ATMI Reports Fourth Quarter and 2004 Results DANBURY, Conn., Feb. 2
/PRNewswire-FirstCall/ -- ATMI, Inc. (NASDAQ:ATMI), a supplier of
materials and materials packaging to the world's leading
semiconductor manufacturers, today announced financial results for
its fourth quarter, and for the year 2004. RESULTS FOR THE FOURTH
QUARTER OF 2004 Revenues from continuing operations were $64.9
million in the fourth quarter, an increase of 24% from the fourth
quarter of last year, and up 1% sequentially from the third quarter
of 2004. Income from continuing operations was $3.9 million, or
$0.13 per diluted share, which includes a $0.09 per share special
charge related to the write-down of a strategic equity investment.
Excluding this special charge, income from continuing operations in
the fourth quarter was $0.22 per diluted share. Income from
continuing operations was $5.6 million, or $0.18 per diluted share,
in the fourth quarter of last year, which included both a $0.03 per
diluted share special charge related to a write-down of a strategic
equity investment and a $0.10 per diluted share one-time tax
benefit. Income from continuing operations in the third quarter of
2004 was $6.4 million, or $0.20 per diluted share. Overall, net
income for the fourth quarter was $6.9 million, or $0.22 per
diluted share, which includes a $0.01 per diluted share loss from
discontinued operations and a gain of $0.10 per diluted share on
the sale of the one remaining discontinued operation. For the
fourth quarter last year, net income was $5.2 million, or $0.17 per
diluted share, including a $0.01 loss per diluted share from
discontinued operations. RESULTS FOR THE FULL YEAR OF 2004 For
2004, revenues from continuing operations were $246.3 million, up
43% from $171.6 million in 2003. Income from continuing operations
was $20.1 million, or $0.64 per diluted share, including a $0.09
per diluted share charge for a strategic equity investment
write-down. In 2003, income from continuing operations was $2.0
million, or $0.06 per diluted share, including a $0.12 per diluted
share net charge for special items consisting of a one-time tax
benefit offset by a strategic equity investment write-down and
other special charges. Overall, net income was $31.5 million, or
$1.00 per diluted share in 2004, including $0.26 per diluted share
in gains from sales of discontinued operations, and $0.10 per
diluted share of income from the actual operations of discontinued
businesses during the year. That compares with a loss of $9.9
million in 2003, or $0.32 per diluted share, including a $0.38 loss
per diluted share from the operations of discontinued businesses
during the year. COMMENTS Doug Neugold, ATMI Chief Executive
Officer, said, "2004 was an important year for the Company. With
the completion of our divestiture activity, we ended 2004 and start
2005 focused on our three key offerings: SDS(R) for implant gas
delivery, performance materials used in high growth, advanced
copper interconnect processes, and packaging products for
photoresist and other performance materials where process
efficiency is demanded. This mix gives us stability, even when
overall wafer starts slow, or temporarily contract. "For 2005, we
have set aggressive targets for increasing our focus on key
customers, expanding our presence in Asia, improving our position
at the leading edge with new products and services for advanced
devices, and growing market share for existing devices. ATMI's
model of providing products that enable leading edge processes
offers ATMI significant growth opportunities. Our wafer
start-driven model and our market strength in emerging technology
nodes enhance our ability to generate profit and positive cash flow
despite the frequently cyclical market environment." Dan Sharkey,
ATMI Chief Financial Officer, said, "The strength from our product
lines that sell into advanced technology applications drove
sequential growth in a quarter where global wafer starts were down
by almost 10%. A favorable product mix, driven primarily by a
strong quarter for our liquid packaging products, drove
sequentially better gross margins, at 51.5% for the quarter, and
