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Entegris Reports Third-Quarter Sales Of $184 Million

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 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 Owning Our Securities" in Item 1A of our Annual Report on Form 10–K for the fiscal year ended December 31, 2011, 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.
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
       
  Three Months Ended
  September 29, 2012 October 1, 2011 June 30, 2012
Net sales $184,449 $173,014 $188,233
Cost of sales 102,517 98,186 105,487
Gross profit 81,932 74,828 82,746
Selling, general and administrative expenses 39,095 33,533 35,989
Engineering, research and development expenses 13,314 11,957 12,726
Amortization of intangible assets 2,389 2,505 2,420
Operating income  27,134 26,833 31,611
Interest (income) expense, net (40) (38) 30
Other expense (income), net 1,481 315 (671)
Income before income taxes and equity in net income of affiliates 25,693 26,556 32,252
Income tax expense  7,656 4,582 10,579
Equity in net income of affiliates -- (14) --
Net income  $18,037 $21,988 $21,673
       
Basic net income per common share: $0.13 $0.16 $0.16
Diluted net income per common share: $0.13 $0.16 $0.16
       
Weighted average shares outstanding:      
Basic 137,453 134,995 137,303
Diluted 138,499 136,305 138,196
 
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
     
  Nine months ended
  September 29, 2012 October 1, 2011
Net sales $548,085 $585,337
Cost of sales 307,163 327,021
Gross profit 240,922 258,316
Selling, general and administrative expenses 110,132 108,449
Engineering, research and development expenses 38,029 36,951
Amortization of intangible assets 7,259 7,763
Operating income  85,502 105,153
Interest (income) expense, net (12) 650
Other expense (income), net 648 (1,643)
Income before income taxes and equity in net income of affiliates 84,866 106,146
Income tax expense  27,300 22,550
Equity in net income of affiliates (3) (489)
Net income  57,569 84,085
Net income attributable to noncontrolling interest -- 400
Net income attributable to Entegris, Inc. $57,569 $83,685
     
Amounts attributable to Entegris, Inc.:  
Basic net income per common share: $0.42 $0.62
Diluted net income per common share: $0.42 $0.62
     
Weighted average shares outstanding:    
Basic 137,119 134,410
Diluted 138,247 135,954
 
Entegris, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
     
  September 29, 2012 December 31, 2011
ASSETS    
Cash, cash equivalents  $307,830 $273,593
Short-term investments 7,997 --
Accounts receivable, net 111,334 107,223
Inventories 102,817 93,937
Deferred tax assets, deferred tax charges and refundable income taxes 15,475 15,805
Other current assets and assets held for sale 14,054 12,441
Total current assets 559,507 502,999
     
Property, plant and equipment, net 151,245 130,554
     
Intangible assets 51,243 56,453
Deferred tax assets – non-current 26,300 25,119
Other assets 8,852 9,538
Total assets $797,147 $724,663
     
LIABILITIES AND EQUITY  
Accounts payable $32,973 $30,609
Accrued liabilities 46,982 47,841
Income tax payable and deferred tax liabilities 11,669 14,144
Total current liabilities 91,624 92,594
     
Other liabilities 22,566 23,831
Shareholders' equity 682,957 608,238
Total liabilities and shareholders' equity $797,147 $724,663
 
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
         
  Three Months Ended Nine Months Ended  
  September 29, 2012 October 1, 2011 September 29, 2012 October 1, 2011
Operating activities:        
Net income  $18,037 $21,988 $57,569 $84,085
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation  7,349 6,763 20,862 20,292
Amortization 2,389 2,505 7,259 7,763
Stock-based compensation expense 4,096 1,822 8,030 5,784
Other (861) (250) 515 (550)
Changes in operating assets and liabilities:        
Trade accounts and notes receivable 6,045 25,811 (4,290) 15,684
Inventories 1,374 (1,815) (9,623) (4,204)
Accounts payable and accrued liabilities 784 (7,264) 1,528 (14,838)
Income taxes payable and refundable income taxes (3,225) (2,868) (546) (851)
Other (2,673) 2,906 (4,483) (395)
Net cash provided by operating activities 33,315 49,598 76,821 112,770
Investing activities:        
Acquisition of property and equipment (8,999) (9,563) (39,116) (24,146)
Purchase of short-term investments (7,996) -- (7,996) --
Other 1 95 (2,777) (604)
Net cash used in investing activities (16,994) (9,468) (49,889) (24,750)
Financing activities:        
Issuance of common stock 495 323 4,689 5,656
Other 509 72 909 (1,085)
Net cash provided by financing activities 1,004 395 5,598 4,571
Effect of exchange rate changes on cash  3,640 (2,933) 1,707 492
Increase in cash and cash equivalents 20,965 37,592 34,237 93,083
Cash and cash equivalents at beginning of period 286,865 189,445 273,593 133,954
Cash and cash equivalents at end of period $307,830 $227,037 $307,830 $227,037
 
