EXHIBIT 99.1
ATMI Reports Second Quarter and First Half 2009 Financial Results
* 2Q revenues: $60.1 million * 2Q diluted loss per share: $0.06
DANBURY, Conn., July 22, 2009 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today announced that revenues were $60.1 million for the second quarter of 2009, compared with $89.5 million in the second quarter of 2008. Net loss was $1.7 million, including $1.3 million of unusual pretax charges associated with our April cost reduction activities, compared with net income of $9.7 million a year ago. Loss per diluted share was $0.06 compared with earnings of $0.30 per diluted share in the second quarter of 2008.
For the six months ended June 30, 2009, revenues were $97.5 million, compared with $182.3 million in the same period of 2008. Loss per diluted share was $0.64 for the first six months of 2009, including $0.25 loss per share due to $12.5 million of unusual pretax charges, compared with diluted earnings per share of $0.62 in the same period of 2008.
"Improved manufacturing capacity utilizations, particularly within the foundries, drove increased demand for all of our products during the second quarter, in contrast to the significant order contraction we experienced in the first quarter. While our revenues continued to be negatively affected by excess inventory in the SDS(r) distribution channel, we think most of this is behind us," said Doug Neugold, ATMI Chief Executive Officer and President.
"Our cost reduction programs are on track," said Tim Carlson, Chief Financial Officer. "However, our margins were impacted by the negative product mix associated with lower SDS revenues." Carlson continued, "With limited visibility beyond the third quarter, we remain uncertain whether the recent trend of increasing capacity utilization will continue through the fourth quarter."
A conference call (dial-in: 888.822.9375) discussing the Company's financial results and business outlook will begin at 11:00 a.m. Eastern time, July 22, 2009. A replay of the call will be available for 48 hours at 800.642.1687 (access code 82022216). 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.
ATMI, the ATMI logo, and SDS are trademarks or registered trademarks of Advanced Technology Materials, Inc., in the United States, other countries or both.
The ATMI, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5254
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 2009 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; problems or delays in integrating acquired operations and businesses; uncertainty in the credit and financial markets; and other factors described in ATMI's Form 10-K for the year ended December 31, 2008, and other subsequent filings with the Securities and Exchange Commission. Such risks and uncertainties may cause actual r esults 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 Six Months Ended
------------------ ----------------
June 30, June 30,
-------- --------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues $ 60,095 $ 89,487 $ 97,457 $182,284
Cost of revenues 36,288 43,199 66,719 89,630
-------- -------- -------- --------
Gross profit 23,807 46,288 30,738 92,654
Operating expenses:
Research and development 8,292 9,583 19,943 18,075
Selling, general, and
administrative 18,706 23,330 40,946 46,035
-------- -------- -------- --------
Total operating expenses 26,998 32,913 60,889 64,110
-------- -------- -------- --------
Operating income (loss) (3,191) 13,375 (30,151) 28,544
Other income (expense), net (285) 527 (2,431) 789
-------- -------- -------- --------
Income (loss) before income
taxes (3,476) 13,902 (32,582) 29,333
Provision (benefit) for
income taxes (1,732) 4,223 (12,414) 9,269
-------- -------- -------- --------
Net income (loss) ($ 1,744) $ 9,679 ($20,168) $ 20,064
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Diluted earnings (loss)
per share ($ 0.06) $ 0.30 ($ 0.64) $ 0.62
Weighted average shares
outstanding 31,367 32,091 31,385 32,453
ATMI, INC
SUMMARY BALANCE SHEETS
(in thousands)
June 30,
---------
2009 Dec. 31,
--------- ---------
(unaudited) 2008
--------- ---------
Assets
Cash & marketable securities (1) $ 90,633 $ 92,365
Accounts receivable, net 34,397 42,229
Inventories, net 53,000 55,986
Other current assets 30,183 27,379
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Total current assets 208,213 217,959
Property, plant, and equipment, net 126,477 136,425
Marketable securities, non-current (1) 2,752 3,655
Other assets 93,749 95,025
--------- ---------
Total assets $ 431,191 $ 453,064
--------- ---------
Liabilities and stockholders' equity
Accounts payable $ 15,393 $ 12,867
Other current liabilities 13,337 14,997
--------- ---------
Total current liabilities 28,730 27,864
Non-current liabilities 11,219 16,303
Stockholders' equity 391,242 408,897
--------- ---------
Total liabilities & stockholders' equity $ 431,191 $ 453,064
--------- ---------
(1)Total cash and marketable securities equaled $93.4 million and
$96.0 million at June 30, 2009 and December 31, 2008,respectively
CONTACT: ATMI, Inc.
Dean Hamilton, Director, ATMI Investor Relations
& Corporate Communications
203.207.9349
203.794.1100 x4202
dhamilton@atmi.com