Ion Beam Applications (IBA) has predicted it will post a loss for the 2009 fiscal year, which ended Dec. 31, 2009, as a result of one-time charges on two R &D-intensive projects.
In the first weeks of 2010, while preparing its annual financial statements, IBA concluded that it cannot avoid significant cost overruns-- in the order of EUR10 million to EUR15 million ($13.6 million to $20.3 million U.S.)--on completion of two of these projects, said the Louvain-la-Neuve, Belgium based company.
The impact is expected to be amplified by deferred tax asset adjustments of EUR4 million to EUR6 million ($5.4 million to $8.1 million U.S.) and in any case, IBA will not be in a position this year to distribute dividends for 2009, said the company.
IBA maintained that the impact on 2009 results did not affect the company’s positive overall outlook, which has been confirmed by a substantial recovery in equipment orders in the latter months of 2009.
The company said it had an order backlog of more than EUR193 million ($261.8 million U.S.) which includes orders booked in the second half of 2009 for 14 particle accelerators and a proton therapy system.