ATMI Reports Second Quarter Financial Results DANBURY, Conn., July
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 $69.3
million for the second quarter of 2005, an increase of 14% from $61
million in the second quarter of 2004, and a 5% increase from $66.1
million in the first quarter of 2005. Net income for the second
quarter of 2005 grew 37% to $8.0 million, or $0.22 per diluted
share, compared with $5.8 million from continuing operations, or
$0.18 per diluted share, for the second quarter of 2004. Reported
net income for the second quarter of 2004 was $7.9 million, or
$0.25 per diluted share, which included $2.1 million or $0.07 of
earnings from our discontinued operations, all of which were sold
during 2004. The 2005 three- and six-month earnings per share
calculations include the weighted-average effect of the conversion
of $115 million of convertible debt into an incremental 5.183
million common shares in April 2005. Doug Neugold, ATMI President
and Chief Executive Officer, said, "The strengthening in wafer
starts that began at the end of the last quarter continued through
this quarter, and appears to be broad based. Our interactions with
customers at Semicon West regarding existing technologies reinforce
our optimism about the SDS and packaging product lines. We expect
advanced technology ramps to continue in the second half, which
should further strengthen ATMI's revenue growth. Our main focus at
this point is ensuring that we achieve our manufacturing ramps in
support of our key customers." For the six months ended June 30,
2005, revenues were $135.4 million, an increase of 16% compared
with revenues of $117.0 million for the first half of 2004. Net
income was $14.0 million, or $0.41 per diluted share, compared with
$9.8 million from continuing operations, or $0.31 per diluted
share, last year. Reported net income for the first six months of
2004 was $14.0 million, or $0.44 per diluted share, which includes
$0.13 per diluted share of earnings from discontinued operations in
2004. Dan Sharkey, ATMI Chief Financial Officer said, "Our wafer
start-driven business delivered another quarter of solid revenue
growth, and generated approximately $14 million of cash from
operations. Gross margins at 50.3% were flat when compared with
50.3% for the second quarter of 2004, but down from the 51.7%
generated in the first quarter of this year. The sequential margin
decline resulted from operating parallel facilities in preparation
for the move of our packaging manufacturing operations, along with
a slight impact from product mix." "With wafer start momentum
picking up, we expect revenues in the second half to grow nicely.
For the third quarter, we anticipate revenues between $70 million
and $74 million, with earnings per diluted share between $0.21 and
$0.25. This is based on our belief that worldwide wafer starts
should show additional strength and that copper wafer starts will
maintain their current outsized growth rate." ATMI provides
specialty materials and materials packaging to the worldwide
semiconductor industry. For more information, please visit
http://www.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,
July 20, 2005. A replay (888.203.1112, PIN 5433323) of the call
will be available for 48 hours. An audio webcast of the conference
call will be available for 30 days on http://www.atmi.com/. ATMI,
INC. SUMMARY STATEMENTS OF INCOME (in thousands, except per share
data) Three Months Ended June 30, 2005 2004 Revenues $69,269
$60,978 Cost of revenues 34,457 30,299 Gross profit 34,812 30,679
Operating expenses R & D 5,711 4,786 S, G, & A 18,506
16,196 24,217 20,982 Operating income 10,595 9,697 Other income
(expense), net 1,297 (886) Income before income taxes 11,892 8,811
Income taxes 3,925 2,996 Income from continuing operations 7,967
5,815 Income from operations of discontinued operations --- 1,714
Gain on disposal of discontinued operations --- 333 Net income
$7,967 $7,862 Diluted earnings per share from continuing operations
$0.22 $0.18 Diluted earnings per share from operations of
discontinued operations --- $0.06 Diluted earnings per share from
gain on disposal of discontinued operations --- $0.01 Diluted
earnings per share $0.22 $0.25 Weighted average shares outstanding
37,034 31,711 ATMI, INC. SUMMARY STATEMENTS OF INCOME (in
thousands, except per share data) Six Months Ended June 30, 2005
2004 Revenues $135,366 $116,997 Cost of revenues 66,370 59,091
Gross profit 68,996 57,906 Operating expenses R & D 10,995
9,527 S, G, & A 37,940 31,880 48,935 41,407 Operating income
20,061 16,499 Other income (expense), net 964 (1,583) Income before
income taxes 21,025 14,916 Income taxes 7,007 5,133 Income from
continuing operations 14,018 9,783 Income from operations of
discontinued operations --- 2,834 Gain on disposal of discontinued
operations --- 1,357 Net income $14,018 $13,974 Diluted earnings
per share from continuing operations $0.41 $0.31 Diluted earnings
per share from operations of discontinued operations --- $0.09
Diluted earnings per share from gain on disposal of discontinued
operations --- $0.04 Diluted earnings per share $0.41 $0.44
Weighted average shares outstanding 34,533 31,747 ATMI, INC.
SUMMARY BALANCE SHEETS (in thousands) Balance Sheet Highlights June
30, December 31, 2005 2004 Assets Cash & marketable securities
$254,091 $238,960 Accounts receivable, net 43,294 43,680 Inventory,
net 38,185 36,918 Other current assets 27,114 31,340 Total current
assets 362,684 350,898 Fixed assets, net 77,975 69,758 Other assets
44,660 49,444 Total assets $485,319 $470,100 Liabilities and
stockholders' equity Accounts payable $9,341 $16,174 Short-term
debt 81 220 Other current liabilities 32,752 37,875 Total current
liabilities 42,174 54,269 Long-term debt 37 115,084 Other long-term
liabilities 3,242 3,171 Stockholders' equity 439,866 297,576 Total
liabilities & stockholders' equity $485,319 $470,100
DATASOURCE: ATMI, Inc. CONTACT: Dean Hamilton of ATMI,
+1-203-207-9349 Direct, or +1-203-794-1100 ext. 4202, Web site:
http://www.atmi.com/
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