ATMI Reports Second Quarter Financial Results Revenues Up 19% Sequentially
PR NEWSWIRE - July 17, 2002 06:01
DANBURY, Conn., Jul 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- ATMI, Inc. (Nasdaq: ATMI), a supplier of materials and services to the world's leading semiconductor manufacturers, today reported revenues of $57.8 million, and a loss of $0.03 per share, for the quarter ended June 30, 2002. Revenues were 5% above last year's second quarter revenues of $55.0 million, and 19% above this year's first quarter revenues of $48.4 million. The Company recorded earnings per share of $0.03 in last year's second quarter, including a $0.03 net investment gain, and a loss of $0.09 per share for the first quarter of 2002.
For the first half of 2002, ATMI reported a loss of $0.12 per share on revenues of $106.2 million, compared with net income of $0.13 per share on revenues of $132.3 million for the first six months of 2001. Excluding special items, principally restructuring charges and certain one-time gains, earnings in the first half of 2001 were $0.26 per share.
Gene Banucci, ATMI CEO, said, "ATMI continues to recover from the depths of the 2001 semiconductor downturn. However, this does not appear to be a typical broad-based recovery where there is rapidly increasing momentum over several quarters. Worldwide wafer starts continued to improve during the second quarter, but current industry estimates for the second half indicate a leveling out of chip production."
Doug Neugold, ATMI President, said, "Consistent with industry trends, ATMI's second quarter was a mixture of strong performance by our materials product lines, and continued softness in equipment and those product lines serving telecomm and wireless markets. The good news was the continued momentum we are experiencing on the materials front -- driven primarily by SDS(R) gas delivery system growth, and continued strong performance in materials for advanced interconnect processes. ATMI Materials' revenues grew 24% sequentially to $36.3 million during the quarter, with gross margins of 52%. ATMI Technologies reflected weak -- but improving -- market conditions. Technologies' revenues increased 12% to $21.5 million -- but more importantly, gross margins continued to languish in the low 20% range. This is primarily because of the very difficult operating environment in our epitaxial services business where utilization rates are still below 50%. In our Emosyn smart card venture, we are making good strategic progress, but extraordinarily difficult pricing in the wireless market caused us to partially write down our inventories."
Dan Sharkey, Chief Financial Officer, said, "As a result of the low gross margins in ATMI Technologies, including the Emosyn inventory write-down of $1.1 million, overall blended gross margin was 40.9% in the second quarter, only slightly better than the first quarter. Selling, general, and administrative expenses, and R&D spending, were up slightly, yielding a net loss of $0.03 for the quarter. Finally, I am pleased to announce that ATMI has been awarded its 40th US Patent related to its proprietary SDS technology. Considering the importance of the SDS products to ATMI, especially during the second quarter, this is a signal event within our company indicating our commitment to remain a technology leader in gas delivery systems." |
