ATMI Reports Growth in Revenues and Net Income for the First Quarter of 2013
24 April 2013 - 9:00PM
ATMI, Inc. (Nasdaq:ATMI), a global technology
company, today reported revenues and net income for the first
quarter of 2013.
Revenues during the first quarter of 2013 were $99.4 million, a
7 percent increase compared with $92.6 million during the same
period last year. Net income was $8.4 million, or $0.26 per diluted
share, compared with $3.9 million, or $0.12 per diluted share,
during the first quarter of 2012.
"We achieved solid revenue growth, despite a challenging demand
environment in Microelectronics, due to growth in implant and
strong demand for single-use biopharmaceutical products," said
Chief Executive Officer Doug Neugold. "Implant benefitted from a
full quarter of the SDSĀ® Direct transaction, which was
transitioning during the first quarter of last year. This was
partially offset by material-usage improvements by our customers in
copper materials, resulting in modest Microelectronics growth.
LifeSciences growth was strong, climbing 24 percent on increased
equipment and consumable sales."
Total operating expense decreased 4 percent to $36.4 million due
to planned spending reductions and effective cost management. Two
significant items during the quarter were the recognition of $0.03
per diluted share of employee separation costs offset by $0.03 per
diluted share for tax benefits related to certain 2012 retroactive
provisions.
First Quarter 2013 Segment Results
Microelectronics
- Revenues were $88.1 million, up 6 percent compared with last
year
- Growth in implant offset material-usage improvements by
customers for our copper materials
- Operating income was $25.2 million, an increase of 20 percent
due to lower operating expense
LifeSciences
- Revenues improved 24 percent compared with last year to $11.3
million
- Continued demand for single-use products drove the improvement,
with strong growth in both equipment and consumables
- Operating loss of $1.3 million compared with a loss of $2.1
million last year
Market Environment
"We are becoming more confident in our 2013 growth outlook,"
commented Neugold. "Our expectation of modest wafer start growth,
with a majority of it occurring during the second and third
quarters of the year, seems to be confirmed by customer commentary
and industry analysis. While it is clear that advanced devices for
mobility applications have momentum, there is commentary that
indicates some segments are not as strong. Even with this mix in
demand trends for various devices, our focus on the leading edge
should allow us to outgrow the market. LifeSciences has begun the
year on a strong note, and we expect this will continue throughout
the year, with some possible near-term fluctuations associated with
customers' ramp patterns for this new technology. As volumes
improve, and we maintain our focus on profitability and cash
management, we anticipate results will improve through the
year."
Webcast Information
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, April 24, 2013. A replay of the call will
be available for 48 hours at 855.859.2056 (access code 93693894).
The call can also be accessed live and on-demand from the ATMI
Investor Relations website at http://investor.atmi.com. A copy of
management's presentation materials will be available on the ATMI
Investor Relations website before the call.
About ATMI
ATMI, Inc. provides specialty semiconductor materials, and safe,
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.
ATMI, the ATMI logo, and SDS are trademarks or
registered trademarks of Advanced Technology Materials, Inc., in
the United States, other countries, or both.
Forward Looking Statements
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 2013 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 and life sciences 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, 2012
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
COMPREHENSIVE INCOME |
(in thousands, except
per share data) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
Revenues |
$ 99,407 |
$ 92,574 |
Cost of revenues |
52,720 |
48,392 |
Gross profit |
46,687 |
44,182 |
Operating expenses: |
|
|
Research and development |
13,182 |
14,489 |
Selling, general and
administrative |
23,168 |
23,546 |
Total operating expenses |
36,350 |
38,035 |
Operating income |
10,337 |
6,147 |
Interest income |
354 |
325 |
Other income (expense), net |
373 |
(306) |
Income before income taxes |
11,064 |
6,166 |
Provision for income taxes |
2,638 |
2,304 |
Net income |
$ 8,426 |
$ 3,862 |
|
|
|
Earnings per diluted share |
$ 0.26 |
$ 0.12 |
|
|
|
Weighted average shares outstanding -
diluted |
32,709 |
32,842 |
|
|
|
Comprehensive income |
$ 6,548 |
$ 237 |
|
ATMI,
INC. |
SUMMARY BALANCE
SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
March 31, |
December 31, |
|
2013 |
2012 |
|
(Unaudited) |
|
Assets |
|
|
Cash & marketable
securities (1) |
$142,834 |
$156,447 |
Accounts receivable, net |
63,427 |
60,806 |
Inventories, net |
91,046 |
87,555 |
Other current assets |
34,970 |
25,736 |
Total current assets |
332,277 |
330,544 |
Property, plant, and equipment,
net |
125,956 |
125,099 |
Marketable securities,
non-current (1) |
8,240 |
12,073 |
Other assets |
128,603 |
131,437 |
Total assets |
$595,076 |
$599,153 |
|
|
|
Liabilities and stockholders' equity |
|
|
Accounts payable |
35,541 |
$38,573 |
Other current liabilities |
34,268 |
36,329 |
Total current liabilities |
69,809 |
74,902 |
Non-current liabilities |
15,760 |
16,975 |
Stockholders' equity |
509,507 |
507,276 |
Total liabilities &
stockholders' equity |
$595,076 |
$599,153 |
|
|
|
(1) Total cash and
marketable securities equaled $151.1 million and $168.5 million at
March 31, 2013 and December 31, 2012, respectively. |
|
ATMI,
INC. |
Segment
Results |
(in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Revenue |
|
Three Months
Ended |
|
March
31, |
|
2013 |
2012 |
|
|
|
Microelectronics |
$ 88,111 |
$ 83,465 |
LifeSciences |
11,281 |
9,109 |
All Other |
15 |
-- |
Total Consolidated |
$ 99,407 |
$ 92,574 |
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
Three Months
Ended |
|
March
31, |
|
2013 |
2012 |
|
|
|
Microelectronics |
$ 25,242 |
$ 21,032 |
LifeSciences |
(1,258) |
(2,126) |
All Other |
(13,647) |
(12,759) |
Total Consolidated |
$ 10,337 |
$ 6,147 |
CONTACT: Troy Dewar
Director, Investor Relations
203.207.9349
tdewar@atmi.com
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