ICOS Vision Systems Reports Record First Quarter of 2006

ICOS Vision Systems Corporation NV (Nasdaq and Euronext:
IVIS), a world leader in vision solutions, today announced its
financial results for the first quarter ended March 31, 2006.
   Revenues were EUR 33.4 million, approximately 16.6% higher than
the EUR 28.6 million reported for the fourth quarter of 2005 and more
than double than the EUR 16.2 million reported for the prior year
first quarter.
   Income from operations was EUR 10.8 million, representing an
increase of 35.8% compared to EUR 7.9 million for the fourth quarter
of 2005 and a four-fold increase over the EUR 2.3 million for the
first quarter of 2005.
   Net income was EUR 8.8 million, or 83 Eurocents per share,
compared to EUR 6.4 million, or 61 Eurocents per share, for the fourth
quarter of 2005 and EUR 1.7 million, or 16 Eurocents per share, for
the first quarter of 2005.
   Cash and cash equivalents stood at EUR 54.8 million at the end of
the first quarter of 2006 with ICOS generating EUR 4.6 million cash
from operations, including changes in working capital, during the
quarter.
   "In line with our guidance, the first quarter of 2006 produced the
best results in our history, with new records set at both the top and
bottom lines. Revenues and earnings exceeded our previous record, set
during the third quarter of 2000 when the semiconductor industry was
operating at an unprecedented high, by approximately 7% and 12%,
respectively. We achieved these superior results even with almost 50%
higher R&D, which demonstrates the leverage inherent in our flexible
operating model and the benefits of our strategy to bolster our market
leadership and expand our addressable markets through continuous R&D
investments," said Anton De Proft, ICOS' president and chief executive
officer.
   Mr. De Proft added, "These investments have placed us in a strong
position to take advantage of the evolution in semiconductor
packaging, mainly driven by a wide range of consumer applications,
such as digital audio and video, phones, TV's, cars and illumination.
Our new WI-2000 wafer inspector system which is designed for advanced
surface inspection and detection on whole wafers, wafers on hoop rings
and wafers on filmframe carriers, is an example of our ability to keep
pace with advancements in packaging technology."
   Mr. De Proft concluded, "While our visibility remains limited, we
continue to see a strong market demand during the second quarter,
although we expect sales to be approximately 10% below the record
first quarter, which benefited from an exceptionally strong January.
We also expect that our gross margins will remain in the 60 to 62%
range."
   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 Heverlee, 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: Certain matters discussed in this press release,
such as market conditions and the Company's expected financial
performance in the second quarter of 2006, and any other statements
about ICOS' plans, objectives, expectations and intentions, are
forward-looking statements. 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 improved
order intake will not translate into increased orders, and that
certain orders may be rescheduled or cancelled; 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,
Further discussion of risk factors is also available in the Company's
SEC filings.

   ICOS Vision Systems Corporation NV can be found on the World Wide
Web at www.ICOS.be

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                  ICOS Vision Systems Corporation NV
        Consolidated Statements of Income according to US GAAP
      (in thousands of Euro, except for share and per share data)


                                                  Three Months Ended
                                               March 31,   March 31,
                                                    2006        2005
                                              (unaudited) (unaudited)

Revenues                                          33,389      16,192
Cost of goods sold                                12,753       6,399
--------------------------------------------- ----------- -----------
        Gross profit                              20,636       9,793
--------------------------------------------- ----------- -----------
Operating expenses:
     Research & development                        3,387       2,641
     Selling, general & administrative             6,477       4,823
        Total operating expenses                   9,864       7,464
--------------------------------------------- ----------- -----------
           Income from operations                 10,772       2,329
--------------------------------------------- ----------- -----------
Other income (expense) :
    Interest income, net                             214         111
    Other income                                      39          43
    Foreign currency exchange gain (loss)             (4)       (130)
          Net other income                           249          24
--------------------------------------------- ----------- -----------
      Net income before taxes                     11,021       2,353
--------------------------------------------- ----------- -----------
Income taxes                                       2,221         681
--------------------------------------------- ----------- -----------
        Net income                                 8,800       1,672
--------------------------------------------- ----------- -----------

