Entegris Reports Results for Third Quarter; Share Buyback Authorization Announced

Sales of $173 million In Line With Industry Trends; Non-GAAP EPS of $0.17 and Adjusted Operating Margin of 16.5 Percent Within Target Model; Cash Position Reaches $227 Million

PUBLISHED Oct. 26, 2011 | SEMICONDUCTOR

BILLERICA, Mass., October 26, 2011 – Entegris, Inc. (Nasdaq: ENTG) today reported its financial results for the Company’s third quarter ended October 1, 2011. 

The Company recorded third-quarter sales of $173.0 million, a decline of 3 percent from the prior year, and 17 percent sequentially. Net income was $22.0 million, or $0.16 per diluted share. These results included amortization of intangible assets of $2.5 million.

Non-GAAP earnings per share of $0.17 in the third quarter of 2011 compared to non-GAAP earnings per share of $0.18 in the third quarter a year ago and $0.24 per diluted share in the second quarter of 2011. A reconciliation of GAAP to non-GAAP earnings per share is contained in this press release. 

For the first nine months of fiscal 2011, sales were $585.3 million, up 16 percent from the first nine months of 2010. Non-GAAP earnings per diluted share for the first nine months of 2011 were $0.64 per share versus $0.48 per share for the same period a year ago. 

Gideon Argov, president and chief executive officer, said: “Lower semiconductor production and capital investment across much of the industry led to softer demand throughout the quarter. Decreased fab utilization and wafer starts at many of our semiconductor customers contributed to sequentially lower sales of unit-driven products, including liquid filters, and a lull in fab construction projects impacted our capital-driven sales for the quarter. Even so, we continued to gain traction at the advanced nodes and in new markets, including solar.