proceeds from borrowing
-
-
66
-
Payment for purchase of own shares
(2,707)
-
(3,323)
-
Proceeds from shares issued in connection with the exercise of
stock options
-
-
283
61
Net cash used in financing activities
(2,925)
(142)
(3,525)
(396)
Increase in cash and cash equivalents
4,123
3,678
11,150
8,524
Impact of exchange rate movements on cash
(32)
15
(715)
161
Cash and cash equivalents at beginning of period
57,072
47,171
50,728
42,179
Cash and cash equivalents at end of period
61,163
50,864
61,163
50,864
ICOS Vision Systems Corporation NV (Nasdaq and Euronext: IVIS), a
world leader in vision solutions, today announced its unaudited
financial results for the third quarter ended September 30, 2006.
Revenues for the three months ended September 30, 2006 were EUR
20.9 million, representing a decrease of approximately 30% over second
quarter revenues of EUR 29.8 million, and an increase of 6% compared
to the EUR 19.7 million reported for the third quarter of 2005. Income
from operations for the third quarter of 2006 was EUR 2.8 million, 66%
lower than the second quarter's operating income of EUR 8.4 million
and 34% lower than the EUR 4.3 million reported for the third quarter
of 2005. Net income for the third quarter of 2006 was EUR 3.0 million,
or 28 Eurocents per share, compared to net income of EUR 7.1 million,
or 67 Eurocents per share, for the second quarter of 2006 and to net
income of EUR 3.3 million, or 31 Eurocents per share, for the third
quarter of 2005.
Revenues for the nine months ended September 30, 2006 were EUR
84.0 million, representing an increase of 62% over EUR 52.0 million
for the same period in 2005. Income from operations for the first nine
months of 2006 was EUR 22.0 million compared to EUR 9.4 million for
the same period last year. Net income for the first nine months of
2006 was EUR 18.9 million, or EUR 1.79 per share, compared to net
income of EUR 7.1 million, or 67 Eurocents per share, for the first
nine months of 2005.
"Revenue during the third quarter declined towards the lower end
of our guidance, as market demand weakened during the quarter.
Consistent with our past response to periods of soft demand and our
business strategy, we did not ease up on investments in new product
development, particularly for our Wafer Inspector products, which
continue to gain market acceptance," said Anton DeProft, ICOS'
President and Chief Executive Officer. "Despite the softening of the
market and higher R&D spending, we still turned in a healthy bottom
line, illustrating the flexibility of our operational model."
Mr. DeProft concluded, "For the fourth quarter we do not
anticipate any easing of market conditions, with customers further
curtailing capital equipment investments. In contrast to these soft
market conditions, we expect strengthening sales of our new Wafer
Inspector products, reflecting new and existing customer adoption.
Taken together, we believe revenues in the fourth quarter will be
similar or only slightly down from the third quarter. In addition,
given higher initial production costs for the wafer inspector and the
anticipated product configuration mix, we expect gross margin will
fall in the range between 54% and 57%."
About ICOS
ICOS designs and manufactures inspection equipment for the
semiconductor packaging industry. It is a world-leading supplier of
equipment for the final visual control of chips before they are used
in various applications, such as PC's, cars or portable phones. ICOS'
systems perform two- and three-dimensional (2D and 3D) inspections as
part of the final visual quality control step in the manufacturing of
chips, wafers, flexible tapes for flat panel displays, sockets,
substrates and solar cells. Aside from its complete systems, ICOS also
offers inspection subsystems for integration in other equipment.
ICOS' headquarters are located in Leuven, Belgium and it has R&D
centers in Belgium, Germany and Hong Kong and sales and support
offices in Japan, the USA, Singapore, Korea and Hong Kong and
production facilities in Belgium, Hong Kong and China.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
information that involves risks and uncertainties, including
statements regarding the Company's plans, objectives, expectations and
intentions. Such statements include, without limitation, statements
regarding: market conditions and the Company's expected financial
performance in the fourth quarter of 2006; the Company's long term
business strategy and opportunities; and the Company's expectations
for the results of that strategy in light of those opportunities.
These statements are subject to known and unknown risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, without limitation, the risk that the Company's dependence on
the cyclical semiconductor and electronic assembly industries;
uncertainties inherent in the development of new products and the
enhancement of existing products, including technical and regulatory
risks, cost overruns and delays; the risk that newly introduced
products may contain undetected errors or defects or otherwise not
perform as anticipated; the Company's ability to predict accurately
the demand for its products, and products under development, and to
develop strategies to address its markets successfully; risks relating
to technological change and the introduction of new products by the
Company's competitors; risks relating to intellectual property and the
inherent uncertainty of law suits alleging patent infringement that
have been filed or threatened against, or filed by, the Company; risks
relating to the conduct of the business worldwide, risks related to
currency exchanges and other risks referred to in our most recent
annual report on form 20-F and other filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue
reliance upon any such forward-looking statements, which speak only as
of the date made. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any such
statements to reflect any change in the Company's expectations or any
change in events, conditions or circumstances on which any such
statement is based.
