EX-99.1

EX-99.1 2 d97829dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Entegris Reports Second-Quarter Results

•

Quarterly revenue of $280.7 million

•

GAAP net income of $24.4 million, or $0.17 per diluted share; Non-GAAP net income of $33.9 million, or $0.24 per diluted share

•

Repaid $50 million of long-term debt in the second quarter

BILLERICA, Mass., July 30, 2015– 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 second quarter ended June 27, 2015.

The Company’s second-quarter sales of $280.7 million grew 6.6 percent sequentially and were even with pro forma sales of $280.6 million in the same quarter a year ago. Second-quarter net income of $24.4 million, or $0.17 per diluted share, included amortization of intangible assets of $11.9 million and integration-related costs of $2.4 million associated with the April 30, 2014 acquisition of ATMI, Inc. Non-GAAP net income was $33.9 million, or $0.24 per diluted share.

For the first half of fiscal 2015, sales of $544.1 million increased 2 percent from the same period a year ago on a pro forma basis despite the negative impact of foreign currency. First-half 2015 net income was $39.3 million, or $0.28 per share, which included amortization of intangible assets of $24.2 million and aggregated acquisition and integration-related of $5.0 million. Non-GAAP net income for the first half of fiscal 2015 was $59.3 million, or $0.42 per diluted share.

Bertrand Loy, president and chief executive officer, said: “We are very pleased with our business momentum and solid execution in the second quarter. We exceeded our target model, achieving an adjusted operating margin of 19.1 percent and generating $67 million of EBITDA. Including the additional $50 million of debt we repaid in the second quarter, we have repaid $126 million of debt since completing the ATMI acquisition 15 months ago.”

Mr. Loy added: “The current demand for our advanced materials and materials handling solutions and the quality and depth of our customer engagements is driving our excitement about what lies ahead for Entegris.”

Quarterly Financial Results Summary

(in millions, except per share data)


GAAP Results	Q2-2015			Q2-2014			Q1-2015
Net sales	$	280,709		$	251,578		$	263,373
Operating income (loss)		39,347			(23,368	)		27,539
Operating margin		14.0	%		(9.3	)%		10.5	%
Net income (loss)	$	24,448		($	14,669	)	$	14,872
Earnings (loss) per share (EPS)	$	0.17		($	0.11	)	$	0.11

Non-GAAP Results
Non-GAAP adjusted operating income	$	53,671		$	47,180		$	42,458
Adjusted operating margin		19.1	%		18.8	%		16.1	%
Non-GAAP net income	$	33,903		$	27,432		$	25,446
Non-GAAP EPS	$	0.24		$	0.20		$	0.18

Third-Quarter Outlook

For the fiscal third quarter ending September 26, 2015, the Company expects sales of $270 million to $285 million, net income of $18 million to $24 million, and net income per diluted share between $0.13 to $0.18 per share. On a non-GAAP basis, EPS is expected to range from $0.20 to $0.25 per diluted share, which reflects net income on a non-GAAP basis in the range of $29 million to $35 million, which is adjusted for expected amortization expense of approximately $12 million and integration expense of $1.5 million totaling approximately $13.5 million or $0.07 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.

Second-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the second quarter on Thursday, July 30, 2015, at 9:30 a.m. Eastern Time. Participants should dial 719-325-2376 or toll-free 888-428-9480, referencing confirmation code 2601071. 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 July 30, 2015 at 1:00 p.m. (ET) until Saturday, September 12, 2015. The replay can be accessed by using passcode 2601071 after dialing 1-719-457-0820 or 1-888-203-1112. 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 three months and six months ended June 28, 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 three months and six months ended June 28, 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 three months and six months ended June 28, 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
	June 27, 2015			June 28, 2014			March 28, 2015
Net sales	$	280,709		$	251,578		$	263,373
Cost of sales		152,622			162,910			146,837

Gross profit		128,087			88,668			116,536
Selling, general and administrative expenses		50,270			82,347			50,890
Engineering, research and development expenses		26,542			21,581			25,800
Amortization of intangible assets		11,928			9,390			12,307
Contingent consideration fair value adjustment		—			(1,282	)		—

Operating income (loss)		39,347			(23,368	)		27,539
Interest expense, net		9,715			12,345			9,628
Other (income) expense, net		(1,109	)		1,351			(1,733	)

