Release
ATMI REPORTS THIRD QUARTER FINANCIAL RESULTS
DANBURY, CT - October 17, 2001 - ATMI, Inc. (Nasdaq: ATMI) today
reported results for its third quarter and the nine months ending September
30th. ATMI is an industry-leading provider of specialty materials and
services to the worldwide semiconductor industry.
Driven by the steep decline in semiconductor chip production, revenues
for the quarter were $39.7 million, a 28% sequential decline from the
second quarter's revenues of $55.0 million, and a 50% decline compared to
revenues of $78.9 million in the third quarter a year ago. Excluding
special items recognized in the quarter, net loss for the third quarter was
$6.1 million or $.21 per share, compared to net income of $11.2 million, or
$.36 per share in the third quarter of 2000. As previously announced, the
company recognized $4.7 million in special items in the third quarter,
including inventory write-downs, severance charges, and increased
receivables reserves, offset by net investment gains. Including these
special items, ATMI lost $9.0 million in the quarter, or $.30 per share.
For the nine months, revenues were $172 million, approximately 20%
below revenues of $213 million for the same period last year. Excluding
special items, earnings were $1.7 million, or $.06 per share. Including
special items, ATMI incurred a net loss of $5.1 million, or $.17 per share.
Gene Banucci, ATMI CEO, said, "The industry is in the sharpest and
most pervasive downturn I have ever seen. We reduced annualized expenses by
$25 million earlier in the year, primarily through plant closings and staff
reductions. It wasn't enough. Although we are making further infrastructure
reductions this quarter, we continue to achieve a number of technical and
market successes with new products targeting advanced interconnect
processes."
Dan Sharkey, CFO, said, "During the quarter, both our Materials and
Technologies businesses suffered from the downturn. Our Materials business
was down 23% sequentially to $21.8 million during the third quarter from
$28.3 million in the second quarter. Even our proprietary SDS products -
which we believe are continuing to gain market share - were down 29%
sequentially. Our Technologies product lines were affected even more
dramatically, with revenues down 33% sequentially to $17.9 million in the
third quarter from $26.7 million in the second quarter. Our equipment
product lines alone were down 41% sequentially. Fortunately, we have a
strong balance sheet with minimal debt - and we are able to use our solid
cash position to fund significant R&D investments, strengthening our market
position during this downturn." |
