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BILLERICA, Mass., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Entegris, Inc. (Nasdaq:ENTG) today reported its financial results for the Company's third quarter ended September 29, 2012 and announced a CEO succession.
The Company recorded third-quarter sales of $184.4 million, a decline of 2 percent sequentially, and a 7 percent increase from the prior year third quarter. The third-quarter operating margin was 14.7 percent. Excluding amortization of intangible assets of $2.4 million and a one-time pre-tax charge of $3.9 million, or $0.02 per share, triggered by the CEO transition, the third-quarter adjusted operating margin was 18.1 percent. Net income for the third quarter was $18.0 million, or $0.13 per share. Non-GAAP earnings per share of $0.16 in the third quarter of 2012 compared to $0.16 in the second quarter of 2012 and $0.17 in the third quarter of 2011. A reconciliation table of GAAP to non-GAAP earnings per share and operating margin is contained in this press release.
For the first nine months of fiscal 2012, sales were $548.1 million, down 6.4 percent from the first nine months of 2011. Non-GAAP earnings per diluted share for the first nine months of 2012 were $0.46 per share versus $0.64 per share for the same period a year ago.
The Company generated $33.3 million and $76.8 million in cash from operations in the third quarter and first nine months of 2012, respectively, and ended the third quarter with $315.8 million in cash, cash equivalents, and short-term investments on the balance sheet and no debt.
Gideon Argov, president and chief executive officer, said: "We are pleased with our third-quarter performance. Although trends in the semiconductor industry softened in the quarter as expected, there was strong demand for our advanced filtration and wafer handling solutions as we continue to benefit from the industry's ramp of 28 nanometer and next-generation semiconductor fab processes. We also achieved our target operating model and generated strong cash flow during the quarter."