Income (loss) before income tax expense and equity in net loss of affiliate		30,741			(37,064	)		19,644
Income tax expense (benefit)		6,245			(22,445	)		4,670
Equity in net loss of affiliates		48			50			102

Net income (loss)	$	24,448		($	14,669	)	$	14,872


Basic net income (loss) per common share:	$	0.17		($	0.11	)	$	0.11
Diluted net income (loss) per common share:	$	0.17		($	0.11	)	$	0.11

Weighted average shares outstanding:
Basic		140,307			139,238			139,984
Diluted		140,993			139,238			140,740

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Six months ended
	June 27, 2015			June 28, 2014
Net sales	$	544,082		$	417,382
Cost of sales		299,459			257,362

Gross profit		244,623			160,020
Selling, general and administrative expenses		101,160			117,134
Engineering, research and development expenses		52,342			37,271
Amortization of intangible assets		24,235			11,726
Contingent consideration fair value adjustment		—			(1,282	)

Operating income (loss)		66,886			(4,829	)
Interest expense, net		19,343			12,151
Other (income) expense, net		(2,842	)		1,529

Income (loss) before income tax expense and equity in net loss of affiliate		50,385			(18,509	)
Income tax expense (benefit)		10,915			(18,202	)
Equity in net loss of affiliates		150			50

Net income (loss)	$	39,320		($	357	)


Basic net income (loss) per common share:	$	0.28		($	0.00	)
Diluted net income (loss) per common share:	$	0.28		($	0.00	)

Weighted average shares outstanding:
Basic		140,146			139,083
Diluted		140,866			139,083

Entegris, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)


	June 27, 2015		December 31, 2014
ASSETS
Cash and cash equivalents	$	313,742	$	389,699
Short-term investments		3,062		4,601
Accounts receivable, net		177,543		153,961
Inventories		184,737		163,125
Deferred tax assets, deferred tax charges and refundable income taxes		26,538		30,556
Other current assets		21,004		23,713

Total current assets		726,626		765,655

Property, plant and equipment, net		312,863		313,569

Goodwill		345,453		340,743
Intangible assets, net		283,675		308,554
Deferred tax assets – non-current		4,484		5,068
Other		23,382		28,502

Total assets	$	1,696,483	$	1,762,091


LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt, current maturities	$	25,000	$	100,000
Accounts payable		58,103		57,417
Accrued liabilities		72,279		91,551
Income tax payable and deferred tax liabilities		12,523		13,552

Total current liabilities		167,905		262,520

Long-term debt, excluding current maturities		667,046		666,796
Other liabilities and deferred tax liabilities		83,956		84,334
Shareholders’ equity		777,576		748,441

Total liabilities and shareholders’ equity	$	1,696,483	$	1,762,091

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Three months ended						Six months ended
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
Operating activities:
Net income (loss)	$	24,448		($	14,669	)	$	39,320		($	357	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		13,405			11,043			26,724			18,875
Amortization		11,928			9,390			24,235			11,726
Share-based compensation expense		2,887			2,278			5,145			4,155
Charge for fair value mark-up of acquired inventory sold		—			24,293			—			24,293
Provision for deferred income taxes		5,868			(25,797	)		3,035			(25,467	)
Other		2,590			4,394			5,498			4,907

Changes in operating assets and liabilities:

Trade accounts and notes receivable		3,652			(17,052	)		(28,594	)		(24,269	)
Inventories		(20,988	)		542			(28,500	)		(7,003	)
Accounts payable and accrued liabilities		(3,164	)		16,153			(9,126	)		12,599
Income taxes payable and refundable income taxes		(3,605	)		(512	)		(364	)		1,500
Other		(775	)		994			(1,259	)		2,510


Net cash provided by operating activities		36,246			11,057			36,114			23,469

Investing activities:
Acquisition of property and equipment		(13,742	)		(15,165	)		(34,230	)		(28,945	)
Acquisition of business, net of cash acquired		—			(808,940	)		—			(808,940	)
Proceeds from sale of and maturities of short-term investments		866			5,911			1,607			5,911
Other		(1	)		(7,514	)		318			(7,119	)

Net cash used in investing activities		(12,877	)		(825,708	)		(32,305	)		(839,093	)

Financing activities:
Payments on long-term debt		(50,000	)		(37,500	)		(75,000	)		(37,500	)
Proceeds from long-term debt		—			855,200			—			855,200
Payments for debt issue costs		—			(20,747	)		—			(20,747	)
Issuance of common stock		454			503			974			503
Taxes paid related to net share settlement of equity awards		(350	)		(44	)		(2,403	)		(2,033	)
Other		217			585			352			829

