Entegris Reports Strong Second-Quarter Results

BILLERICA, Mass., July 27, 2017 /PRNewswire/ -- Entegris, Inc. (NasdaqGS: ENTG), a leading specialty materials provider, today reported its financial results for the Company's second quarter ended July 1, 2017.

https://photos.prnewswire.com/prnvar/20160926/412155LOGO

Second-quarter sales were $329.0 million, an increase of 8.6% from the same quarter last year and a 3.7% increase sequentially. Second-quarter net income was $40.0 million, or $0.28 per diluted share, which included amortization of intangible assets of $11.0 million, as well as an asset impairment charge and severance expense of $3.6 million. Non-GAAP net income was $48.9 million, or $0.34 per diluted share.

For the first half of fiscal 2017, sales of $646.4 million increased 13.4% from the same period a year ago. First-half 2017 net income was $72.5 million, or $0.51 per share, which included amortization of intangible assets of $22.0 million, as well as an asset impairment charge and severance expense of $3.6 million. Non-GAAP net income for the first half of 2017 was $89.7 million, or $0.63 per diluted share.

Bertrand Loy, president and chief executive officer, said: "I am very pleased with Entegris' performance thus far this year which puts us on a solid path to grow well in excess of our markets in 2017. Our growth in the second-quarter was driven by positive industry trends and reflected strong performance across our portfolio of solutions, as well as successful product introductions to support the ongoing ramp of advanced semiconductor manufacturing technologies such as 3D NAND. Our first-half sales grew 13% from the prior year, driven by strong growth in Asia, particularly in Korea."

Mr. Loy added: "The quality of our execution and financial performance in the second quarter demonstrates the strength of our business model and our operating leverage, as we generated strong cash flow from operations and achieved an adjusted EBITDA of $88.2 million, or 26.8% of sales."

Quarterly Financial Results Summary
(in thousands, except per share data)

    GAAP Results                  Q2-2017       Q2-2016       Q1-2017
                                  -------       -------       -------

    Net sales                        $329,002       $303,052       $317,377

    Operating income                  $59,090        $46,400        $50,920

    Operating margin                    18.0%         15.3%         16.0%

    Net income                        $39,991        $32,890        $32,514

    Diluted earnings per share
     (EPS)                              $0.28          $0.23          $0.23

    Non-GAAP Results

    Non-GAAP adjusted
     operating income                 $73,826        $57,462        $61,865

    Adjusted operating margin           22.4%         19.0%         19.5%

    Non-GAAP net income               $48,906        $40,290        $40,754

    Non-GAAP EPS                        $0.34          $0.28          $0.28

Third-Quarter Outlook
For the third quarter ending September 30, 2017, the Company expects sales of $325 million to $340 million, net income of $36 million to $43 million, and net income per diluted share between $0.25 and $0.30. On a non-GAAP basis, EPS is expected to range from $0.30 to $0.35 per diluted share, which reflects net income on a non-GAAP basis in the range of $43 million to $50 million, which is adjusted for expected amortization expense of approximately $11 million or $0.05 per share.

Segment Results
As of December 31, 2016, the Company changed its financial segment reporting to the following segments:

Specialty Chemicals and Engineered Materials (SCEM): SCEM provides high-performance and high-purity process chemistries, gases, and materials and safe and efficient delivery systems to support semiconductor and other advanced manufacturing processes.

Microcontamination Control (MC): MC solutions purify critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.

Advanced Materials Handling (AMH): AMH develops solutions to monitor, protect, transport, and deliver critical liquid chemistries and substrates for a broad set of applications in the semiconductor industry and other high-technology industries.

Second-Quarter Results Conference Call Details
Entegris will hold a conference call to discuss its results for the second quarter on Thursday, July 27, 2017, at 9:00 a.m. Eastern Time. Participants should dial 1-877-852-6583 or 1-719-325-2495, referencing confirmation code 1492733. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. To access a telephonic replay of the call, please [Click Here]. The replay will be available starting at 12:00 p.m. ET on Thursday, July 27 until Saturday, September 9. A live and on-demand webcast of the call can also be accessed from the investor relations section of Entegris' website at http://investor.entegris.com/.