--------------------------------------------- ----------- -----------
Basic earnings per share                            0.83        0.16
--------------------------------------------- ----------- -----------
Weighted average number of shares             10,557,460  10,527,310
--------------------------------------------- ----------- -----------
Diluted earnings per share                          0.82        0.16
--------------------------------------------- ----------- -----------
Diluted weighted average number of shares     10,724,345  10,700,434
--------------------------------------------- ----------- -----------
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                  ICOS Vision Systems Corporation NV
           CONSOLIDATED BALANCE SHEETS according to US GAAP
                        (in thousands of Euro)

                                               March 31, December 31,
                                                    2006         2005
                                                (unaudited) (audited)
ASSETS
Current assets
     Cash and cash equivalents                      54,795    50,728
     Trade accounts receivable, net                 28,528    26,542
     Inventories, net                               27,477    25,368
     Prepaid expenses and other current assets       4,450     3,430
----------------------------------------------- ----------- ---------
          Total current assets                     115,250   106,068
----------------------------------------------- ----------- ---------
Net property and equipment                          10,100    10,131
Intangible assets                                    3,945     4,257
Other assets                                         2,116     2,071
----------------------------------------------- ----------- ---------
                 Total assets                      131,411   122,527
=============================================== =========== =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
     Trade accounts payable                         11,714    12,994
     Short-term borrowings & current portion
      long-term debt                                   610       638
     Other current liabilities                      16,443    14,375
----------------------------------------------- ----------- ---------
              Total current liabilities             28,767    28,007
----------------------------------------------- ----------- ---------
Long-term debt, excluding current portion            3,696     3,852
Other long-term liabilities                          1,832     1,587
----------------------------------------------- ----------- ---------
                 Total liabilities                  34,295    33,446
----------------------------------------------- ----------- ---------
STOCKHOLDERS' EQUITY
     Common stock                                    3,247     3,247
     Additional paid-in capital                     22,532    22,524
     Retained earnings                              72,582    63,782
     Accumulated other comprehensive income (loss) (1,245)     (472)
----------------------------------------------- ----------- ---------
             Total stockholders' equity             97,116    89,081
----------------------------------------------- ----------- ---------
                Total liabilities and
                 stockholders' equity              131,411   122,527
=============================================== =========== =========
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                  ICOS Vision Systems Corporation NV
      CONSOLIDATED STATEMENTS OF CASH FLOWS ACCORDING TO US GAAP
                        (in thousands of EURO)


                                         Three months ended March 31
                                                 2006           2005
Cash flows from operating activities       (unaudited)    (unaudited)
                                        -------------- --------------
Net income                                      8,800          1,672
Adjustments to reconcile net income to
 net cash provided by operating activities:
  Depreciation and amortization                   509            490
  Allowance for doubtful debts                    191             31
  Loss on disposal of property and
   equipment                                        -             18
  Deferred tax expense (benefit)                 (213)           (85)
  Stock based compensation expense                  8              -
Changes in assets and liabilities:
  Decrease (increase) in trade accounts
   receivable                                  (2,551)         2,247
  Decrease (increase) in inventories           (2,361)         1,646
  Decrease (increase) in prepaid
   expenses and other current assets             (795)          (314)
  Decrease (increase) in other assets             (84)           (10)
  (Decrease) increase in trade accounts
   payable                                     (1,289)          (586)
  (Decrease) increase in other current
   liabilities                                  2,232           (624)
  (Decrease) increase in other long-
   term liabilities                               125            (26)
                                        -------------- --------------
           Net cash provided by
            operating activities                4,572          4,459
                                        -------------- --------------
Cash flows from investing activities
Additions to property and equipment              (137)          (258)
                                        -------------- --------------
           Net cash used  in investing
            activities                           (137)          (258)
                                        -------------- --------------
Cash flows from financing activities
Repayment of borrowings                          (184)          (175)
                                        -------------- --------------
           Net cash used in financing
            activities                           (184)          (175)
                                        -------------- --------------
Increase in cash and cash equivalents           4,251          4,026
Impact of exchange rate movements on cash        (184)           (96)
Cash and cash equivalents at beginning
 of period                                     50,728         42,179
                                        -------------- --------------
Cash and cash equivalents at end of
 period                                        54,795         46,109
                                        ============== ==============
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