Entegris (ENTG) 8-K Entegris Reports Third Quarter Loss Due to Non-Cash Charges

Exhibit 99.1

Entegris Reports Third Quarter Loss Due to Non-Cash Charges

Company Reports Non-GAAP Earnings of $0.06 From Continuing Operations

CHASKA (Minneapolis), Minn., November 4, 2008 –Entegris, Inc. (Nasdaq: ENTG) today reported its financial results for the fiscal third quarter ended September 27, 2008:

• Sales of $145.8 million

• GAAP loss per share of $3.68 reflecting non-cash charges

• Non-GAAP EPS from continuing operations of $0.06

• Non-GAAP gross margin of 42 percent

• Cash from operations of $11.7 million

Entegris’ third-quarter sales were $145.8 million, versus $151.8 million for the same period a year ago and $147.9 million for the second quarter of fiscal 2008. Poco Graphite, which was acquired on August 11, 2008, contributed approximately $10 million to sales in the third quarter.

The Company reported a third-quarter net loss of $411.4 million, or $3.68 per diluted share, which compared to net income of $8.4 million, or $0.07 per diluted share, for the same quarter a year ago. On a non-GAAP basis, third-quarter net income from continuing operations was $6.2 million, or $0.06 per diluted share.

The third-quarter results reflected the following non-cash charges:

• A write-down of $395.3 million, or $379.8 million net of tax, related to impairment of goodwill triggered by the decline in the Company’s market capitalization. The write-down was made in accordance with the requirements of FASB Statements No. 142“Goodwill and Other Intangible Assets.” The write-down represents management’s best estimate based on the facts and circumstances as of September 27, 2008 and may be revised in the fourth quarter.

• Purchase accounting adjustments of $5.7 million to cost of sales, as a result of adjusting acquired Poco Graphite inventory to fair market value.

• A valuation allowance of $30.7 million for the Company’s deferred tax assets.

Sales for the nine months ended September 27, 2008 were $442.0 million. The nine-month net loss was $403.5 million, or $3.57 per diluted share. Nine-month net income from continuing operations on a non-GAAP basis was $14.9 million, or $0.13 per diluted share.

Gideon Argov, president and chief executive officer, said: “The global economic turmoil has exacerbated the cyclical downturn in the semiconductor industry. Despite market conditions softening, we generated $11.7 million of cash from operations and achieved earnings of $0.06 per share from continuing operations on a non-GAAP basis due to stable margins and control of operating expenses. We completed the acquisition of Poco Graphite in the quarter which adds to our consumable product revenues, provides synergies with our existing customers, and represents further expansion into markets outside of the semiconductor industry.”

As part of its long-term strategy to align manufacturing operations, the Company announced it will close the larger of its two manufacturing facilities in Chaska, Minnesota and will transfer

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production to its other existing facilities. This closure, which will impact approximately 200 jobs or approximately 7 percent of the Company’s worldwide headcount, is expected to be completed in 2009 and to result in annual cost and tax savings of approximately $6 to $8 million beginning in 2010. The Company expects to incur charges of approximately $15 million related to the facility closure over the next four quarters.

In addition to the facility closure, the Company is taking steps to reduce its operating expenses which include the streamlining of its management structure. These actions are expected to yield in excess of $12 million in annual cost savings. Thus far, these steps have resulted in a restructuring charge of $3.3 million in the third quarter.

Argov continued: “We are using the slowdown in the economy and our industry to optimize our manufacturing operations and to streamline the Company. These measures will lower our break-even point further so that we can remain profitable on an operating basis during this turbulent period, and will position us for maximum operating leverage and improved profitability when our markets recover.”

Third-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the third quarter on Tuesday, November 4, 2008, at 10:00 a.m. Eastern Time. Participants should dial 1-866-409-1560 (for domestic callers) or 1-913-312-1300 (for callers outside the U.S.). A replay of the call can be accessed at 1-719-457-0820 using passcode 3654556. A webcast of the call can also be accessed from the investor relations section of Entegris’ website at www.entegris.com.

NON-GAAP INFORMATION

In addition to reporting results that are determined in accordance with generally accepted accounting principles in the U.S. (GAAP), the Company also reports non-GAAP results of operations that exclude certain expenses and charges. These non-GAAP results are provided as a complement to results provided in accordance with GAAP in order to provide investors with relevant and useful information about the Company’s ongoing operations. As such, non-GAAP information primarily excludes expenses and charges resulting from goodwill impairment under FASB Statement No. 142, a valuation allowance for deferred tax assets under FASB Statement No. 109, and purchase accounting adjustments related to inventory associated with the Company’s August 2008 acquisition of Poco Graphite. A reconciliation of GAAP to non-GAAP financial information discussed in this release is contained in the attached exhibits and on the Company’s website atwww.entegris.com.

ABOUT ENTEGRIS

Entegris is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the semiconductor and other high-tech industries. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, China, France, Germany, India, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at www.entegris.com.

