Mykrolis (NYSE:MYK)
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Mykrolis Corporation Reports Fourth Quarter 2004 Financial
Results
Revenues of $74 million Rise 4 Percent Sequentially
BILLERICA, Mass., Jan. 27 /PRNewswire-FirstCall/ -- Mykrolis Corporation
(NYSE:MYK), a leading supplier of components and subsystems to the
semiconductor industry, announced today fourth quarter revenues of $74.0
million, 4 percent higher than $71.4 million in the third quarter of 2004, and
27 percent higher than the comparable quarter a year ago.
Net income per diluted share for the fourth quarter was $0.17, which was even
with $0.17 in the third quarter of 2004. The Company reported a net income per
diluted share of $0.09 in the fourth quarter a year ago.
For fiscal 2004, revenues of $289.2 million increased 56 percent from $185.9
million for the same period a year ago. Net income per diluted share for
fiscal 2004 was $0.68, compared to a net loss per diluted share of $0.20 for
the same period a year ago.
In the fourth quarter, sales of consumable filtration and purification products
were $51.6 million, or 70 percent of total sales, and sales of equipment were
$22.4 million, or 30 percent of total sales.
Gideon Argov, Chief Executive Officer, commented on the results: "The fourth
quarter was a successful cap to a very successful year. Aided by favorable
foreign exchange rates, sales for the quarter grew sequentially and exceeded
our expectations. Demand for consumable filtration products and photochemical
dispense equipment remained firm across our semiconductor device manufacturers
and OEM customers in Japan and Asia. Strong growth in Europe contrasted weaker
sales in North America, which reflected slower demand from US-based
semiconductor OEM tool manufacturers for our equipment products.
"Our balance sheet remains solid, as we reduced our inventories from the third
quarter and we increased our cash balances to $130 million," Argov said.
Management Outlook
For the first quarter of 2005, the Company anticipates revenue will be in the
range of $65 to $71 million and net income per diluted share will be in the
range of $0.04 to $0.12.
Quarterly Earnings Call
Mykrolis will hold a conference call to discuss its results for the fourth
quarter today, Thursday, January 27, 2005 at 10:00 a.m. ET (7:00 a.m. PT). The
conference call dial-in number is 800-818-5264; outside the U.S., the number is
913-981-4910. The conference call will also be webcast on the Mykrolis web site
at http://www.mykrolis.com/ . A replay of the call will be available upon
demand through February 17, 2005 by calling 719-457-0820 with passcode of
375614.
Revenue by Geographic Region (in millions of US dollars):
Q4 2004 Q4 2003 % Growth
North America $16.4 $15.2 8 %
Japan 27.6 22.2 24 %
Asia 22.0 15.8 39 %
Europe 8.0 5.0 60 %
--------- --------- ---------
Total $74.0 $58.2 27 %
Q4 2004 Q3 2004 % Growth
North America $16.4 $18.8 -13 %
Japan 27.6 26.5 4 %
Asia 22.0 19.6 12 %
Europe 8.0 6.5 23 %
--------- --------- ---------
Total $74.0 $71.4 4 %
FY 2004 FY 2003 % Growth
North America $76.4 $49.3 55 %
Japan 107.8 67.5 60 %
Asia 77.5 50.4 54 %
Europe 27.5 18.7 47 %
--------- --------- ---------
Total $289.2 $185.9 56 %
About Mykrolis
Mykrolis develops and manufactures fluid management and micro-contamination
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, the Company serves related
markets including manufacturers of flat panel displays, fiber optics, solar
cells, optical disks 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 and/or shorter 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 for the fiscal year ended December
31, 2003 as well as those risks identified in our other reports and filings
with the Securities and Exchange Commission.
Mykrolis Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
12/31/2004 12/31/2003 12/31/2004 12/31/2003
(unaudited) (unaudited)
Net sales $73,977 $58,183 $289,230 $185,898
Cost of sales 39,846 32,838 151,321 105,269
-------- -------- -------- --------
Gross profit 34,131 25,345 137,909 80,629
% of sales 46.1 % 43.6 % 47.7 % 43.3 %
Research & development expenses 6,332 5,591 25,739 19,110
Selling, general & admin.
expenses 19,802 16,544 75,737 64,795
Restructuring and other charges (125) (178) (213) 2,111
-------- -------- -------- --------
Operating income (loss) 8,122 3,388 36,646 (5,387)
% of sales 11.0 % 5.8 % 12.7 % (2.9%)
Other income, net 1,098 610 2,289 2,260
-------- -------- -------- --------
Income (loss) before
income taxes 9,220 3,998 38,935 (3,127)
Income tax expense 2,024 342 9,734 4,977
-------- -------- -------- --------
Net income (loss) $7,196 $3,656 $29,201 $(8,104)
% of sales 9.7 % 6.3 % 10.1 % (4.4%)
======== ======== ======== ========
Basic income (loss) per share $0.17 $0.09 $0.70 $(0.20)
Basic weighted average shares
outstanding 41,865 40,336 41,491 39,939
Diluted income (loss) per share $0.17 $0.09 $0.68 $(0.20)
Diluted weighted average
shares outstanding 43,076 42,757 43,240 39,939
Mykrolis Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
Dec. 31, Dec. 31,
2004 2003
Assets
Cash and cash equivalents $108,185 $70,503
Marketable securities 22,228 --
Accounts receivable, net 62,456 46,698
Inventories 41,835 38,771
Other current assets 4,351 6,390
-------- --------
Total current assets 239,055 162,362
Marketable securities -- 14,266
Property, plant and equipment, net 65,564 71,033
Goodwill and intangible assets, net 33,015 24,939
Other assets 12,882 11,155
-------- --------
Total assets $350,516 $283,755
======== ========
Liabilities and shareholders' equity
Accounts payable $14,887 $12,613
Accrued expenses and other current liabilities 52,933 36,086
-------- --------
Total current liabilities 67,820 48,699
Other liabilities 11,664 12,028
Shareholders' equity 271,032 223,028
-------- --------
Total liabilities and shareholders' equity $350,516 $283,755
======== ========
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, or
Web site: http://www.mykrolis.com/