ICOS reports Q2 of 2003

ICOS Vision Systems Corporation NV (Nasdaq, Nasdaq Europe and Euronext: IVIS), announced its unaudited financial results for the second quarter ended June 30, 2003. Revenues for the three months ended June 30, 2003 were EUR 9.8 million representing an increase of approximately 5% over first quarter revenues of EUR 9.3 million, and an increase of approximately 14% compared to the EUR 8.6 million reported for the second quarter of 2002. Income from operations for the second quarter of 2003 was EUR 0.9 million versus an operating income of EUR 0.8 million for the second quarter of 2002. Net income was EUR 0.5 million or EUR 0.05 per share, compared to a net loss of EUR 0.6 million or EUR 0.06 per share, for the second quarter of 2002. Revenues for the six months ending June 30, 2003 were EUR 19.1 million compared to EUR 13.3 million for the same period in 2002. Income from operations for the first six months of 2003 was EUR 1.4 million compared to a loss from operations of EUR 0.9 million for the same period last year. Net income for the first six months of 2003 was EUR 0.7 million or EUR 0.07 per share, compared to a net loss of EUR 1.7 million or EUR 0.16 per share, for the first six months of 2002. "Net income more than doubled in the second quarter on revenue growth of 5%, demonstrating the operating leverage inherent in our flexible manufacturing model," said Anton De Proft, ICOS' President and Chief Executive Officer. "In addition, ICOS continues to gain market share and expand its product portfolio, and we now count among our customers all of the major semiconductor manufacturers in the world. As a result, we have produced revenue growth for the last seven quarters even though market conditions have been weak." "Looking ahead, should the semiconductor market experience strong growth during the remainder of the year and into 2004 as industry analysts expect, we are prepared to ramp up quickly and realize even better results," added De Proft. "In the capital equipment market, this upturn is expected to be lead by the back-end segment, ICOS' main market. This market is showing signs of recovery based in part on such data as by the SEMI North American book-to-bill ratio, which has been above parity for the last five months, reaching 1.19 for the month of June (A book-to-bill ratio above one indicates a market which is expanding)." "However, while we see evidence of improved market conditions at our customers, visibility remains limited. Based on the current order flow, we expect continued revenue growth and higher profitability in the third quarter," concluded De Proft.Source: PCBnewsline