ICOS Vision Systems Corporation NV can be found on the World Wide
Web at www.icos.be
-0-
*T
Consolidated Statements of Operations according to US GAAP
(in thousands of EURO, except for share and per share data)
ICOS Vision Systems Three months Nine months
Corporation NV
---------------------- ----------------------- -----------------------
ended September 30, ended September 30,
---------------------- ----------------------- -----------------------
2006 2005 2006 2005
---------------------- ----------- ----------- ----------- -----------
(unaudited (unaudited) (unaudited) (unaudited)
---------------------- ----------- ----------- ----------- -----------
---------------------- ----------- ----------- ----------- -----------
Revenues 20,870 19,684 84,022 51,952
---------------------- ----------- ----------- ----------- -----------
Cost of goods sold 8,933 7,572 33,260 20,375
---------------------- ----------- ----------- ----------- -----------
Gross profit 11,937 12,112 50,762 31,577
---------------------- ----------- ----------- ----------- -----------
Operating expenses:
---------------------- ----------- ----------- ----------- -----------
Research &
development 3,831 2,733 10,991 8,030
---------------------- ----------- ----------- ----------- -----------
Selling, general
& administrative 5,265 5,064 17,801 14,165
---------------------- ----------- ----------- ----------- -----------
Total
operating
expenses 9,096 7,797 28,792 22,195
---------------------- ----------- ----------- ----------- -----------
Income from operations 2,841 4,315 21,970 9,382
---------------------- ----------- ----------- ----------- -----------
Other income :
---------------------- ----------- ----------- ----------- -----------
Interest income,
net 359 176 887 441
---------------------- ----------- ----------- ----------- -----------
Other income 35 47 112 136
---------------------- ----------- ----------- ----------- -----------
Foreign currency
exchange gain
(loss) 63 (43) 373 (441)
---------------------- ----------- ----------- ----------- -----------
Net other
income 457 180 1,372 136
---------------------- ----------- ----------- ----------- -----------
Net income
before
taxes 3,298 4,495 23,342 9,518
---------------------- ----------- ----------- ----------- -----------
Income taxes 293 1,226 4,430 2,462
---------------------- ----------- ----------- ----------- -----------
Net income 3,005 3,269 18,912 7,056
---------------------- ----------- ----------- ----------- -----------
---------------------- ----------- ----------- ----------- -----------
Basic earnings per
share 0.28 0.31 1.79 0.67
---------------------- ----------- ----------- ----------- -----------
Weighted average
number of shares 10,563,303 10,540,810 10,565,117 10,531,958
---------------------- ----------- ----------- ----------- -----------
Diluted earnings per
shares 0.28 0.31 1.77 0.66
---------------------- ----------- ----------- ----------- -----------
Diluted weighted
average number of
shares 10,669,258 10,709,276 10,672,921 10,705,835
---------------------- ----------- ----------- ----------- -----------
*T
-0-
*T
CONSOLIDATED BALANCE SHEETS according to US GAAP
(in thousands of EURO)
ICOS Vision Systems Corporation NV September 30, 06 December 31, 05
------------------------------------ ---------------- ---------------
ASSETS (unaudited) (unaudited)
------------------------------------ ---------------- ---------------
Current Assets
------------------------------------ ---------------- ---------------
Cash and cash equivalents 61,163 50,728
------------------------------------ ---------------- ---------------
Trade accounts receivable, net 23,497 26,542
------------------------------------ ---------------- ---------------
Inventories, net 26,026 25,368
------------------------------------ ---------------- ---------------
Prepaid expenses and other
current assets 4,377 3,430
------------------------------------ ---------------- ---------------
Total current assets 115,063 106,068
------------------------------------ ---------------- ---------------
Net property and equipment 10,849 10,131
------------------------------------ ---------------- ---------------
Intangible assets 3,321 4,257
------------------------------------ ---------------- ---------------
Other assets 2,093 2,071
------------------------------------ ---------------- ---------------
Total Assets 131,326 122,527
------------------------------------ ---------------- ---------------
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------ ---------------- ---------------
Current Liabilities
------------------------------------ ---------------- ---------------
Trade accounts payable 6,361 12,994
------------------------------------ ---------------- ---------------
Short-term borrowings & current
portion long-term debt 630 638
------------------------------------ ---------------- ---------------
Other current liabilities 17,088 14,375
------------------------------------ ---------------- ---------------
Total current
liabilities 24,079 28,007
------------------------------------ ---------------- ---------------
Long-term debt, excluding current
portion 3,376 3,852
------------------------------------ ---------------- ---------------
Other long-term liabilities 1,584 1,587
