BILLERICA, Mass., April 21, 2011 (GLOBE NEWSWIRE) -- Entegris, Inc. (Nasdaq:ENTG) today reported its financial results for the Company's first quarter ended April 2, 2011.
The Company recorded first-quarter sales of $203.1 million, an increase of 27 percent over the prior year, and 12 percent sequentially. Net income was $29.2 million, or $0.22 per share. These results included amortization of intangible assets of $2.7 million. Non-GAAP earnings per share of $0.23 in the first quarter of 2011 increased 53 percent from $0.15 in the first quarter a year ago, and were even with $0.23 in the fourth quarter of 2010, which benefited from a more favorable quarterly tax rate. A reconciliation table of GAAP to non-GAAP earnings per share is contained in this press release.
Gideon Argov, president and chief executive officer, said: "We were very pleased with our results for the first quarter, which reflected the success of our growth strategies in our core semiconductor and adjacent markets. The quarter marked our eighth consecutive quarter of growth, as sales for many of our product groups reached record quarterly highs. New fab investment and semiconductor production levels remained high, which contributed to robust sales of our filtration and fluid handling products for advanced semiconductor processes. Sales of coatings and graphite products were also strong. On an operating basis, we achieved an adjusted operating margin approaching 20 percent of sales."
For the fiscal second quarter ending July 2, 2011, the Company expects sales to range from approximately $200 million to $210 million. Based on the Company's target model, non-GAAP EPS at this revenue level would range from $0.22 to $0.25.
First-Quarter Results Conference Call Details
Entegris will hold a conference call to discuss its results for the first quarter on Thursday, April 21, 2011, at 10:00 a.m. Eastern Time. Participants should dial 1-913-312-0956 or toll-free 1-888-820-9418, referencing confirmation code 1206002. 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 April 21 at 2:00 p.m. (ET) until June 4, 2011. The replay can be accessed by using passcode 1206002 after dialing 1-719-457-0820 or 1-888-203-1112. A live and on-demand webcast of the call can also be accessed from the investor relations section of Entegris' website at .
Entegris is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the semiconductor and other high-tech industries. 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 .
The Entegris, Inc. logo is available at
The Company's 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 considered "Non-GAAP financial measures" under the rules and regulations of the SEC. These financial measures are provided as a complement to financial measures provided in accordance with GAAP. We provide non-GAAP financial measures in order to better assess and reflect operating performance. Management believes the non-GAAP measures help indicate our baseline performance before certain gains, losses or other charges that may not be indicative of our business or future outlook. We believe these non-GAAP measures will aid investors' overall understanding of our results by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how we plan and measure our business. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP. The calculations of Adjusted EBITDA margin, Adjusted Operating Income, and non-GAAP EPS are included elsewhere in this release.
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, 2010, 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.
CONTACT: Steve Cantor VP of Corporate Relations Tel. 978-436-6750 firstname.lastname@example.org