On February 19th Inficon, a manufacturer of vacuum instrumentation for the semiconductor Industry, reported revenues of $33.6 million and net income of $8,000 or 0 cents per ADR.  In the earnings report Inficon said that even without an economic recovery in 2003 they expect revenue growth and plan to remain profitable. They also said they have a new and full product pipeline for 2003 as a result of aggressive spending in research and development. IFCN has $37.8 million in cash and equivalents which is $1.64 per ADR and the company carries no debt. The stock trades at .7x sales. Tangible book value is $3.40 (I did not use the $40 million in deferred tax assets on their balance sheet in my calculation).

     In the chart above you can see that in October IFCN made a low and then in February it made a lower low. At the bottom of the chart there is a Relative Strenth Index (RSI). In February the low in the RSI was actually higher than the low in October. This is a divergence and a bullish indicator as the new low in price is not confirmed by a new low in the RSI.

Update 6/02/03 - Recommend selling at the current price of $6.49. This gives you a gain of 73%.