ATMI Reports First Quarter Financial Results

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, [phone], or Direct:

[phone] x4202,  



Web site:  http://www.atmi.com/ 

Copyright