.21 pro forma earnings (including ADCS and Lawrence); ATMI .16. Zacks estimate was for .18 -- according to briefing.com that was for ATMI only.
DANBURY, Conn.--(BUSINESS WIRE)--Oct. 22, 1997--ATMI Inc.
(NASDAQ:ATMI;ATMID through Nov. 10, 1997) today announced third quarter financial results
for Advanced Technology Materials Inc. and pro forma third quarter financial results for ATMI Inc.
Pro forma financials reflect a restatement of results based on the pooling of interest treatment of the
recent ADCS and Lawrence Semiconductor acquisitions, as if completed at the beginning of the
year. On a pro forma basis, ATMI revenues for the third quarter were $27,513,000, with net
income of $3,981,000, or 21 cents per share. For the nine months ended September, pro forma
revenues were $73,548,000, with net income of $9,113,000, or 49 cents per share. Advanced
Technology Materials Inc. -- whose results do not include ADCS and Lawrence -- had revenues
increase in the third quarter to $15,188,000, over the $12,145,000 posted in the third quarter of
1996. Product revenues grew 39% in the quarter, to $12,968,000 from $9,361,000 in the third
quarter a year ago. The company generated net income of $1,533,000, or 16 cents per share for
the quarter, compared with $975,000, or 10 cents per share a year ago. Revenues increased 19%
in the nine months ended Sept. 30, to $41,286,000, from $34,583,000. For the nine-month period,
product revenues were up 26% to $34,165,000 from $27,105,000 in 1996. Net income increased
86% to $3,979,000, or 41 cents per share, from $2,085,000, or 22 cents last year. Gene Banucci,
ATMI CEO, said, "When we announced our proposed acquisitions last spring, we said we
expected them to add to our earnings. With shareholder approval on October 10th completing the
acquisitions, our pro forma results reflect the positive effect the two new solidly performing
businesses had on our financials. In addition, we are particularly pleased that, with all the effort we
expended on preemptive integration activities during the third quarter, our underlying businesses
continued to perform so well." Dan Sharkey, CFO, said, "Overall, ATMI's sales mix is trending
toward higher margin products. Driving that trend are not only acquired product lines such as
ADCS and Lawrence, but also existing ATMI products such as the SDS(TM) Gas Source.
Non-recurring costs related to the two transactions approximate $9,000,000, and will be expensed
as a one-time charge in the fourth quarter in conjunction with the October closing of the
transactions." ATMI is a leading provider of advanced semiconductor materials and environmental
equipment. It is also developing next-generation semiconductor devices based on its new materials
technologies. 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, and other
factors discussed in ATMI's filings with the Securities and Exchange Commission.
ADVANCED TECHNOLOGY MATERIALS INC.
SUMMARY FINANCIAL INFORMATION
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
Revenues
Product revenues $12,968,000 $ 9,361,000 $34,165,000 $27,105,000
Contract revenues 2,220,000 2,784,000 7,121,000 7,478,000
Total revenues 15,188,000 12,145,000 41,286,000 34,583,000
Cost of revenues 7,296,000 6,359,000 20,665,000 17,895,000
Gross profit 7,892,000 5,786,000 20,621,000 16,688,000
Operating expenses
R & D 2,320,000 1,649,000 6,432,000 5,697,000
S, G, & A 3,647,000 3,224,000 9,836,000 9,144,000
5,967,000 4,873,000 16,268,000 14,841,000
Operating income 1,925,000 913,000 4,353,000 1,847,000
Other income 176,000 152,000 526,000 439,000
Income before taxes 2,101,000 1,065,000 4,879,000 2,286,000
Income taxes 568,000 90,000 900,000 201,000
Net income $ 1,533,000 $ 975,000 $ 3,979,000 $ 2,085,000
Net income per share $.16 $.10 $.41 $.22
Weighted average
shares outstanding 9,742,000 9,376,000 9,633,000 9,362,000
Balance Sheet Highlights Sept. 30, Dec. 31,
1997 1996
Assets
Cash & marketable securities $18,135,000 $21,310,000
Other current assets 20,605,000 15,441,000
Other assets 15,778,000 13,367,000
Total assets $54,518,000 $50,118,000
Liabilities and stockholders' equity
Current liabilities $ 9,145,000 $ 8,714,000
Other liabilities 4,507,000 5,011,000
Stockholders' equity 40,866,000 36,393,000
Total liabilities &
stockholders' equity $54,518,000 $50,118,000
ATMI INC.
SUMMARY PRO FORMA FINANCIAL INFORMATION
Three Months Ended Nine Months Ended
Sept. 30, 1997 Sept. 30, 1997
Revenues $27,513,000 $73,548,000
Cost of revenues 12,542,000 35,542,000
Gross profit 14,972,000 38,106,000
Operating expenses 9,016,000 25,055,000
Operating income 5,956,000 13,051,000
Other income (expense) (103,000) (156,000)
Income before taxes 5,853,000 12,895,000
Income taxes 1,872,000 3,782,000
Net income $ 3,981,000 $ 9,113,000
Net income per share $.21 $.49
Weighted average
shares outstanding 18,839,000 18,730,000
CONTACT: Advanced Technology Materials Inc., Danbury
Dean Hamilton, 203/794-1100
dhamilton@atmi.com
or
atmi.com |
