ATMI Reports First Quarter Financial Results
April 20 2005 - 8:01AM
PR Newswire (US)
ATMI Reports First Quarter Financial Results DANBURY, Conn., April
20 /PRNewswire-FirstCall/ -- ATMI, Inc. (NASDAQ:ATMI), a supplier
of materials and materials packaging to the world's leading
semiconductor manufacturers, today announced revenues of $66.1
million for the first quarter of 2005, an increase of 18% from
$56.0 million in the first quarter of 2004, and a 2% increase from
$64.9 million in the fourth quarter of 2004. Doug Neugold, ATMI
President and Chief Executive Officer, said, "ATMI's strategy of
working with the world's leading integrated circuit producers to
provide key materials for their most advanced chips holds excellent
prospects for long term sustainable growth. While it's clear that
certain sectors in our industry are feeling pressure, our product
portfolio leaves our growth expectations for 2005 unchanged." Net
income for the first quarter of 2005 was $6.1 million, or $0.19 per
diluted share. For the first quarter of 2004, on a comparable
basis, income from continuing operations was $4.0 million, or $0.12
per diluted share, and net income was $0.19 per diluted share as
reported, which included $0.07 per diluted share related to
discontinued operations and the gain on the sale of the one
discontinued operation divested during that first quarter of 2004.
Net income for the fourth quarter of 2004, on a comparable basis
and reported as income from continuing operations, was $3.9
million, or $0.13 per diluted share -- which included the impact of
a $0.09 per share special charge related to the write-down of a
strategic equity investment. Net income as reported in total was
$0.22 per diluted share in the fourth quarter of 2004, which
included $0.09 per share related to discontinued operations and the
sale of the last of our discontinued operations during that
quarter. "We have deepened several strategic key account
relationships through our broad product portfolio, development
activity in emerging materials, and value-added applications
support for all these products," said Neugold. "Overall, worldwide
wafer starts for the first quarter were somewhat softer than
expected, yet we continue to believe growth for the year will be in
the 5% to 7% range. Copper wafer starts remain strong, and we
believe on course to increase by 30% this year." Dan Sharkey, Chief
Financial Officer said, "In an environment where global wafer
starts were slightly down from the previous quarter, our revenues
grew due to our product strength in leading edge processes. Gross
margins improved slightly quarter-on-quarter to 51.7% for the first
quarter versus 51.5% for the fourth quarter of last year, and up
from 48.6% in the first quarter of 2004. SG&A included
incremental spending for litigation as a result of increased
activity in our patent lawsuit, which reduced earnings by $0.02 per
share as compared to the fourth quarter of 2004. For the second
quarter, we anticipate revenues between $65 and $69 million, with
earnings per share between $0.18 and $0.23, based on our belief
that worldwide wafer starts should increase slightly and that
copper wafer start growth will continue at current levels. During
the first quarter, ATMI announced it would call its $115 million
convertible subordinated notes due in 2006. The debt was retired
just after the end of the quarter, and all debt holders elected to
convert into ATMI common shares. ATMI issued 5,183,095 shares to
the note holders on April 8. With the elimination of the interest
expense associated with this retired debt, the dilutive effect of
the additional shares is nominal at current earnings levels." ATMI
provides specialty materials and materials packaging to the
worldwide semiconductor industry. For more information, please
visit http://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, April 20th, 2005. A replay (888.203.1112, PIN
4763788) of the call will be available for 48 hours. An audio
webcast of the conference call will be available for 30 days on
http://atmi.com/. ATMI, INC. SUMMARY STATEMENTS OF OPERATION (in
thousands, except per share data) Three Months Ended March 31, 2005
2004 Revenues $66,097 $56,019 Cost of revenues 31,913 28,792 Gross
profit 34,184 27,227 Operating expenses R & D 5,284 4,741 S, G,
& A 19,434 15,684 24,718 20,425 Operating income 9,466 6,802
Other expense, net (333) (697) Income before income taxes 9,133
6,105 Income taxes 3,082 2,137 Income from continuing operations
6,051 3,968 Income from operations of discontinued operations --
1,120 Gain on disposal of discontinued operations -- 1,024 Net
income $ 6,051 $ 6,112 Diluted earnings per share from continuing
operations $0.19 $0.12 Diluted earnings per share from operations
of discontinued operations $0.04 Diluted earnings per share from
gain on disposal of discontinued operations $0.03 Diluted earnings
per share $0.19 $0.19 Weighted average shares outstanding 32,004
31,739 ATMI, INC. SUMMARY BALANCE SHEETS (in thousands) Balance
Sheet Highlights March 31, December 31, 2005 2004 Assets Cash &
marketable securities $237,057 $238,960 Accounts receivable, net
43,762 43,680 Inventory, net 40,285 36,918 Other current assets
29,497 31,340 Total current assets 350,601 350,898 Fixed assets,
net 75,078 69,758 Other assets 48,435 49,444 Total assets $474,114
$470,100 Liabilities and stockholders' equity Accounts payable
$13,575 $16,174 Short-term debt 154 220 Other current liabilities
34,113 37,875 Total current liabilities 47,842 54,269 Long-term
debt 115,060 115,084 Other long-term liabilities 3,057 3,171
Stockholders' equity 308,155 297,576 Total liabilities &
stockholders' equity $474,114 $470,100 DATASOURCE: ATMI, Inc.
CONTACT: Dean Hamilton of ATMI, +1-203-207-9349, or Direct:
+1-203-794-1100 x4202, Web site: http://www.atmi.com/
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