ATMI Reports First Quarter 2010 Financial Results
April 21 2010 - 4:58AM
ATMI, Inc. (Nasdaq:ATMI) today reported revenues of $85.3 million
for the first quarter of 2010, which represents significant growth
compared to $37.4 million in the first quarter of 2009. Revenue
growth across all product lines was driven by higher consumer
electronics demand, resulting in increased wafer starts and fab
utilization during the first quarter versus the reduced demand
associated with the global economic downturn in 2009. Net income
was $8.7 million, compared to a net loss of $18.4 million a year
ago that included unusual non-cash pretax charges of $11.2 million.
Earnings per diluted share was $0.27, including $0.02 of one-time
benefit associated with an investment gain and a tax adjustment,
compared with a loss per diluted share of $0.59 in the first
quarter of 2009 that included $0.23 from unusual charges.
"Customer and end-use device demand was stronger than expected
this quarter," said Doug Neugold, ATMI Chief Executive Officer and
President. "There are encouraging signs that support a sustained
rebound in the semiconductor industry, and we have confidence that
our lower cost infrastructure established during the downturn
provides more efficient capacity to handle the increased demand. We
are enthusiastic about the near term prospects for our traditional
products as well as those for the many products we are developing
for leading edge processes."
"We believe our revenues during the quarter grew at a rate
greater than the overall market, due to strength in our life
sciences products and evidence of some localized SDSĀ® inventory
stocking," said Tim Carlson, Chief Financial Officer. "Volume,
favorable product mix and continued cost control resulted in an
increase in gross margin to 48.9%. We generated $19.5 million in
cash from operations. Our business model and strong balance sheet
provide us financial and strategic flexibility to take advantage of
opportunities in the marketplace. As previously announced,
increased research and development investment related to our high
productivity development platform will
cause quarterly R&D spending to increase by
approximately $3 million for the remaining quarters of
2010."
A conference call (dial-in: 877.766.0748) discussing the
Company's financial results and business outlook will begin at
11:00 a.m. Eastern time, April 21, 2010. A replay of the call will
be available for 48 hours at 800.642.1687 (access code 52743121).
An audio webcast of the conference call will be available for 30
days on atmi.com.
About ATMI
ATMI, Inc. provides specialty semiconductor materials, and
high-purity materials handling and delivery solutions designed to
increase process efficiencies for the worldwide semiconductor, flat
panel, and life sciences industries. For more information, please
visit http://www.atmi.com.
The ATMI, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5254
ATMI, the ATMI logo, and SDS are trademarks or
registered trademarks of Advanced Technology Materials, Inc., in
the United States, other countries or both.
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 2010 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, commercializing and delivering new products;
customer-driven pricing pressure; potential loss of key customers;
problems or delays in integrating acquired operations and
businesses; uncertainty in the credit and financial markets;
ability to protect ATMI's proprietary technology; and other factors
described in ATMI's Form 10-K for the year ended December 31, 2009,
and other subsequent 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.
ATMI, INC.
|
|
SUMMARY STATEMENTS OF OPERATIONS
|
|
(in thousands, except per share data)
|
|
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2010
|
2009
|
Revenues
|
$85,311
|
$37,362
|
Cost of revenues
|
43,622
|
30,431
|
Gross profit
|
41,689
|
6,931
|
Operating expenses:
|
|
|
Research and development
|
9,723
|
11,651
|
Selling, general, & administrative
|
19,972
|
22,240
|
Total operating expenses
|
29,695
|
33,891
|
|
|
|
Operating income (loss)
|
11,994
|
(26,960)
|
|
|
|
Other income (expense), net
|
240
|
(2,146)
|
|
|
|
Income (loss) before income taxes
|
12,234
|
(29,106)
|
|
|
|
Provision (benefit) for income taxes
|
3,568
|
(10,682)
|
|
|
|
Net income (loss)
|
$8,666
|
($18,424)
|
|
|
|
|
|
|
Diluted earnings (loss) per share
|
$0.27
|
($0.59)
|
|
|
|
Weighted average shares outstanding
|
32,024
|
31,376
|
|
|
|
ATMI, INC.
|
|
|
SUMMARY BALANCE SHEETS
|
|
|
(in thousands)
|
|
|
|
|
|
|
March 31,
2010
(Unaudited)
|
December 31,
2009
|
Assets
|
|
|
Cash & marketable securities (1)
|
$106,686
|
$97,388
|
Accounts receivable, net
|
42,511
|
44,184
|
Inventories, net
|
56,102
|
53,761
|
Other current assets
|
40,878
|
38,254
|
Total current assets
|
246,177
|
233,587
|
Property, plant, and equipment, net
|
120,393
|
124,609
|
Marketable securities, non-current (1)
|
16,881
|
10,590
|
Other assets
|
87,996
|
90,790
|
Total assets
|
$471,447
|
$459,576
|
|
|
|
Liabilities and stockholders' equity
|
|
|
Accounts payable
|
$ 16,191
|
$ 14,788
|
Other current liabilities
|
17,525
|
14,895
|
Total current liabilities
|
33,716
|
29,683
|
Non-current liabilities
|
17,299
|
18,403
|
Stockholders' equity
|
420,432
|
411,490
|
Total liabilities & stockholders' equity
|
$471,447
|
$459,576
|
|
|
|
(1) Total cash and marketable securities equaled
$123.6 million and $108.0 million at
March 31, 2010 and December 31, 2009, respectively.
|
|
|
|
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CONTACT: ATMI, Inc.
Dean Hamilton, Director, ATMI Investor Relations
& Corporate Communications
203.207.9349
203.794.1100 x4202
dhamilton@atmi.com
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