* 4Q revenues down 29% to $70.1 million; diluted EPS of $0.10 * 2008 revenues down 7% to $339.1 million; diluted EPS of $1.04
DANBURY, Conn., Feb. 4, 2009 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today reported financial results for the fourth quarter and full year 2008.
Revenues decreased 29% to $70.1 million for the fourth quarter of 2008, compared with $98.4 million in the fourth quarter of 2007. Included in revenues for the fourth quarter of 2008 were approximately $6.3 million of incremental revenues related to a multi-year take-or-pay agreement with a large customer and a contractual settlement with a distributor. Earnings per diluted share were $0.10, compared with $0.40 per diluted share in the fourth quarter of 2007.
Earnings per diluted share for the fourth quarter of 2008 included a net benefit of $0.19 associated with the take-or-pay agreement, the distributor settlement, the settlement of an outstanding insurance claim, and various tax benefits, partially offset by severance costs incurred. The results in the fourth quarter of 2007 included a net benefit of $0.02 from the take-or-pay agreement.
For the year ended December 31, 2008, revenues were $339.1 million, a decrease of 7% from $364.1 million in 2007. Earnings per diluted share decreased to $1.04, from $1.16.
"The fourth quarter turned out far differently than we anticipated. Our key customers experienced weak demand, with many reporting utilization rates well below 50%. We expect this trend to continue at least through the first quarter of 2009," said Doug Neugold, ATMI's Chief Executive Officer. "Accordingly, we have implemented further cost reductions to lower our breakeven point. Although we are responding to the near term challenge of reduced volumes, we remain confident about our long-term strategic growth initiatives and, absent further degradation of conditions, intend to maintain our 2009 R&D spending plans."
"We continue to aggressively manage our expense structure, reviewing it on a regular basis," said Tim Carlson, ATMI's Chief Financial Officer. "We have contingency plans to make further expense reductions, depending on the length and severity of the current global industry decline. Our primary financial objective during this downturn is to maintain our strong balance sheet, which gives us financial flexibility and preserves our strategic options in the current challenging business environment.
"With extremely limited end market visibility, and considering the turmoil and uncertainty in the global economy, we are not currently in a position to provide meaningful earnings guidance near term, or for the full year 2009."
A conference call (dial-in: 888.822.9375) discussing the company's recent financial results and business outlook will begin at 11:00 a.m. Eastern time, February 4, 2009. A replay of the call will be available for 48 hours at 800.642.1687 (access code 82021992). An audio webcast of the conference call will be available for 30 days on atmi.com.
About ATMI
ATMI Inc. provides specialty materials and high-purity materials handling and delivery solutions to the worldwide semiconductor industry. 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 High Productivity Development 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, 2007, 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 INCOME
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
Revenues $70,095 $98,371 $339,063 $364,088
Cost of revenues 37,663 47,195 172,551 182,480
-------- -------- -------- --------
Gross profit 32,432 51,176 166,512 181,608
Operating expenses:
Research and development 10,053 8,110 37,809 29,879
Selling, general, and
administrative 20,955 24,820 88,781 99,227
-------- -------- -------- --------
Total operating expenses 31,008 32,930 126,590 129,106
-------- -------- -------- --------
Operating income 1,424 18,246 39,922 52,502
Other income, net 402 1,333 224 6,901
-------- -------- -------- --------
Income before income taxes 1,826 19,579 40,146 59,403
Income taxes (1,374) 5,961 6,819 18,864
-------- -------- -------- --------
Net income $3,200 $13,618 $33,327 $40,539
======== ======== ======== ========
Diluted earnings per share $0.10 $0.40 $1.04 $1.16
Weighted average shares
outstanding 31,661 34,376 32,078 35,093
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
December 31, December 31,
Balance Sheet Highlights 2008 2007
---- ----
Assets
Cash & marketable securities (1) $93,060 $193,697
Accounts receivable, net 42,229 61,405
Inventories, net 55,986 48,885
Other current assets 27,121 23,436
-------- --------
Total current assets 218,396 327,423
Property, plant, and equipment, net 136,425 106,171
Marketable securities, non-current (1) 3,655 --
Other assets 95,026 58,647
-------- --------
Total assets $453,502 $492,241
-------- --------
Liabilities and stockholders' equity
Accounts payable $12,867 $22,735
Other current liabilities 14,997 24,467
-------- --------
Total current liabilities 27,864 47,202
Non-current liabilities 16,303 10,656
Stockholders' equity 409,335 434,383
-------- --------
Total liabilities & stockholders' equity $453,502 $492,241
-------- --------
(1) Total cash and marketable securities equaled $96.7 million and
$193.7 million at December 31, 2008 and December 31, 2007,
respectively.