ATMI REPORTS SECOND QUARTER FINANCIAL RESULTS
Semiconductor Industry Downturn Trims Revenues by 23%
DANBURY, CT - July 25, 2001 - ATMI, Inc. (Nasdaq: ATMI) today reported
second quarter revenues were $55 million with net income of $861,000, or
earnings per share of $0.03, down from $0.32 from the second quarter of
2000. Revenues for the quarter were down 23% over the previous year, and
down 29% compared with the previous quarter. Before investment gains, EPS
was at breakeven for the current quarter of 2001. For the six months,
revenues were $132 million, down 1% from the previous year. Earnings per
share, excluding one-time items, were $0.26 for the first half of 2001,
compared to $0.61 in the first half of 2000.
Gene Banucci, ATMI CEO, said, "We'd like to say we have seen the
bottom of this industry cycle, but as we indicated in early June, we don't
expect to see any improvement in the third quarter. If anything, early
indications suggest a continued slowing of economic activity throughout the
semiconductor supply chain."
"One area of promise we see is the heightened focus of our customers on
implementing new technologies, especially those in advanced interconnects.
Technology purchases are usually key during a semiconductor downturn and,
although this downturn is dramatic, it appears customers are behaving
conventionally. ATMI's preeminent intellectual property - with 250 U.S.
patents - puts us in a leading position to take advantage of this
opportunity. We are seeing good momentum for our surround-the-process-tool
strategy, with significant customer interest at Semicon/West. We believe
this confirms that our customers are paying more attention to total asset
utilization as a key driver for their businesses."
Dan Sharkey, ATMI CFO, said, "Our aggressive cost cutting at the
beginning of the year is helping us during this downturn. Our SG&A expenses
decreased 17% sequentially, however, we do not intend to let up on our R&D
spending. We intend to use new products coming out of R&D as a springboard
when industry growth resumes. Further, as this down-cycle lingers, we
expect to enter a timeframe when industry M&A activity starts to
accelerate. ATMI's strong balance sheet should afford us opportunities to
grow both our product and market positions." |
