* Second quarter revenues of $89.5 million down 3%; diluted EPS of
$0.30 increased 15%.
* Second quarter operating margin up 230 basis points year-over-year
to 14.9%.
* Full year 2008 guidance ranges, as updated on July 14, 2008:
-- Revenues: $375-$400 million.
-- Diluted EPS: $1.25-$1.40.
DANBURY, Conn., July 23, 2008 (PRIME NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today announced revenues of $89.5 million for the second quarter of 2008, a 3% decline compared with $92.4 million in the second quarter of 2007. Earnings per diluted share were $0.30, a 15% increase compared with $0.26 per diluted share in the second quarter of 2007.
ATMI announced on July 14th that second quarter revenue would be below expectations due to shipment delays for some SDS(r) products, reduced sales into the memory sector, and slower-than-anticipated new product adoption.
Operating income increased 15% to $13.4 million, compared with $11.6 million a year ago, while operating margin for the second quarter increased to 14.9%, compared with 12.6% for the second quarter a year earlier.
For the six months ended June 30, 2008 revenues increased 4% to $182.3 million, compared with $174.6 million in the first half of 2007. Earnings per diluted share were $0.62 in the first six months of 2008, a 41% increase compared with $0.44 per diluted share in the first half of 2007.
Operating income increased 49% to $28.5 million in the first half of 2008, compared with $19.1 million a year ago, while operating margin for the first half increased to 15.7%, compared with 11.0% in the first half of 2007. This improvement was expected given some of the operating difficulties experienced in the first half of last year.
Doug Neugold, ATMI Chief Executive Officer, said, "We understand what caused our shortfall in revenue in the second quarter, and are responding accordingly. While the broad adoption of the new AutoClean(tm) and RegenSi(tm) products is taking longer than expected, we remain confident about their ultimate prospects for success."
Tim Carlson, Chief Financial Officer, said, "Despite our disappointing revenue performance in the quarter, we improved our profitability. Gross margin improved to 51.7% in the second quarter from 48.9% a year ago, because of favorable product mix, manufacturing efficiencies, and supply chain cost-saving initiatives. Going forward, we will benefit from reduced litigation spending now that the matters with Praxair have been settled. However, given the current economic environment, we remain cautious about the outlook for the rest of the year."
A conference call (888.822.9375) to discuss the Company's second quarter financial results and business outlook will begin at 11:00 a.m. Eastern time, July 23, 2008. A replay (800.642.1687, passcode 30943609) 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.
ATMI, AutoClean, RegenSi, and SDS are trademarks or registered trademarks of Advanced Technology Materials Inc. in the United States, other countries or both.
The ATMI, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5254
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, commercializing and delivering new products; problems or delays in integrating acquired operations and businesses; 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)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30,
------- -------
2008 2007 2008 2007
---- ---- ---- ----
Revenues $89,487 $92,432 $182,284 $174,586
Cost of revenues 43,199 47,247 89,630 90,127
-------- -------- -------- --------
Gross profit 46,288 45,185 92,654 84,459
Operating expenses:
Research and development 9,583 7,298 18,075 14,544
Selling, general, &
administrative 23,330 26,238 46,035 50,790
-------- -------- -------- --------
Total operating expenses 32,913 33,536 64,110 65,334
-------- -------- -------- --------
Operating income 13,375 11,649 28,544 19,125
Other income, net 527 1,916 789 3,807
-------- -------- -------- --------
Income before income taxes 13,902 13,565 29,333 22,932
Income taxes 4,223 4,294 9,269 7,338
-------- -------- -------- --------
Net income $9,679 $9,271 $20,064 $15,594
======== ======== ======== ========
Diluted earnings per share $0.30 $0.26 $0.62 $0.44
Weighted average shares
outstanding 32,091 35,369 32,453 35,486
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
June 30, December 31,
2008 2007
----
(unaudited)
-----------
Assets
Cash & marketable securities(1) $97,857 $193,697
Accounts receivable, net 59,130 61,405
Inventories, net 56,630 48,885
Other current assets 23,627 23,436
-------- --------
Total current assets 237,244 327,423
Property, plant, and equipment, net 127,127 106,171
Marketable securities, non-current (1) 4,349 --
Other assets 83,616 58,647
-------- --------
Total assets $452,336 $492,241
-------- --------
Liabilities and stockholders' equity
Accounts payable $22,339 $22,735
Other current liabilities 18,015 24,467
-------- --------
Total current liabilities 40,354 47,202
Non-current liabilities 12,606 10,656
Stockholders' equity 399,376 434,383
-------- --------
Total liabilities & stockholders' equity $452,336 $492,241
-------- --------
(1) Total cash and marketable securities equaled $102.2 million and
$193.7 million at June 30, 2008 and December 31, 2007,
respectively.