Management's slide presentation concerning the results for the second quarter, which may be referred to during the call, will be posted on the investor relations section of http://investor.entegris.com/ Thursday morning before the call.

ABOUT ENTEGRIS
Entegris is a leading specialty materials provider for the microelectronics industry and other high-tech industries. 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, Adjusted Gross Profit, Adjusted Segment Profit, 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 Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision-making, as a means to evaluate period-to-period comparisons, as well as comparisons to our competitors' operating results. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring business operating results, such as amortization, depreciation and discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing and understanding our results and performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze our business. The reconciliations of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA, GAAP Gross Profit to Adjusted Gross Profit, GAAP Segment Profit to Adjusted Operating Income, and GAAP to Non-GAAP Earnings per Share are included elsewhere in this release.

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. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "should," "may," "will," "would" or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include those about future period guidance; future sales, net income, net income per diluted share, non-GAAP EPS, non-GAAP net income, expenses and other financial metrics; our performance relative to our markets; market and technology trends; the development of new products and the success of their introductions; the Company's capital allocation strategy; our ability to execute on our strategies; and other matters. These forward-looking statements are based on current management expectations and assumptions only as of the date of this press release, are not guarantees of future performance and involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, weakening of global and/or regional economic conditions, generally or specifically in the semiconductor industry, which could decrease the demand for our products and solutions; our ability to meet rapid demand shifts; our ability to continue technological innovation and introduce new products to meet our customers' rapidly changing requirements; our concentrated customer base; our ability to identify, effect and integrate acquisitions, joint ventures or other transactions; our ability to protect and enforce intellectual property rights; operational, political and legal risks of our international operations; our dependence on sole source and limited source suppliers; the increasing complexity of certain manufacturing processes; raw material shortages and price increases; changes in government regulations of the countries in which we operate; fluctuation of currency exchange rates; fluctuations in the market price of Entegris' stock; the level of, and obligations associated with, our indebtedness; and other risk factors and additional information described in our filings with the Securities and Exchange Commission, including under the heading "Risks Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed on February 17, 2017, and in our other periodic filings. 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

                                                                                  July 1, 2017                                          July 2, 2016                 April 1, 2017
                                                                                  ------------                                          ------------                 -------------

    Net sales                                                                                                                $329,002                     $303,052                 $317,377

    Cost of sales                                                                                                             178,699                      163,847                  177,781

                                            Gross profit                                                                        150,303                      139,205                  139,596

    Selling, general and administrative expenses                                                                               52,985                       53,597                   50,492

    Engineering, research and development expenses                                                                             27,221                       28,146                   27,239

    Amortization of intangible assets                                                                                          11,007                       11,062                   10,945

                                            Operating income                                                                     59,090                       46,400                   50,920

    Interest expense, net                                                                                                       8,103                        9,051                    8,393

    Other (income) expense, net                                                                                                  (46)                     (1,054)                     902
                                                                                                                                  ---                       ------                      ---

                                            Income before income tax expense                                                     51,033                       38,403                   41,625

    Income tax expense                                                                                                         11,042                        5,513                    9,111


                                            Net income                                                                          $39,991                      $32,890                  $32,514
                                                                                                                              =======



    Basic net income per common share:                                                                                          $0.28                        $0.23                    $0.23

    Diluted net income per common share:                                                                                        $0.28                        $0.23                    $0.23


    Weighted average shares outstanding:

                                            Basic                                                                               141,696                      140,953                  141,501

                                            Diluted                                                                             143,508                      141,723                  143,315

                                      Entegris, Inc. and Subsidiaries

                              Condensed Consolidated Statements of Operations

                                   (In thousands, except per share data)

                                                (Unaudited)


                                                                           Six months ended

                                            July 1, 2017                              July 2, 2016
                                            ------------                              ------------

    Net sales                                                            $646,379                  $570,076

    Cost of sales                                                         356,480                   316,165

                                            Gross profit                    289,899                   253,911

    Selling, general and
     administrative
     expenses                                                             103,477                   101,553

    Engineering,
     research and
     development
     expenses                                                              54,460                    54,048