Forward-Looking Statements

Certain information contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current management expectations only as of the date of this press

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release, and involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Statements that include such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “may,” “will,” “should” or the negative thereof and similar expressions as they relate to Entegris or our management are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks include, but are not limited to, fluctuations in the market price of Entegris’ stock, Entegris’ future operating results, other acquisition and investment opportunities available to Entegris, general business and market conditions and other factors. Additional information concerning these and other risk factors may be found in previous financial press releases issued by Entegris and Entegris’ periodic public filings with the Securities and Exchange Commission, including discussions appearing under the headings “Risks Relating to our Business and Industry,” “Manufacturing Risks,” “International Risks,” and “Risks Related to Securities Markets and Ownership of Our Securities” in Item 1A of our Annual Report on Form 10–K for the fiscal year ended December 31, 2007, as well as other matters and important factors disclosed previously and from time to time in the filings of Entegris with the U.S. Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update publicly any forward-looking statements contained herein.

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Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three months ended									Nine months ended
	Sept. 27, 2008			June 28, 2008			Sept. 29, 2007			Sept. 27, 2008			Sept. 29, 2007
Net sales	$	145,789		$	147,947		$	151,811		$	441,963		$	464,890
Cost of sales		90,391			88,060			86,301			262,690			265,378
Gross profit		55,398			59,887			65,510			179,273			199,512
Selling, general and administrative expenses		35,373			37,105			39,267			115,800			120,542
Engineering, research and development expenses		10,284			10,362			9,409			31,147			29,622
Amortization of intangible assets		4,858			4,552			4,716			14,497			13,702
Impairment of goodwill		395,261			—			—			395,261			—
Restructuring charges		3,332			—			—			3,332			—
Operating (loss) income		(393,710	)		7,868			12,118			(380,764	)		35,646
Interest expense (income), net		614			81			(140	)		682			(5,516	)
Other expense (income), net		947			249			53			1,823			(5,997	)
(Loss) income before income taxes		(395,271	)		7,538			12,205			(383,269	)		47,159
Income tax expense		15,837			2,021			3,156			19,252			11,970
Equity in net loss (earnings) of affiliates		195			(8	)		96			49			(8	)
(Loss) income from continuing operations		(411,303	)		5,525			8,953			(402,570	)		35,197
Loss from discontinued operations, net of taxes		(90	)		(592	)		(536	)		(1,025	)		(1,620	)
Net (loss) income	$	(411,393	)	$	4,933		$	8,417		$	(403,595	)	$	33,577
Basic (loss) income per common share:
Continuing operations	$	(3.68	)	$	0.05		$	0.08		$	(3.56	)	$	0.28
Discontinued operations	$	(0.00	)	$	(0.01	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Net (loss) income per common share	$	(3.68	)	$	0.04		$	0.07		$	(3.57	)	$	0.27
Diluted (loss) income per common share:
Continuing operations	$	(3.68	)	$	0.05		$	0.08		$	(3.56	)	$	0.28
Discontinued operations	$	(0.00	)	$	(0.01	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Net (loss) income per common share	$	(3.68	)	$	0.04		$	0.07		$	(3.57	)	$	0.26
Weighted average shares outstanding:
Basic		111,796			112,870			114,333			112,942			125,251
Diluted		111,796			113,581			116,415			112,942			127,980

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Entegris, Inc. and Subsidiaries

GAAP to Non-GAAP Reconciliation of Statement of Operations

(In thousands, except per share data)

(Unaudited)

