SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file Number: 0-30130
ATMI, Inc.
(Exact name of registrant as specified in its charter)
Delaware 06-1481060
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
7 Commerce Drive, Danbury, CT 06810
----------------------------- -----
(Address of principal executive offices) (Zip Code)
203-794-1100
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes x No __
The number of shares outstanding of the registrant's common stock as of May 8,
2000 was 29,611,679.
ATMI, INC.
Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2000
TABLE OF CONTENTS
Page
Part I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets.................................... 3
Consolidated Statements of Income.............................. 4
Consolidated Statements of Cash Flows.......................... 5
Notes to Consolidated Interim Financial Statements............. 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations................................ 8
Item 3. Quantitative and Qualitative Disclosures about Market Risk......... 13
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K................................... 13
Signatures................................................................... 15
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ATMI, Inc.
Consolidated Balance Sheets
(in thousands, except per share data)
March 31, December 31,
2000 1999
---- ----
Assets (unaudited)
Current assets:
Cash and cash equivalents ....................... $ 46,535 $ 31,619
Marketable securities ........................... 49,706 60,555
Accounts receivable, net of allowance for
doubtful accounts of $1,426 in
2000 and $1,366 in 1999 ....................... 46,592 41,989
Inventories ..................................... 24,148 21,733
Deferred income taxes ........................... 5,277 5,277
Other ........................................... 8,552 6,256
-------- -------
Total current assets .................... 180,810 167,429
Property and equipment, net ........................ 60,869 54,675
Deferred income taxes .............................. 2,090 2,090
Goodwill and other long-term assets, net ........... 6,927 8,462
-------- --------
$250,696 $232,656
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable ................................ $ 8,351 $ 10,971
Accrued liabilities ............................. 10,457 10,146
Accrued salaries and related benefits ........... 6,782 9,185
Loans, notes and bonds payable, current portion . 4,311 4,964
Capital lease obligations, current portion ...... 3,021 1,936
Income taxes payable ............................ 10,669 4,592
Deferred income taxes ........................... 4,417 4,436
-------- --------
Total current liabilities ............... 48,008 46,230
Loans, notes and bonds payable, less current portion 3,950 4,448
Capital lease obligations, less current portion .... 7,041 1,832
Deferred income taxes .............................. 1,763 3,754
Other long-term liabilities ........................ 250 478
Minority interest .................................. 1,214 1,109
Stockholders' equity:
Preferred stock, par value $.01: 2,000 shares
authorized; none issued and outstanding ..... -- --
Common stock, par value $.01:
50,000 shares authorized; issued and
outstanding 29,590 in 2000 and 27,794 in 1999 296 278
Additional paid-in capital ..................... 125,827 122,536
Retained earnings .............................. 58,988 45,465
Accumulated other comprehensive income ......... 3,359 6,526
-------- --------
Total stockholders' equity ............ 188,470 174,805
-------- --------
$250,696 $232,656
======== ========
See accompanying notes.
<PAGE>
ATMI, Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
Three months ended March 31,
2000 1999
---- ----
Revenues $ 61,173 $ 37,240
Cost of revenues 28,957 18,243
-------- --------
Gross profit 32,216 18,997
Operating expenses:
Research and development 5,901 4,023
Selling, general and administrative 14,058 12,941
-------- --------
19,959 16,964
-------- --------
Operating income 12,257 2,033
Interest income 1,158 1,069
Interest expense (245) (361)
Other income, net 8,400 96
-------- --------
Income before taxes and minority interest 21,570 2,837
Income taxes 7,942 1,358
-------- --------
Income before minority interest 13,628 1,479
Minority interest 105 1
-------- --------
Net income $ 13,523 $ 1,478
======== ========
Net income per share-basic $ 0.50 $ 0.06
======== ========
Net income per share-assuming dilution $ 0.47 $ 0.05
======== ========
Weighted average shares outstanding-basic 27,295 26,273
======== ========
Weighted average shares outstanding-assuming
dilution 28,945 28,062
======== ========
See accompanying notes.
