ATMI Reports First Quarter Financial Results DANBURY, Conn., April
21 /PRNewswire-FirstCall/ -- ATMI, Inc. , a supplier of materials
and materials packaging to the world's leading semiconductor
manufacturers, today announced revenues of $56.0 million for the
first quarter of 2004, an increase of 51% from $37.0 million in the
first quarter of 2003, and an increase of 7% over $52.4 million in
the fourth quarter of 2003. Continuing operations in the first
quarter generated income of $4.0 million, or $0.12 per diluted
share. In the first quarter of last year, income from continuing
operations was $0.9 million, or $0.03 per diluted share. In the
fourth quarter of 2003, continuing operations generated income of
$5.6 million, or $0.18 per diluted share, which included a one-time
$0.10 per share tax benefit and a $0.03 per share charge for an
investment write-down. Overall, net income for the first quarter
was $6.1 million, or $0.19 per diluted share, which includes $0.04
per share from activities of discontinued operations, and a gain of
$0.03 per share related to the sale of the gallium nitride
business. For the first quarter of 2003, net loss was $1.6 million,
or $0.05 per diluted share, which included a loss of $0.08 per
share from discontinued operations. Net income for the fourth
quarter of 2003 was $5.2 million, or $0.17 per diluted share, which
included a $0.01 per share loss from discontinued operations and
the one-time tax benefit of $0.10 per share, partially offset by
the $0.03 per share investment write-down. Gene Banucci, ATMI Chief
Executive Officer, said, "The semiconductor industry continued to
grow strongly during the first quarter. We believe overall
worldwide wafer starts were up, on the order of 3-4% sequentially,
with growth rates in Taiwan exceeding 7%. We expect continued
industry growth in the second quarter, and believe that growth in
wafer starts for the year will come in slightly above our previous
range of 9-11%." Doug Neugold, ATMI Chief Operating Officer, said,
"The first quarter showed broad-based strength. SDS(R)
sub-atmospheric gas storage and delivery and materials packaging
product sales were strong. Overall gross margin didn't reach the
levels we wanted during the quarter because of additional costs to
expedite product deliveries to Taiwan on stronger than expected
demand, combined with costs related to scaling manufacturing on
certain new products. We anticipate improving gross margin levels
in the second half. In the copper materials market, our ST-250
post-etch stripping product appears to be gaining traction
worldwide. So much so, we are already preparing capacity expansions
for this, and related, product lines." Dan Sharkey, Chief Financial
Officer said, "During the quarter, we completed the first
divestiture of our businesses held for sale, with the sale of our
Gallium Nitride business to Cree for $10.25 million in cash. With
buyer interest in the remaining businesses quite high, negotiations
on a number of the other discontinued businesses are well
underway." ATMI provides specialty materials and materials
packaging to the worldwide semiconductor industry. For more
information, please visit 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 2004 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 or ATMI's markets; competition, problems, or delays
developing and commercializing new products; problems or delays in
integrating acquired operations and businesses into ATMI; problems
or delays associated with any restructuring activity, or
implementing any strategy, including resolution of the various
discontinued elements of ATMI's Technologies segment; and other
factors discussed in ATMI's filings with the Securities and
Exchange Commission. Such risks and uncertainties could cause
actual results to differ from those projected. ATMI undertakes no
obligation to publicly update or revise any forward-looking
statements, whether because of new information, future events or
otherwise. Note: A conference call (800.289.0544) discussing
financial results will begin at 11:00 a.m. Eastern time, April
21st, 2004. A replay (888.203.1112, PIN 12085) of the call will be
available for 48 hours. An audio webcast of the conference call
will be available for 30 days on atmi.com. ATMI, INC. SUMMARY
STATEMENTS OF OPERATION (in thousands, except per share data) Three
Months Ended March 31, 2004 2003 Revenues $56,019 $37,039 Cost of
revenues 28,792 18,894 Gross profit 27,227 18,145 Operating
expenses R & D 4,741 4,203 S, G, & A 15,684 12,627 20,425
16,830 Operating income 6,802 1,315 Other expense, net (697) (19)
Income before income taxes 6,105 1,296 Income taxes (2,137) (372)
Income from continuing operations 3,968 924 Income (loss) from
operations of discontinued operations 1,120 (2,542) Gain on
disposal of discontinued operations 1,024 -- Net income (loss)
$6,112 ($1,618) Diluted earnings per share from continuing
operations $0.12 $0.03 Diluted earnings (loss) per share from
operations of discontinued operations $0.04 ($0.08) Diluted
earnings per share from gain on disposal of discontinued operations
$0.03 -- Diluted earnings (loss) per share $0.19 ($0.05) Weighted
average shares outstanding 31,739 30,913 ATMI, INC. SUMMARY BALANCE
SHEETS (in thousands) Balance Sheet Highlights March 31, December
31, 2004 2003 Assets Cash & marketable securities $137,730
$128,700 Accounts receivable, net 48,945 38,439 Inventory, net
30,637 21,564 Assets held for sale 71,980 84,736 Other current
assets 17,422 16,280 Total current assets 306,714 289,719 Fixed
assets, net 65,903 64,673 Other assets 59,059 60,050 Total assets
$431,676 $414,442 Liabilities and stockholders' equity Accounts
payable $13,013 $11,743 Short-term debt 947 1,047 Liabilities held
for sale 8,695 7,196 Other current liabilities 29,566 24,799 Total
current liabilities 52,221 44,785 Long-term debt 115,203 115,290
Other long-term liabilities 105 116 Stockholders' equity 264,147
254,251 Total liabilities & stockholders' equity $431,676
$414,442 DATASOURCE: ATMI, Inc. CONTACT: Dean Hamilton of ATMI,
direct, +1-203-207-9349, +1-203-794-1100 ext. 4202, Web site:
http://www.atmi.com/
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