ATMI Reports Financial Results for the Fourth Quarter of 2013
February 04 2014 - 7:05AM
Revenues Grew 6 Percent Compared With Last Year
to $94.8 Million Income From Continuing Operations Was $0.19 Per
Diluted Share Income Includes Asset Impairment Charge of $0.28 Per
Diluted Share and a Gain of $0.03 Per Diluted Share
ATMI, Inc. (Nasdaq:ATMI), a global technology
company, today reported financial results for the fourth quarter of
2013.
Revenues from continuing operations were $94.8 million during
the fourth quarter of 2013, an increase of 6 percent compared with
$89.2 million during the same period last year, lifted by strong
demand for products in Microelectronics, especially implant, and
eVOLV™ license revenues. Income from continuing operations was $6.4
million, or $0.19 per diluted share, and included a pre-tax asset
impairment charge of $11.5 million ($0.28 per diluted share), and a
pre-tax gain of $1.2 million ($0.03 per diluted share) on the sale
of a marketable security. Excluding these one-time items in the
quarter, diluted earnings per share from continuing operations were
$0.44. Income from continuing operations during the fourth quarter
of 2012 was $11.9 million, or $0.36 per diluted share.
"We concluded 2013 on a strong note in regards to operating
performance and strategic objectives," said Chief Executive Officer
Doug Neugold. "Microelectronics achieved meaningful revenue growth
in a challenging demand environment, and we recognized license
revenues for eVOLV, our electronic waste recovery technology. On
the strategic front, the divestiture of LifeSciences to Pall
Corporation allows us to recognize the value of the business while
placing it in the hands of a strategic owner with the desire and
ability to grow in single-use technology. Finally, with the pending
acquisition by Entegris, Inc., the consolidation we have enabled
within the semiconductor supply chain will result in an even
stronger supplier of performance materials and related consumable
technologies to the world's integrated circuit (IC) producers."
Operating expense increased due primarily to the $11.5 million
impairment charge related to certain of our High Productivity
Development assets. This action was taken to better align the
research and development asset base with the select number of
manufacturers producing leading node semiconductors.
ATMI will not conduct a conference call with analysts or
investors to discuss these quarterly results due to the pending
acquisition by Entegris, Inc. The company expects to file its form
10-K with the SEC on or about March 7, 2014.
About ATMI
ATMI, Inc., a global technology company, provides specialty
materials, material processing, and safe, high-purity materials
handling and delivery solutions designed to increase process
efficiencies for the microelectronics and other industries. For
more information, please visit http://www.atmi.com.
ATMI, eVOLV, and the ATMI logo are trademarks or
registered trademarks of Advanced Technology Materials, Inc., in
the United States, other countries, or both.
Forward Looking Statements
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 2014 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, 2012
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
COMPREHENSIVE INCOME |
(in thousands, except
per share data) |
|
|
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Revenues |
$94,844 |
$89,180 |
$360,959 |
$365,849 |
Cost of revenues |
47,460 |
44,577 |
185,013 |
179,258 |
Gross profit |
47,384 |
44,603 |
175,946 |
186,591 |
Operating expenses: |
|
|
|
|
Research and development |
21,591 |
12,552 |
55,666 |
47,286 |
Selling, general and
administrative |
18,579 |
17,103 |
72,884 |
73,521 |
Total operating expenses |
40,170 |
29,655 |
128,550 |
120,807 |
Operating income |
7,214 |
14,948 |
47,396 |
65,784 |
Interest income |
249 |
186 |
$944 |
$900 |
Other income (expense), net |
730 |
285 |
2,616 |
($58) |
Income before income taxes |
8,193 |
15,419 |
50,956 |
66,626 |
Provision for income taxes |
1,805 |
3,510 |
12,197 |
18,331 |
Income from continuing operations |
$6,388 |
$11,909 |
$38,759 |
$48,295 |
|
|
|
|
|
Income (loss) from discontinued operations,
net of tax |
(2,544) |
711 |
(8,594) |
(5,965) |
Net income |
$3,844 |
$12,620 |
$30,165 |
$42,330 |
|
|
|
|
|
Earnings per diluted share, continuing
operations |
$0.19 |
$0.36 |
$1.18 |
$1.48 |
Earnings (loss) per diluted share,
discontinued operations |
($0.08) |
$0.02 |
($0.26) |
($0.18) |
|
|
|
|
|
Weighted average shares outstanding -
diluted |
32,897 |
32,679 |
32,751 |
32,664 |
|
|
|
|
|
Comprehensive income |
$4,961 |
$21,490 |
$23,068 |
$49,909 |
|
ATMI,
INC. |
SUMMARY BALANCE
SHEETS |
(in
thousands) |
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
(Unaudited) |
|
Assets |
|
|
Cash & marketable
securities (1) |
$128,847 |
$154,106 |
Accounts receivable, net |
58,009 |
53,684 |
Inventories, net |
76,485 |
77,012 |
Other current assets |
39,378 |
24,313 |
Assets held for sale |
120,618 |
101,051 |
Total current assets |
423,337 |
410,166 |
Property, plant, and equipment,
net |
120,462 |
111,720 |
Marketable securities,
non-current (1) |
2,225 |
12,073 |
Other assets |
50,196 |
65,194 |
Total assets |
$596,220 |
$599,153 |
|
|
|
Liabilities and stockholders' equity |
|
|
Accounts payable |
$27,087 |
$35,847 |
Other current liabilities |
15,511 |
31,296 |
Liabilities held for sale |
$13,108 |
$12,377 |
Total current liabilities |
55,706 |
79,520 |
Non-current liabilities |
11,354 |
12,357 |
Stockholders' equity |
529,160 |
507,276 |
Total liabilities &
stockholders' equity |
$596,220 |
$599,153 |
|
(1) Total cash
and marketable securities from continuing operations equaled $131.1
million and $166.2 million at December 31, 2013 and December 31,
2012, respectively. |
CONTACT: Troy Dewar
Vice President, Investor Relations and
Corporate Communications
203.207.9349
tdewar@atmi.com
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