ATMI Reports Second Quarter and First Half 2010 Financial Results
July 21 2010 - 6:58AM
- 2Q revenues: $91.0 million
- 2Q earnings per diluted share: $0.24
ATMI, Inc. (Nasdaq:ATMI) today reported revenues
of $91.0 million for the second quarter of 2010, compared to $60.1
million in the second quarter of 2009. Net income was $7.6 million
for the quarter, compared to a loss of $1.7 million for the prior
year period. Earnings per diluted share were $0.24, compared to a
loss of $0.06 per diluted share in the second quarter of 2009.
For the six months ended June 30, 2010, revenues were $176.3
million, compared with $97.5 million in the same period of 2009.
Net income was $16.3 million, with diluted earnings per share of
$0.51 for the six months, compared to a net loss of $20.2 million
($0.64 per diluted share) for the same period in 2009, which
included $12.5 million of unusual pre-tax charges associated with
cost reduction and other activities.
"Our performance in the second quarter was generally consistent
with industry trends, with global consumer electronics strength
leading the way," said Doug Neugold, ATMI Chief Executive Officer
and President. "In addition to the strong performance in our base
business, we have begun to achieve Process of Record status for
post-CMP and other cleans chemistries developed on our High
Productivity Development platform to be used in our customers'
leading edge processes. In our LifeSciences business, we won orders
for multiple new applications at major producers, indicating the
continued acceptance and adoption of single use technologies by an
expanding customer base."
"We're demonstrating the effectiveness of leveraging our
infrastructure, by having increased second quarter revenues more
than 50% year on year, while keeping our SG&A growth rate below
10%," said Tim Carlson, Chief Financial Officer of ATMI. "Gross
margins, at just under 48%, reflect strong copper materials growth
and favorable product mix."
A conference call (dial-in: 877.766.0748) discussing the
Company's financial results and business outlook will begin at
11:00 a.m. Eastern time, July 21, 2010. A replay of the call will
be available for 48 hours at 800.642.1687 (access code 52746413).
An audio webcast of the conference call will be available for 30
days on atmi.com.
About ATMI
ATMI, Inc. provides specialty semiconductor materials, and
high-purity materials handling and delivery solutions designed to
increase process efficiencies for the worldwide semiconductor, flat
panel, and life sciences industries. For more information, please
visit http://www.atmi.com.
The ATMI, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5254
ATMI and the ATMI logo, are trademarks or registered
trademarks of Advanced Technology Materials, Inc., in the United
States, other countries or both.
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 2010 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, commercializing and delivering new products;
customer-driven pricing pressure; potential loss of key customers;
problems or delays in integrating acquired operations and
businesses; uncertainty in the credit and financial markets;
ability to protect ATMI's proprietary technology; and other factors
described in ATMI's Form 10-K for the year ended December 31, 2009,
and other subsequent 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.
|
ATMI,
INC. |
SUMMARY STATEMENTS OF
OPERATIONS |
(in thousands, except
per share data) |
(Unaudited) |
|
|
Three Months
Ended |
Six Months
Ended |
|
June
30, |
June
30, |
|
2010 |
2009 |
2010 |
2009 |
Revenues |
$90,996 |
$60,095 |
$176,307 |
$97,457 |
Cost of revenues |
47,441 |
36,288 |
91,063 |
66,719 |
Gross profit |
43,555 |
23,807 |
85,244 |
30,738 |
Operating expenses: |
|
|
|
|
Research and development |
12,465 |
8,292 |
22,188 |
19,943 |
Selling, general, and administrative |
20,446 |
18,706 |
40,418 |
40,946 |
Total operating expenses |
32,911 |
26,998 |
62,606 |
60,889 |
|
|
|
|
|
Operating income (loss) |
10,644 |
(3,191) |
22,638 |
(30,151) |
|
|
|
|
|
Other income (expense), net |
93 |
(285) |
333 |
(2,431) |
|
|
|
|
|
Income (loss) before income taxes |
10,737 |
(3,476) |
22,971 |
(32,582) |
|
|
|
|
|
Provision (benefit) for income taxes |
3,139 |
(1,732) |
6,707 |
(12,414) |
|
|
|
|
|
Net income (loss) |
$ 7,598 |
($1,744) |
$16,264 |
($20,168) |
|
|
|
|
|
Diluted earnings (loss) per share |
$0.24 |
($0.06) |
$0.51 |
($0.64) |
|
|
|
|
|
Weighted average shares outstanding -
diluted |
32,027 |
31,367 |
32,041 |
31,385 |
|
|
ATMI,
INC. |
SUMMARY BALANCE
SHEETS |
(in
thousands) |
|
|
|
|
June 30, |
December 31, |
|
2010 |
2009 |
|
(Unaudited) |
|
Assets |
|
|
Cash & marketable securities (1) |
$123,999 |
$97,388 |
Accounts receivable, net |
45,724 |
44,184 |
Inventories, net |
55,654 |
53,761 |
Other current assets |
42,440 |
38,254 |
Total current assets |
267,817 |
233,587 |
Property, plant, and equipment, net |
118,244 |
124,609 |
Marketable securities, non-current
(1) |
8,444 |
10,590 |
Other assets |
85,308 |
90,790 |
Total assets |
$479,813 |
$459,576 |
|
|
|
Liabilities and stockholders' equity |
|
|
Accounts payable |
$ 16,496 |
$ 14,788 |
Other current liabilities |
19,851 |
14,895 |
Total current liabilities |
36,347 |
29,683 |
Non-current liabilities |
16,140 |
18,403 |
Stockholders' equity |
427,326 |
411,490 |
Total liabilities & stockholders'
equity |
$479,813 |
$459,576 |
|
|
|
(1) Total cash and marketable
securities equaled $132.4 million and $108.0 million at June 30,
2010 and December 31, 2009, respectively. |
CONTACT: ATMI, Inc.
Dean Hamilton, Director, ATMI Investor Relations &
Corporate Communications
Direct: 203.207.9349
203.794.1100 x4202
dhamilton@atmi.com
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