Exhibit 99.1
For Immediate Release
ATMI REPORTS SECOND QUARTER 2004 RESULTS
ATMI REPORTS SECOND QUARTER 2004 RESULTS DANBURY, CT-- July 21, 2004--
ATMI, Inc. (Nasdaq: ATMI), a supplier of materials and materials packaging to
the world's leading semiconductor manufacturers, today announced revenues of
$61.0 million for the second quarter of 2004, an increase of 52.5% from $40.0
million in the second quarter of 2003, and an increase of 8.9% over $56.0
million in the first quarter of 2004.
Continuing operations in the second quarter generated income of $5.8
million, or $0.18 per diluted share. In the second quarter of 2003, income from
continuing operations was $0.1 million, or $0.00 per diluted share, including a
$2.2 million pre-tax asset impairment charge related to the Company's strategic
investment portfolio and a $0.4 million charge related to transitioning product
lines to a new manufacturing facility. In the first quarter of 2004, continuing
operations generated income of $4.0 million, or $0.12 per diluted share.
Overall, net income for the second quarter was $7.9 million, or $0.25 per
diluted share, which includes $0.06 per diluted share from the performance of
discontinued operations, and a gain of $0.01 per diluted share from sale of the
life safety systems and fab services operations that closed during the quarter.
For the second quarter of 2003, net loss was $2.8 million, or $0.09 per diluted
share, which included a loss of $0.09 per diluted share from discontinued
operations. Net income for the first quarter of 2004 was $6.1 million, or $0.19
per diluted share, including $0.04 per diluted share from the performance of
discontinued operations and a gain of $0.03 per diluted share related to the
sale of the gallium nitride business.
For the six months ended June 30, revenue from continuing operations
totaled $117.0 million, an increase of 51.9% compared with $77.0 million for the
first half of 2003. Income from continuing operations was $9.8 million, or $0.31
per diluted share, compared with $1.0 million, or $0.03 per diluted share, in
the same period last year. Overall net income for the first six months of 2004
was $14.0 million, or $0.44 per diluted share, which includes $0.09 per diluted
share from the performance of discontinued operations, and a gain of $0.04 per
diluted share from sale of three of the six discontinued operations.
Gene Banucci, ATMI Chairman and Chief Executive Officer, said, "The
semiconductor industry continues to increase production of wafers with a second
quarter sequential increase of approximately 4% worldwide. This is again
slightly higher than our projections and as a result ATMI's revenues continued
to ramp aggressively for the third consecutive quarter. It is our expectation
that wafer starts will continue to grow in the third quarter, but at a moderated
pace."
Doug Neugold, ATMI President and Chief Operating Officer, said, "This
quarter, our copper businesses continued to perform well and we again achieved
strong results in our implant materials and photoresist packaging products. At
Semicon West, we introduced several new products and process efficiency
solutions in which customers expressed a high level of interest, especially
SDS3. Looking forward, we see no slowdown in the pace of technology development.
Given our recent qualifications and joint development activities at the 65 nm
technology node, we are well positioned to capture future generation advanced
interconnect opportunities."
-more-
ATMI Reports Second Quarter 2004 Results -- Page 2
Dan Sharkey, ATMI Chief Financial Officer, said, "The second quarter stood
out because of record sales of sub-atmospheric gas storage and delivery
products, and equally strong flat panel display demand for our materials
packaging products. Combined with the resolution of our first quarter expedited
delivery issues, this had the expected effect of increasing gross margins to
above 50%. On the divestiture front, the second quarter was very busy with deals
completed for the sale of our life safety system business, our fab services
business, and our epitaxial services business, which closed on July 19th. We are
presently engaged in active discussions with multiple parties concerning our
remaining discontinued operations, our abatement systems business and our Emosyn
smart card venture. We believe we are still on track to have divested all 6
discontinued operations before the end of 2004."
ATMI provides specialty materials and materials packaging to the worldwide
semiconductor industry. For more information, please visit atmi.com.