    Amortization of
     intangible assets                                                     21,952                    22,351

                                            Operating income                110,010                    75,959

    Interest expense,
     net                                                                   16,496                    18,200

    Other expense
     (income), net                                                            856                   (1,729)
                                                                              ---                    ------

                                             Income before income tax
                                             expense                         92,658                    59,488

    Income tax expense                                                     20,153                    10,386
                                                                           ------                    ------

                                            Net income                      $72,505                   $49,102
                                                                          =======



    Basic net income per
     common share:                                                          $0.51                     $0.35

    Diluted net income
     per common share:                                                      $0.51                     $0.35


    Weighted average shares outstanding:

                                            Basic                           141,599                   140,867

                                            Diluted                         143,411                   141,547

                                                         Entegris, Inc. and Subsidiaries

                                                      Condensed Consolidated Balance Sheets

                                                                  (In thousands)

                                                                   (Unaudited)


                                                                                         July 1, 2017           December 31, 2016
                                                                                         ------------           -----------------

    ASSETS

    Cash and cash equivalents                                                                          $405,635                     $406,389

    Accounts receivable, net                                                                            171,113                      165,675

    Inventories                                                                                         194,155                      183,529

    Deferred tax charges and refundable  income taxes                                                    16,716                       20,140

    Other current assets                                                                                 21,374                       24,398
                                                                                                         ------                       ------

          Total current assets                                                                          808,993                      800,131


    Property, plant and equipment, net                                                                  341,146                      321,562


    Goodwill                                                                                            355,178                      345,269

    Intangible assets                                                                                   206,182                      217,548

    Deferred tax assets                                                                                   8,622                        8,022

    Other assets                                                                                          7,322                        7,000

          Total assets                                                                               $1,727,443                   $1,699,532
                                                                                                     ==========                   ==========


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Long-term debt, current maturities                                                                 $100,000                     $100,000

    Accounts payable                                                                                     56,961                       61,617

    Accrued liabilities                                                                                  75,275                       83,530

    Income tax payable                                                                                   18,786                       16,424
                                                                                                         ------                       ------

          Total current liabilities                                                                     251,022                      261,571


    Long-term debt, excluding current maturities                                                        435,910                      484,677

    Other liabilities                                                                                    58,242                       54,066

    Shareholders' equity                                                                                982,269                      899,218
                                                                                                        -------                      -------

          Total liabilities and shareholders' equity                                                 $1,727,443                   $1,699,532
                                                                                                     ==========                   ==========

                                                              Entegris, Inc. and Subsidiaries

                                                      Condensed Consolidated Statements of Cash Flows

                                                                       (In thousands)

                                                                        (Unaudited)


                                                     Three months ended                              Six months ended

                                                        July 1, 2017                                   July 2, 2016            July 1, 2017            July 2, 2016
                                                        ------------                                   ------------            ------------            ------------

    Operating activities:

    Net  income                                                        $39,991                                         $32,890                 $72,505                  $49,102

    Adjustments to reconcile net income to net
    cash provided by operating activities:

    Depreciation                                                        14,411                                          13,825                  28,388                   27,525

    Amortization                                                        11,007                                          11,062                  21,952                   22,351

    Stock-based compensation expense                                     4,039                                           3,505                   7,909                    6,366

    Provision for deferred income taxes                                  (215)                                          (720)                  3,207                    (931)

    Other                                                                6,497                                           4,408                  10,130                    9,204

    Changes in operating assets and liabilities:

    Trade accounts and notes receivable                                  4,514                                        (29,300)                (3,032)                (36,099)

    Inventories                                                        (8,422)                                          1,609                (13,837)                (11,389)

    Accounts payable and accrued liabilities                            10,177                                          23,065                (13,313)                  13,555

    Income taxes payable and refundable income taxes                     4,209                                           1,133                   2,957                      407

    Other                                                              (1,049)                                          (278)                  1,725                  (1,553)


    Net cash provided by operating activities                           85,159                                          61,199                 118,591                   78,538
    -----------------------------------------                           ------                                          ------                 -------                   ------

    Investing activities:

    Acquisition of business net of cash acquired                      (20,000)                                              -               (20,000)                       -

