Entegris Reports Third-Quarter Results

  • Quarterly revenue of $270.3 million
  • GAAP net income of $23.4 million, or $0.17 per 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., Oct. 22, 2015 (GLOBE NEWSWIRE) — Entegris, Inc. (NasdaqGS: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 26, 2015.

The Company’s third-quarter sales of $270.3 million declined 4 percent sequentially and were 1 percent lower than sales of $273.1 million in the same quarter a year ago. Third-quarter net income of $23.4 million, or $0.17 per diluted share, included amortization of intangible assets of $11.7 million and integration-related costs of $2.1 million 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)

GAAP Results Q3-2015 Q3-2014 Q2-2015
Net sales $ 270,253   $ 273,054   $ 280,709  
Operating income (loss)   31,066     5,368     39,347  
Operating margin   11.5 %   2.0 %   14.0 %
Net income (loss) $ 23,403   $ (1,068 ) $ 24,448  
Earnings (loss) per share (EPS) $ 0.17   $ (0.01 ) $ 0.17  
Non-GAAP Results
Non-GAAP adjusted operating income $ 44,814   $ 49,886   $ 53,671  
Adjusted operating margin   16.6 %   18.3 %   19.1 %
Non-GAAP net income $ 32,444   $ 28,823   $ 33,903  
Non-GAAP EPS $ 0.23   $ 0.21   $ 0.24  


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.  CMH’s 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.  EM’s 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 www.entegris.com.

Non-GAAP Information
The Company’s 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 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 measure operating performance. Management believes the non-GAAP measures better portray 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 reconciliations of GAAP to non-GAAP Statements of Operations, GAAP to Adjusted Operating Income and Adjusted EBITDA, and GAAP to Non-GAAP Earnings per Share are included elsewhere in this release.

In addition we have included pro forma segment net sales and segment profit for the Critical Materials Handling and Electronic Materials business segments for the nine months ended September 27, 2014.  Our pro forma presentation includes transactions (i) recorded by ATMI, Inc. prior to its merger with the Company and (ii) as if those business segments were configured during those prior periods to include the businesses included in those segments during the nine months ended September 27, 2014.  We have provided this non-GAAP pro forma information to provide investors with comparative historical context for the performance of these business segments during the nine months ended September 27, 2014.  Footnotes to the Historical Non-GAAP Pro Forma Segment Information table provided elsewhere in this release reconcile this information to the corresponding GAAP information.

Forward-Looking Statements
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, Entegris’ ability to successfully integrate the ATMI business and achieve anticipated synergies, 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,” “Additional Risks Related to Our Business,” “Risks Relating to Our Indebtedness,” “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, 2014, filed with the U.S Securities and Exchange Commission on February 26, 2015, 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.

  Entegris, Inc. and Subsidiaries
  Condensed Consolidated Statements of Operations
  (In thousands, except per share data)
  (Unaudited)
   
    Three months ended
    September 26,
2015
September 27,
2014
June 27, 2015
Net sales $ 270,253   $ 273,054   $ 280,709  
Cost of sales   153,943     174,311     152,622  
  Gross profit   116,310     98,743     128,087  
Selling, general and administrative expenses   46,730     55,820     50,270  
Engineering, research and development expenses   26,841     24,427     26,542  
Amortization of intangible assets   11,673     13,128     11,928  
  Operating income   31,066     5,368     39,347  
Interest expense, net   9,201     10,096     9,715  
Other (income) expense, net   (5,624 )   110     (1,109 )
  Income (loss) before income tax expense (benefit) and equity in net loss of affiliate   27,489     (4,838 )   30,741  
Income tax expense (benefit)   4,018     (3,810 )   6,245  
Equity in net loss of affiliates    68     40     48  
  Net income (loss) $ 23,403   $ (1,068 ) $ 24,448  
         
     
Basic net income (loss) per common share: $ 0.17   $ (0.01 ) $ 0.17  
Diluted net income (loss) per common share: $ 0.17   $ (0.01 ) $ 0.17  
       
