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ATMI Reports Record Revenues and Net Income for Third Quarter 2012

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DANBURY, Conn., Oct. 24, 2012 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today reported record revenues and net income for the third quarter of 2012.

Revenues were $108.8 million during the third quarter of 2012 compared with $95.0 million last year, due to the positive contribution from last year's SDS® Direct transaction, strong demand for single-use equipment in LifeSciences, and royalties recognized in the quarter. Net income for the quarter was $14.4 million, or $0.44 per diluted share, compared with $8.0 million, or $0.25 per diluted share, during the prior year period.

"We clearly encountered a bit of a headwind in the Microelectronics markets that impacted wafer starts during the third quarter," said Doug Neugold, Chief Executive Officer. "Against that backdrop, our SDS Direct transaction continued to perform in line with expectations and our customers are moving forward with production plans for the 28nm and 20nm nodes, where we are well positioned with leading-edge products. LifeSciences revenues, while down from the previous quarter as expected given the European seasonal effect, were strong versus the prior year as customers continue to adopt our single-use technology."

Segment Results (all comparisons to same period in 2011)

Microelectronics

  • Revenues grew 15 percent to $98.5 million
  • Results included $7.4 million incremental revenues from SDS Direct and a $2.6 million royalty
  • Operating income grew 41 percent due to revenue growth, the royalty, and completion of a collaborative development agreement

LifeSciences

  • Revenues improved 13 percent to $10.4 million
  • Strong demand for single-use equipment, which will benefit future periods as consumables ramp when customers begin high-volume manufacturing
  • Operating loss due to continued investment in new product development

Market Environment

"Consistent with external data points, we anticipate wafer starts to be down seasonally in the fourth quarter, impacting Microelectronics," commented Neugold. "However, longer term trends remain favorable as customers increase production at advanced nodes. We are investing in a new manufacturing facility in Korea to work more closely with our Asian customers. LifeSciences is on track for a strong finish to the year after the seasonally soft third quarter, with long-term growth driven by the move to high-volume production using single-use technology. Given the macroeconomic uncertainties, we will continue to closely monitor and control our discretionary cost structures in the near term."

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, October 24, 2012. A replay of the call will be available for 48 hours at 855.859.2056 (access code 41878233). An audio webcast of the conference call will be available for 30 days on http://investor.atmi.com.

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.

The ATMI, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5254

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 2012 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, 2011 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
September 30,
Nine Months Ended
September 30,
2012 2011 2012 2011
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $108,847 $95,006 $307,320 $299,757
Cost of revenues 54,404 50,955 155,221 158,153
Gross profit 54,443 44,051 152,099 141,604
Operating expenses:
Research and development 12,272 12,757 40,586 40,459
Selling, general, and administrative
21,708
19,478
67,967
62,223
Total operating expenses 33,980 32,235 108,553 102,682
Operating income 20,463 11,816 43,546 38,922
Other income (expense), net 547 (669) 414 (88)
Income before income taxes 21,010 11,147 43,960 38,834
Provision for income taxes 6,585 3,106 14,250 11,652
Net income $14,425 $8,041 $29,710 $27,182
Earnings per diluted share $0.44 $0.25 $0.91 $0.84
Weighted average shares outstanding
32,609
32,318
32,659
32,332
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)

September 30,
2012
(Unaudited)

December 31,
2011
Assets
Cash & marketable securities (1) $130,923 $110,155
Accounts receivable, net 66,903 51,563
Inventories, net 83,235 73,622
Other current assets 30,452 35,848
Total current assets 311,513 271,188
Property, plant, and equipment, net 120,411 116,275
Marketable securities, non-current (1) 8,332 3,329
Other assets 122,256 122,894
Total assets $562,512 $513,686
Liabilities and stockholders' equity
Accounts payable $ 25,603 $20,779
Other current liabilities 33,230 24,177
Total current liabilities 58,833 44,956
Non-current liabilities 18,603 18,399
Stockholders' equity 485,076 450,331
Total liabilities & stockholders' equity $562,512 $513,686
(1) Total cash and marketable securities equaled $139.3 million and $113.5 million at September 30, 2012 and December 31, 2011, respectively.
ATMI, INC.
Segment Results
(in thousands)
(Unaudited)
Revenues
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Microelectronics $ 98,477 $ 85,795 $ 276,460 $ 270,270
LifeSciences 10,388 9,203 30,651 29,137
All Other (18) 8 209 350
Total Consolidated $ 108,847 $ 95,006 $ 307,320 $ 299,757
Operating income (loss)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Microelectronics $ 34,388 $ 24,324 $ 85,817 $ 76,864
LifeSciences (2,137) (2,223) (5,367) (4,549)
All Other (11,788) (10,285) (36,904) (33,393)
Total Consolidated $ 20,463 $ 11,816 $ 43,546 $ 38,922
CONTACT: Troy Dewar Director, Investor Relations 203.207.9349 tdewar@atmi.com

Source:ATMI, Inc.