Atmi Inc. (MM) (NASDAQ:ATMI)
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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/