    Acquisition of property and equipment                             (20,302)                                       (14,325)               (42,492)                (32,144)

    Other                                                                   25                                             837                     211                  (1,658)
    -----                                                                  ---                                             ---                     ---                   ------

    Net cash used in investing activities                             (40,277)                                       (13,488)               (62,281)                (33,802)
    -------------------------------------                              -------                                         -------                 -------                  -------

    Financing activities:

    Payments on long-term debt                                        (25,000)                                       (25,000)               (50,000)                (25,000)

    Issuance of common stock                                             1,864                                           2,380                   2,905                    2,380

    Taxes paid related to net share settlement of                        (664)                                          (136)                (5,239)                 (2,203)
    equity awards

    Other                                                              (5,000)                                             42                 (9,270)                 (3,482)


    Net cash used in financing activities                             (28,800)                                       (22,714)               (61,604)                (28,305)


    Effect of exchange rate changes on cash                            (1,606)                                          4,343                   4,540                    7,487
    ---------------------------------------                             ------                                           -----                   -----                    -----

    Increase (decrease) in cash and cash equivalents                    14,476                                          29,340                   (754)                  23,918

    Cash and cash equivalents at beginning of period                   391,159                                         344,403                 406,389                  349,825
    ------------------------------------------------                   -------                                         -------                 -------                  -------

    Cash and cash equivalents at end of period                        $405,635                                        $373,743                $405,635                 $373,743
    ==========================================                        ========                                        ========                ========                 ========

                                                                             Entegris, Inc. and Subsidiaries

                                                                                   Segment Information

                                                                                      (In thousands)

                                                                                       (Unaudited)


                                                    Three months ended                                      Six months ended

    Net sales                          July 1, 2017                     July 2, 2016                                         April 1, 2017          July 1, 2017          July 2, 2016
    ---------                          ------------                     ------------                                         -------------          ------------          ------------

    Specialty Chemicals and Engineered                         $121,174                          $111,782                                  $114,435              $235,609              $212,889
    Materials

    Microcontamination Control                                  104,407                            91,584                                   100,055               204,462               169,203

    Advanced Materials Handling                                 103,421                            99,686                                   102,887               206,308               187,984
                                                                -------                            ------                                   -------               -------               -------

         Total net sales                                       $329,002                          $303,052                                  $317,377              $646,379              $570,076
                                                               ========                          ========                                  ========              ========              ========

                                          Three months ended                       Six months ended

    Segment profit                     July 1, 2017           July 2, 2016                          April 1, 2017         July 1, 2017          July 2, 2016
    --------------                     ------------           ------------                          -------------         ------------          ------------

    Specialty Chemicals and Engineered                $34,174              $28,914                                $28,140               $62,314              $51,330
    Materials

    Microcontamination Control                         36,484               28,566                                 35,581                72,065               46,706

    Advanced Materials Handling                        19,573               22,519                                 18,276                37,849               41,430
                                                       ------               ------                                 ------                ------               ------

    Total segment profit                               90,231               79,999                                 81,997               172,228              139,466

    Amortization of intangibles                        11,007               11,062                                 10,945                21,952               22,351

    Unallocated expenses                               20,134               22,537                                 20,132                40,266               41,156
                                                                           ------                                 ------

        Total operating income                        $59,090              $46,400                                $50,920              $110,010              $75,959
                                                      =======              =======                                =======              ========              =======

                                                                                               Entegris, Inc. and Subsidiaries

                                                                                Reconciliation of GAAP Gross Profit to Adjusted Gross Profit

                                                                                                       (In thousands)

                                                                                                         (Unaudited)


                                                             Three months ended                                                  Six months ended

                                                July 1, 2017                                 July 2, 2016                                         April 1, 2017          July 1, 2017          July 2, 2016
                                                ------------                                 ------------                                         -------------          ------------          ------------

    Net sales                                                          $329,002                                       $303,052                                  $317,377              $646,379               $570,076


    Gross profit-GAAP                                                  $150,303                                       $139,205                                  $139,596              $289,899               $253,911

    Adjustments to gross profit:

    Impairment of equipment                                               1,966                                              -                                        -                1,966                      -


