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ATMI Reports Revenues and Net Income for the Second Quarter of 2013

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DANBURY, Conn., July 24, 2013 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI), a global technology company, today reported revenues and net income for the second quarter of 2013.

Revenues were $102.0 million during the second quarter of 2013, compared with $105.9 million during the same period last year. Net income was $9.4 million, or $0.29 per diluted share, compared with $11.4 million, or $0.35 per diluted share, during the second quarter of 2012.

"Our second quarter results reflect a mixed demand environment in Microelectronics and continued momentum in LifeSciences, resulting in revenues that are up sequentially but lower than last year," said Chief Executive Officer Doug Neugold. "Within Microelectronics, we view the market as generally tepid. Leading edge foundries continue to be strong, while there were meaningful wafer start declines in the logic space, which impact certain of our product lines. LifeSciences achieved record revenue due to growth across most product lines as the business continues to benefit from the adoption of single-use technology. We continued to make progress on commercializing our electronic waste recovery solution, eVOLV™ by signing another agreement during the quarter, our first in Asia."

Second quarter operating income was $12.7 million compared with $16.9 million during the same period last year as the benefit from lower operating expense was offset by lower gross profit due to lower sales volume and a less favorable product mix.

During the second quarter ATMI recognized $0.6 million of license revenues related to eVOLV. "Interest in our sustainable solution to electronic waste recovery is very high, and we anticipate additional license revenues during the next several quarters from pending license agreements, and subsequent royalty revenues contributing to results in a meaningful way beginning in late 2014," added Neugold.

Second Quarter 2013 Segment Results

Microelectronics

  • Revenues were $89.4 million, up 1 percent sequentially, but down 5 percent compared with last year
  • Strong demand from certain customers tied to the global market for mobile devices was offset by a decline in logic at some key accounts, along with ongoing pressure from customers' material efficiency gains
  • Operating income was $26.9 million, down 11 percent as lower operating expenses were offset by lower gross profit

LifeSciences

  • Revenues were $11.9 million, up 7 percent compared with last year
  • Continued demand for single-use products drove the improvement, with strong growth in equipment
  • Operating loss of $1.7 million compared with a loss of $1.1 million last year

Market Environment

"With growing uncertainty around consumer electronic demand trends, the outlook for wafer starts is being tempered as we look into the second half of the year," commented Neugold. "Our expectation now is for minimal wafer start growth in 2013. While we still see momentum for advanced devices used in mobile applications, there is growing evidence that other segments are not as strong. We continue to work to overcome these challenges by maintaining our focus on the leading edge. LifeSciences is growing in line with our expectations and is steadily marching toward our target of 20 to 30 percent annual growth, and achieving breakeven performance during the fourth quarter of 2013. Finally, I'm very pleased with our success in eVOLV and anticipate this business will become more meaningful to our financial results over the next several quarters."

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, July 24, 2013. A replay of the call will be available for 48 hours at 855.859.2056 (access code 93696366). 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. is a global provider of specialty semiconductor materials, and safe, high-purity materials handling and delivery solutions designed to increase process efficiencies for the microelectronics, life sciences, and other industries. For more information, please visit http://www.atmi.com.

ATMI, eVOLV, and the ATMI logo 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 June 30, Six Months Ended June 30,
2013 2012 2013 2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 102,008 $ 105,899 201,415 198,473
Cost of revenues 53,351 52,425 106,071 100,817
Gross profit 48,657 53,474 95,344 97,656
Operating expenses:
Research and development 13,130 13,825 26,312 28,314
Selling, general and administrative 22,812 22,713 45,980 46,259
Total operating expenses 35,942 36,538 72,292 74,573
Operating income 12,715 16,936 23,052 23,083
Interest income 302 305 656 630
Other income (expense), net 1,247 (457) 1,620 (763)
Income before income taxes 14,264 16,784 25,328 22,950
Provision for income taxes 4,817 5,361 7,455 7,665
Net income $ 9,447 $ 11,423 17,873 15,285
Earnings per diluted share $ 0.29 $ 0.35 $ 0.55 $ 0.47
Weighted average shares outstanding - diluted 32,739 32,669 32,737 32,683
Comprehensive income $ 1,207 $ 13,083 7,755 13,320
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
June 30,
2013
(Unaudited)
December 31,
2012
Assets
Cash & marketable securities (1) $114,583 $156,447
Accounts receivable, net 69,905 60,806
Inventories, net 94,907 87,555
Other current assets 38,969 25,736
Total current assets 318,364 330,544
Property, plant, and equipment, net 134,876 125,099
Marketable securities, non-current (1) 10,001 12,073
Other assets 121,921 131,437
Total assets $585,162 $599,153
Liabilities and stockholders' equity
Accounts payable $33,855 $38,573
Other current liabilities 26,287 36,329
Total current liabilities 60,142 74,902
Non-current liabilities 14,535 16,975
Stockholders' equity 510,485 507,276
Total liabilities & stockholders' equity $585,162 $599,153
(1) Total cash and marketable securities equaled $124.6 million and $168.5 million at June 30, 2013 and December 31, 2012, respectively.
ATMI, INC.
Segment Results
(in thousands)
(Unaudited)
Revenue
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Microelectronics $ 89,414 $ 94,518 $ 177,525 $ 177,983
LifeSciences 11,944 11,154 23,225 20,263
All Other 650 227 665 227
Total Consolidated $ 102,008 $ 105,899 $ 201,415 $ 198,473
Operating income (loss)
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Microelectronics $ 26,926 $ 30,397 $ 52,168 $ 51,429
LifeSciences (1,682) (1,104) (2,940) (3,230)
All Other (12,529) (12,357) (26,176) (25,116)
Total Consolidated $ 12,715 $ 16,936 $ 23,052 $ 23,083

CONTACT: Troy Dewar Director, Investor Relations and Corporate Communications 203.207.9349 tdewar@atmi.com

Source:ATMI, Inc.