Weighted average shares outstanding:      
  Basic   140,555     139,480     140,307  
  Diluted   141,317     139,480     140,993  

  Entegris, Inc. and Subsidiaries
  Condensed Consolidated Statements of Operations
  (In thousands, except per share data)
  (Unaudited)
   
    Nine months ended
    September  26,
2015
September 27,
2014
Net sales $ 814,335   $ 690,436  
Cost of sales   453,402     431,673  
  Gross profit   360,933     258,763  
Selling, general and administrative expenses   147,890     172,954  
Engineering, research and development expenses   79,183     61,698  
Amortization of intangible assets   35,908     24,854  
Contingent consideration fair value adjustment       (1,282 )
  Operating income     97,952     539  
Interest expense, net   28,544     22,247  
Other (income) expense, net   (8,466 )   1,639  
  Income (loss) before income tax expense (benefit) and equity in net loss of affiliate   77,874     (23,347 )
Income tax expense (benefit)   14,933     (22,012 )
Equity in net loss of affiliates   218     90  
  Net income (loss) $ 62,723   $ (1,425 )
       
   
Basic net income (loss) per common share: $ 0.45   $ (0.01 )
Diluted net income (loss) per common share: $ 0.44   $ (0.01 )
       
Weighted average shares outstanding:   140,282     139,215  
  Basic   141,016     139,215  
  Diluted    

Entegris, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
      September 26, 2015   December 31, 2014
ASSETS          
Cash and cash equivalents $ 301,061     $ 389,699  
Short-term investments     2,178       4,601  
Accounts receivable, net     184,297       153,961  
Inventories     188,439       163,125  
Deferred tax assets, deferred tax charges and refundable  income taxes   27,877       30,556  
Other current assets   20,392       23,713  
  Total current assets   724,244       765,655  
           
Property, plant and equipment, net   315,695       313,569  
           
Goodwill   341,305       340,743  
Intangible assets, net   269,895       308,554  
Deferred tax assets – non-current   5,183       5,068  
Other     22,126       28,502  
  Total assets   $ 1,678,448     $ 1,762,091  
           
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Long-term debt, current maturities   $ 50,000     $ 100,000  
Accounts payable     53,823       57,417  
Accrued liabilities     96,292       91,551  
Income tax payable and deferred tax liabilities     8,950       13,552  
  Total current liabilities   209,065       262,520  
           
Long-term debt, excluding current maturities     617,130       666,796  
Other liabilities and deferred tax liabilities   82,118       84,334  
Shareholders’ equity     770,135       748,441  
  Total liabilities and shareholders’ equity $ 1,678,448     $ 1,762,091  

Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
  Three months ended Nine months ended
  September 26,
2015
September 27,
2014
September 26,
2015
September 27,
2014
 
