MYK Mykrolis Corp

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/

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