Entegris Inc. (ENTG, Financial) filed Quarterly Report for the period ended 2009-06-27.
Entegris is a leading provider of materials management solutions to themicroelectronics industry including in particular the semiconductormanufacturing and disk manufacturing markets. The company's materials management solutions for the semiconductor industry assure the integrity of materials as they are handled stored processed and transported throughout the semiconductor manufacturing process. These solutions enable customers to protect their investment in work-in-process and finished devices. Entegris Inc. has a market cap of $406.1 million; its shares were traded at around $3.58 with and P/S ratio of 0.8. Entegris Inc. had an annual average earning growth of 111.8% over the past 5 years.
Net sales for the first six months of 2009 were $141.6 million, down 52% from $296.2 million in the comparable year-ago period, indicative of the same factors noted above. The year-to-date sales decline was mitigated by the inclusion of sales of $17.3 million from POCO. The sales decline included an unfavorable foreign currency translation effect of $6.3 million related to the year-over-year weakening of most international currencies versus the U.S. dollar, most notably the Korean won, Taiwanese dollar and the Euro, offset partially by the strengthening of the Japanese yen. Excluding those factors, sales for the first six months of 2009 fell 56% when compared to 2008.
The Company reported a net loss from continuing operations of $22.5 million for the three-month period ended June 27, 2009 compared to income from continuing operations of $5.5 million in the year-ago period, while a net loss from continuing operations of $60.2 million for the six-month period compared to income from continuing operations of $8.7 million in the year-ago period.
During the six months ended June 27, 2009, the Companys operating activities used cash of $6.3 million. Cash and cash equivalents were $84.1 million at June 27, 2009 compared with $115.0 million at December 31, 2008.
realization of its deferred tax assets have become unfavorable. The Company had U.S. net deferred tax asset positions of $57.0 million and $42.3 million as of June 27, 2009 and December 31, 2008, respectively, which comprised temporary differences and various credit carryforwards. Management has concluded that it is not more likely than not that the Company will realize the net deferred tax assets. Accordingly, the Company maintained valuation allowances of $56.9 million and $42.1 million as of June 27, 2009 and December 31, 2008, respectively, with respect to U.S. deferred tax assets.
The Company had net non-U.S. deferred tax asset positions before valuation allowance of $17.2 million and $12.5 million as of June 27, 2009 and December 31, 2008, respectively. At those dates, management determined that based upon the available evidence, a valuation allowance was required against non-U.S. deferred tax assets in certain tax jurisdictions. Accordingly, the Company maintained valuation allowances of $0.3 million and $0.6 million as of June 27, 2009 and December 31, 2008, respectively, with respect to certain non-U.S. deferred tax assets. For other non-U.S. jurisdictions, principally Japan, management believes that it is more likely than not that the net deferred tax assets will be realized as management expects sufficient future earnings in those jurisdictions.
Read the The complete ReportENTG is in the portfolios of Arnold Schneider of Schneider Capital Management, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management.
Entegris is a leading provider of materials management solutions to themicroelectronics industry including in particular the semiconductormanufacturing and disk manufacturing markets. The company's materials management solutions for the semiconductor industry assure the integrity of materials as they are handled stored processed and transported throughout the semiconductor manufacturing process. These solutions enable customers to protect their investment in work-in-process and finished devices. Entegris Inc. has a market cap of $406.1 million; its shares were traded at around $3.58 with and P/S ratio of 0.8. Entegris Inc. had an annual average earning growth of 111.8% over the past 5 years.
Highlight of Business Operations:
For the three months ended June 27, 2009 (2009), net sales decreased by $65.4 million, or 44%, to $82.6 million compared to the three months ended June 28, 2008 (2008), primarily reflecting the continuation of the severe downturn in both the capital and unit-driven segments of the semiconductor industry that began during the second half of 2008. The second quarter sales decline was mitigated by the inclusion of sales of $8.1 million from POCO Graphite (POCO), which was acquired in August 2008. The sales decline included an unfavorable foreign currency translation effect of $4.1 million related to the year-over-year weakening of most international currencies versus the U.S. dollar, most notably the Korean won, Taiwanese dollar and the Euro, offset partially by the strengthening of the Japanese yen. Excluding those factors, second quarter sales fell 47% in 2009 when compared to 2008.Net sales for the first six months of 2009 were $141.6 million, down 52% from $296.2 million in the comparable year-ago period, indicative of the same factors noted above. The year-to-date sales decline was mitigated by the inclusion of sales of $17.3 million from POCO. The sales decline included an unfavorable foreign currency translation effect of $6.3 million related to the year-over-year weakening of most international currencies versus the U.S. dollar, most notably the Korean won, Taiwanese dollar and the Euro, offset partially by the strengthening of the Japanese yen. Excluding those factors, sales for the first six months of 2009 fell 56% when compared to 2008.
The Company reported a net loss from continuing operations of $22.5 million for the three-month period ended June 27, 2009 compared to income from continuing operations of $5.5 million in the year-ago period, while a net loss from continuing operations of $60.2 million for the six-month period compared to income from continuing operations of $8.7 million in the year-ago period.
During the six months ended June 27, 2009, the Companys operating activities used cash of $6.3 million. Cash and cash equivalents were $84.1 million at June 27, 2009 compared with $115.0 million at December 31, 2008.
realization of its deferred tax assets have become unfavorable. The Company had U.S. net deferred tax asset positions of $57.0 million and $42.3 million as of June 27, 2009 and December 31, 2008, respectively, which comprised temporary differences and various credit carryforwards. Management has concluded that it is not more likely than not that the Company will realize the net deferred tax assets. Accordingly, the Company maintained valuation allowances of $56.9 million and $42.1 million as of June 27, 2009 and December 31, 2008, respectively, with respect to U.S. deferred tax assets.
The Company had net non-U.S. deferred tax asset positions before valuation allowance of $17.2 million and $12.5 million as of June 27, 2009 and December 31, 2008, respectively. At those dates, management determined that based upon the available evidence, a valuation allowance was required against non-U.S. deferred tax assets in certain tax jurisdictions. Accordingly, the Company maintained valuation allowances of $0.3 million and $0.6 million as of June 27, 2009 and December 31, 2008, respectively, with respect to certain non-U.S. deferred tax assets. For other non-U.S. jurisdictions, principally Japan, management believes that it is more likely than not that the net deferred tax assets will be realized as management expects sufficient future earnings in those jurisdictions.
Read the The complete ReportENTG is in the portfolios of Arnold Schneider of Schneider Capital Management, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management.
