- 2Q revenues: $104.0 million
- 2Q earnings per diluted share: $0.34; includes $0.05 per diluted share of unusual items
DANBURY, Conn., July 20, 2011 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today reported record revenues of $104.0 million for the second quarter of 2011, compared to $91.0 million in the second quarter of 2010. Net income was $11.1 million for the quarter, compared to $7.6 million for the prior year period. Earnings per diluted share were $0.34, including $0.05 per diluted share for an earnout valuation adjustment and a capital-based state tax credit, compared to $0.24 per diluted share in the second quarter of 2010.
For the six months ended June 30, 2011, revenues were $204.8 million, compared with $176.3 million in the same period of 2010. Net income was $19.1 million, with diluted earnings per share of $0.59 for the six months, including $0.05 per diluted share resulting from the unusual items summarized above, compared to $16.3 million, or $0.51 per diluted share, for the same period in 2010.
"We are pleased with the strong growth in revenue and earnings compared with a year ago. Part of that growth comes from growing momentum in 28-nanometer wafer start demand, and the new products we are supplying for that chip generation," said Doug Neugold, ATMI Chairman, Chief Executive Officer, and President. "However, we agree with reports that suggest there may be incremental softening in overall wafer starts in the second half of 2011. ATMI's focus on leading-edge solutions should help minimize the impact of any industry softness in the second half."
"The sequential revenue growth in the second quarter was driven primarily by sales of our copper materials products to the advanced nodes," said Tim Carlson, Chief Financial Officer of ATMI. "We've kept our operating expenses in check, driving increased leverage from the record revenues that were recognized, and we benefited from a $2.1 million reduction in operating expenses in the quarter due to an earnout valuation adjustment and a capital-based state tax credit."
A conference call (dial-in: 877.766.0748) discussing the Company's financial results and business outlook will begin at 11:00 a.m. Eastern time, July 20, 2011. A replay of the call will be available for 48 hours at 800.642.1687 (access code 38202609). 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 and the ATMI logo 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 2011 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; customer-driven pricing pressure; potential loss of key customers; problems or delays in integrating acquired operations and businesses; uncertainty in the credit and financial markets; ability to protect ATMI's proprietary technology; and other factors described in ATMI's Form 10-K for the year ended December 31, 2010, and other subsequent filings, including the June 30, 2011 Form 10-Q, filed 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 June 30, |
Six Months Ended June 30, |
|||
| 2011 | 2010 | 2011 | 2010 | |
| Revenues | $104,027 | $90,996 | $204,751 | $176,307 |
| Cost of revenues | 54,565 | 47,441 | 107,198 | 91,063 |
| Gross profit | 49,462 | 43,555 | 97,553 | 85,244 |
| Operating expenses: | ||||
| Research and development | 14,251 | 12,465 | 27,702 | 22,188 |
| Selling, general, and administrative | 19,763 | 20,446 | 42,745 | 40,418 |
| Total operating expenses | 34,014 | 32,911 | 70,447 | 62,606 |
| Operating income | 15,448 | 10,644 | 27,106 | 22,638 |
| Other income, net | 281 | 93 | 581 | 333 |
| Income before income taxes | 15,729 | 10,737 | 27,687 | 22,971 |
| Provision for income taxes | 4,595 | 3,139 | 8,546 | 6,707 |
| Net income | $11,134 | $ 7,598 | $19,141 | $16,264 |
| Diluted earnings per share | $0.34 | $0.24 | $0.59 | $0.51 |
| Weighted average shares outstanding - diluted | 32,328 | 31,938 | 32,325 | 31,985 |
| ATMI, INC. | ||
| SUMMARY BALANCE SHEETS | ||
| (in thousands) | ||
|
June 30, 2011 (Unaudited) |
December 31, 2010 |
|
| Assets | ||
| Cash & marketable securities (1) | $154,299 | $127,143 |
| Accounts receivable, net | 54,880 | 54,518 |
| Inventories, net | 68,704 | 62,832 |
| Other current assets | 35,359 | 38,507 |
| Total current assets | 313,242 | 283,000 |
| Property, plant, and equipment, net | 117,757 | 119,053 |
| Marketable securities, non-current (1) | 13,482 | 25,429 |
| Other assets | 116,350 | 106,107 |
| Total assets | $560,831 | $533,589 |
| Liabilities and stockholders' equity | ||
| Accounts payable | $ 21,588 | $ 21,045 |
| Other current liabilities | 20,859 | 25,692 |
| Total current liabilities | 42,447 | 46,737 |
| Non-current liabilities | 31,792 | 28,427 |
| Stockholders' equity | 486,592 | 458,425 |
| Total liabilities & stockholders' equity | $560,831 | $533,589 |
| (1) Total cash and marketable securities equaled $167.8 million and $152.6 million at June 30, 2011 and December 31, 2010, respectively. | ||