ATMI Revises Third Quarter Outlook; 3Q Results And Conference Call on October 17th
DANBURY, Conn.--(BUSINESS WIRE)--Sept. 28, 2001--ATMI, Inc. (Nasdaq:ATMI), today announced that, as a result of further deterioration in global demand for semiconductor materials, it expects to report roughly $40 million in revenues and a net loss from operations of between $0.18 - $0.22 per fully diluted share for the third quarter of 2001.
One-time charges to be recognized in the third quarter that are not included in the above net loss will range between $5-6 million before tax. The Company plans to report third quarter results on October 17.
"Without any sufficient underlying economic driver to propel wafer starts, the semiconductor industry deteriorated further in the third quarter, sending it into the worst downturn in history," said Gene Banucci, Chief Executive Officer. "The tragic and senseless events of September 11th have engulfed the near-term outlook in a political and economic fog that makes predictions about the fourth quarter highly uncertain. While we will provide further details on third quarter results on October 17th and some visibility into customer plans for 2002 and beyond, we do not expect to have anything definitive to say about the fourth quarter."
"Nevertheless, given the industry's strong historical growth pattern -- and mindful of the pending plans of major customers to switch to new materials requiring more sophisticated process technology -- our strategic plan remains focused on the industry's inevitable recovery," Banucci said.
Dan Sharkey, Chief Financial Officer, said: "The unprecedented length and depth of the current downturn has driven us to take additional actions beyond those taken in the first quarter of this year. The third quarter one-time charges are related to the costs of further headcount reductions throughout our business, the write-down of inventory in our Emosyn subsidiary, and an increase in accounts receivable reserves in response to worsening industry conditions. Supported by our strong balance sheet and limited debt, we believe these actions will act to both enhance our operating margins and preserve our new product development programs." |