<PAGE>
ATMI, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands, except per share data)
Three months ended March 31,
2000 1999
---- ----
Operating activities
Net income $ 13,523 $ 1,478
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,131 2,584
Provision for bad debt 116 72
Deferred income taxes (510) 127
Realized gain on sale of investments (9,520) --
Realized loss on investments 1,250 --
Minority interest in net earnings of
consolidated subsidiaries 105 1
Changes in operating assets and liabilities
Increase in accounts receivable (4,719) (1,096)
Increase in inventory (2,415) (138)
Increase in other assets (2,788) (297)
Decrease in accounts payable (2,620) (554)
Increase (decrease) in accrued liabilities (2,092) 42
Increase in other liabilities 5,977 845
-------- --------
Total adjustments (14,085) 1,586
-------- --------
Net cash provided (used) by
operating activities (562) 3,064
-------- --------
Investing activities
Capital expenditures (9,132) (1,795)
Sale of marketable securities, net 15,932 65
-------- --------
Net cash provided (used) by investing
activities 6,800 (1,730)
-------- --------
Financing activities
Borrowings from capital lease obligations 6,840 --
Payments on loans, notes and bonds payable (1,151) (1,786)
Payments on capital lease obligations (546) (620)
Proceeds from exercise of stock options and warrants 3,309 762
-------- --------
Net cash provided (used) by financing
activities 8,452 (1,644)
-------- --------
Effects of exchange rate changes on cash 226 (14)
Net increase (decrease) in cash and cash equivalents 14,916 (324)
Cash and cash equivalents, beginning of period 31,619 21,618
-------- --------
Cash and cash equivalents, end of period $ 46,535 $ 21,294
======== ========
See accompanying notes.
ATMI, Inc.
Notes To Consolidated Interim Financial Statements
(unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated interim financial statements of ATMI,
Inc. ("ATMI" or the "Company") have been prepared in accordance with the
instructions to Form 10-Q and Article 10 of Regulation S-X and do not include
all of the financial information and disclosures required by generally accepted
accounting principles. In addition, these unaudited consolidated interim
financial statements give retroactive effect to the five acquisitions
consummated by the Company in 1999 which has been accounted for using the
pooling-of-interests method. These acquisitions are more fully described in the
Company's Form 10-K/A for the year ended December 31, 1999.
The balance sheet at December 31, 1999 has been derived from the audited
consolidated financial statements at that date but does not include all of the
information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements.
In the opinion of the management of ATMI, Inc. the financial information
contained herein has been prepared on the same basis as the audited consolidated
financial statements contained in the Company's Form 10-K/A for the year ended
December 31, 1999, and includes adjustments (consisting only of normal recurring
adjustments) necessary to present fairly the unaudited quarterly results set
forth herein. The Company's quarterly results have, in the past, been subject to
fluctuation and, thus, the operating results for any quarter are not necessarily
indicative of results for any future fiscal period.
2. Per Share Data
The following table presents the computation of basic and diluted earnings per
share for the three months ended March 31 (in thousands, except per share data):
2000 1999
------- -------
Numerator:
Net income $13,523 $ 1,478
======= =======
Denominator:
Denominator for basic earnings per share-
weighted-average share 27,295 26,273
Dilutive effect of contingent shares related
to acquisitions subject to escrow arrangements 700 1,289
Dilutive effect of employee stock options 950 500
------- -------
Denominator for diluted earnings per share 28,945 28,062
======= =======
Net income per share--basic $ 0.50 $ 0.06
======= =======
Net income per share--assuming dilution $ 0.47 $ 0.05
======= =======
<PAGE>
3. Inventory
Inventory is comprised of the following (in thousands):
March 31, 2000 December 31, 1999
-------------- -----------------
Raw materials $ 16,934 $ 16,088
Work in process 3,066 3,059
Finished goods 5,619 4,115
-------- --------
25,619 23,262
Obsolescence reserve (1,471) (1,529)
-------- --------
$ 24,148 $ 21,733
======== ========
4. Comprehensive Income
Comprehensive income is a more inclusive financial reporting methodology
that includes disclosure of certain financial information that historically has
not been recognized in the calculation of net income. The following table
presents the computation of comprehensive income for the three months ended
March 31 (in thousands):
2000 1999
-------- -------
Net income $ 13,523 $ 1,478
Cumulative translation adjustment 373 (45)
Unrealized gain on available-for-sale securities
(net of tax provision of $52 and $11) 140 20
Reclassification adjustment for realized
gain on securities sold (3,680) --
-------- -------
Comprehensive income $ 10,356 $ 1,453
======== =======
5. Segment Data
Segment information included under the caption "Segment Data" in
Management's Discussion and Analysis of Financial Condition and Results of
Operations is incorporated herein by reference and is an integral part of these
unaudited interim financial statements.