operating profitability at $0.22 per share. We begin 2005 with an
extremely strong balance sheet, supported by almost $240 million in
cash, as our completed divestitures in 2004, all at above book
value, generated almost $100 million. For the first quarter of
2005, with the expectations that copper lines are still running at
high capacity, and that worldwide wafer starts will be relatively
flat, we anticipate revenues in the range of $63 million to $67
million, with earnings between $0.17 and $0.23 per share." ATMI
provides specialty materials and materials packaging to the
worldwide semiconductor industry. For more information, please
visit http://www.atmi.com/. Statements contained herein that relate
to ATMI's future performance, including, without limitation,
statements with respect to ATMI's anticipated results of operations
or level of business for 2005 or any other future period, are
forward-looking statements within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
are based on current expectations only and are subject to certain
risks, uncertainties, and assumptions, including, but not limited
to, changes in semiconductor industry growth (including, without
limitation, wafer starts) or ATMI's markets; competition, problems,
or delays developing and commercializing new products; problems or
delays in integrating acquired operations and businesses; and other
factors described in ATMI's filings with the Securities and
Exchange Commission. Such risks and uncertainties may cause actual
results to differ materially from those expressed in our
forward-looking statements. ATMI undertakes no obligation to update
any forward-looking statements. Note: A conference call
(800.289.0743) discussing financial results will begin at 11:00
a.m. Eastern time, February 2nd, 2005. A replay (888.203.1112, PIN
580958) of the call will be available for 48 hours. An audio
webcast of the conference call will be available for 30 days on
http://www.atmi.com/ . ATMI, INC. SUMMARY STATEMENTS OF OPERATION
(in thousands, except per share data) Three Months Ended Twelve
Months Ended December 31, December 31, 2004 2003 2004 2003 Revenues
$64,871 $52,352 $246,291 $171,634 Cost of revenues 31,481 25,597
122,415 89,902 Gross profit 33,390 26,755 123,876 81,732 Operating
expenses R & D 4,826 5,361 19,577 19,170 S, G, & A 18,353
15,061 66,920 54,145 Restructuring & other charges - - - 1,731
23,179 20,422 86,497 75,046 Operating income 10,211 6,333 37,379
6,686 Other expense, net (4,351) (2,271) (6,915) (9,315) Income
from continuing operations before taxes 5,860 4,062 30,464 (2,629)
Income taxes (benefit) 1,932 (1,550) 10,358 (4,617) Income (loss)
from continuing operations 3,928 5,612 20,106 1,988 Income (loss)
from discontinued operations (276) (366) 3,313 (11,907) Gain on
disposal of discontinued operations 3,258 - 8,083 - Net income
(loss) $6,910 $5,246 $31,502 ($ 9,919) Diluted earnings (loss) per
share: Income from continuing operations $0.13 $0.18 $0.64 $0.06
Income (loss) from discontinued operations ($0.01) ($0.01) $0.10
($0.38) Gain on disposal of discontinued operations $0.10 - $0.26 -
Net Income (loss) $0.22 $0.17 $1.00 ($0.32) Weighted average shares
outstanding 31,704 31,309 31,650 31,208 ATMI, INC. SUMMARY BALANCE
SHEETS (in thousands) Balance Sheet Highlights December 31,
December 31, 2004 2003 Assets Cash & marketable securities
$238,960 $128,700 Accounts receivable, net 43,680 38,439 Inventory,
net 36,918 21,564 Assets held for sale - 84,736 Other current
assets 31,340 16,280 Total current assets 350,898 289,719 Fixed
assets, net 69,758 64,673 Other assets 49,444 60,050 Total assets
$470,100 $414,442 Liabilities and stockholders' equity Accounts
payable $ 16,174 $ 11,743 Short-term debt 220 1,047 Liabilities
held for sale - 7,196 Other current liabilities 37,876 24,799 Total
current liabilities 54,270 44,785 Long-term debt 115,084 115,290
Other long-term liabilities 3,169 116 Stockholders' equity 297,577
254,251 Total liabilities & stockholders' equity $470,100
$414,442 DATASOURCE: ATMI, Inc. CONTACT: Dean Hamilton of ATMI,
+1-203-207-9349 Direct, or +1-203-794-1100, ext. 4202, Web site:
http://www.atmi.com/
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