-- 3Q revenues: $72.6 million -- 3Q diluted earnings per share: $0.21
DANBURY, Conn., Oct. 21, 2009 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today announced that revenues were $72.6 million for the third quarter of 2009, compared with $86.7 million in the third quarter of 2008. Net income was $6.5 million, compared with net income of $10.1 million a year ago. Earnings per diluted share were $0.21, which included $0.04 per diluted share of tax benefits, compared with earnings of $0.32 per diluted share in the third quarter of 2008, which included a net benefit of $0.10 per diluted share, primarily from taxes.
For the nine months ended September 30, 2009, revenues were $170.1 million, compared with $269.0 million in the same period of 2008. Loss per diluted share was $0.43 for the first nine months of 2009, including a net $0.21 loss per diluted share from $12.6 million of unusual pretax charges and the $0.04 net diluted earnings per share tax benefit recognized this quarter, compared with diluted earnings per share of $0.93 in the same period of 2008, including the $0.10 net diluted earnings per share benefit.
"Our performance in the quarter was largely consistent with the market. Revenues from our major product lines improved sequentially, reflecting higher wafer starts and improved utilization rates. Combined with our cost control efforts, this enabled us to achieve a solid level of profitability at this stage in the recovery," said Doug Neugold, ATMI Chief Executive Officer and President. "During the recent downturn we continued to invest in our High Productivity Development capabilities, and believe we have improved our position in emerging technology node-driven opportunities. While industry forecasts point to a more or less flat wafer start environment in the fourth quarter and early 2010, we expect leading customers to begin ramping production at the most advanced nodes, and we remain confident about our long term growth opportunities."
"Our sequential revenue growth during the quarter was driven by strong demand for our copper materials and improved revenue contribution from our SDS(R) product line," said Tim Carlson, Chief Financial Officer. "We have executed our cost reduction plans and, in line with the recovery, are beginning to selectively incur certain expenses that had previously been deferred."
A conference call (dial-in: 888.822.9375) discussing the Company's financial results and business outlook will begin at 11:00 a.m. Eastern time, October 21, 2009. A replay of the call will be available for 48 hours at 800.642.1687 (access code 82022309). An audio webcast of the conference call will be available for 30 days on atmi.com.
About ATMI
ATMI, Inc. provides specialty semiconductor materials, and high-purity materials handling and delivery solutions designed to increase process efficiencies for the worldwide semiconductor, flat panel, and life sciences industries. For more information, please visit http://www.atmi.com.
The ATMI, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5254
ATMI, the ATMI logo, and SDS are trademarks or registered trademarks of Advanced Technology Materials, Inc., in the United States, other countries or both.
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 2009 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, commercializing and delivering new products; problems or delays in integrating acquired operations and businesses; uncertainty in the credit and financial markets; and other factors described in ATMI's Form 10-K for the year ended December 31, 2008, and other subsequent 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 OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues $ 72,610 $ 86,684 $170,067 $268,968
Cost of revenues 39,572 45,258 106,291 134,888
-------- -------- -------- --------
Gross profit 33,038 41,426 63,776 134,080
Operating expenses:
Research and development 8,287 9,681 28,230 27,756
Selling, general,
and administrative 16,713 21,791 57,659 67,826
-------- -------- -------- --------
Total operating expenses 25,000 31,472 85,889 95,582
-------- -------- -------- --------
Operating income (loss) 8,038 9,954 (22,113) 38,498
Other income (expense), net 225 (967) (2,206) (178)
-------- -------- -------- --------
Income (loss) before income
taxes 8,263 8,987 (24,319) 38,320
Provision (benefit) for
income taxes 1,724 (1,076) (10,690) 8,193
-------- -------- -------- --------
Net income (loss) $ 6,539 $ 10,063 ($13,629) $ 30,127
======== ======== ======== ========
Diluted earnings (loss)
per share $ 0.21 $ 0.32 ($0.43) $ 0.93
Weighted average shares
outstanding - diluted 31,836 31,868 31,387 32,287
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
Sept. 30, Dec. 31,
2009 2008
---- ----
(unaudited)
--------
Assets
Cash & marketable securities (1) $100,736 $ 92,365
Accounts receivable, net 38,154 42,229
Inventories, net 56,299 55,986
Other current assets 32,582 27,379
-------- --------
Total current assets 227,771 217,959
Property, plant, and equipment, net 126,554 136,425
Marketable securities, non-current (1) 2,752 3,655
Other assets 90,610 95,025
-------- --------
Total assets $447,687 $453,064
-------- --------
Liabilities and stockholders' equity
Accounts payable $ 15,412 $ 12,867
Other current liabilities 15,544 14,997
-------- --------
Total current liabilities 30,956 27,864
Non-current liabilities 12,662 16,303
Stockholders' equity 404,069 408,897
-------- --------
Total liabilities & stockholders' equity $447,687 $453,064
-------- --------
(1) Total cash and marketable securities equaled $103.5 million and
$96.0 million at September 30, 2009 and December 31, 2008,
respectively.