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ATMI Reports Fourth Quarter 2012 Results

Stocks in this article: ATMI

DANBURY, Conn., Feb. 6, 2013 (GLOBE NEWSWIRE) -- ATMI, Inc. (Nasdaq:ATMI) today reported revenues and net income for the fourth quarter of 2012.

Revenues improved 11 percent to $100.1 million during the fourth quarter of 2012 compared with $90.3 million during the prior year period. Net income for the quarter was $12.6 million, or $0.39 per diluted share, including a gain of $0.07 per diluted share for a contingent consideration adjustment, compared with a loss of $47.2 million, or $1.49 per diluted share, during the prior year period due to a one-time $84.6 million pre-tax charge ($1.68 per diluted share) related to the SDS Direct transaction.

"Fourth quarter revenues grew as the incremental contribution from our SDS Direct transaction last year more than offset the negative effects of lower wafer starts," said Doug Neugold, Chief Executive Officer. "Demand for other products in Microelectronics was down as lower wafer starts were coupled with our customers' efforts to manage inventory at the end of the year. LifeSciences revenues grew 20% over the prior year quarter as customers continue to make progress toward launching high-volume manufacturing using our single-use technologies."

Cash, including marketable securities, was $168.5 million at the end of the quarter, an increase of $29.3 million from the third quarter of 2012. Net cash provided by operating activities was $39.8 million due to strong earnings and effective working capital management. Capital expenditures were $10.9 million as spending increased on the new manufacturing plant in Korea.

Fourth Quarter Segment Results

Microelectronics

  • Revenues were $89.1 million, up 10 percent compared with last year
  • Incremental contribution from SDS Direct offset lower wafer starts and inventory management by our customers
  • Operating income was $23.4 million

LifeSciences

  • Revenues improved 20 percent compared with last year to $10.9 million
  • Continued demand for single-use products drove the improvement
  • Operating income of $1.3 million includes a contingent consideration benefit of $2.4 million related to a reduction in the earnout associated with the 2010 Artelis acquisition

Market Environment

"We expect wafer starts to grow modestly for the full year of 2013, with most growth occurring during the second half of the year after declining sequentially in the first quarter due to seasonal patterns," commented Neugold. "As always, our intent is to grow more rapidly than wafer starts by focusing on new products for leading-edge technology nodes. In LifeSciences, while there is uncertainty in the timing associated with ramping a new technology, we believe growth should be within our long-term expectations as customers continue to ramp manufacturing processes incorporating our single-use mixing and bioreactor systems. Finally, as we continue to generate cash we are well positioned to invest in growth opportunities and create value for our shareholders."

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