Operating activities:          
Net income (loss) $ 23,403   $ (1,068 ) $ 62,723   $ (1,425 )  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation   13,356     14,130     40,080     33,005    
Amortization   11,673     13,128     35,908     24,854    
Share-based compensation expense   2,975     2,358     8,120     6,513    
Charge for fair value mark-up of acquired inventory sold       24,293         48,586    
Provision for deferred income taxes   (441 )   (3,315 )   2,594     (28,782 )  
Other   2,071     2,129     7,569     7,036    
Changes in operating assets and liabilities:          
Trade accounts and notes receivable   (9,426 )   2,970     (38,020 )   (21,299 )  
Inventories   (11,050 )   (1,075 )   (39,550 )   (8,078 )  
Accounts payable and accrued liabilities   21,702     15,330     12,576     27,929    
Income taxes payable and refundable income taxes   (3,283 )   (4,653 )   (3,647 )   (3,153 )  
Other   (18,394 )   3,524     (19,653 )   6,034    
Net cash provided by operating activities   32,586     67,751     68,700     91,220    
Investing activities:          
Acquisition of property and equipment   (21,466 )   (15,068 )   (55,696 )   (44,013 )  
Acquisition of business, net of cash acquired       (450 )       (809,390 )  
Proceeds from sale of and maturities of short-term investments   504     2,977     2,111     8,888    
Other   29     162     347     (6,957 )  
Net cash used in investing activities   (20,933 )   (12,379 )   (53,238 )   (851,472 )  
Financing activities:          
Payments on long-term debt   (25,000 )   (25,000 )   (100,000 )   (62,500 )  
Proceeds from long-term debt               855,200    
Payments for debt issue costs               (20,747 )  
Issuance of common stock   1,634     1,202     2,608     1,705    
Taxes paid related to net share settlement of equity awards   (55 )   (259 )   (2,458 )   (2,290 )  
Other   313     (64 )   665     763    
Net cash (used in) provided by  financing activities   (23,108 )   (24,121 )   (99,185 )   772,131    
Effect of exchange rate changes on cash   (1,226 )   (7,741 )   (4,915 )   (5,812 )  
(Decrease) increase in cash and cash equivalents   (12,681 )   23,510     (88,638 )   6,067    
Cash and cash equivalents at beginning of period   313,742     366,983     389,699     384,426    
Cash and cash equivalents at end of period $ 301,061   $ 390,493   $ 301,061   $ 390,493    

Entegris, Inc. and Subsidiaries
Segment Information
(In thousands)
(Unaudited)
 
  Three months ended Nine months ended
Net sales September 
26, 2015
September
27, 2014
June 27,
2015
September 
26, 2015
September
27, 2014
Critical Materials Handling $ 166,043   $ 165,368   $ 174,253   $ 507,764   $ 487,757  
Electronic Materials   104,210     107,686     106,456     306,571     202,679  
  Total net sales $ 270,253   $ 273,054   $ 280,709   $ 814,335   $ 690,436  

  Three months ended Nine months ended
Segment profit September 
26, 2015
September
27, 2014
June 27,
2015
September 
26, 2015
September
27, 2014
Critical Materials Handling $ 37,109   $ 35,520   $ 43,732   $ 122,182   $ 107,115  
Electronic Materials   23,919     33,316     28,559     72,700     59,728  
Total segment profit   61,028     68,836     72,291     194,882     166,843  
Charge for fair value mark-up of acquired inventory       24,293             48,586  
Amortization of intangibles   11,673     13,128     11,928     35,908     24,854  
Contingent consideration fair value adjustment                   (1,282 )
Unallocated expenses   18,289     26,047     21,016     61,022     94,146  
  Total operating income $ 31,066   $ 5,368   $ 39,347   $ 97,952   $ 539  

Entegris, Inc. and Subsidiaries
Historical Non-GAAP Pro Forma Segment Information
(In thousands)
(Unaudited)
 
  Three Months Ended   Nine Months Ended
Segment Net Sales (a) September 26, 2015
As Reported
September 27, 2014
As Reported
  September 26, 2015
As Reported
September 27, 2014
Pro Forma(1)
Critical Materials Handling $ 166,043   $ 165,368     $ 507,764   $ 500,946  
Electronic Materials   104,210     107,686       306,571     303,755  
Total segment net sales $ 270,253   $ 273,054     $ 814,335   $ 804,701  
           
Segment profit (b)          
Critical Materials Handling $ 37,109   $ 35,520     $ 122,182   $ 111,149  
Electronic Materials   23,919     33,316       72,700     86,167  
Total segment profit $ 61,028   $ 68,836     $ 194,882   $ 197,316  


(1)
The above pro forma results include the addition of ATMI, Inc.’s net sales and segment profit amounts recorded prior to the consummation of the merger with the Company on April 30, 2014 to the Company’s reported GAAP net sales and segment profit amounts related to businesses that were transferred to the above business segments after the effectiveness of the merger and are provided as a complement to, and should be read in conjunction with, the Condensed Consolidated Statements of Operations to better facilitate the assessment and measurement of the Company’s operating performance.

