guess somebody knew good news was coming
DANBURY, Conn.--(BUSINESS WIRE)--Feb. 11, 1998-- Record Quarterly Revenues Increase Operating Earnings 59 Percent
to 23 Cents/Share
ATMI Inc. (NASDAQ:ATMI) today announced fourth quarter and 1997 financial results.
All results are based on pooling-of-interest treatments of the Oct. 10, 1997, acquisitions of the ADCS Group and Lawrence Semiconductor Laboratories.
Fourth quarter revenues increased 31 percent to a record $28.3 million compared with $21.6 million in the fourth quarter of 1996. Product revenues increased 37 percent, while contract revenues continued to decrease, to approximately 7 percent of overall revenues. Operating earnings, excluding certain one-time charges, increased 59 percent to $4.3 million, or 23 cents per share on a diluted basis, compared to the 1996 fourth quarter operating earnings of $2.7 million or 14 cents per share.
Revenues for the year increased to $101.9 million from $88.7 million in 1996. This 15 percent increase was affected by a decline in revenues during the first half of 1997 at ADCS and Lawrence, prior to their acquisition by ATMI. Operating earnings for 1997 climbed 15 percent to $13.4 million, or 72 cents per share on a diluted basis, from $11.7 million, or 63 cents per share, in 1996.
A previously announced one-time charge of $9.0 million was recognized in the fourth quarter of 1997, relating to transaction costs incurred in connection with the acquisitions of the ADCS Group and Lawrence. Inclusive of this charge, the company had a net loss of $4.7 million in the fourth quarter of 1997, or 25 cents per share on a diluted basis, and net income of $4.4 million for the year, or 24 cents per share. The 1996 earnings were affected by a $2.0 million, one-time charge related to litigation settlement payments that Lawrence incurred prior to its acquisition by ATMI, and certain tax adjustments. Inclusive of these amounts, the company had earnings of $1.5 million and $12.0 million for the fourth quarter and entire year of 1996, respectively, or 8 cents and 65 cents per share on a diluted basis.
Gene Banucci, CEO, said, "We're very pleased with the progress ATMI made during 1997. We reached a key goal -- achieving the No. 1 or No. 2 market share position in each of our served markets -- through internal growth and the ADCS and Lawrence acquisitions. As our fourth quarter results show, we integrated these businesses into ATMI promptly and efficiently."
Dan Sharkey, CFO, said, "Each of our three key operating units
-- ADCS, EcoSys, and Epitronics -- performed well during the quarter, as overall gross margins continued to expand. The Company's margin improvement has been driven by the rapid acceptance of our novel SDS(TM) Gas Source delivery products and the decline in percentage revenue contribution from low-margin government contracts. Recently, we added a fourth operating unit, Emosyn, to our portfolio of semiconductor-related businesses and expect that, in time, it will be a key contributor to ATMI's continued growth." |
