A T M I Announces Fourth Quarter and 1999 Financial Results
Revenues Grow 72% as Semiconductor Industry Expansion Accelerates
A T M I, Inc. (Nasdaq: ATMI), today announced that its fourth quarter 1999 revenues of $57.6 million surpassed 1998 s fourth quarter sales of $33.5 million by nearly 72%. Excluding one-time charges recognized during the quarter, net income was $7.0 million, compared to breakeven a year ago. Fourth quarter earnings per share -- without one-time charges -- were $0.25, versus last year s fourth quarter earnings per share of $0.00 restated to include two poolings of interest transactions closed during November 1999. Including one-time charges, A T M I reported earnings of $0.13 per share for the fourth quarter of 1999, compared to break even results in the fourth quarter a year ago.
For the year ended December 31, 1999, A T M I s revenues of $196.2 million were 19% above 1998 s $165.1 million. Before one-time charges, earnings per share were $0.68 for 1999 on net income of $19.3 million, compared to 1998 s net income of $7.0 million, or $0.26 per share. Including the one-time charges, A T M I reported earnings of $0.37 per share for 1999 compared to $0.18 for 1998.
A T M I s one-time after-tax charges were a net $3.3 million in the fourth quarter of 1999. Charges include $3.1 million in acquisition costs for the MST Analytics and Newform transactions, plus $1.5 million in charges related to the previously announced restructuring of the A T M I Materials Division. These are offset by a tax benefit resulting from a $1.3 million reduction in the Company s valuation allowance for tax loss carryforwards acquired in certain 1999 acquisitions.
Gene Banucci, A T M I CEO, said, "The semiconductor industry is entering an aggressive growth phase. A T M I s efforts at building market share and accelerating new product introductions during the downturn are being rewarded. We believe the company is well positioned to take further advantage of this upswing, as our customers transition to new materials and demand the full line of products and capabilities that A T M I now offers."
Dan Sharkey, A T M I CFO, said, "In addition to the market upswing, several key drivers were catalysts for A T M I s growth in 1999, setting the stage for a promising 2000. In technology, we had a record year in patent awards and new products resulting from those patents. Regionally, we have aggressively expanded our efforts in Taiwan and Europe where significant industry growth is occurring. Financially, our strong balance sheet has enabled the company to expand capacity at a rapid rate. Finally, we ve been very aggressive during 1999 -- with five synergistic acquisitions. They have served to expand our market presence in line with our strategy to be the preeminent supplier of value-added materials solutions to the worldwide semiconductor industry."
A T M I provides specialty materials and related equipment and services to the worldwide semiconductor industry. Related equipment includes materials packaging systems, delivery systems, sensors, and a full line of environmental equipment. Services include materials management, equipment servicing, and thin film deposition.
Summary Financial Information Statements which are not historical information are forward looking, and involve risks and uncertainties, including, but not limited to: changes in semiconductor industry growth or A T M I s markets; competition, problems, or delays developing and commercializing new products; problems or delays in integrating acquired operations and businesses into A T M I; and other factors discussed in A T M I s filings with the Securities and Exchange Commission. Such risks and uncertainties could cause actual results to differ from those projected.
For more information contact:
Dean Hamilton ATMI 203/794-1100
dhamilton@atmi.com
Dean Hamilton ATMI 203/794-1100
dhamilton@atmi.com
E-mail: dhamilton@atmi.com