The above GAAP to Non-GAAP Pro Forma Segment Information is reconciled to the Company’s GAAP figures for the quarters ended September 27, 2014 as follows:

(a) The above pro forma segment sales include amounts for the nine months ended September 27, 2014, representing the Company’s previously reported sales plus the sales of ATMI, Inc. reported prior to the consummation of the merger with the Company on April 30, 2014 as such sales are not included in the Company’s financial statements.  CMH sales made by ATMI Inc. prior to the merger were $13.2 million for the nine months ended September 27, 2014.  EM sales made by ATMI Inc. prior to the merger were $101.1 million for the nine months ended September 27, 2014.

(b) The above pro forma segment profit figures include amounts for the quarter ended September 27, 2014, representing the Company’s previously reported segment profit figures plus the segment profit of ATMI, Inc. reported prior to the consummation of the merger with the Company on April 30, 2014, as such segment profits are not included in the Company’s financial statements.  CMH segment profits made by ATMI Inc. prior to the merger were $4.0 million for the nine months ended September 27, 2014.  EM segment profits made by ATMI Inc. prior to the merger were $26.4 million for the nine months ended September 27, 2014.

(c) Segment profit is defined as net sales less direct segment operating expenses, excluding certain unallocated expenses, consisting mainly of general and administrative costs for the Company’s human resources, finance and information technology functions as well as interest expense, amortization of intangible assets, charges for the fair value write-up of acquired inventory sold and contingent consideration fair value adjustments.

  Entegris, Inc. and Subsidiaries
  GAAP to Non-GAAP Reconciliation of Statement of Operations
   (In thousands, except per share data)
  (Unaudited)
   
    Three months ended
 September 26, 2015
  Nine months ended
 September 26, 2015
    U.S.
GAAP
Adjustments Non-
GAAP
  U.S.
GAAP
Adjustments Non-
GAAP
Net sales $ 270,253   $   $ 270,253     $ 814,335   $   $ 814,335  
Cost of sales   153,943         153,943       453,402         453,402  
  Gross profit   116,310         116,310       360,933         360,933  
Selling, general and administrative expenses (a)   46,730     (2,075 )   44,655       147,890     (7,083 )   140,807  
Engineering, research and development expenses   26,841         26,841       79,183         79,183  
Amortization of intangible assets (b)   11,673     (11,673 )         35,908     (35,908 )    
  Operating income   31,066     (13,748 )   44,814       97,952     (42,991 )   140,943  
Interest expense, net   9,201         9,201       28,544         28,544  
Other income, net (c)   (5,624 )   50     (5,574 )     (8,466 )   (567 )   (9,033 )
  Income before income tax expense and equity in net loss of affiliate   27,489     (13,698 )   41,187       77,874     (43,558 )   121,432  
Income tax expense (d)    4,018     4,657     8,675       14,933     14,488     29,421  
Equity in net loss of affiliates   68         68       218         218  
  Net income $ 23,403   $ 9,041   $ 32,444     $ 62,723   $ 29,070   $ 91,793  
                 
Basic income per common share: $ 0.17   $ 0.06   $ 0.23     $ 0.45   $ 0.21   $ 0.65  
Diluted income per common share: $ 0.17   $ 0.06   $ 0.23     $ 0.44   $ 0.21   $ 0.65  
                 
Weighted average shares outstanding:              
  Basic   140,555     140,555     140,555       140,282     140,282     140,282  
  Diluted   141,317     141,317     141,317       141,016     141,016     141,016  


The above GAAP to Non-GAAP Reconciliation of Statement of Operations is provided as a complement to and should be read in conjunction with the Condensed Consolidated Statements of Operations.  The above GAAP to Non-GAAP Reconciliation of Statement of Operations is provided to facilitate a better assessment and measurement of the Company’s operating performance.

(a) Non-GAAP selling, general and administrative expense for the three and nine months ended September 26, 2015 is adjusted for $2.1 million and $7.1 million, respectively, for  integration costs related to the ATMI, Inc. acquisition.

