IBA posts mixed year-end results

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Ion Beam Applications (IBA) reported losses despite double-digit growth in sales and recurring revenue for its financial results for the 2007 fiscal year.

For the year, IBA posted a financial loss of approximately $783,000 U.S. (€500,000), compared with a profit of nearly $939,000 U.S. (€600,000). The company attributed the loss to charges posted for interest swaps and currency hedging, and to an increase in advanced payment bond expenses owing to the greater number of projects in process.

Net income for the year-end results totaled $21.8 million U.S. (€13.9 million) compared to $47 million U.S. for the same period in 2006, which the company said includes $38.7 million U.S. (€24.7 million) from nonrecurring elements of the deal with Schering’s radiopharmceutical operations and the reversal of tax provisions.

The Louvain-la-Neuve, Belgium-based company reported sales for 2007 of $334.7 million U.S. (€213.8 million), up 25.6 percent from 2006.

IBA also saw a 20.7 percent increase in recurring earnings of $18.5 million U.S. (€11.8 million), which the company attributes to the depreciation of the U.S. dollar and research and development investments.