8-KOther Events

ENTEGRIS INC 8-K Report (Oct 2, 2003)

Filed October 2, 2003For Securities:ENTG

Summary

Entegris, Inc. (ENTG) filed an 8-K on October 2, 2003, to report its financial results for the quarter and fiscal year ended August 30, 2003. The filing primarily serves to attach a press release containing these results. Investors should note that the company is providing non-GAAP, or pro forma, financial measures of operating income and net income alongside GAAP results. The pro forma measures exclude specific items such as costs related to plant closures, an impairment loss on an equity investment, and a tax benefit from repatriating foreign earnings. Entegris states that these pro forma figures are used to facilitate meaningful comparisons with prior periods and to better report the company's baseline performance, with pro forma net income being a key metric for management's planning and forecasting. Reconciliations between GAAP and pro forma figures are available within the attached press release.

Key Highlights

  • 1Entegris (ENTG) announced financial results for the quarter and fiscal year ended August 30, 2003.
  • 2The company is presenting non-GAAP (pro forma) financial measures in addition to GAAP results.
  • 3Pro forma measures exclude costs related to plant closures.
  • 4Pro forma measures also exclude an impairment loss on an equity investment.
  • 5A tax benefit from repatriating non-US subsidiary earnings is excluded from pro forma figures.
  • 6Entegris believes pro forma measures enhance comparability and reflect baseline performance.
  • 7Pro forma net income is a primary indicator used by management for planning and forecasting.

Frequently Asked Questions

The main purpose of this 8-K filing is to report Entegris's financial results for the quarter and fiscal year ended August 30, 2003, by attaching a press release that contains these results.

Entegris is providing pro forma measures to offer a clearer view of its ongoing operational performance by excluding certain one-time or non-recurring items. These items include plant closure costs, an equity investment impairment, and a specific tax benefit. The company believes this helps in making more meaningful comparisons to prior periods and better reflects the core business performance.

No, Entegris explicitly states that the presentation of pro forma financial information should not be considered a substitute for net income prepared in accordance with GAAP. They are intended to supplement the GAAP financial statements.

Reconciliations of the reported GAAP results to the pro forma amounts are included within the press release dated October 2, 2003, which is attached as Exhibit 99.1 to this Form 8-K.