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Entegris Reports Fourth Quarter And Year End Results

Stocks in this article: ENTG

BILLERICA, Mass., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Entegris, Inc. (Nasdaq:ENTG) today reported its financial results for the Company's fourth quarter and fiscal year ended December 31, 2012.

The Company recorded fourth-quarter sales of $167.8 million, an increase of two percent from the prior year, and a nine percent decline sequentially. Net income was $11.3 million, or $0.08 per share.   These results included amortization of intangible assets of $2.3 million. Non-GAAP earnings per share of $0.09 in the fourth quarter of 2012 compared to $0.15 in the fourth quarter a year ago and $0.16 in the third quarter of 2012. A reconciliation table of GAAP to non-GAAP earnings per share is contained in this press release.

Fiscal 2012 sales were $716 million, representing a four percent decline compared to sales of $749 million in 2011. Net income per share of $0.50 compared to net income of $0.91 per share a year earlier, which included a one-time tax benefit of $0.15 per share. On a non-GAAP basis, net income per share in fiscal 2012 was $0.55 compared with net income per share of $0.79 for the year earlier.

Bertrand Loy, president and chief executive officer, said: "Our sales in the fourth quarter declined sequentially as expected, and reflected continued soft business trends in the microelectronics and semiconductor industries.  Even so, sales of our filtration products grew in the quarter as liquid filter sales reached record levels for the quarter and the year. This reflects our deepening collaboration with the leading customers in our industry as they address contamination and materials handling challenges in their most advanced manufacturing processes.

"Fourth-quarter operating results were adversely impacted by sales mix and lower utilization at our manufacturing facilities. However, we maintained tight control of our operating expenses, which included $2.4 million, or $0.01 per share, of severance costs related to organizational realignments in a number of areas around the company. For the year, we generated $115 million in cash from operations and ended the year with $350 million in cash, cash equivalents, and short-term investments.

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