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Entegris Reports Third-Quarter Results

The following excerpt is from the company's SEC filing.

Quarterly revenue of $270.3 million

GAAP net income of $23.4 million, or $0.17per diluted share; Non-GAAP net income of $32.4 million, or $0.23 per diluted share

Repaid $25 million of debt in the third quarter

BILLERICA, Mass., October 22, 2015

Entegris

, Inc. (NasdaqGS: ENTG), a leading provider of yield-enhancing materials and solutions for advanced manufacturing processes, today reported its financial results for the Companys third quarter ended September 26, 2015.

The Companys third-quarter sales of $270.3 million declined 4 percent sequentially and were 1 perc ent lower than sales of $273.1 million in the same quarter a year ago. Third-quarter net income of $23.4million, or $0.17 per diluted share, included amortization of intangible assets of $11.7 million and integration-related costs of $2.1million associated with the April 30, 2014 acquisition of ATMI, Inc. Non-GAAP net income was $32.4 million, or $0.23 per diluted share.

For the first nine months of fiscal 2015, sales of $814.3 million increased 1 percent from the same period a year ago on a pro forma basis despite the negative impact of foreign currency. Net income for the first nine months of fiscal 2015 was $62.7 million, or $0.44 per diluted share, which included amortization of intangible assets of $35.9 million and integration-related costs of $7.1 million. Non-GAAP net income for the first nine months of fiscal 2015 was $91.8 million, or $0.65 per diluted share.

Bertrand Loy, president and chief executive officer, said: During the third quarter we experienced soft industry conditions as some customers reduced their IC production and capex levels in line with lower market demand. In light of the challenging environment, we performed well and achieved our target operating model. We paid down an additional $25 million of debt in the quarter, fulfilling our commitment at the time of the ATMI acquisition to repay $150 million of debt by the end of 2015.

Quarterly Financial Results Summary

(in millions, except per share data)

Q3-2015

Q3-2014

Q2-2015

GAAP Results

Net sales

270,253

273,054

280,709

Operating income (loss)

31,066

39,347

Operating margin

Net income (loss)

23,403

(1,068

24,448

Earnings (loss) per share (EPS)

Non-GAAP Results

Non-GAAP adjusted operating income

44,814

49,886

53,671

Adjusted operating margin

32,444

28,823

33,903

Non-GAAP EPS

Fourth-Quarter Outlook

For the fiscal fourth quarter ending December 31, 2015, the Company expects sales of $250 million to $265 million, net income of $13 million to $19 million, and net income per diluted share of $0.09 to $0.13 per share. On a non-GAAP basis, EPS is expected to range from $0.15 to $0.19 per diluted share, which reflects net income on a non-GAAP basis in the range of $21 million to $27 million, which is adjusted for expected amortization expense of approximately $11.7 million and integration expense of $0.7 million totaling approximately $12.4 million or $0.06 per share.

Segment Results

The Company reports its results in two business segments: Critical Materials Handling (CMH) and Electronic Materials (EM). Summary results by segment are contained in this press release.

CMH provides a broad range of products that filter, handle, dispense, and protect critical materials used in the semiconductor manufacturing process and in other high-technology manufacturing. CMHs products and subsystems include high-purity materials packaging, fluid-handling and dispensing systems, liquid filters, as well as microenvironments that protect critical substrates such as wafers during shipping and manufacturing. CMH also provides specialized graphite components and specialty coatings for use in high-temperature applications.

EM provides high-performance materials and specialty gas management solutions that enable high-yield, cost-effective semiconductor manufacturing. EMs products consist of specialized chemistries and performance materials, gas microcontamination control solutions, and sub-atmospheric pressure gas delivery systems for the efficient handling of hazardous gases to semiconductor process equipment.

Third-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the third quarter

today, Thursday, October 22, 2015, at 10:00 a.m. Eastern Time

. Participants should dial 785-424-1667 or toll-free 877-876-9176, referencing confirmation code 8512199. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. A replay of the call will be available starting October 22, 2015

at 1:00 p.m. (ET) until Friday, December 4, 2015. The replay can be accessed by using passcode 8512199 after dialing 719-457-0820 or 888-203-1112. A live and on-demand webcast of the call can also be accessed from the investor relations section of Entegris website at

www.entegris.com

ABOUT ENTEGRIS

Entegris is a leading provider of yield-enhancing materials and solutions for advanced manufacturing processes in the semiconductor and other high-technology industries. On April 30, 2014, Entegris acquired Danbury, CT-based ATMI, Inc. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at

Non-GAAP Information

The Companys condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA and Adjusted Operating Income together with related measures thereof, and non-GAAP EPS, are...


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