EARNINGS!! (sorry, I tried to edit this so the income statement would column up correctly but it doesn't work too well!)
DANBURY, Conn.--(BUSINESS WIRE)--April 23, 1997--Advanced
Technology Materials Inc. (NASDAQ:ATMI), today announced record
revenues of $12,466,000 for 1997's first quarter, an increase from
revenues of $10,062,000 in the comparable period last year.
Net income was $1,107,000, compared with last year's $469,000.
Earnings per share were $.12, more than double last year's $.05.
During the quarter, product revenues grew nearly 30% above last
year, driven by strong SDS(TM) gas source sales.
Gene Banucci, CEO, said, "ATMI's growth mantra has always been to
be number one or two in the markets we serve. Over the last few
years, we've built our EcoSys environmental business into a market
leading position. With our pending transaction with ADCS, our
NovaMOS materials unit should also enter its market's top tier. It
is our goal to bring our Epitronics specialty epitaxial thin film
business to similar critical mass."
Dan Sharkey, CFO, commented, "Even though industry conditions
remained soft, all three of ATMI's businesses were profitable in the
first quarter. NovaMOS profit margins on its materials and delivery
products helped lead ATMI's earnings this quarter. EcoSys is
booking higher dollar orders with its "full fab" strategy --
offering customers complete point-of-use environmental equipment and
support. Epitronics is in the black, and is expanding its
manufacturing capabilities by adding new Aixtron production
equipment (April 16, 1997)."
ATMI recently announced (April 7, 1997) an intended pooling of
interests acquisition of Advanced Delivery & Chemical Systems and
related entities ("ADCS"), a manufacturer and distributor of ultra
high purity semiconductor thin film materials. Subject to
shareholder approval and the satisfaction of other customary
conditions, ADCS will become a subsidiary of a new holding company
ATMI. Approximately 5.5 million common shares of the new ATMI
holding company would be exchanged for the interests in ADCS. ADCS
had calendar 1996 revenues of more than $20 million and net income
of approximately $5 million. ATMI expects this acquisition to be
accretive to earnings in 1997.
ATMI is a leading provider of advanced semiconductor materials
and environmental equipment. It is also developing next-generation
semiconductor devices based on its new materials technologies.
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atmi.com
Statements which are not historical information including the
statement regarding future earnings, are forward looking, which
involve risks and uncertainties, including, but not limited to:
changes in semiconductor industry growth or markets; competition,
problems, or delays developing and commercializing new products, and
other factors discussed in ATMI's filings with the Securities and
Exchange Commission.
This press release shall not constitute an offer to sell or exchange,
or the solicitation of an offer to buy or exchange, nor shall there
be any sale or exchange of the securities referred to herein in any
state in which such offer, solicitation, sale or exchange would be
unlawful prior to registration or qualification under the securities
laws of any such state. Any offerings of securities will be made
only by means of a prospectus.
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Advanced Technology Materials Inc.
Summary Financial Information
Three Months Ended
March 31,
1997 1996
Revenues
Product revenues $ 9,848,000 $7,579,000
Contract revenues 2,618,000 2,483,000
Total revenues 12,466,000 10,062,000
Cost of revenues 6,769,000 5,282,000
Gross profit 5,697,000 4,780,000
Operating expenses
R & D 1,938,000 1,863,000
S, G, & A 2,719,000 2,575,000
4,657,000 4,438,000
Operating income 1,040,000 342,000
Other income 173,000 155,000
Income before taxes 1,213,000 497,000
Income taxes 106,000 28,000
Net income $1,107,000 $ 469,000
Net income per share $.12 $ .05
Weighted average shares outstanding 9,539,000 9,332,000
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Balance Sheet Highlights March 31, Dec. 31,
1997 1996
Assets
Cash & marketable securities $19,348,000 $21,406,000
Other current assets 17,714,000 14,419,000
Other assets 15,144,000 14,293,000
Total assets $52,206,000 $50,118,000
Liabilities and stockholders' equity
Current liabilities $ 9,703,000 $ 8,722,000
Other liabilities 4,863,000 5,004,000
Stockholders' equity 37,640,000 36,392,000
Total liabilities & stockholders' equity $52,206,000 $50,118,000
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