Mykrolis (NYSE:MYK)
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Mykrolis Corporation Reports First Quarter Results
BILLERICA, Mass., May 5 /PRNewswire-FirstCall/ -- Mykrolis Corporation
(NYSE:MYK), a leading supplier of components and systems to the semiconductor
industry, announced today first quarter revenues of $73.6 million, which were
roughly even with $74.0 million in the fourth quarter of 2004 and 4 percent
above $70.5 million in the comparable quarter a year ago.
Net income per diluted share for the first quarter was $0.13, which compared to
net income per diluted share of $0.18 in the fourth quarter and to net income
per diluted share of $0.16 in the first quarter a year ago.
Gideon Argov, Chief Executive Officer, commented: "Our first quarter operating
results were consistent with our expectations, as industry trends were
predominantly stable across our product areas and our geographic markets. Our
product mix continued to favor our consumable filtration products. Sales of
consumable and equipment products were 69 percent and 31 percent of first
quarter sales, respectively, which was essentially unchanged from the fourth
quarter."
Mr. Argov continued, "Among the highlights for the quarter was the acquisition
of Extraction Systems, Inc. in March 2005. While Extraction Systems did not
significantly impact our operating results for the first quarter, this
acquisition dovetails well with our existing gas filtration and purification
products. Extraction System's technologies offer significant synergies to
accelerate development of products for next-generation lithography
applications, which are among the fastest growing segments of the semiconductor
market."
Management Outlook
Mykrolis indicated that for its second quarter of fiscal 2005 it anticipates
sales in the range of $73 to $77 million and net income per diluted share in
the range of $0.13 to $0.17.
Revenue by Geographic Region ($'s millions):
Q1 2005 Q1 2004 % Growth
North America $18.0 $21.0 -14%
Japan 26.9 26.7 1%
Asia 21.7 16.4 32%
Europe 7.0 6.4 9%
------- ------- -------
Total $73.6 $70.5 4%
Q1 2005 Q4 2004 % Growth
North America $18.0 $16.4 10%
Japan 26.9 27.6 -3%
Asia 21.7 22.0 -1%
Europe 7.0 8.0 -12%
------- ------- -------
Total $73.6 $74.0 -1%
Quarterly Earnings Call
Mykrolis will hold a conference call to discuss its results for the first
quarter on Thursday, May 5, 2005 at 10:00 a.m. ET (7:00 a.m. PT). The
conference call dial-in number is 800-819-9193; outside the U.S., the number is
913-981-4911. A replay of the call can be accessed at 719-457-0820 (passcode:
7422392). The conference call will also be webcast on the investor relations
portion of the Mykrolis web site at http://www.mykrolis.com/.
About Mykrolis
Mykrolis develops and manufactures fluid management and microcontamination
control components and integrated systems for the semiconductor industry. The
company's product line comprises consumables and equipment that measure,
control and purify liquids, gases and chemicals critical to the manufacturing
process. In addition to the semiconductor industry, Mykrolis serves related
markets including manufacturers of flat panel displays, bulk chemicals, and
data storage devices. Mykrolis is based in Billerica, Massachusetts. For more
information, visit http://www.mykrolis.com/.
Mykrolis Forward-looking Statement Disclaimer
The matters discussed herein, as well as in future oral and written statements
by management of Mykrolis Corporation that are forward-looking statements, are
based on current management expectations that involve substantial risks and
uncertainties which could cause actual results to differ materially from the
results expressed in, or implied by, these forward-looking statements. When
used herein or in such statements, the words "anticipate", "believe",
"estimate", "expect", "hope", "may", "will", "should" or the negative thereof
and similar expressions as they relate to Mykrolis, its business or its
management are intended to identify such forward-looking statements. Potential
risks and uncertainties that could affect Mykrolis's future operating results
include, without limitation, the risk that a sustained industry recovery may be
weaker than past recoveries, our inability to meet increasing demands for our
products from our key customers; increased competition in our industry
resulting in downward pressure on prices and reduced margins, as well as those
risks described under the headings "Risks Relating to our Business and
Industry", "Risks Related to the Securities Markets and Ownership of Our
Securities," and "Risks Related to our Separation from Millipore" in Item 7,
Management's Discussion and Analysis of Financial Condition and Results of
Operations of our Annual Report on Form 10-K/A for the fiscal year ended
December 31, 2004.
Mykrolis Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
4/2/2005 4/3/2004
(unaudited)
Net sales $73,594 $70,515
Cost of sales 38,833 36,446
----------- -----------
Gross profit 34,761 34,069
% of sales 47.2% 48.3%
Research & development expenses 7,066 6,297
Selling, general & admin. expenses 21,869 19,669
----------- -----------
Operating income 5,826 8,103
% of sales 7.9% 11.5%
Other income, net 1,451 474
----------- -----------
Income before income taxes 7,277 8,577
Income tax expense 1,746 1,590
----------- -----------
Net income $ 5,531 $6,987
% of sales 7.5% 9.9%
====== ======
Basic net income per share $ 0.13 $0.17
Basic weighted average shares outstanding 41,969 41,001
Diluted net income per share $ 0.13 $0.16
Diluted weighted average shares outstanding 43,610 43,430
Mykrolis Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
April 2, Dec. 31,
2005 2004
Assets
Cash and cash equivalents $ 64,697 $88,185
Marketable securities 32,084 42,228
Accounts receivable, net 59,023 62,456
Inventories 44,706 41,835
Other current assets 6,154 4,351
----------- -----------
Total current assets 206,664 239,055
Property, plant and equipment, net 65,199 65,564
Goodwill and intangible assets, net 52,693 33,015
Other assets 14,532 13,334
----------- -----------
Total assets $339,088 $350,968
====== ======
Liabilities and shareholders' equity
Accounts payable $19,256 $ 14,887
Accrued expenses and other current
liabilities 34,276 52,902
----------- -----------
Total current liabilities 53,532 67,789
Other liabilities 11,984 11,664
Shareholders' equity 273,572 271,515
----------- -----------
Total liabilities and shareholders' equity $339,088 $350,968
====== ======
Contacts:
Bertrand Loy, Chief Financial Officer
Steve Cantor, Director of Investor Relations and Corporate Communications
Tel#: 978-436-6500
Email:
DATASOURCE: Mykrolis Corporation
CONTACT: Bertrand Loy, Chief Financial Officer, or Steve Cantor, Director
of Investor Relations and Corporate Communications, both of Mykrolis
Corporation, +1-978-436-6500,
Web site: http://www.mykrolis.com/