6. Income Taxes
During the second quarter 1999, the Company was notified by the Internal
Revenue Service of an assessment of $2.1 million for certain tax matters. The
Company believes that such assessment is without merit and intends to vigorously
defend its position in these tax matters.
7. Recent Accounting Pronouncements
In December 1999, the SEC issued Staff Accounting Bulletin ("SAB") 101,
"Revenue Recognition," which provides guidance on the recognition, presentation,
and disclosure of revenue in financial statements filed with the SEC. SAB 101
outlines the basic criteria that must be met to recognize revenue and provides
guidance for disclosure related to revenue recognition policies. At this time,
the Company is still assessing the impact of SAB 101 as it relates to customer
acceptance terms and the overall impact on the financial position and results of
operations.
8. Subsequent Event
On April 4, 2000, the Company completed a registered underwritten public
offering of 2,800,000 shares of common stock at an offering price to the public
of $45.00 per share. Of such shares the Company sold 1,500,000 shares and
certain stockholders sold 1,300,000 shares. The Company received net proceeds
from the offering of approximately $63.5 million.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Overview
The Company is a leading supplier of materials, equipment and related
services used worldwide in the manufacture of semiconductor devices. The Company
specifically targets the "front-end" semiconductor materials market. This market
includes the processes used to convert a bare silicon wafer into a fully
functional wafer that contains many copies of a semiconductor device or "chip".
The Company's customers include most of the leading semiconductor manufacturers
in the world.
The Company has organized its operations along two business segments: ATMI
Materials and ATMI Technologies. ATMI Materials provides products that are used
in the semiconductor manufacturing process and related packaging and delivery
systems. ATMI Technologies provides products that sense and environmentally
control these materials while also providing specialized thin film deposition
services to semiconductor device manufacturers. ATMI Technologies also conducts
the Company's venture and government funded research and development activities.
The Company has completed several acquisitions since 1997, each of which
has been accounted for as a pooling of interests. As a result, the Company's
consolidated financial statements have been restated to reflect the results of
these acquired companies.
<PAGE>
Results of Operations
The following table sets forth selected financial data as a percentage
of total revenues for the periods indicated:
Three Months Ended March 31,
------------------------------
2000 1999
---- ----
Revenues 100.0% 100.0%
Cost of revenues 47.3 49.0
---- ----
Gross profit 52.7 51.0
Operating expenses:
Research and development 9.7 10.8
Selling, general and administrative 23.0 34.8
---- ----
Total operating expenses 32.7 45.6
---- ----
Operating income 20.0 5.4
Interest income (expense), net 1.5 1.9
Other income, net 13.8 0.3
---- ---
Income before income taxes and minority interest 35.3 7.6
Income taxes 13.0 3.6
---- ---
Income before minority interest 22.3 4.0
Minority interest (0.2) 0.0
---- ---
Net income 22.1% 4.0%
==== ===
Segment Data
The Company has two segments: ATMI Materials and ATMI Technologies. The
reportable segments are each managed separately because they manufacture and
distribute distinct products with different production processes. The Company
evaluates performance and allocates resources based on operating profit or loss,
not including interest and other income or expense and income taxes. The
accounting policies of the reportable segments are the same as those described
in the summary of significant accounting policies in the Company's consolidated
financial statements. Intercompany sales are not material among segments or
operating divisions. The general corporate assets include primarily cash and
marketable securities, goodwill and other long-lived assets.
The following tables provide reported results for each of these segments
for the three months ended March 31 (in thousands):
Revenues 2000 1999
-------- ---- ----
ATMI Materials $30,250 $ 19,113
ATMI Technologies 30,923 18,127
------ ------
Consolidated revenues $61,173 $ 37,240
======= ========
Operating Income (Loss) 2000 1999
----------------------- ---- ----
ATMI Materials $ 8,327 $ 3,596
ATMI Technologies 3,930 (1,563)
----- -----
Consolidated operating income $12,257 $ 2,033
======= ========
<PAGE>
Consolidated Net Income 2000 1999
----------------------- ---- ----
Operating income from
reportable segments $12,257 $ 2,033
Other income, net 9,208 803
Income tax provision (7,942) (1,358)
------ ------
Consolidated net income $13,523 $ 1,478
======= =========
The following table provides reported balance sheet results for each of
the segments at March 31, 2000 and at December 31, 1999 (in thousands):
Identifiable Assets 2000 1999
-------------------- ---- ----
ATMI Materials $65,586 $ 60,717
ATMI Technologies 96,777 78,747
General Corporate Assets 88,595 93,192
------ ------
Total Consolidated Assets $250,958 $232,656
======== ========
Comparison of Three Months Ended March 31, 2000 and 1999.
