COMET AG
COMET delivers distinctive growth in sales and earnings
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COMET delivers distinctive growth in sales and earnings
FLAMATT, Switzerland – August 10, 2004 – The COMET Group, a leading manufacturer
of components and systems for the growth markets of security, quality control
and miniaturization, generated sales of CHF 34.6 million in the first half of
2004 (H1 2003: CHF 27.5 million). This includes sales of CHF 2.4 million from
the recently acquired FEINFOCUS Group. Consolidated operating income (EBIT) was
CHF 3.0 million, more than seven times higher than one year earlier (CHF 0.4
million). Net profit for the period was CHF 2.2 million (H1 2003: CHF 0.04
million).
By optimizing cost structures and increasing efficiency through the new IT
platform, COMET was able to benefit disproportionately strongly from the upturn
in its core markets, which are the semiconductor and non-destructive testing
industries.
Important milestones for COMET’s future development were also reached in the
first half of 2004 with the acquisition of FEINFOCUS and the successful capital
increase, in which 100,000 new registered shares were issued at a price of CHF
180.
Security & Inspection division
The Security & Inspection division, consisting of the Industrial X-Ray and
Dosimetry business units, achieved sales (excluding the acquisition) of CHF 15.9
million (H1 2003: CHF 15.6 million) and operating income of CHF 1.6 million
(CHF 0.9 million). The operating margin thus nearly doubled from 5.7% to 10.1%.
Including the newly purchased FEINFOCUS, the division reached sales of CHF 18.3
million and EBIT of CHF 0.7 million. Profitability was strongly influenced by
one-time costs of acquisition and integration. As a result of production delays,
FEINFOCUS’s contribution to sales was lower than communicated
in June; however, new orders stood at a historic high of CHF 3.7 million at the
end of the reporting period.
Microelectronics & Life Science division
Sales in the Microelectronics & Life Science division were up considerably to
CHF 16.3 million from one year earlier (CHF 11.9 million). EBIT was likewise
boosted markedly to CHF 3.1 (from CHF 0.1 million). Thanks to the optimum use of
its flexible capacity, COMET doubled production in the Vacuum Capacitors unit
within just a few weeks and took full advantage of the upturn in the
semiconductor industry.
The Analytics business unit forged ahead with the development of applications
for the macromizer(TM) mass spectrometer.
Outlook
The positive outlook in all of COMET’s core markets promises a good second half
of the year. A top operational priority is the further integration of FEINFOCUS.
From August 2004 Dr. Frank Gitmans will be the subsidiary’s general manager.
With a strong track record in the semiconductor industry and the field of
nondestructive testing, he brings to this position experience in both of
FEINFOCUS’s core businesses. His paramount goal will be to optimize the
manufacturing processes so as to exploit the market opportunities to the
fullest.
At the strategic level, the cash infusion from the capital increase allows
additional options to be evaluated. It is also gratifying to note that the
continuous advance in the stock price since the corporate action demonstrates
strengthened investor confidence.
COMET’s management believes strongly that the business performance in the second
half of the year will be comparable to that in the first. The target announced
at the beginning of this year for growth in the low double digits in sales and
operating income is thus likely to be surpassed.
Download the full seminannual report 2004 from the following link:
http://www.newsbox.ch/public/1343/att/1174_semiannualreport.pdf
For further information, please contact
Dr. Bernhard Hammer Peter Ruth
Chairman of the Board of Directors Chief Executive Officer
Tel. +41 32 624 40 90 Tel. +41 31 744 99 99
bh@dr-hammer.ch peter.ruth@comet.ch
end of message, (c)DGAP 10.08.2004
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WKN: 895429 ; ISIN: CH0003825756; Index:
Listed: Freiverkehr in Berlin-Bremen; SWX Swiss Exchange
100659 Aug 04
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