8-KEarnings & ResultsRegulation FDExhibits & Filings

ENTEGRIS INC 8-K Report, Financial Results (Feb 14, 2012)

Filed February 14, 2012For Securities:ENTG

Summary

Entegris, Inc. (ENTG) filed this Form 8-K on February 14, 2012, to revise its previously announced financial results for the fourth quarter and full year ended December 31, 2011. The revision stems from the discovery of an unreflected tax liability related to the sale of an interest in a Japanese joint venture by a Dutch subsidiary. This liability resulted in a U.S. taxable income event, even though proceeds were not repatriated. While the impact is minor, the company is adjusting its reported net income and earnings per share figures downwards. Specifically, net income for Q4 2011 is reduced by $600,000 to $40.2 million, or $0.29 per share. Non-GAAP earnings per share for Q4 2011 are revised to $0.15, and for the full year 2011 to $0.79. The company also reiterated its use of non-GAAP financial measures, explaining their purpose in providing a clearer view of underlying operational performance.

Key Highlights

  • 1Revision of previously reported Q4 and Full Year 2011 financial results.
  • 2Minor reduction in net income due to an unrecorded tax liability from a Japanese joint venture sale.
  • 3Q4 2011 net income revised downwards by $600,000 to $40.2 million.
  • 4Diluted EPS for Q4 2011 revised to $0.29 from $0.30.
  • 5Non-GAAP EPS for Q4 2011 revised to $0.15 from $0.16.
  • 6Non-GAAP EPS for Full Year 2011 revised to $0.79 from $0.80.
  • 7Reinforcement of the company's use and rationale for non-GAAP financial measures.

Frequently Asked Questions

The revision was caused by the discovery of an unreflected tax liability arising from the sale of an interest in a Japanese joint venture by the company's Dutch subsidiary. This resulted in U.S. taxable income, even though the proceeds were not repatriated to the U.S.

The impact is relatively minor. Net income for the fourth quarter of 2011 was reduced by $600,000, leading to a $0.01 per share reduction in both GAAP and non-GAAP earnings per share for the quarter and a $0.01 per share reduction in non-GAAP earnings per share for the full year.

Yes, Entegris states that non-GAAP measures like Adjusted EBITDA, Adjusted Operating Income, and non-GAAP EPS are provided to offer a better assessment of operating performance. Management believes these measures help indicate baseline performance before certain gains, losses, or charges that may not be indicative of future outlook, providing investors with greater transparency.

Yes, revised Condensed Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, and reconciliations of GAAP to non-GAAP measures are attached as Exhibit 99.1 to this Form 8-K filing.