ATMI Reports Fourth Quarter and 2001 Financial Results; Revenues Down 29% in Difficult Year for Semiconductor Industry
PR NEWSWIRE - January 30, 2002 07:30
DANBURY, Conn., Jan 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- ATMI, Inc. (Nasdaq: ATMI), a supplier of materials and services to the world's leading semiconductor manufacturers, today announced quarterly revenues of $41.4 million for the fourth quarter of 2001, and annual revenues of $213.5 million for 2001.
Revenues for the fourth quarter declined 52% from $86.8 million last year, but grew about 4% sequentially from $39.7 million in the third quarter. The net loss for the quarter was $4.6 million, or $0.15 per share. This contrasts with net income of $10.6 million, or $0.35 per share, for the fourth quarter of 2000.
For the year, revenues declined 29%, from $300.0 million in 2000. The net loss of $9.7 million, or $0.33 per share, contrasts with last year's net income of $43.7 million, or $1.44 per share. Excluding special items in each year, the net loss for 2001 was $2.9 million, or $0.10 per share, compared with net income of $40.0 million, or $1.32 per share.
Doug Neugold, ATMI President, said, "The semiconductor industry's worst-in-its-lifetime downturn, dissipated consumer demand, and the national recession all combined to create a difficult economic scenario for ATMI in 2001. While there is some indication of better times ahead, we are continuing to perform on the strategies that will assure the Company's long-term growth. This includes strong spending on research and development that we believe will drive new materials product revenues in a period of significant semiconductor process changes."
Dan Sharkey, CFO, said, "During the fourth quarter, our Materials business was up 4% sequentially to $22.7 million from $21.8 million in the third quarter. Our Technologies product line revenue increased 4.5% sequentially to $18.7 million in the fourth quarter from $17.9 million in the third quarter. During this difficult year, we have removed nearly $30 million of annualized expenses and enhanced our balance sheet so that we are poised to take full advantage of the nascent industry upturn."
Commenting on recent business activity and the prospects for 2002, Gene Banucci, CEO, said, "ATMI experienced a pick-up in business at the end of the fourth quarter and we appear to be on course for a marginally improved first quarter. In large part, this is being driven by an increase in wafer starts in Taiwan and the U.S. that is selectively encouraging. It certainly appears that our customers have depleted inventories to the point where they need to use more capacity. However, this is no V-shaped recovery so far, since caution is the word of the day among our customers. Therefore, we are standing by our expectations of a slow first half, with a more robust pick-up in the second half of 2002." |