Net cash (used in) provided by financing activities		(49,679	)		797,997			(76,077	)		796,252

Effect of exchange rate changes on cash		(1,335	)		1,976			(3,689	)		1,929

Decrease in cash and cash equivalents		(27,645	)		(14,678	)		(75,957	)		(17,443	)
Cash and cash equivalents at beginning of period		341,387			381,661			389,699			384,426

Cash and cash equivalents at end of period	$	313,742		$	366,983		$	313,742		$	366,983

Entegris, Inc. and Subsidiaries

Segment Information

(In thousands)

(Unaudited)


	Three months ended							Six months ended
Net sales	June 27, 2015		June 28, 2014			March 28, 2015		June 27, 2015		June 28, 2014
Critical Materials Handling	$	174,253	$	176,820		$	167,468	$	341,721	$	322,389
Electronic Materials		106,456		74,758			95,905		202,361		94,993

Total net sales	$	280,709	$	251,578		$	263,373	$	544,082	$	417,382


	Three months ended							Six months ended
Segment profit	June 27, 2015		June 28, 2014			March 28, 2015		June 27, 2015		June 28, 2014
Critical Materials Handling	$	43,732	$	41,069		$	41,341	$	85,073	$	71,595
Electronic Materials		28,559		22,708			20,222		48,781		26,412

Total segment profit		72,291		63,777			61,563		133,854		98,007
Charge for fair value mark-up of acquired inventory		—		24,293			—		—		24,293
Amortization of intangibles		11,928		9,390			12,307		24,235		11,726
Contingent consideration fair value adjustment		—		(1,282	)		—		—		(1,282	)
Unallocated expenses		21,016		54,744			21,717		42,733		68,099

Total operating income (loss)	$	39,347	($	23,368	)	$	27,539	$	66,886	($	4,829	)

Entegris, Inc. and Subsidiaries

Historical Non-GAAP Pro Forma Segment Information

(In thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
Segment Net Sales ^(a)	June 27, 2015 As Reported		June 28, 2014 Pro Forma⁽¹⁾		June 27, 2015 As Reported		June 28, 2014 Pro Forma⁽¹⁾
Critical Materials Handling	$	174,253	$	179,072	$	341,721	$	335,579
Electronic Materials		106,456		101,548		202,361		196,069

Total segment net sales	$	280,709	$	280,620	$	544,082	$	531,648


Segment profit ^(b)
Critical Materials Handling	$	43,732	$	42,055	$	85,073	$	75,630
Electronic Materials		28,559		28,900		48,781		52,850

Total segment profit	$	72,291	$	70,955	$	133,854	$	128,480

(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 June 28, 2014 as follows:

(a)

The above pro forma segment sales include amounts for the quarter and six months ended June 28, 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 $2.3 million and $13.2 million for the quarter and six months ended June 28, 2014, respectively. EM sales made by ATMI Inc. prior to the merger were $26.8 million and $101.1 million for the quarter and six months ended June 28, 2014, respectively.

(b)

The above pro forma segment profit figures include amounts for the quarter ended June 28, 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 $1.0 million and $4.0 million for the quarter and six months ended June 28, 2014, respectively. EM segment profits made by ATMI Inc. prior to the merger were $6.2 million and $26.4 million for the quarter and six months ended June 28, 2014, respectively.

(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 June 27, 2015									Six months ended June 27, 2015
	U.S. GAAP			Adjustments			Non- GAAP			U.S. GAAP			Adjustments			Non- GAAP
Net sales	$	280,709		$	—		$	280,709		$	544,082		$	—		$	544,082
Cost of sales		152,622			—			152,622			299,459			—			299,459

Gross profit		128,087			—			128,087			244,623			—			244,623
Selling, general and administrative expenses (a)		50,270			(2,396	)		47,874			101,160			(5,008	)		96,152
Engineering, research and development expenses		26,542			—			26,542			52,342			—			52,342
Amortization of intangible assets (b)		11,928			(11,928	)		—			24,235			(24,235	)		—

Operating income		39,347			14,324			53,671			66,886			29,243			96,129
Interest expense, net		9,715			—			9,715			19,343			—			19,343
Other (income) expense, net (c)		(1,109	)		56			(1,053	)		(2,842	)		(617	)		(3,459	)

