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A T M I Reports Second Quarter Financial Results; Earnings Per Share Up 88
DANBURY, Conn.--(BUSINESS WIRE)--July 19, 2000--ATMI, Inc.
(Nasdaq: ATMI) today announced its revenues increased 41% to $69.4
million for its quarter ending June 30, 2000, from $49.3 million in
the second quarter of last year.
Per share earnings increased to $0.32, from $0.17 -- not including
one-time merger-related costs in the second quarter last year.
For the first half of 2000, ATMI's revenues grew 51% to $130.6
million, from $86.6 million for the first half of 1999. Earnings per
share -- excluding net investment gains in 2000 and one-time
merger-related costs in 1999 -- grew to $0.61 for the six months ended
June 30, 2000, from $0.22 for the same period in 1999. Including net
investment gains from the first quarter, net income for the six months
of 2000 was $23.3 million, or $0.78 per share.
Gene Banucci, ATMI CEO, said, "The semiconductor industry is
booming, and we see this expansion continuing. ATMI's Technologies
businesses -- where capacity investment is a key driver -- turned in
an excellent performance for the second quarter. Our Materials
businesses -- driven by how many chips are being made -- are
continuing to ramp, as process tools delivered over the last three to
four quarters start to come on-line."
"One very encouraging recent event was our customers' reception of
the "new ATMI" at our industry tradeshow, Semicon/West, last week. At
the show, we exhibited solely as ATMI, with no reference to any of the
historical brand names -- such as EcoSys, MST, NOW, ADCS, ACSI,
Epitronics, or NovaSource -- that once permeated our product branding.
In doing so, we displayed an integrated ATMI, where a customer can go
to for a complete "bundled solution" - for ion implant, low K, CVD,
and other semiconductor processes - that includes materials,
packaging, delivery systems, sensing, and abatement. Customers told us
that they view this approach as having significant potential for
increasing the productivity of their tools. We believe this marks a
clear transition for ATMI that will help to facilitate our growth."
Dan Sharkey, ATMI CFO, said, "The sequential revenue growth we
experienced in the second quarter was primarily driven by our
Technologies segment enjoying the growing strength in the capacity
expansion cycle in our industry. The product lines within our
Technologies segment contributed revenues of $36.5 million, 18% above
first quarter levels. Our Materials segment grew 9% sequentially over
the first quarter, to $32.9 million. ATMI is aggressively expanding
capacity to meet, and keep ahead of, expanding customer demand across
all of our product lines."
"During the second quarter, we incurred significant incremental
legal costs spent to protect our valuable intellectual property.
Without these costs, SG&A declined as a percentage of revenues,
reflecting our efforts to continue to integrate and streamline our
selling, marketing, and administration organizations."
ATMI provides specialty materials, and related equipment systems
and services for the worldwide semiconductor industry. Related
equipment includes delivery, treatment, monitoring, and analytical
process monitoring systems. Services include material management,
equipment servicing, and thin film wafer deposition.
Statements which are not historical information are forward
looking, and involve risks and uncertainties, including, but not
limited to: changes in semiconductor industry growth or ATMI's
markets; competition, problems, or delays developing and
commercializing new products; problems or delays in integrating
acquired operations and businesses into ATMI; and other factors
discussed in ATMI's filings with the Securities and Exchange
Commission. Such risks and uncertainties could cause actual results to
differ from those projected.
web.atmi.com
ATMI, INC.
SUMMARY FINANCIAL INFORMATION
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues $69,419,000 $49,323,000 $130,592,000 $86,563,000
Cost of revenues 32,431,000 23,005,000 61,388,000 41,248,000
Gross profit 36,988,000 26,318,000 69,204,000 45,315,000
Operating expenses
R & D 6,932,000 4,462,000 12,833,000 8,485,000
S, G, & A 16,465,000 15,251,000 30,523,000 28,192,000
23,397,000 19,713,000 43,356,000 36,677,000
Operating income 13,591,000 6,605,000 25,848,000 8,638,000
Other income 1,913,000 842,000 11,121,000 1,645,000
Income before taxes 15,504,000 7,447,000 36,969,000 10,283,000
Income taxes 5,743,000 2,807,000 13,685,000 4,165,000
Net income before
one-time charges 9,761,000 4,640,000 23,284,000 6,118,000
One-time merger related
costs, net of tax 0 5,459,000 0 5,459,000
Net income (loss) $9,761,000 $(819,000) $23,284,000 $659,000
Diluted earnings per share
before one-time charges $.32 $.17 $.78 $.22
Diluted earnings
(loss) per share $.32 $(.03) $.78 $.02
Weighted average
shares outstanding 30,479,000 28,090,000 29,711,000 28,073,000
ATMI, INC.
SUMMARY FINANCIAL INFORMATION
Balance Sheet Highlights June 30, December 31,
2000 1999
Assets
Cash & marketable securities $ 152,766,000 $ 92,174,000
Accounts receivable 55,885,000 41,989,000
Inventory 30,199,000 21,733,000
Other current assets 15,864,000 11,533,000
Total current assets 254,714,000 167,429,000
Fixed assets, net 65,032,000 54,675,000
Other assets 9,005,000 10,552,000
Total assets $ 328,751,000 $ 232,656,000
Liabilities and stockholders' equity
Short-term debt $ 7,685,000 $ 6,900,000
Accounts payable 32,572,000 30,302,000
Other current liabilities 14,014,000 9,028,000
Total current liabilities 54,271,000 46,230,000
Other long-term liabilities 11,804,000 10,512,000
Minority interest 1,379,000 1,109,000
Stockholders' equity 261,297,000 174,805,000
Total liabilities &
stockholders' equity $ 328,751,000 $ 232,656,000
*T
CONTACT:
ATMI
Dean Hamilton, 203/794-11 |
