DANBURY, Conn. (AP) -- ATMI Inc. said Wednesday its first-quarter profit tumbled 52 percent, pulled down by a drop in revenue on a hefty charge related to a recent acquisition.
The Danbury, Conn.-based specialty semiconductor materials maker earned $3.9 million, or 12 cents per share in the three months ended March 31. That was down from $8 million, or 25 cents per share, in the same period last year.
The recent quarter's results included $2.5 million, or 4 cents per share, in charges related to the company's $95 million acquisition of Safe Delivery Source gas storage and delivery system from Matheson Tri-Gas Inc.
Excluding those expenses, the company earned 16 cents per share for the recent quarter.
Revenue fell 8 percent to $92.6 million from $100.7 million.
The results fell short of Wall Street predictions. Analysts, on average, expected a profit of 19 cents per share on $97.2 million in revenue, according to data provider FactSet.
ATMI said that once the integration of Safe Delivery Source is complete, it still expects the company's technology to boost its revenue by $7 million to $8 million and earnings by 8 cents to 9 cents per share each quarter.
ATMI shares fell 93 cents, or 4.1 percent, to $22.11 in late afternoon trading.