	Three months ended September 27, 2008									Nine months ended September 27, 2008
	U.S. GAAP			Adjustments			Non- GAAP			U.S. GAAP			Adjustments			Non- GAAP
Net sales	$	145,789		$	—		$	145,789		$	441,963		$	—		$	441,963
Cost of sales(a)		90,391			(5,718	)		84,673			262,690			(5,718	)		256,972
Gross profit		55,398			5,718			61,116			179,273			5,718			184,991
Selling, general and administrative expenses		35,373			—			35,373			115,800			—			115,800
Engineering, research and development expenses		10,284			—			10,284			31,147			—			31,147
Amortization of intangible assets		4,858			—			4,858			14,497			—			14,497
Impairment of goodwill (b)		395,261			(395,261	)		—			395,261			(395,261	)		—
Restructuring charges		3,332			—			3,332			3,332			—			3,332
Operating (loss) income		(393,710	)		400,979			7,269			(380,764	)		400,979			20,215
Interest expense, net		614			—			614			682			—			682
Other expense, net		947			—			947			1,823			—			1,823
(Loss) income before income taxes		(395,271	)		400,979			5,708			(383,269	)		400,979			17,710
Income tax (benefit) expense (c)		15,837			(16,498	)		(661	)		19,252			(16,498	)		2,754
Equity in net loss of affiliates		195			—			195			49			—			49
(Loss) income from continuing operations		(411,303	)		417,477			6,174			(402,570	)		417,477			14,907
Loss from discontinued operations, net of taxes		(90	)		—			(90	)		(1,025	)		—			(1,025	)
Net (loss) income	$	(411,393	)	$	417,477		$	6,084		$	(403,595	)	$	417,477		$	13,882
Basic (loss) income per common share:
Continuing operations	$	(3.68	)	$	3.73		$	0.06		$	(3.56	)	$	3.70		$	0.13
Discontinued operations	$	(0.00	)	$	0.00		$	(0.00	)	$	(0.01	)	$	0.00		$	(0.01	)
Net (loss) income per common share	$	(3.68	)	$	3.73		$	0.05		$	(3.57	)	$	3.70		$	0.12
Diluted (loss) income per common share:
Continuing operations	$	(3.68	)	$	3.73		$	0.06		$	(3.56	)	$	3.70		$	0.13
Discontinued operations	$	(0.00	)	$	0.00		$	(0.00	)	$	(0.01	)	$	0.00		$	(0.01	)
Net (loss) income per common share	$	(3.68	)	$	3.73		$	0.05		$	(3.57	)	$	3.70		$	0.12
Weighted average shares outstanding:
Basic		111,796			111,796			111,796			112,942			112,942			112,942
Diluted		111,796			111,796			111,993			112,942			112,942			113,510

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a) Non-GAAP cost of sales for the three months ended September 27, 2008 is adjusted for $5.7 million charge for fair value mark-up of acquired inventory sold related to the POCO Graphite, Inc. acquisition.

b) Non-GAAP impairment of goodwill for the three months ended September 27, 2008 is adjusted for $395.3 million of impairment charges related to goodwill.

c) Non-GAAP Income tax expense for the three months ended September 27, 2008 is adjusted for $31.9 million primarily related to the increase in the valuation allowance primarily related to the U.S. tax credit carryforwards, offset by an adjustment of $15.5 million for the tax benefit associated with the goodwill impairment charges as noted in b) above.

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Entegris, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

	Sept. 27, 2008		Dec. 31, 2007
ASSETS
Cash, cash equivalents and short-term investments	$	73,961	$	160,655
Accounts receivable		107,928		112,053
Inventories		107,899		73,120
Deferred tax assets, deferred tax charges and refundable income taxes		28,731		23,238
Other current assets and assets held for sale		13,436		13,555
Total current assets		331,955		382,621
Property, plant and equipment, net		154,043		121,157
Intangible assets and goodwill		176,690		478,495
Deferred tax asset – non-current		32,214		35,323
Other assets		27,329		17,645
Total assets	$	722,231	$	1,035,241
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current maturities of long-term debt	$	11,562	$	9,310
Short-term borrowings		4,728		17,802
Accounts payable		28,254		24,260
Accrued liabilities		55,334		61,884
Income tax payable		4,123		12,493
Total current liabilities		104,001		125,749
Long-term debt, less current maturities		118,742		20,373
Other liabilities		63,281		36,810
Shareholders’ equity		436,207		852,309
Total liabilities and shareholders’ equity	$	722,231	$	1,035,241

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Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended
	Sept. 27, 2008			Sept. 29, 2007
Operating activities:
Net (loss) income	$	(411,393	)	$	8,417
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations		90			536
Depreciation		6,476			6,351
Amortization		4,858			4,716
Deferred tax valuation allowance		30,660			—
Provision for deferred taxes		(15,524	)		—
Share-based compensation expense		1,335			2,700
Impairment of goodwill assets		395,261			—
Charge for fair market value mark-up of acquired inventory		5,718			736
Other		848			(680	)
Changes in operating assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable and notes receivable		6,039			1,940
Inventories		(464	)		2,122
Accounts payable and accrued liabilities		(5,632	)		917
Income taxes payable		(10,051	)		(2,205	)
Other		3,524			(416	)
Net cash provided by operating activities		11,745			25,134
Investing activities:
Acquisition of property and equipment		(7,399	)		(6,253	)
Acquisition of businesses		(161,973	)		(41,844	)
Other		110			(2,136	)
Net cash used in investing activities		(169,262	)		(50,233	)
Financing activities:
Principal payments on short-term borrowings and long-term debt		(29,108	)		(27,127	)
Proceeds from short-term and long-term borrowings		133,000			37,000
Issuance of common stock		902			1,401
Repurchase and retirement of common stock		(4,492	)		(605	)
Other		—			420
Net cash provided by financing activities		100,302			11,089
Net cash used in discontinued operations		(2	)		(784	)
Effect of exchange rate changes on cash and cash equivalents		(1,230	)		4,132
Decrease in cash and cash equivalents		(58,447	)		(10,662	)
Cash and cash equivalents at beginning of period		132,408			136,535
Cash and cash equivalents at end of period	$	73,961		$	125,873

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