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 2004 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 or ATMI's markets; competition, problems, or delays developing and
commercializing new products; problems or delays in integrating acquired
operations and businesses into ATMI; problems or delays associated with any
restructuring activity, including resolution of the various discontinued
elements of ATMI's Technologies segment; and other factors discussed in ATMI's
filings with the Securities and Exchange Commission. Such risks and
uncertainties could cause actual results to differ from those projected. ATMI
undertakes no obligation to publicly update or revise any forward-looking
statements, whether because of new information, future events or otherwise.
Note: A conference call (800.289.0544) discussing financial results will begin
at 11:00 a.m. Eastern time, July 21st, 2004. A replay (888.203.1112, PIN 637528)
of the call will be available for 48 hours. An audio webcast of the conference
call will be available for 30 days on atmi.com.
# # # #
For more information contact:
Dean Hamilton
ATMI
203.207.9349 Direct
203.794.1100 x4202
dhamilton@atmi.com
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ATMI Reports Second Quarter 2004 Results -- Page 3
ATMI, INC.
SUMMARY STATEMENTS OF OPERATION
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
2004 2003 2004 2003
---- ---- ---- ----
Revenues $ 60,978 $ 39,983 $ 116,997 $ 77,022
Cost of revenues 30,299 19,720 59,091 38,614
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Gross profit 30,679 20,263 57,906 38,408
--------- --------- --------- ---------
Operating expenses
R & D 4,786 4,271 9,527 8,474
S, G, & A 16,196 12,575 31,880 25,202
--------- --------- --------- ---------
20,982 16,846 41,407 33,676
--------- --------- --------- ---------
Operating income 9,697 3,417 16,499 4,732
Other expense, net (886) (3,398) (1,583) (3,417)
--------- --------- --------- ---------
Income before taxes 8,811 19 14,916 1,315
Income taxes (benefit) 2,996 (89) 5,133 283
--------- --------- --------- ---------
Income from continuing operations 5,815 108 9,783 1,032
Income (loss) from operations
of discontinued operations 1,714 (2,882) 2,834 (5,424)
Gain on disposal of
discontinued operations 333 -- 1,357 --
--------- --------- --------- ---------
Net income (loss) $ 7,862 ($ 2,774) $ 13,974 ($ 4,392)
========= ========= ========= =========
Diluted earnings per share from
continuing operations $ 0.18 $ 0.00 $ 0.31 $ 0.03
Diluted earnings (loss)
per share from operations of $ 0.06 ($ 0.09) $ 0.09 ($ 0.17)
discontinued operations
Diluted earnings per
share from gain on
disposal of discontinued
operations $ 0.01 -- $ 0.04 --
Diluted earnings (loss)
per share $ 0.25 ($ 0.09) $ 0.44 ($ 0.14)
Weighted average shares outstanding 31,711 31,117 31,747 31,014
ATMI Reports Second Quarter 2004 Results -- Page 4
ATMI, INC.
SUMMARY BALANCE SHEETS
(in thousands)
Balance Sheet Highlights June 30, December 31,
2004 2003
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Assets
Cash & marketable securities $152,412 $128,700
Accounts receivable, net 40,332 38,439
Inventory, net 33,595 21,564
Assets held for sale 64,831 84,736
Other current assets 28,425 16,280
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Total current assets 319,595 289,719
Fixed assets, net 67,336 64,673
Other assets 56,053 60,050
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Total assets $442,984 $414,442
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Liabilities and stockholders' equity
Accounts payable $ 13,748 $ 11,743
Short-term debt 847 1,047
Liabilities held for sale 11,211 7,196
Other current liabilities 28,593 24,799
-------- --------
Total current liabilities 54,399 44,785
Long-term debt 115,119 115,290
Other long-term liabilities 197 116
Stockholders' equity 273,269 254,251
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Total liabilities & stockholders' equity $442,984 $414,442
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