ENTG sold short 5000 shares@13.51 - Although earnings were good last quarter and expectations are as well for the next quarter I see ENTG (and really the entire market) as overextended.
This is the company that is integrating ATMI. Last quarter's earnings were good.
-- GAAP net loss of $1 million, or $0.01 per diluted share; Non-GAAP net income of $29 million, or $0.21 per diluted share
-- Operating margin of 2 percent; Adjusted operating margin of 18 percent
-- Repaid $25 million of long-term debt
BILLERICA, Mass., Oct. 28, 2014 (GLOBE NEWSWIRE) -- Entegris Inc. (Nasdaq:ENTG), a leading provider of yield-enhancing materials and solutions for advanced manufacturing processes, today reported its financial results for the Company's third quarter ended September 27, 2014.
The Company recorded third-quarter sales of $273.1 million. Third-quarter net loss of $1.1 million, or $0.01 per diluted share, included amortization of intangible assets of $13.1 million and aggregated acquisition and integration-related costs of $31.2 million associated with the April 30, 2014 acquisition of ATMI, Inc. Non-GAAP net income was $28.8 million, or $0.21 per diluted share.
For the first nine months of fiscal 2014, sales were $690.4 million. Net loss for the first nine months of 2014 was $1.4 million which included amortization of intangible assets of $24.9 million and aggregated acquisition and integration-related costs of $99.1 million associated with the acquisition of ATMI, Inc. Non-GAAP earnings per share for the first nine months of 2014 were $0.52 per diluted share versus $0.42 per diluted share a year ago.
Bertrand Loy, president and chief executive officer, said: "We had solid execution in the third quarter, which reflected the first full quarter of ATMI results. Business trends reflected seasonal semiconductor demand patterns with some pockets of strength, particularly in Taiwan. As the industry continues to develop the next generation technologies to power the new wave of mobile, computing, and the "Internet of Things" devices, we are leveraging the breadth of our materials and critical materials handling solutions to help our customers improve their yields and time to yield."
Mr. Loy added: "We are pleased with our third-quarter operating performance. Our adjusted operating margin of 18.3 percent exceeded our target model, and we generated strong cash flow from operations of $68 million. As a result, our cash balances grew $24 million during the quarter, net of repaying $25 million of our long-term debt. The integration with ATMI is progressing well and we are ahead of our schedule for realizing the $30 million of the targeted annualized cost synergies."
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