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Pfeiffer Vacuum Technology AG (0FQR)

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Tuesday 04 November, 2008

Pfeiffer Vacuum Technology AG

Ad hoc: Pfeiffer Vacuum Technology AG: Record v...



Pfeiffer Vacuum Technology AG / Interim report / Ad hoc: Record 
volume of new orders in 3rd quarter. Dollar impacts sales and
profitability.
  
Ad hoc announcement according to §15 WpHG processed and transmitted 
by Hugin. The issuer is solely responsible for the content of this 
announcement.     
   
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Asslar, Germany, November 4, 2008. Pfeiffer Vacuum, a leading
manufacturer of
high-quality vacuum pumps, vacuum gauges, analytical equipment and
complete vacuum systems, announces its 9-month results for the 2008
fiscal year.

Highlights at a glance


+-------------------------------------------------------------------+
|                    | 9 M 2008        | 9 M 2007        | Change   |
|--------------------+-----------------+-----------------+----------|
| Sales              | Euro 142.0      | Euro 136.7      | + 3.9 %  |
|                    | million         | million         |          |
|--------------------+-----------------+-----------------+----------|
| Operating profit   | Euro 35.6       | Euro 36.6       |  - 2.5 % |
| (EBIT)             | million         | million         |          |
|--------------------+-----------------+-----------------+----------|
| Net income         | Euro 26.5       | Euro 25.4       | + 4.5 %  |
|                    | million         | million         |          |
|--------------------+-----------------+-----------------+----------|
| Earnings per share | Euro   3.02     | Euro   2.84     | + 6.3 %  |
|--------------------+-----------------+-----------------+----------|
| New orders         | Euro 182.7      | Euro 154.6      | +18.2 %  |
|                    | million         | million         |          |
|--------------------+-----------------+-----------------+----------|
| Orders on hand     | Euro 74.5       | Euro 43.5       | +71.3 %  |
|                    | million         | million         |          |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
|                    | Q 3 / 2008     | Q 3 / 2007     | Change     |
|--------------------+----------------+----------------+------------|
| Sales              | Euro 46.2      | Euro 46.0      |  + 0.5   % |
|                    | million        | million        |            |
|--------------------+----------------+----------------+------------|
| Operating profit   | Euro 10.9      | Euro 13.1      | - 16.3 %   |
| (EBIT)             | million        | million        |            |
|--------------------+----------------+----------------+------------|
| Net income         | Euro  8.8      | Euro   7.6     | +16.2 %    |
|                    | million        | million        |            |
|--------------------+----------------+----------------+------------|
| Earnings per share | Euro   1.01    | Euro   0.85    | +18.8%     |
|--------------------+----------------+----------------+------------|
| New orders         | Euro 79.4      | Euro 44.7      | +77.6 %    |
|                    | million        | million        |            |
+-------------------------------------------------------------------+



The 3rd quarter of 2008 was characterized by an extremely high volume
of new orders, stemming from both pump and component business as well
as from a major order from the solar industry for vacuum systems used
in coating thin-layer solar cells. Orders came from all regions and
markets, in particular from the solar and analytical markets.

Sales revenues in the 3rd quarter of 2008 were again impacted by the
weakness of the dollar. While sales revenues in the United States
advanced by well over 13 percent, from US$ 14.6 million to US$ 16.6
million when expressed in U.S. dollars, after translation into euros,
however, the increase amounted to only 2.4 percent, from ¤ 10.6
million to ¤ 10.8 million. Over the course of the 9-month period, the
negative foreign-exchange effect has had a ¤ 3.7-million impact on
sales revenues.

The renovation work on the production buildings and the changeover of
the company's processes in connection with start-up of the new
Logistics Center delayed deliveries moderately during the 3rd quarter
of 2008. This therefore again increased the already high level of
orders on hand at the close of the 2nd quarter of 2008 - even without
the major order - and will assure predictable planning for the coming
months. In spite of capacity expansion measures that have already
been initiated, though, the company might possibly remain just under
its sales target of at least ¤ 202 million for the full fiscal year.
However Pfeiffer Vacuum is reiterating its profitability target of an
EBIT margin of between 25 and 27 percent.

Accounting for 25.1 percent of sales revenues, the company succeeded
in earning an outstanding EBIT margin in the first nine months of
2008, in spite of a negative foreign-exchange effect totaling ¤ 3.2
million and the non-recurring ¤ 1.3-million impact stemming from the
renovation work. Pfeiffer Vacuum's financial result of
¤ 3.4 million and its favorable tax ratio of 32 percent produced net
income of ¤ 26.5 million and an 18.7-percent return on sales.
Earnings per share rose by 6.3 percent, from ¤ 2.84 to ¤ 3.02.

In these times of financial market crisis, Pfeiffer Vacuum is proud
of its sound financial numbers. The company is debt-free and was
holding cash and cash equivalents totaling ¤ 54.2 million on
September 30, 2008 (December 31, 2007:
¤ 83.4 million). Major expenditures during the first nine months of
fiscal 2008 included ¤ 27.9 million for the dividend payment to our
shareholders, ¤ 17.9 million ¤ for the buyback of treasury stock and
¤ 8.6 million for machinery and equipment, as well as for renovation
and expansion of production buildings.

Chief Executive Officer Manfred Bender commented as follows on the
numbers: "During the course of the past nine months, Pfeiffer Vacuum
has succeeded in boosting its sales revenues and profitability, in
spite of a difficult environment. Without the negative effect of the
dollar, these increases would have been significantly more positive.
We see unabated demand from all industries and regions for our
high-quality vacuum products. And we anticipate being able to again
further increase our sales revenues for 2009 fiscal year.

"We have since bought back somewhat more than 5 percent of our
shares. In order to avoid further reducing our cash on hand, we will
not be continuing this program indefinitely. We believe that, given
the insecurity on the financial market, our shareholders would
currently prefer for us to hold onto our money and instead be able to
look forward to a high dividend next year."

For full press release including financial tables, see the company's
web site www.pfeiffer-vacuum.de.

Contact:
Pfeiffer Vacuum Technology AG
Investor Relations
Gudrun Geissler
Tel. +49 (0) 6441 802 314
Fax +49 (0) 6441 802 365
e-Mail [email protected]


 
--- End of Message  ---

Pfeiffer Vacuum Technology AG
Berliner Strasse 43 Asslar 
Germany

WKN: 691660; ISIN: DE0006916604; Index: TecDAX, CDAX, HDAX, MIDCAP, 
Prime All Share, TECH All Share;
Listed: Geregelter Markt in Frankfurter Wertpapierbörse, Prime 
Standard in Frankfurter Wertpapierbörse, 
Freiverkehr in Börse Berlin, Freiverkehr in Bayerische Börse München, 

Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, 

Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr 
in Niedersächsische Börse zu Hannover, 
Freiverkehr in Frankfurter Wertpapierbörse;




                                                                                                                                                                                                   

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