    Adjusted gross profit                                              $152,269                                       $139,205                                  $139,596              $291,865               $253,911
                                                                       ========                                       ========                                  ========              ========               ========


    Gross margin - as a % of net sales                                    45.7%                                         45.9%                                    44.0%                44.8%                 44.5%

    Adjusted gross margin - as a % of net sales                           46.3%                                         45.9%                                    44.0%                45.2%                 44.5%
    -------------------------------------------                            ----                                           ----                                      ----                  ----                   ----

                                                                                       Entegris, Inc. and Subsidiaries

                                                                      Reconciliation of GAAP Segment Profit to Adjusted Operating Income

                                                                                                (In thousands)

                                                                                                 (Unaudited)


                                                     Three months ended                                                    Six months ended

    Segment profit-GAAP                          July 1, 2017                                    July 2, 2016                               April 1, 2017         July 1, 2017          July 2, 2016
    -------------------                          ------------                                    ------------                               -------------         ------------          ------------

    Specialty Chemicals and Engineered Materials                $34,174                                          $28,914                                  $28,140               $62,314                $51,330

    Microcontamination Control                                   36,484                                           28,566                                   35,581                72,065                 46,706

    Advanced Materials Handling                                  19,573                                           22,519                                   18,276                37,849                 41,430
                                                                 ------                                           ------                                   ------                ------                 ------

    Total segment profit                                         90,231                                           79,999                                   81,997               172,228                139,466

    Amortization of intangible assets                            11,007                                           11,062                                   10,945                21,952                 22,351

    Unallocated expenses                                         20,134                                           22,537                                   20,132                40,266                 41,156


        Total operating income                                  $59,090                                          $46,400                                  $50,920              $110,010                $75,959
                                                                =======                                          =======                                  =======              ========                =======


    Segment profit margin-GAAP

    Specialty Chemicals and Engineered Materials                  28.2%                                           25.9%                                   24.6%                26.4%                 24.1%

    Microcontamination Control                                    34.9%                                           31.2%                                   35.6%                35.2%                 27.6%

    Advanced Materials Handling                                   18.9%                                           22.6%                                   17.8%                18.3%                 22.0%

                                                     Three months ended                      Six months ended

    Adjusted segment profit                      July 1, 2017           July 2, 2016                          April 1, 2017         July 1, 2017          July 2, 2016
    -----------------------                      ------------           ------------                          -------------         ------------          ------------

    Specialty Chemicals and Engineered Materials                $34,174              $28,914                                $28,140               $62,314                $51,330

    Microcontamination Control (1)                               37,927               28,566                                 35,581                73,508                 46,706

    Advanced Materials Handling (2)                              21,859               22,519                                 18,276                40,135                 41,430
                                                                 ------               ------                                 ------                ------                 ------

    Total adjusted segment profit                                93,960               79,999                                 81,997               175,957                139,466

    Amortization of intangible assets (3)                             -                   -                                     -                    -                     -

    Unallocated expenses                                         20,134               22,537                                 20,132                40,266                 41,156

        Total adjusted operating income                         $73,826              $57,462                                $61,865              $135,691                $98,310
                                                                =======              =======                                =======              ========                =======


    Adjusted segment profit margin

    Specialty Chemicals and Engineered Materials                  28.2%               25.9%                                 24.6%                26.4%                 24.1%

    Microcontamination Control                                    36.3%               31.2%                                 35.6%                36.0%                 27.6%

    Advanced Materials Handling                                   21.1%               22.6%                                 17.8%                19.5%                 22.0%

    (1) Adjusted segment profit for
     Microcontamination Control for the three and
     six months ended July 1, 2017 excludes
     charges for impairment of equipment and
     severance of $884 and $559, respectively.

    2 Adjusted segment profit for Advanced
     Material Handling for the three and six
     months ended July 1, 2017 excludes charges
     for impairment of equipment of $2,286.

    3  Adjusted amortization of intangible assets
     excludes amortization expense of $11,007,
     $11,062, and $10,945 for the three months
     ended July 1, 2017, July 2, 2016, and April
     1, 2017, respectively and $21,952 and
     $22,351 for the six months ended July 1,
     2017 and July 2, 2016, respectively.