Entegris, Inc. and Subsidiaries
Segment Information
(In thousands)
(Unaudited)
           
  Three Months Ended Nine Months Ended
Net sales September 29, 2012 October 1, 2011 June 30, 2012 September 29, 2012 October 1, 2011
Contamination Control Solutions $112,876 $110,015 $123,144 $351,572 $378,896
Microenvironments 54,421 42,738 44,565 139,691 142,034
Specialty Materials 17,152 20,261 20,524 56,822 64,407
Total net sales $184,449 $173,014 $188,233 $548,085 $585,337
           
  Three Months Ended Nine Months Ended
Segment profit  September 29, 2012 October 1, 2011 June 30, 2012 September 29, 2012 October 1, 2011
Contamination Control Solutions $27,166 $29,522 $34,683 $93,917 $114,230
Microenvironments 16,771 6,790 8,523 30,823 23,758
Specialty Materials 2,112 4,675 4,404 11,184 13,915
Total segment profit  46,049 40,987 47,610 135,924 151,903
Amortization of intangibles  (2,389) (2,505) (2,420) (7,259) (7,763)
Unallocated expenses (16,526) (11,649) (13,579) (43,163) (38,987)
Total operating income  $27,134 $26,833 $31,611 $85,502 $105,153
 
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Adjusted Operating Income and Adjusted EBITDA
(In thousands)
(Unaudited)
           
  Three Months Ended Nine Months Ended
  September 29, 2012 October 1, 2011 June 30, 2012 September 29, 2012 October 1, 2011
Net sales $184,449 $173,014 $188,233 $548,085 $585,337
Net income attributable to Entegris, Inc. $18,037 $21,988 $21,673 $57,569 $83,685
Adjustments to net income attributable to Entegris, Inc.          
Net income attributable to noncontrolling interest -- -- -- -- 400
Equity in net income of affiliates -- (14) -- (3) (489)
Income tax expense  7,656 4,582 10,579 27,300 22,550
Other expense (income), net 1,481 315 (671) 648 (1,643)
Interest (income) expense, net (40) (38) 30 (12) 650
GAAP – Operating income  27,134 26,833 31,611 85,502 105,153
Amortization of intangible assets 2,389 2,505 2,420 7,259 7,763
Miscellaneous corporate charge 3,928 -- -- 3,928 --
Gain associated with pension curtailment -- (726) -- -- (726)
Adjusted operating income  33,451 28,612 34,031 96,689 112,190
Depreciation 7,349 6,763 7,026 20,862 20,292
Adjusted EBITDA $40,800 $35,375 $41,057 $117,551 $132,482
           
Adjusted operating margin 18.1% 16.5% 18.1% 17.6% 19.2%
Adjusted EBITDA – as a % of net sales 22.1% 20.4% 21.8% 21.4% 22.6%
           
 
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Earnings per Share
(In thousands)
(Unaudited)
           
  Three Months Ended Nine Months Ended
  September 29, 2012 October 1, 2011 June 30, 2012 September 29, 2012 October 1, 2011
GAAP net income attributable to Entegris, Inc. $18,037 $21,988 $21,673 $57,569 $83,685
Adjustments to net income attributable to Entegris, Inc.:          
Amortization of intangible assets 2,389 2,505 2,420 7,259 7,763
Accelerated write-off of debt issuance costs  -- -- -- -- 282
Miscellaneous corporate charge 3,928 -- -- 3,928 --
Gain associated with pension curtailment -- (726) -- -- (726)
Gain associated with equity investments -- -- (1,522) (1,522) (1,523)
Tax effect of adjustments to net income attributable to Entegris, Inc. (2,301) (457) (616) (3,802) (2,492)
Non-GAAP net income attributable to Entegris, Inc. $22,053 $23,310 $21,955 $63,432 $86,989
           
Diluted earnings per common share attributable to Entegris, Inc.: $0.13 $0.16 $0.16 $0.42 $0.62
Effect of adjustments to net income attributable to Entegris, Inc. $0.03 $0.01 $0.00 $0.04 $0.02
Diluted non-GAAP earnings per common share attributable to Entegris, Inc.: $0.16 $0.17 $0.16 $0.46 $0.64
           
CONTACT: Steven Cantor
         VP of Corporate Relations
         T +1 978 436 6750
         irelations@entegris.com

Entegris, Inc.

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