(b) Non-GAAP amortization expense for the three and nine months ended September 26, 2015 is adjusted for $11.7 million and $35.9 million, respectively, for amortization expense related to the ATMI and prior acquisitions.

(c) Non-GAAP other income, net for the three and nine months ended September 26, 2015 is adjusted for ($0.1) million and $0.6 million, respectively, for net (gain) loss on impairment or sale of investment.

(d) Non-GAAP income tax expense for the three and nine months ended September 26, 2015 is adjusted for $4.7 million and $14.5 million related to the adjustments noted above.

Entegris, Inc. and Subsidiaries
Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA
(In thousands, except per share data)
(Unaudited)
 
  Three months ended   Nine months ended
  September 
26, 2015
September
27, 2014
June 27,
2015
  September
  26, 2015
September
27, 2014
Net sales $ 270,253   $ 273,054   $ 280,709     $ 814,335   $ 690,436  
Net income (loss) $ 23,403   $ (1,068 ) $ 24,448     $ 62,723   $ (1,425 )
Adjustments to net income (loss):            
Equity in net loss of affiliates   68     40     48       218     90  
Income tax expense (benefit)   4,018     (3,810 )   6,245       14,933     (22,012 )
Interest expense, net   9,201     10,096     9,715       28,544     22,247  
Other (income) expense, net   (5,624 )   110     (1,109 )     (8,466 )   1,639  
GAAP – Operating income   31,066     5,368     39,347       97,952     539  
Charge for fair value mark-up of acquired inventory sold       24,293               48,586  
Transaction-related costs       (30 )             26,776  
Deal costs                     9,125  
Integration costs   2,075     7,127     2,396       7,083     10,624  
Contingent consideration fair value adjustment                     (1,282 )
Amortization of intangible assets   11,673     13,128     11,928       35,908     24,854  
Adjusted operating income    44,814     49,886     53,671       140,943     119,222  
  Depreciation   13,356     14,130     13,405       40,080     33,005  
Adjusted EBITDA $ 58,170   $ 64,016   $ 67,076     $ 181,023   $ 152,227  
             
Adjusted operating margin   16.6 %   18.3 %   19.1 %     17.3 %   17.3 %
Adjusted EBITDA – as a % of net sales   21.5 %   23.4 %   23.9 %     22.2 %   22.0 %

Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Earnings per Share
(In thousands, except per share data)
(Unaudited)
 
  Three months ended   Nine months ended
  September 
26, 2015
September
27, 2014
June 27,
2015
  September 
26, 2015
September
27, 2014
Net income (loss) $ 23,403   $ (1,068 ) $ 24,448     $ 62,723   $ (1,425 )
Adjustments to net income (loss):            
Charge for fair value mark-up of acquired inventory sold       24,293               48,586  
Transaction-related costs       (30 )             26,776  
Deal costs                     13,288  
Integration costs   2,075     6,985     2,396       7,083     10,482  
Contingent consideration fair value adjustment                     (1,282 )
Amortization of intangible assets   11,673     13,128     11,928       35,908     24,854  
Net (gain) loss on impairment or sale of equity investment   (50 )       (56 )     567      
Tax effect of adjustments of net income (loss)   (4,657 )   (14,485 )   (4,813 )     (14,488 )   (48,374 )
Non-GAAP net income $ 32,444   $ 28,823   $ 33,903     $ 91,793   $ 72,905  
             
Diluted income (loss) per common share $ 0.17   $ (0.01 ) $ 0.17     $ 0.44   $ (0.01 )
Effect of adjustments to net income (loss)   0.06     0.21     0.07       0.21     0.53  
Diluted non-GAAP income per common share $ 0.23   $ 0.21   $ 0.24     $ 0.65   $ 0.52  

CONTACT: Steven Cantor
VP of Corporate Relations
T +1 978 436 6750
irelations@entegris.com