Revenues. Total revenues increased 64.3% to approximately $61.2 million in
the quarter ended March 31, 2000 from approximately $37.2 million in the quarter
ended March 31, 1999. The increase in revenues was primarily attributable to the
semiconductor industry's recovery for both segments of the Company's business
evidenced by increased demand for the Company's consumable products and the
strengthening of semiconductor manufacturing capacity expansion. ATMI Materials
and ATMI Technologies experienced revenue growth of 58.3% and 70.6% for the
three months ended March 31, 2000, respectively, as compared to the three months
ended March 31, 1999. Significant year-over-year revenue growth was experienced
by almost all of the Company's businesses, particularly the SDS gas delivery
business, the environmental abatement and sensing equipment business and the
thin film deposition service business.
Gross Profit. Gross profit increased 69.6% to approximately $32.2 million
in the quarter ended March 31, 2000 from approximately $19.0 million in the
quarter ended March 31, 1999. Gross margin increased to 52.7% of revenues in the
quarter ended March 31, 2000 from 51.0% of revenues in the quarter ended March
31, 1999. The increase was due principally to manufacturing efficiencies from
increased sales volume in the Company's abatement and sensing equipment and
deposition service businesses, and a shift in product mix towards higher margin
product lines in the Company's Materials segment.
Research and Development Expenses. Research and development expenses
increased 46.7% to approximately $5.9 million in the quarter ended March 31,
2000 from approximately $4.0 million in the quarter ended March 31, 1999. The
increase in the first quarter of 2000 was principally due to increased
development expenditures related to the Company's sensing and abatement product
lines as well as advanced materials development efforts, and continued product
development activities focusing on the Company's SDS technology and the evolving
Emosyn venture. As a percentage of revenues, research and development expenses
decreased to 9.7% in the 2000 quarter from 10.8% in the 1999 quarter.
<PAGE>
Selling, General and Administrative Expenses. Selling, general and
administrative expenses increased 8.6% to approximately $14.1 million in the
quarter ended March 31, 2000 from approximately $12.9 million in the quarter
ended March 31, 1999. Despite sequential quarterly declines in expenses
associated with decreased administrative costs for both the ATMI Materials and
ATMI Technology segments, cost savings resulting from the integration of
business acquisitions in 1999, and the decrease in executive compensation paid
to members of management of certain acquired businesses, SG&A expenses increased
when compared to the first quarter of a year ago. This increase primarily
resulted from the overall growth of the Company and the continued implementation
of enterprise system software. As a percentage of revenues, selling general and
administrative expenses decreased to 23.0% in the 2000 quarter from 34.8% in the
1999 quarter.
Operating Income. Operating income increased approximately six-fold to
$12.3 million for the quarter ended March 31, 2000 from $2.0 million in the
quarter ended March 31, 1999. ATMI Materials' and Technologies' operating income
for the quarter ended March 31, 2000 increased approximately 131% and 351%,
respectively, to $8.3 million and $3.9 million from $3.6 million and an
operating loss of $1.6 million, respectively, from the quarter ended March 31,
1999. The significant revenue increase in the first quarter of 2000 combined
with stronger margins and cost containment initiatives resulted in higher
operating income within the ATMI Materials and ATMI Technologies segments. ATMI
Materials' and ATMI Technologies' operating income (loss), as a percentage of
revenues, was 27.5% and 12.7% for the quarter ended March 31, 2000,
respectively, and was 18.8% and (8.6%) for the quarter ended March 31, 1999,
respectively.
