-- Q1 revenues up 13% year-over-year to $92.8 million; diluted EPS
increased 78% to $0.32 year-over-year.
-- Q1 operating margins increased to 16.3%.
-- 2008 guidance ranges unchanged from prior quarter:
- Revenues: $400-$420 million.
- Diluted EPS: $1.32-$1.48.
DANBURY, Conn., April 23, 2008 (PRIME NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today announced that revenues increased 13% to $92.8 million for the first quarter of 2008, compared with $82.2 million in the first quarter of 2007. Net income increased 64% to $10.4 million, compared with $6.3 million a year ago. Earnings per diluted share were $0.32, compared with $0.18 per diluted share in the first quarter of 2007.
Operating income increased 103% to $15.2 million, compared with $7.5 million a year ago, while operating margin for the first quarter increased to 16.3%, compared with 9.1% for the first quarter a year earlier. This improvement was expected given some of the operating difficulties experienced in the first quarter of last year.
Doug Neugold, ATMI Chief Executive Officer, said, "Revenue for the first quarter was in line with our plan. While there is uncertainty in our primary market of integrated circuit (IC) producers, we continue to expect wafer start and device unit growth for the IC industry in 2008, and continued growth for ATMI. This outlook reflects our strategy to find node and non-node IC growth opportunities, as well as growth from new market applications. Our strategic investment in High Productivity Development has fueled significant new customer collaborations, and the acquisition of LevTech -- now part of our LifeSciences business -- gives us major market share in the rapidly growing one-time use mixing segment of bio-pharmaceutical manufacturing."
Tim Carlson, Chief Financial Officer, said, "Given the industry environment, we are pleased with our financial performance in the first quarter, particularly with the operating leverage at both the gross and operating margin lines.
"We completed our $225 million share repurchase program in early March, buying an additional 2.1 million shares during the quarter for about $58 million. The share repurchases, combined with the LevTech acquisition and High Productivity Development capital spending, reduced our cash balance by about $86 million. Despite the current macroeconomic uncertainties, we are maintaining our 2008 guidance and expect revenues to be in the $400 to $420 million range, and earnings per diluted share in the $1.32 to $1.48 range."
A conference call (888.822.9375) to discuss the company's first quarter financial results and business outlook will begin at 11:00 a.m. Eastern time, April 23, 2008. A replay (800.642.1687, passcode 30943428) of the call will be available for 48 hours. An audio webcast of the conference call will be available for 30 days on atmi.com.
ATMI provides specialty materials and high-purity materials handling and delivery solutions to the worldwide semiconductor industry. For more information, please visit atmi.com.
Statements contained herein that relate to ATMI's future performance, including, without limitation, statements with respect to ATMI's anticipated results of operations or level of business for 2008 or any other future period, are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations only and are subject to certain risks, uncertainties, and assumptions, including, but not limited to, changes in semiconductor industry growth (including, without limitation, wafer starts) or ATMI's markets; competition, problems, or delays developing and commercializing new products; problems or delays in integrating acquired operations and businesses; and other factors described in ATMI's filings with the Securities and Exchange Commission. Such risks and uncertainties may cause actual results to differ materially from those expressed in our forward-looking statements. ATMI undertakes no obligation to update any forward-looking statements.
ATMI, INC.
SUMMARY STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)
Three Months Ended
------------------
March 31,
---------
2008 2007
------- -------
Revenues $92,797 $82,154
Cost of revenues 46,431 42,880
------- -------
Gross profit 46,366 39,274
Operating expenses:
Research and development 8,492 7,246
Selling, general, & administrative 22,705 24,552
------- -------
Total operating expenses 31,197 31,798
Operating income 15,169 7,476
Other income, net 262 1,891
------- -------
Income before income taxes 15,431 9,367
Income taxes 5,046 3,044
------- -------
Net income $10,385 $ 6,323
======= =======
Diluted earnings per share $ 0.32 $ 0.18
Weighted average shares outstanding 32,800 35,584
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
March 31, December 31,
----------- -----------
2008 2007
------ ------
(unaudited)
-----------
Assets
Cash & marketable securities (1) $103,105 $193,697
Accounts receivable, net 59,567 61,405
Inventories, net 54,144 48,885
Other current assets 23,717 23,436
----------- -----------
Total current assets 240,533 327,423
Property, plant, and equipment, net 121,205 106,171
Marketable securities, non-current (1) 5,000 --
Other assets 85,926 58,647
----------- -----------
Total assets $452,664 $492,241
----------- -----------
Liabilities and stockholders' equity
Accounts payable $ 26,639 $ 22,735
Other current liabilities 22,638 24,467
----------- -----------
Total current liabilities 49,277 47,202
Non-current liabilities 13,022 10,656
Stockholders' equity 390,365 434,383
Total liabilities & stockholders' ----------- -----------
equity $452,664 $492,241
----------- -----------
(1) Total cash and marketable securities equaled $108.1 million and
$193.7 million at March 31, 2008 and December 31, 2007,
respectively.