MYK Mykrolis Corp

Mykrolis Corporation Reports EPS of $0.16 for First Quarter 2004 Net sales increase 21 percent sequentially to $71 million; EPS rise 78 percent BILLERICA, Mass., April 27 /PRNewswire-FirstCall/ -- Mykrolis Corporation , a leading supplier of components and systems to the semiconductor industry, announced today first quarter revenues of $70.5 million, a 21 percent increase from $58.2 million in the fourth quarter of 2003 and a 74 percent increase from the comparable quarter a year ago. The net income per diluted share for the quarter of $0.16 grew 78 percent from $0.09 in the fourth quarter and compared to a net loss per diluted share of $(0.13) in the first quarter a year ago. C. William Zadel, Chairman and Chief Executive Officer, commented on the first quarter results: "This was a very successful quarter for Mykrolis. The substantial increase in profitability resulted from operating leverage from higher sales levels and higher gross margin. In addition, we succeeded in managing our working capital while meeting the ramp in demand." Mr. Zadel continued, "Our sales growth in the first quarter was evident across all product lines and geographies. Sales of consumable filtration and purification products, which were 69 percent of our total sales, increased 20 percent, as many of our Japanese and Asian customers in the semiconductor industry and in the flat panel display industry experienced continued high production and capacity utilization rates. Sales of liquid and gas delivery equipment, which represented 31 percent of our total sales, grew 24 percent, reflecting stronger demand for new semiconductor manufacturing tools." Management Outlook Mykrolis indicated that for its second quarter of fiscal 2004 it anticipates sales in the range of $72 to $80 million and net income per diluted share in the range of $0.18 to $0.23. Revenue by Geographic Region ($'s millions): Q1 2004 Q1 2003 % Growth North America $21.0 $10.5 100% Japan 26.7 14.9 79% Asia 16.4 10.7 53% Europe 6.4 4.4 45% ------- ------- ------- Total $70.5 $40.5 74% Q1 2004 Q4 2003 % Growth North America $21.0 $15.2 38% Japan 26.7 22.2 20% Asia 16.4 15.8 4% Europe 6.4 5.0 28% ------- ------- ------- Total $70.5 $58.2 21% Quarterly Earnings Call Mykrolis will hold a conference call to discuss its results for the first quarter on Tuesday, April 27, 2004 at 6:00 p.m. EDT (3:00 p.m. PDT). The conference call dial-in number is 800-915-4836; outside the U.S., the number is 973-317-5319. A replay of the call can be accessed at 973-709-2089 (passcode: 347927). 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 Corporation, based in Billerica, Massachusetts, 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, as well as the deionized water, photoresists and vacuum systems utilized 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. 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 for the fiscal year ended December 31, 2003. Mykrolis Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended 4/3/2004 3/29/2003 (unaudited) Net sales $70,515 $40,508 Cost of sales 36,446 23,976 ----------- ----------- Gross profit 34,069 16,532 % of sales 48.3% 40.8% Selling, general & admin. expenses 19,669 16,352 Research & development expenses 6,297 4,484 ----------- ----------- Operating income (loss) 8,103 (4,304) % of sales 11.5% (10.6%) Other income, net 474 660 ----------- ----------- Income (loss) before income taxes 8,577 (3,644) Income tax expense 1,590 1,713 ----------- ----------- Net income (loss) $6,987 $ (5,357) % of sales 9.9% (13.2%) ====== ====== Basic net income (loss) per share $0.17 $(0.13) Basic weighted average shares outstanding 41,001 39,725 Diluted net income (loss) per share $0.16 $(0.13) Diluted weighted average shares outstanding 43,430 39,725 Mykrolis Corporation Condensed Consolidated Balance Sheets (In thousands) (unaudited) April 3, December 31, 2004 2003 Assets Cash and cash equivalents $74,665 $70,503 Marketable securities 4,995 --- Accounts receivable, net 55,862 46,698 Inventories 41,363 38,771 Other current assets 7,982 6,390 ----------- ----------- Total current assets 184,867 162,362 Marketable securities 9,262 14,266 Property, plant and equipment, net 69,528 71,033 Goodwill and intangible assets, net 24,479 24,939 Other assets 10,931 11,155 ----------- ----------- Total assets $299,067 $283,755 ====== ====== Liabilities and shareholders' equity Accounts payable $17,458 $ 12,613 Accrued expenses and other current liabilities 30,605 36,086 ----------- ----------- Total current liabilities 48,063 48,699 Other liabilities 12,887 12,028 Shareholders' equity 238,117 223,028 ----------- ----------- Total liabilities and shareholders' equity $299,067 $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, +1-978-436-6500, Web site: http://www.mykrolis.com/

Copyright