Other Income, Net. Other income, net increased to approximately $9.3
million in the quarter ended March 31, 2000 from approximately $0.8 million in
the quarter ended March 31, 1999. The first quarter of 2000 included a gain of
approximately $9.5 million on the sale of certain equity investments by the
Company in the first quarter of 2000. Additionally, the company recorded a loss
on an investment of approximately $1.3 million in the quarter ended March 31,
2000. In addition, interest income increased to $1.2 million from $1.1 million
for the same period in 1999 due to improved cash balances derived from the
Company's operating results.
Income Taxes. Income tax expense increased approximately six-fold to $7.9
million for quarter ended March 31, 2000 from $1.4 million for the quarter ended
March 31, 1999. The Company's income tax expense related primarily to United
States federal, state and foreign tax liabilities, which are partially offset by
various foreign sales corporation benefits. The effective tax rate for the
quarter ended March 31, 2000 was 37%, in line with the statutory rate of the
Company, compared to 47.9% for the quarter ended March 31, 1999. The effective
tax rate for the quarter ended March 31, 1999 reflects the restated tax rate for
acquisitions completed in 1999 and does not reflect various credits and foreign
tax benefits that the Company would have experienced on a consolidated income
tax basis.
Minority Interest. Minority interest represents the 30.0% interest held by
K.C. Tech Co., Ltd. in the operations of ADCS-Korea, a South Korean chusik
hoesa, which is a joint venture established to manufacture, sell and distribute
chemicals to the semiconductor and related industries in South Korea.
<PAGE>
Earnings per Share. Earnings per share-assuming dilution increased to $.47
for the first quarter of 2000 compared with a $.05 earnings per share-assuming
dilution in the first quarter of 1999. The first quarter of 2000 includes
after-tax net investment gains of $.18 per share. Shares outstanding for the
first quarter of 2000 were approximately 28.9 million compared to approximately
28.1 million for the first quarter of 1999.
Liquidity and Capital Resources
To date, the Company has financed its activities through cash from
operations, the sale of equity, external research and development funding, and
various lease and debt instruments. The Company's working capital increased to
$132.8 million at March 31, 2000 from $121.2 million at December 31, 1999.
On April 4, 2000, the Company completed a registered underwritten public
offering of 2,800,000 shares of common stock at an offering price to the public
of $45.00 per share. Of such shares the Company sold 1,500,000 shares and
certain stockholders sold 1,300,000 shares. The Company received net proceeds
from the offering of approximately $63.5 million.
Net cash used by operations was approximately $0.6 million for the quarter
ended March 31, 2000, compared to $3.1 million provided during the first quarter
of 1999. This resulted primarily by an increase in accounts receivable and
inventory and the decline of accounts payable and accrued liabilities, in the
first quarter of 2000.
Net cash provided by investing activities was approximately $6.8 million
during the quarter ended March 31, 2000. Net cash used by investing activities
was approximately $1.7 million during the quarter ended March 31, 1999. The
Company's investing activities included capital expenditures of $9.1 million and
$1.8 million for the three months ended March 31, 2000 and 1999, respectively.
The 2000 expenditures primarily related to installation of additional
manufacturing capacity at the Company's Epitronics facility in Mesa, AZ. In
1999, the expenditures related to additional manufacturing capacity at the
Company's Danbury, CT facility. The Company also received proceeds for the
quarter ended March 31, 2000 of approximately $15.9 million related to the sale
of certain investments.
Net cash provided by financing activities was approximately $8.5 million
for the quarter ended March 31, 2000. The cash was generated primarily from the
proceeds of the exercise of employee stock options and the $6.9 million
borrowing under capital leases for the expansion at the Company's Epitronics
facility. During the first quarter of 1999, the Company used approximately $1.6
million for financing activities, primarily to pay down existing debt.
ATMI believes its existing cash balances, marketable securities, existing
sources of liquidity and anticipated funds from operations, will satisfy its
projected working capital and other cash requirements through at least the end
of 2001. However, ATMI believes the level of financing resources available to it
is an important competitive factor in its industry and may seek additional
capital prior to the end of that period. Additionally, ATMI considers, on a
continuing basis, potential acquisitions of technologies and businesses
complementary to its current business.
