ATMI REPORTS SECOND QUARTER FINANCIAL RESULTS
Strong Sequential Revenue and Earnings Growth
DANBURY, CT -- July 21, 1999 -- ATMI, Inc. (Nasdaq: ATMI), today announced
revenues of $43.0 million for its quarter ending June 30, 1999 -- a sequential
increase of 32% from the first quarter, and 17% greater than last year's second
quarter revenues of $36.9 million. Excluding an after-tax $5.5 million one-time
charge related to acquisitions closed during the quarter, net income improved to
$4.0 million, or $0.15 per diluted share, compared with $1.1 million, or $0.04
per share, a year ago. Including the one-time charge, the 1999 second quarter
earnings per share was a loss of $0.06. All historical results have been
restated to reflect the pooling-of-interests accounting treatment of the recent
acquisitions of ACSI, Delatech, and TeloSense.
Revenues for the first half of 1999 were $75.5 million, generating net
income of $5.9 million, or $0.22 per share, before one-time charges. This
compares with the same period last year, when ATMI had $83.5 million in
revenues, with $6.5 million in net income, or $0.26 per share. Including the
one-time charge, the 1999 first half earnings per share were $0.02.
Gene Banucci, ATMI CEO, said, "ATMI's financial results demonstrate both
the strength of the current industry upturn and the market share gains we
achieved during the downturn. Our ATMI Materials business has returned to its
historic growth pattern, while the ATMI Technologies businesses are just
beginning to reflect the industry recovery. We are especially pleased with the
growth we are experiencing in the SDS(r) Gas Source delivery system business."
Dan Sharkey, ATMI CFO, said, "Our second quarter acquisitions are already
contributing to revenue and earnings growth. Because private and public
companies manage their businesses differently for cash flow and tax
considerations, our revised historical numbers don't necessarily reflect the
earnings accretion we expect to realize in these transactions. These
acquisitions -- and the required integration efforts for these enterprises --
necessitate recognizing a one-time, after-tax charge of $5.5 million for the
quarter. This covers the costs to consummate the transactions, the consolidation
and integration costs of the deals, and the write-off of previously recorded
goodwill for assets purchased, which have been impaired by virtue of the
Delatech acquisition."
ATMI provides products and services for semiconductor device manufacture
through its Materials and Technologies units. ATMI Materials includes thin film
materials and delivery systems, sub-atmospheric gas delivery systems,
high-purity materials packaging systems, and photolithography and
chemical-mechanical polishing materials. ATMI Technologies includes process and
environmental solutions, thin film deposition services, smart card solutions,
and other ATMI ventures. |