                                                                                                Entegris, Inc. and Subsidiaries

                                                                       Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA

                                                                                                         (In thousands)

                                                                                                          (Unaudited)


                                                       Three months ended                                                    Six months ended

                                          July 1, 2017                                   July 2, 2016                                          April 1, 2017          July 1, 2017          July 2, 2016
                                          ------------                                   ------------                                          -------------          ------------          ------------

    Net sales                                                    $329,002                                         $303,052                                   $317,377              $646,379               $570,076


    Net income                                                    $39,991                                          $32,890                                    $32,514               $72,505                $49,102

    Adjustments to net income:

    Income tax expense                                             11,042                                            5,513                                      9,111                20,153                 10,386

    Interest expense, net                                           8,103                                            9,051                                      8,393                16,496                 18,200

    Other (income) expense, net                                      (46)                                         (1,054)                                       902                   856                (1,729)
                                                                      ---                                           ------                                        ---                   ---                 ------

    GAAP - Operating income                                        59,090                                           46,400                                     50,920               110,010                 75,959

    Severance                                                         559                                                -                                         -                  559                      -

    Impairment of equipment                                         3,170                                                -                                         -                3,170                      -

    Amortization of intangible assets                              11,007                                           11,062                                     10,945                21,952                 22,351
                                                                   ------                                           ------                                     ------                ------                 ------

    Adjusted operating income                                      73,826                                           57,462                                     61,865               135,691                 98,310

    Depreciation                                                   14,411                                           13,825                                     13,977                28,388                 27,525
                                                                   ------                                           ------                                     ------                ------                 ------

    Adjusted EBITDA                                               $88,237                                          $71,287                                    $75,842              $164,079               $125,835
                                                                  =======                                          =======                                    =======              ========               ========


    Adjusted operating margin                                       22.4%                                           19.0%                                     19.5%                21.0%                 17.2%

    Adjusted EBITDA - as a % of net sales                           26.8%                                           23.5%                                     23.9%                25.4%                 22.1%
    -------------------------------------                            ----                                             ----                                       ----                  ----                   ----

                                                                                           Entegris, Inc. and Subsidiaries

                                                                           Reconciliation of GAAP Net Income to Non-GAAP Earnings per Share

                                                                                        (In thousands, except per share data)

                                                                                                     (Unaudited)


                                                                   Three months ended                                                       Six months ended

                                                               July 1, 2017                                   July 2, 2016                  April 1, 2017             July 1, 2017            July 2, 2016
                                                               ------------                                   ------------                  -------------             ------------            ------------

    GAAP net income                                                           $39,991                                         $32,890                         $32,514                 $72,505                  $49,102

    Adjustments to net income:

    Severance                                                                     559                                               -                              -                    559                        -

    Impairment of equipment                                                     3,170                                               -                              -                  3,170                        -

    Gain on sale of equity investment                                               -                                           (38)                              -                      -                   (156)

    Amortization of intangible assets                                          11,007                                          11,062                          10,945                  21,952                   22,351

    Tax effect of adjustments to net income and discrete items                (5,821)                                        (3,624)                        (2,705)                (8,526)                 (7,390)
                                                                               ------                                          ------                          ------                  ------                   ------

    Non-GAAP net income                                                       $48,906                                         $40,290                         $40,754                 $89,660                  $63,907
                                                                              =======                                         =======                         =======                 =======                  =======


    Diluted earnings per common share                                           $0.28                                           $0.23                           $0.23                   $0.51                    $0.35

    Effect of adjustments to net income                                         $0.06                                           $0.05                           $0.06                   $0.12                    $0.10

    Diluted non-GAAP earnings per common share                                  $0.34                                           $0.28                           $0.28                   $0.63                    $0.45
    ------------------------------------------                                  -----                                           -----                           -----                   -----                    -----

Contact:
Steven Cantor
VP of Corporate Relations
T + 978 436 6500
irelations@entegris.com

View original content:http://www.prnewswire.com/news-releases/entegris-reports-strong-second-quarter-results-300495010.html

SOURCE Entegris, Inc.