A T M I Announces Fourth Quarter and 1999 Financial Results; Revenues Grow 72% as Semiconductor Industry Expansion Accelerates
DANBURY, Conn.--(BUSINESS WIRE)--Feb. 9, 2000--A T M I, Inc.
(Nasdaq: ATMI), today announced that its fourth quarter 1999 revenues
of $57.6 million surpassed 1998's fourth quarter sales of $33.5
million by nearly 72%. Excluding one-time charges recognized during
the quarter, net income was $7.0 million, compared to breakeven a year
ago. Fourth quarter earnings per share - without one-time charges -
were $0.25, versus last year's fourth quarter earnings per share of
$0.00 restated to include two poolings of interest transactions closed
during November 1999. Including one-time charges, A T M I reported
earnings of $0.13 per share for the fourth quarter of 1999, compared
to break even results in the fourth quarter a year ago.
For the year ended December 31, 1999, A T M I's revenues of
$196.2 million were 19% above 1998's $165.1 million. Before one-time
charges, earnings per share were $0.68 for 1999 on net income of $19.3
million, compared to 1998's net income of $7.0 million, or $0.26 per
share. Including the one-time charges, A T M I reported earnings of
$0.37 per share for 1999 compared to $0.18 for 1998.
A T M I's one-time after-tax charges were a net $3.3 million in
the fourth quarter of 1999. Charges include $3.1 million in
acquisition costs for the MST Analytics and Newform transactions, plus
$1.5 million in charges related to the previously announced
restructuring of the A T M I Materials Division. These are offset by a
tax benefit resulting from a $1.3 million reduction in the Company's
valuation allowance for tax loss carryforwards acquired in certain
1999 acquisitions.
Gene Banucci, A T M I CEO, said, "The semiconductor industry is
entering an aggressive growth phase. A T M I 's efforts at building
market share and accelerating new product introductions during the
downturn are being rewarded. We believe the company is well positioned
to take further advantage of this upswing, as our customers transition
to new materials and demand the full line of products and capabilities
that A T M I now offers."
Dan Sharkey, A T M I CFO, said, "In addition to the market
upswing, several key drivers were catalysts for A T M I 's growth in
1999, setting the stage for a promising 2000. In technology, we had a
record year in patent awards and new products resulting from those
patents. Regionally, we have aggressively expanded our efforts in
Taiwan and Europe where significant industry growth is occurring.
Financially, our strong balance sheet has enabled the company to
expand capacity at a rapid rate. Finally, we've been very aggressive
during 1999 - with five synergistic acquisitions. They have served to
expand our market presence in line with our strategy to be the
preeminent supplier of value-added materials solutions to the
worldwide semiconductor industry."
A T M I provides specialty materials and related equipment and
services to the worldwide semiconductor industry. Related equipment
includes materials packaging systems, delivery systems, sensors, and a
full line of environmental equipment. Services include materials
management, equipment servicing, and thin film deposition. |