<PAGE>
Forward-Looking Statements
The statements contained in this report which are not historical are
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Examples of forward-looking statements include, without limitation,
statements by ATMI regarding financial projections, expectations for demand and
sales of new and existing products, market and technology opportunities,
business strategies, business opportunities, objectives of management for future
operations and semiconductor industry and market segment growth. In addition,
when used in this report, the words "anticipate," "plan," "believe," "estimate,"
"expect" and similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. All forward-looking
statements involve risks and uncertainties. Actual results may differ materially
from those discussed in, or implied by, the forward-looking statements as a
result of certain factors including, but not limited to, changes in the pattern
of semiconductor industry growth, the markets for or customer interest in the
products of ATMI, product and market competition, delays or problems in the
development and commercialization of products and technological changes
affecting the competencies of ATMI. The cautionary statements made in this
report should be read as being applicable to all related forward-looking
statements wherever they appear in this report.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Interest Rate Risk. As of March 31, 2000 the Company's cash included money
market securities and commercial paper. Due to the short duration of the
Company's investment portfolio, an immediate 10% change in interest rates would
not have a material effect on the fair value of the Company's portfolio,
therefore, the Company would not expect the operating results or cash flows to
be affected to any significant degree by the effect of a sudden change in market
interest rates on the Company's securities portfolio.
Foreign Currency Exchange Risk. A substantial portion of the Company's
sales are denominated in U.S. dollars and, as a result, the Company has
relatively little exposure to foreign currency exchange risk with respect to
sales made. This exposure may change over time as business practices evolve and
could have a material impact on the Company's financial results in the future.
The Company does not use forward exchange contracts to hedge exposures
denominated in foreign currencies or any other derivative financial instruments
for trading or speculative purposes. The effect of an immediate 10% change in
exchange rates would not have a material impact on the Company's future
operating results of cash flows.
PART II- OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibits.
Exhibit No. Description
27.01 Financial Data Schedule (Filed herewith)
b. Reports on Form 8-K.
On January 13, 2000, the Company filed a Current Report on Form 8-K/A dated
as of November 29, 1999 reporting in Item 2 thereof the acquisitions of MST
Analytics, Inc. and Newform, N.V. and including as an exhibit thereto
Supplemental Consolidated Financial Statements of ATMI, Inc. for the three years
ended December 31, 1998, 1997 and 1996 and the nine months ended September 30,
1999 and 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ATMI, Inc.
May 15, 2000
By _____________________________
Eugene G. Banucci, Ph.D.,
Chief Executive Officer, Chairman of
the Board and Director
By _____________________________
Daniel P. Sharkey, Vice President,
Chief Financial Officer and Treasurer
(Chief Accounting Officer)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ATMI, Inc.
May 15, 2000
By /S/ Eugene G. Banucci
Eugene G. Banucci, Ph.D.,
Chief Executive Officer, Chairman of
the Board and Director
By /S/ Daniel P. Sharkey
Daniel P. Sharkey, Vice President,
Chief Financial Officer and Treasurer
(Chief Accounting Officer)
<PAGE>
EXHIBIT INDEX
Sequentially
Numbered
Exhibit No. Description Page
- ----------- ----------- ----
27.01 Financial Data Schedule (Filed herewith)
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> Dec-31-1999 Dec-31-1998
<PERIOD-END> Mar-31-2000 Mar-31-1999
<CASH> 46535 21294
<SECURITIES> 49706 64486
<RECEIVABLES> 46592<F1> 26732<F1>
<ALLOWANCES> 0 0
<INVENTORY> 24148 19354
<CURRENT-ASSETS> 180810 140397
<PP&E> 60869<F2> 53995<F2>
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 250696 206598
<CURRENT-LIABILITIES> 48008 37168
<BONDS> 2200 2600
0 0
0 0
<COMMON> 296 277
<OTHER-SE> 188174 154084
<TOTAL-LIABILITY-AND-EQUITY>250696 206598
<SALES> 61173 37240
<TOTAL-REVENUES> 61173 37240
<CGS> 28957 18243
<TOTAL-COSTS> 28957 18243
<OTHER-EXPENSES> 5901<F3> 4023<F3>
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 245 361
<INCOME-PRETAX> 21465 2836
<INCOME-TAX> 7942 1358
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 13523 1478
<EPS-BASIC> .50 .06
<EPS-DILUTED> .47 .05
<FN>
<F1>Net of allowance for doubtful accounts, consistent with balance sheet
presentation.
<F2>Net of accumulated depreciation, consistent with balance sheet
presentation.
<F3>Research and development expenses
</FN>
</TABLE>
