Mykrolis (NYSE:MYK)
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Mykrolis Corporation Reports Third Quarter 2004 Financial Results
BILLERICA, Mass., Oct. 28 /PRNewswire-FirstCall/ -- Mykrolis Corporation
(NYSE:MYK), a leading supplier of components and subsystems to the
semiconductor industry, announced today third quarter revenues of $71.4
million, 60 percent higher than the comparable quarter a year ago and 3 percent
lower than $73.3 million in the second quarter of 2004.
Net income per diluted share for the quarter was $0.17, which included a
nonrecurring net benefit of $1.0 million. The Company reported a net loss per
diluted share of $(0.02) in the third quarter a year ago, and net income per
diluted share of $0.18 in the second quarter of 2004.
Operating income of $10.0 million, or 14 percent of sales, declined from $10.4
million in the second quarter.
For the first nine months of 2004, revenues of $215.3 million increased 69
percent from $127.7 million for the same period a year ago. Net income per
diluted share for the first nine months of 2004 was $0.51, compared to a net
loss per diluted share of $(0.30) for the same period a year ago.
Third quarter sales of consumable filtration and purification products were 69
percent of total sales versus equipment products representing 31 percent of
total sales.
C. William Zadel, Chairman and Chief Executive Officer, commented on the third
quarter results: "We achieved steady performance across many of our product
areas and markets despite a softening in business conditions particularly for
capital equipment. Sales for the consumable portion of our product lines were
generally stable, reflecting continued high utilization rates at our fab and
foundry customers, particularly in Asia.
"Lower sales in North America reflected a softening in orders from
semiconductor OEM tool manufacturers which are the largest purchasers of our
gas delivery equipment products.
"During the quarter we completed the acquisition of Bentec Scientific, a
privately held manufacturer of roller brushes used to clean wafers in the
post-CMP (chemical mechanical planarization) process. We believe CMP will be
one of the fastest growing segments in the industry and this acquisition
augments our line of consumable CMP products," Zadel said.
Management Outlook
The Company anticipates fourth quarter revenue will be in the range of $65 to
$72 million and net income per diluted share will be in the range of $0.07 to
$0.15.
Quarterly Earnings Call
Mykrolis will hold a conference call to discuss its results for the third
quarter on Thursday, October 28, 2004 at 11:00 a.m. EDT (8:00 a.m. PDT). The
conference call dial-in number is 800-289-0569; outside the U.S., the number is
913-981-5542. 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 November 17, 2004 by calling 719-457-0820 with passcode of 829942.
Revenue by Geographic Region (in millions of US dollars):
Q3 2004 Q3 2003 % Growth
North America $18.8 $11.7 61%
Japan 26.5 15.8 68%
Asia 19.6 12.1 62%
Europe 6.5 4.9 33%
--------- --------- -------
Total $71.4 $44.5 60%
Q3 2004 Q3 2003 % Growth
North America $18.8 $20.4 -8%
Japan 26.5 26.9 -1%
Asia 19.6 19.5 1%
Europe 6.5 6.5 0%
--------- ------- -------
Total $71.4 $73.3 -3%
9 months 2004 9 months 2003 % Growth
North America $60.1 $34.0 77%
Japan 80.2 45.3 77%
Asia 55.5 34.6 60%
Europe 19.5 13.8 41%
--------- --------- -------
Total $215.3 $127.7 69%
About Mykrolis
Mykrolis Corporation, which reported sales of $186 million in fiscal 2003, is a
worldwide developer, manufacturer and supplier of liquid and gas delivery
systems, components and consumables used to precisely measure, deliver, control
and purify the process liquids, gases and chemicals in the semiconductor
manufacturing process. In addition, the Company's products are used to
manufacture a range of other products, such as flat panel displays, high purity
chemicals, photoresists, solar cells, gas lasers, optical disks and fiber optic
cables. 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)
(unaudited)
Three Months Ended Nine Months Ended
10/2/2004 9/27/2003 10/2/2004 9/27/2003
Net sales $71,403 $44,529 $215,253 $127,715
Cost of sales 37,589 24,383 111,475 72,431
----------- ----------- ----------- -----------
Gross profit 33,814 20,146 103,778 55,284
% of sales 47.4% 45.2% 48.2% 43.3%
Research &
development expenses 6,554 4,362 19,407 13,519
Selling, general &
admin. expenses 17,210 15,712 55,935 48,251
Restructuring and
other charges --- 532 (88) 2,289
----------- ----------- ----------- -----------
Operating income (loss) 10,050 (460) 28,524 (8,775)
% of sales 14.1% (1.0%) 13.3% (6.9%)
Other income
(expense), net 312 (184) 1,191 1,650
----------- ----------- ----------- -----------
Income (loss)
before income taxes 10,362 (644) 29,715 (7,125)
Income tax expense 3,065 224 7,710 4,635
----------- ----------- ----------- -----------
Net income (loss) $7,297 $ (868) $22,005 $ (11,760)
% of sales 10.2% (1.9%) 10.2% (9.2%)
====== ====== ====== ======
Basic income (loss)
per share $0.18 $ (0.02) $0.53 $ (0.30)
Basic weighted average
shares outstanding 41,696 39,874 41,368 39,799
Diluted income
(loss) per share $0.17 $ (0.02) $0.51 $ (0.30)
Diluted weighted average
shares outstanding 42,698 39,874 43,278 39,799
Mykrolis Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
Oct. 2, Dec. 31,
2004 2003
Assets
Cash and cash equivalents $91,691 $70,503
Marketable securities 19,265 ---
Accounts receivable, net 58,002 46,698
Inventories 42,568 38,771
Other current assets 4,235 6,390
----------- -----------
Total current assets 215,761 162,362
Marketable securities --- 14,266
Property, plant and equipment, net 64,930 71,033
Goodwill and intangible assets, net 33,566 24,939
Other assets 11,070 11,155
----------- -----------
Total assets $325,327 $283,755
====== ======
Liabilities and shareholders' equity
Accounts payable $ 14,387 $ 12,613
Accrued expenses and other current liabilities 46,280 36,086
----------- -----------
Total current liabilities 60,667 48,699
Other liabilities 11,574 12,028
Shareholders' equity 253,086 223,028
----------- -----------
Total liabilities and shareholders' equity $325,327 $283,755
====== ======
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/