ATMI Reports Fourth Quarter 2012 Results
February 06 2013 - 7:00AM
ATMI, Inc. (Nasdaq:ATMI) today reported revenues
and net income for the fourth quarter of 2012.
Revenues improved 11 percent to $100.1 million during the fourth
quarter of 2012 compared with $90.3 million during the prior year
period. Net income for the quarter was $12.6 million, or $0.39 per
diluted share, including a gain of $0.07 per diluted share for a
contingent consideration adjustment, compared with a loss of $47.2
million, or $1.49 per diluted share, during the prior year period
due to a one-time $84.6 million pre-tax charge ($1.68 per diluted
share) related to the SDS Direct transaction.
"Fourth quarter revenues grew as the incremental contribution
from our SDS Direct transaction last year more than offset the
negative effects of lower wafer starts," said Doug Neugold, Chief
Executive Officer. "Demand for other products in Microelectronics
was down as lower wafer starts were coupled with our customers'
efforts to manage inventory at the end of the year. LifeSciences
revenues grew 20% over the prior year quarter as customers continue
to make progress toward launching high-volume manufacturing using
our single-use technologies."
Cash, including marketable securities, was $168.5 million at the
end of the quarter, an increase of $29.3 million from the third
quarter of 2012. Net cash provided by operating activities was
$39.8 million due to strong earnings and effective working capital
management. Capital expenditures were $10.9 million as spending
increased on the new manufacturing plant in Korea.
Fourth Quarter Segment Results
Microelectronics
- Revenues were $89.1 million, up 10 percent compared with last
year
- Incremental contribution from SDS Direct offset lower wafer
starts and inventory management by our customers
- Operating income was $23.4 million
LifeSciences
- Revenues improved 20 percent compared with last year to $10.9
million
- Continued demand for single-use products drove the
improvement
- Operating income of $1.3 million includes a contingent
consideration benefit of $2.4 million related to a reduction in the
earnout associated with the 2010 Artelis acquisition
Market Environment
"We expect wafer starts to grow modestly for the full year of
2013, with most growth occurring during the second half of the year
after declining sequentially in the first quarter due to seasonal
patterns," commented Neugold. "As always, our intent is to grow
more rapidly than wafer starts by focusing on new products for
leading-edge technology nodes. In LifeSciences, while there is
uncertainty in the timing associated with ramping a new technology,
we believe growth should be within our long-term expectations as
customers continue to ramp manufacturing processes incorporating
our single-use mixing and bioreactor systems. Finally, as we
continue to generate cash we are well positioned to invest in
growth opportunities and create value for our shareholders."
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, February 6, 2013. A replay of the call
will be available for 48 hours at 855.859.2056 (access code
93634152). 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 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, 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 |
Twelve Months
Ended |
|
December
31, |
December
31, |
|
2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Revenues |
$100,113 |
$90,330 |
$407,433 |
$390,087 |
Cost of revenues |
51,322 |
47,804 |
206,543 |
205,957 |
Gross profit |
48,791 |
42,526 |
200,890 |
184,130 |
Operating expenses: |
|
|
|
|
Research and development |
14,566 |
13,249 |
55,152 |
53,708 |
Selling, general, and
administrative |
18,696 |
21,323 |
86,663 |
83,546 |
Contract termination |
-- |
84,590 |
-- |
84,590 |
Total operating expenses |
33,262 |
119,162 |
141,815 |
221,844 |
|
|
|
|
|
Operating income (loss) |
15,529 |
(76,636) |
59,075 |
(37,714) |
|
|
|
|
|
Other income (expense), net |
637 |
(1,332) |
1,051 |
(1,420) |
|
|
|
|
|
Income (loss) before income taxes |
16,166 |
(77,968) |
60,126 |
(39,134) |
|
|
|
|
|
Income tax provision (benefit) |
3,546 |
(30,767) |
17,796 |
(19,115) |
|
|
|
|
|
Net income (loss) |
$12,620 |
($47,201) |
$42,330 |
($20,019) |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per diluted share |
$0.39 |
($1.49) |
$1.30 |
($0.63) |
|
|
|
|
|
Weighted average shares |
|
|
|
|
Outstanding - diluted |
32,679 |
31,709 |
32,664 |
31,703 |
|
|
ATMI,
INC. |
SUMMARY BALANCE
SHEETS |
(in
thousands) |
|
|
December 31, 2012
(Unaudited) |
December 31, 2011 |
Assets |
|
|
Cash & marketable
securities (1) |
$156,447 |
$110,155 |
Accounts receivable, net |
60,806 |
51,563 |
Inventories, net |
87,555 |
73,622 |
Other current assets |
25,736 |
35,848 |
Total current assets |
330,544 |
271,188 |
Property, plant, and equipment,
net |
125,099 |
116,275 |
Marketable securities,
non-current (1) |
12,073 |
3,329 |
Other assets |
131,437 |
122,894 |
Total assets |
$599,153 |
$513,686 |
|
|
|
Liabilities and stockholders' equity |
|
|
Accounts payable |
$38,573 |
$20,779 |
Other current liabilities |
36,329 |
24,177 |
Total current liabilities |
74,902 |
44,956 |
Non-current liabilities |
16,975 |
18,399 |
Stockholders' equity |
507,276 |
450,331 |
Total liabilities &
stockholders' equity |
$599,153 |
$513,686 |
|
|
|
(1) Total cash and
marketable securities equaled $168.5 million and $113.5 million at
December 31, 2012 and December 31, 2011, respectively. |
|
|
ATMI,
INC. |
Segment
Results |
(in
thousands) |
(Unaudited) |
|
|
Revenue |
|
Three Months
Ended |
Twelve Months
Ended |
|
December
31, |
December
31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Microelectronics |
$ 89,055 |
$ 81,147 |
$ 365,515 |
$ 351,417 |
LifeSciences |
10,933 |
9,127 |
41,584 |
38,264 |
All Other |
125 |
56 |
334 |
406 |
Total Consolidated |
$ 100,113 |
$ 90,330 |
$ 407,433 |
$ 390,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
Three Months
Ended |
Twelve Months
Ended |
|
December
31, |
December
31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Microelectronics |
$ 23,442 |
$ (63,785) |
$ 109,259 |
$ 13,079 |
LifeSciences |
1,301 |
(1,405) |
(4,066) |
(5,954) |
All Other |
(9,214) |
(11,446) |
(46,118) |
(44,839) |
Total Consolidated |
$ 15,529 |
$ (76,636) |
$ 59,075 |
$ (37,714) |
CONTACT: Troy Dewar
Director, Investor Relations
203.207.9349
tdewar@atmi.com
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