* Third quarter revenues of $86.7 million, down 5%; diluted EPS of $0.31, including a net benefit of $0.10 per diluted share related to income taxes and strategic investments * Results in line with revised third quarter guidance
DANBURY, Conn., Oct. 22, 2008 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today announced revenues of $86.7 million for the third quarter of 2008, a 5% decline compared with $91.1 million in the third quarter of 2007. Earnings per diluted share were $0.31, including a net benefit of $0.10 per diluted share, compared with $0.32 per diluted share in the third quarter of 2007. The net benefit was comprised of a $3.7 million tax benefit and a $0.4 million after-tax net expense associated with ATMI's strategic investment portfolio.
ATMI announced on September 26th that third quarter and 2008 revenue and earnings would be below expectations primarily because of a marked slowdown in demand across all of ATMI's semiconductor and flat panel display end markets.
Operating income for the third quarter of 2008 was $10.0 million, compared with $15.1 million a year ago, while operating margin was 11.5%, compared with 16.6% for the third quarter a year earlier.
For the nine months ended September 30, 2008 revenues increased 1.2% to $269.0 million, compared with $265.7 million in the same period of 2007. Earnings per diluted share were $0.93 in the first nine months of 2008, including the $0.10 net diluted earnings per share benefit recognized this quarter, compared with $0.76 per diluted share in the same period of 2007.
Operating income increased 12.2% to $38.5 million in the first nine months of 2008, compared with $34.3 million a year ago, while operating margin for the first nine months increased to 14.3%, compared with 12.9% in the first nine months of 2007.
Doug Neugold, ATMI Chief Executive Officer, said, "With so much in flux today, we can't accurately gauge how the economic environment will affect our customers and therefore our business in the near term, but signs point to continuing weakness through the fourth quarter and into 2009."
Neugold continued, "While we have no control over end markets, we are planning for tough market conditions, and are focusing our time and attention on operating efficiency, cost reduction, new product development, and cash generation."
A conference call (888.822.9375) to discuss the Company's third quarter financial results and business outlook will begin at 11:00 a.m. Eastern time, October 22, 2008. A replay (800.642.1687, passcode 30943791) 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.
The ATMI, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5254
ATMI is a trademark or registered trademark 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 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; 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 Nine Months Ended
------------------ -----------------
September 30, September 30,
------------- -------------
2008 2007 2008 2007
---- ---- ---- ----
Revenues $86,684 $91,131 $268,968 $265,717
Cost of revenues 45,258 45,158 134,888 135,285
--------- --------- --------- ---------
Gross profit 41,426 45,973 134,080 130,432
Operating expenses:
Research and development 9,681 7,225 27,756 21,769
Selling, general, and
administrative 21,791 23,617 67,826 74,407
--------- --------- --------- ---------
Total operating expenses 31,472 30,842 95,582 96,176
--------- --------- --------- ---------
Operating income 9,954 15,131 38,498 34,256
Other expense, net (967) 1,761 (178) 5,568
--------- --------- --------- ---------
Income before income taxes 8,987 16,892 38,320 39,824
Income taxes (1,076) 5,565 8,193 12,903
--------- --------- --------- ---------
Net income $10,063 $11,327 $30,127 $26,921
========= ========= ========= =========
Diluted earnings per
share $0.31 $0.32 $0.93 $0.76
Weighted average shares
outstanding 31,952 35,044 32,287 35,339
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
September 30, December 31,
2008 2007
---- ----
(unaudited)
---------
Assets
Cash & marketable securities (1) $101,452 $193,697
Accounts receivable, net 55,027 61,405
Inventories, net 55,807 48,885
Other current assets 21,233 23,436
-------- --------
Total current assets 233,519 327,423
Property, plant, and equipment, net 130,307 106,171
Marketable securities, non-current (1) 7,666 --
Other assets 84,214 58,647
-------- --------
Total assets $455,706 $492,241
-------- --------
Liabilities and stockholders' equity
Accounts payable $16,148 $22,735
Other current liabilities 24,277 24,467
-------- --------
Total current liabilities 40,425 47,202
Non-current liabilities 10,929 10,656
Stockholders' equity 404,352 434,383
-------- --------
Total liabilities & stockholders'
equity $455,706 $492,241
-------- --------
(1) Total cash and marketable securities equaled $109.1 million and
$193.7 million at September 30, 2008 and December 31, 2007,
respectively.