Income before income tax expense and equity in net loss of affiliate		30,741			14,268			45,009			50,385			29,860			80,245
Income tax expense (d)		6,245			4,813			11,058			10,915			9,831			20,746
Equity in net loss of affiliates		48			—			48			150			—			150

Net income	$	24,448		$	9,455		$	33,903		$	39,320		$	20,029		$	59,349


Basic income per common share:	$	0.17		$	0.07		$	0.24		$	0.28		$	0.14		$	0.42
Diluted income per common share:	$	0.17		$	0.07		$	0.24		$	0.28		$	0.14		$	0.42

Weighted average shares outstanding:
Basic		140,307			140,307			140,307			140,146			140,146			140,146
Diluted		140,993			140,993			140,993			140,866			140,866			140,866

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 six months ended June 27, 2015 is adjusted for $2.4 million and $5.0 million, respectively, for deal costs, integration costs, and transaction-related costs related to the ATMI, Inc. acquisition.

b)	Non-GAAP amortization expense for the three and six months ended June 27, 2015 is adjusted for $11.9 million and $24.2 million, respectively, for amortization expense related to the ATMI and prior acquisitions.

c)	Non-GAAP other (income) expense, net for the three and six month ended June 27, 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 six months ended June 27, 2015 is adjusted for $4.8 million and $9.8 million related to the adjustments noted above and other items related to the ATMI acquisition and other matters.

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									Six months ended
	June 27, 2015			June 28, 2014			March 28, 2015			June 27, 2015			June 28, 2014
Net sales	$	280,709		$	251,578		$	263,373		$	544,082		$	417,382

Net income (loss)	$	24,448		($	14,669	)	$	14,872		$	39,320		($	357	)

Adjustments to net income (loss):
Equity in net loss of affiliates		48			50			102			150			50
Income tax (benefit) expense		6,245			(22,445	)		4,670			10,915			(18,202	)
Interest expense, net		9,715			12,345			9,628			19,343			12,151
Other ( income) expense, net		(1,109	)		1,351			(1,733	)		(2,842	)		1,529

GAAP – Operating (loss) income		39,347			(23,368	)		27,539			66,886			(4,829	)
Charge for fair value mark-up of acquired inventory sold		—			24,293			—			—			24,293
Transaction-related costs		—			26,806			—			—			26,806
Deal costs		—			7,844			—			—			9,125
Integration costs		2,396			3,497			2,612			5,008			3,497
Contingent consideration fair value adjustment		—			(1,282	)		—			—			(1,282	)
Amortization of intangible assets		11,928			9,390			12,307			24,235			11,726

Adjusted operating income		53,671			47,180			42,458			96,129			69,336
Depreciation		13,405			11,043			13,319			26,724			18,875

Adjusted EBITDA	$	67,076		$	58,223		$	55,777		$	122,853		$	88,211


Adjusted operating margin		19.1	%		18.8	%		16.1	%		17.7	%		16.6	%
Adjusted EBITDA – as a % of net sales		23.9	%		23.1	%		21.2	%		22.6	%		21.1	%

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Earnings per Share

(In thousands, except per share data)

(Unaudited)


	Three months ended									Six months ended
	June 27, 2015			June 28, 2014			March 28, 2015			June 27, 2015			June 28, 2014
Net income (loss)	$	24,448		($	14,669	)	$	14,872		$	39,320		($	357	)

Adjustments to net income (loss):
Charge for fair value mark-up of acquired inventory sold		—			24,293			—			—			24,293
Transaction-related costs		—			26,806			—			—			26,806
Deal costs		—			12,007			—			—			13,288
Integration costs		2,396			3,497			2,612			5,008			3,497
Contingent consideration fair value adjustment		—			(1,282	)		—			—			(1,282	)
Amortization of intangible assets		11,928			9,390			12,307			24,235			11,726
Net (gain) loss on impairment or sale of equity investment		(56	)		—			673			617			—
Tax effect of adjustments of net income (loss)		(4,813	)		(32,610	)		(5,018	)		(9,831	)		(33,889	)

Non-GAAP net income	$	33,903		$	27,432		$	25,446		$	59,349		$	44,082


Diluted income (loss) per common share	$	0.17		($	0.11	)	$	0.11		$	0.28		$	0.00
Effect of adjustments to net income (loss)		0.07			0.30			0.08			0.14			0.32
Diluted non-GAAP income per common share	$	0.24		$	0.20		$	0.18		$	0.42		$	0.32

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