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Entegris Reports First-Quarter Sales Of $165 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, 2012, 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
  March 30, 2013 March 31, 2012 December 31, 2012
Net sales $165,070 $175,403 $167,818
Cost of sales 97,942 99,159 101,357
Gross profit 67,128 76,244 66,461
Selling, general and administrative expenses 32,421 35,048 37,273
Engineering, research and development expenses 12,173 11,989 12,911
Amortization of intangible assets 2,287 2,450 2,335
Operating income  20,247 26,757 13,942
Other income, net (1,348) (164) (895)
Income before income taxes and equity in affiliates 21,595 26,921 14,837
Income tax expense  5,198 9,065 3,581
Equity in net income of affiliates -- (3) --
Net income  $16,397 $17,859 $11,256
       
       
Basic net income per common share: $0.12 $0.13 $0.08
Diluted net income per common share: $0.12 $0.13 $0.08
       
Weighted average shares outstanding:      
Basic 139,025 136,603 137,867
Diluted 139,831 138,046 138,907
 
 Entegris, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
     
  March 30, 2013 December 31, 2012
ASSETS    
Cash and cash equivalents  $338,846 $330,419
Short-term investments -- 19,995
Accounts receivable, net 103,573 94,016
Inventories 100,246 99,144
Deferred tax assets, deferred tax charges and refundable income taxes 13,570 20,201
Other current assets and assets held for sale 13,503 15,549
Total current assets 569,738 579,324
     
Property, plant and equipment, net 164,585 157,021
     
Intangible assets 44,791 47,207
Deferred tax assets – non-current 16,904 17,167
Other assets 9,831 10,825
Total assets $805,849 $811,544
     
     
Accounts payable $38,588 $36,341
Accrued liabilities 41,473 51,263
Income tax payable and deferred tax liabilities 1,906 5,659
Total current liabilities 81,967 93,263
     
Other liabilities 20,715 23,482
Shareholders' equity 703,167 694,799
Total liabilities and shareholders' equity $805,849 $811,544
 
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
     
  Three Months Ended
     
  March 30, 2013 March 31, 2012
Operating activities:    
Net income  $16,397 $17,859
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation  7,296 6,487
Amortization 2,287 2,450
Stock-based compensation expense 1,688 1,763
Other 2,043 2,161
Changes in operating assets and liabilities:    
Trade accounts and notes receivable (12,893) (12,811)
Inventories (3,758) (7,506)
Accounts payable and accrued liabilities (7,015) (279)
Income taxes payable and refundable income taxes 318 (4,678)
Other 1,072 (5,072)
Net cash provided by operating activities 7,435 374
Investing activities:    
Acquisition of property and equipment (16,140) (10,605)
Proceeds from maturities of short-term investments  20,000 --
Other 12 3
Net cash provided by (used in) investing activities 3,872 (10,602)
Financing activities:    
Issuance of common stock 4,873 3,336
Repurchase and retirement of common stock (3,777) --
Other 741 290
Net cash provided by financing activities 1,837 3,626
Effect of exchange rate changes on cash  (4,717) (60)
Increase(decrease) in cash and cash equivalents 8,427 (6,662)
Cash and cash equivalents at beginning of period 330,419 273,593
Cash and cash equivalents at end of period $338,846 $266,931
 
Entegris, Inc. and Subsidiaries
Segment Information
(In thousands)
(Unaudited)
       
  Three Months Ended
Net sales March 30, 2013 March 31, 2012 December 31, 2012
Contamination Control Solutions $103,961 $115,552 $110,266
Microenvironments 44,132 40,705 42,684
Specialty Materials 16,977 19,146 14,868
Total net sales $165,070 $175,403 $167,818
       
       
  Three Months Ended
Segment profit  March 30, 2013 March 31, 2012 December 31, 2012
Contamination Control Solutions $22,078 $32,069 $22,438
Microenvironments 9,325 5,528 6,401
Specialty Materials 2,216 4,668 1,046
Total segment profit  33,619 42,265 29,885
Amortization of intangibles (2,287) (2,450) (2,335)
Unallocated expenses (11,085) (13,058) (13,608)
Total operating income  $20,247 $26,757 $13,942
 
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Adjusted Operating Income and Adjusted EBITDA
(In thousands)
(Unaudited)
       
  Three Months Ended
  March 30, 2013 March 31, 2012 December 31, 2012
Net sales $165,070 $175,403 $167,818
       
Net income  $16,397 $17,859 $11,256
Adjustments to net income:      
       
Equity in net income of affiliates -- (3) --
Income tax expense  5,198 9,065 3,581
Other income, net (1,348) (164) (895)
GAAP – Operating income  20,247 26,757 13,942
Amortization of intangible assets 2,287 2,450 2,335
Adjusted operating income  22,534 29,207 16,277
Depreciation 7,296 6,487 7,151
Adjusted EBITDA $29,830 $35,694 $23,428
       
Adjusted operating margin 13.7% 16.7% 9.7%
Adjusted EBITDA – as a % of net sales 18.1% 20.3% 14.0%
 
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Earnings per Share
(In thousands)
(Unaudited)
       
  Three Months Ended
  March 30, 2013 March 31, 2012 December 31, 2012
GAAP net income  $16,397 $17,859 $11,256
       
Adjustments to net income:       
Amortization of intangible assets 2,287 2,450 2,335
Tax effect of adjustments to net income  (824) (885) (841)
Non-GAAP net income  $17,860 $19,424 $12,750
       
Diluted earnings per common share: $0.12 $0.13 $0.08
Effect of adjustments to net income  $0.01 $0.01 $0.01
Diluted non-GAAP earnings per common share:  $0.13 $0.14 $0.09
CONTACT: Steven Cantor
         VP of Corporate Relations
         T +1 978 436 6750
         irelations@entegris.com

Entegris, Inc.

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