------------------------------------ ---------------- ---------------
Total liabilities 29,039 33,446
------------------------------------ ---------------- ---------------
STOCKHOLDERS' EQUITY
------------------------------------ ---------------- ---------------
Common stock 3,271 3,247
------------------------------------ ---------------- ---------------
Additional paid-in-capital 22,807 22,524
------------------------------------ ---------------- ---------------
Treasury stock (3,323) -
------------------------------------ ---------------- ---------------
Retained earnings 82,694 63,782
------------------------------------ ---------------- ---------------
Accumulated other comprehensive
income (loss) (3,162) (472)
------------------------------------ ---------------- ---------------
Total stockholders'
equity 102,287 89,081
------------------------------------ ---------------- ---------------
Total liabilities and
stockholders' equity 131,326 122,527
------------------------------------ ---------------- ---------------
*T
-0-
*T
CONSOLIDATED STATEMENTS OF CASH FLOWS according to US GAAP
ICOS Vision Systems
Corporation NV Three months ended Nine months ended
------------------- ------------------------ ------------------------
(in thousands of
Euro) Sept 2006 Sept 2005 Sept 2006 Sept 2005
------------------- ------------ ----------- ----------- ------------
Cash flows from
operating
activities (unaudited) (unaudited) (unaudited) (unaudited)
------------------- ------------ ----------- ----------- ------------
Net income 3,005 3,269 18,912 7,056
------------------- ------------ ----------- ----------- ------------
Adjustments to
reconcile net
income to net cash
provided by
operating
activities:
------------------- ------------ ----------- ----------- ------------
Depreciation and
amortization 600 513 1,703 1,503
------------------- ------------ ----------- ----------- ------------
Allowance for
doubtful debts 44 6 327 105
------------------- ------------ ----------- ----------- ------------
Deferred tax
expense
(benefit) 166 497 (231) 611
------------------- ------------ ----------- ----------- ------------
Loss on disposal
of property and
equipment - 1 - 20
------------------- ------------ ----------- ----------- ------------
Stock based
compensation
expense 8 - 24 -
------------------- ------------ ----------- ----------- ------------
Changes in assets
and liabilities:
------------------- ------------ ----------- ----------- ------------
Decrease
(increase) in
trade accounts
receivable 1,795 (640) 1,524 (878)
------------------- ------------ ----------- ----------- ------------
Decrease
(increase) in
inventories 1,191 (2,014) (1,687) (1,263)
------------------- ------------ ----------- ----------- ------------
Decrease
(increase) in
prep. expenses
and other
current assets (54) (4)
------------------- ------------ ----------- ----------- ------------
Decrease
(increase) in
other assets (53) 96 (144) 72
------------------- ------------ ----------- ----------- ------------
(Decrease)
increase in
trade accounts
payable (1,983) 793 (6,535) 1,910
------------------- ------------ ----------- ----------- ------------
(Decrease)
increase in
other current
liabilities 2,706 1,417 3,317 (81)
------------------- ------------ ----------- ----------- ------------
(Decrease)
increase in
other long-term
liabilities 22 (12) 282 (93)
------------------- ------------ ----------- ----------- ------------
Net cash
provided by
operating
activities 7,447 3,922 16,075 9,460
------------------- ------------ ----------- ----------- ------------
Cash flows from
investing
activities
------------------- ------------ ----------- ----------- ------------
Additions to
property and
equipment (399) (102) (1,400) (540)
------------------- ------------ ----------- ----------- ------------
Net cash used
in investing
activities (399) (102) (1,400) (540)
------------------- ------------ ----------- ----------- ------------
Cash flows from
financing
activities
------------------- ------------ ----------- ----------- ------------
Repayment of
borrowings (218) (142) (551) (457)
------------------- ------------ ----------- ----------- ------------
Proceeds from
borrowing - - 66 -
------------------- ------------ ----------- ----------- ------------
Payment for
purchase of own
shares (2,707) - (3,323) -
------------------- ------------ ----------- ----------- ------------
Proceeds from
shares issued in
connection with
the exercise of
stock options - - 283 61
------------------- ------------ ----------- ----------- ------------
Net cash used
in financing
activities (2,925) (142) (3,525) (396)
------------------- ------------ ----------- ----------- ------------
Increase in cash
and cash
equivalents 4,123 3,678 11,150 8,524
------------------- ------------ ----------- ----------- ------------
Impact of exchange
rate movements on
cash (32) 15 (715) 161
------------------- ------------ ----------- ----------- ------------
Cash and cash
equivalents at
beginning of
period 57,072 47,171 50,728 42,179
------------------- ------------ ----------- ----------- ------------
Cash and cash
equivalents at end
of period 61,163 50,864 61,163 50,864
------------------- ============ =========== =========== ============
*T