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MKS Instruments Reports Fourth Quarter and Full Year 2010 Financial Results

ANDOVER, Mass. Feb. 2, 2011

Fourth Quarter Financial Results

$219.0 million $142.8 million $221.3 million

$35.9 million $0.70 $14.9 million $0.30 $38.6 million $0.76

$34.4 million $0.67 $14.9 million $0.29 $36.8 million $0.72

Full Year Results

$853.1 million $392.7 million $142.6 million $2.80 $212.7 million $4.31 $133.4 million $2.62 $1.6 million $0.03

Leo Berlinghieri

“In 2010, we demonstrated the success of our growth strategy and the strength of our operating model. As we look to 2011, we see a number of positive indicators for our business. In the semiconductor market, demand for chips continues to increase, with growing demand for semiconductor rich products like smart phones and tablet computers. Recently, several major IC manufacturers have increased their capital spending plans for 2011, which would indicate another strong year for our semiconductor business.  In the other advanced markets we serve, we are encouraged by the continued momentum from a growing global economy, as well as from the recently announced large solar orders.  

$220 to $240 million $0.62 to $0.77 $0.62 to $0.77

Conference Call Details

8:30 a.m. (Eastern Time) www.mksinst.com February 10, 2011

Use of Non-GAAP Financial Results

the United States of America

About MKS Instruments

MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, materials delivery, gas composition analysis, control and information technology, power and reactive gas generation, and vacuum technology. Our primary served markets are manufacturers of capital equipment for semiconductor devices, and for other thin film applications including flat panel displays, solar cells, light emitting diodes, data storage media, and other advanced coatings. We also leverage our technology in other markets with advanced manufacturing applications including medical equipment, pharmaceutical manufacturing, energy generation, and environmental monitoring.

Forward-Looking Statements

This release contains projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act regarding MKS’ future growth and the future financial performance of MKS.  These projections or statements are only predictions. Actual events or results may differ materially from those in the projections or other forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the projections or other forward-looking statements are the fluctuations in capital spending in the semiconductor industry, fluctuations in net sales to MKS’ major customers, potential fluctuations in quarterly results, the challenges, risks and costs involved with integrating the operations of MKS and any acquired companies, dependence on new product development, rapid technological and market change, acquisition strategy, manufacturing and sourcing risks, volatility of stock price, international operations, financial risk management, and future growth subject to risks.  Readers are referred to MKS’ filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for a discussion of these and other important risk factors concerning MKS and its operations. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

MKS Instruments, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)

Three Months Ended

December 31,

December 31,

September 30,

2010

2009

2010

Net sales

$      218,978

$      142,777

$       221,323

Cost of sales

121,657

83,203

122,820

Gross profit

97,321

59,574

98,503

Research and development

15,790

12,801

15,070

Selling, general and administrative

32,880

26,172

28,247

Amortization of acquired intangible assets

250

691

250

Restructuring

(20)

Income from operations

48,401

19,930

54,936

Interest income, net

303

156

35

Income from continuing operations before income taxes

48,704

20,086

54,971

Provision for income taxes

14,528

5,680

18,370

Income from continuing operations

34,176

14,406

36,601

Income from discontinued operations, net of taxes

1,773

541

2,035

Net income

$        35,949

$        14,947

$         38,636

Basic income per share:

 Continuing operations

$            0.68

$            0.29

$             0.73

 Discontinued operations

0.03

0.01

0.04

 Net income

$            0.71

$            0.30

$             0.77

Diluted income per share:

 Continuing operations

$            0.67

$            0.29

$             0.72

 Discontinued operations

0.03

0.01

0.04

 Net income

$            0.70

$            0.30

$             0.76

Weighted average shares outstanding:

 Basic

50,415

49,509

50,226

 Diluted

51,245

50,459

50,994

The following supplemental Non-GAAP earnings information is presented

to aid in understanding MKS’ operating results:

Income from continuing operations

$        34,176

$        14,406

$         36,601

Adjustments (net of tax, if applicable):

 Amortization of acquired intangible assets

250

691

250

 Restructuring and related items

(20)

 Proforma tax adjustments

(66)

(220)

(66)

Non-GAAP net earnings (Note 2)

$        34,360

$        14,857

$         36,785

Non-GAAP net earnings per share (Note 2)

$            0.67

$            0.29

$             0.72

Weighted average shares outstanding

51,245

50,459

50,994

Note 1: During 2010, the Company sold two product lines that no longer met the Company’s long-term strategic objectives. The results of operations

of the two product lines have been classified as discontinued operations in the consolidated statements of operations for all periods provided.

Note 2: The Non-GAAP net earnings and Non-GAAP net earnings per share amounts exclude results of discontinued operations,

amortization of acquired intangible assets, acquisition and disposition related charges and special items, net of applicable income taxes.

MKS Instruments, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)

Twelve Months Ended

December 31,

2010

2009

Net sales

$ 853,114

$  392,693

Cost of sales

474,476

262,477

Gross profit

378,638

130,216

Research and development

62,689

50,212

Selling, general and administrative

119,841

100,429

Amortization of acquired intangible assets

1,283

2,762

Gain on sale of asset

(682)

Goodwill and asset impairment charges

142,958

Restructuring

5,516

Income (loss) from operations

195,507

(171,661)

Interest income, net

917

1,641

Income (loss) from continuing operations before income taxes

196,424

(170,020)

Provision (benefit) for income taxes

63,505

(20,659)

Income (loss) from continuing operations

132,919

(149,361)

Income (loss) from discontinued operations, net of taxes

9,668

(63,298)

Net income (loss)

$ 142,587

$ (212,659)

Basic income (loss) per share:

 Continuing operations

$       2.66

$       (3.03)

 Discontinued operations

0.19

(1.28)

 Net income (loss)

$       2.85

$       (4.31)

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