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ATMI updates position on GaAs epiwafer business

ATMI has written off $34.6 million to account for its GaAs epiwafer business, and hopes to transfer the assets to a new venture.
ATMI reported revenues of $52.1 million for the quarter ended September 30, 2002 and a loss of $0.84 per share, which includes a special charge of $34.6 million to write off the value of the company s GaAs epitaxial services business. The company announced last month that it would exit the GaAs business, although its silicon epiwafer and nitride activities will not be affected.

ATMI s revenues were down 10% from the second quarter of 2002. Gene Banucci, ATMI s CEO, said, "The semiconductor industry turned down suddenly during the third quarter. Given this shift, we rigorously reviewed our product portfolio and cost position."

Last month, ATMI said it would "withdraw from the GaAs business by virtue of a sale or partnership." The company is now trying to establish a joint venture for the business.

"In order to give our GaAs business a better chance to succeed, we have signed a Letter of Intent to contribute those assets to a venture that will be positioned as a global, low-cost producer, with leading-edge technology," said Banucci. "We expect to announce details of the venture soon, but with or without this transaction, it is appropriate to reflect the impaired value of the assets now."

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