- Revenue of $111.9 Million, 11.4 Percent Higher Than
Last Year
- Gross Profit Margin of 50.9 Percent of
Revenue, Up 340 Basis Points
Year-Over-Year
- Record Earnings Per Share of 80 Cents, Up 77.8
Percent Compared to Last Year
- Cash Flow From Operations of $21.7
Million
Cabot Microelectronics Corporation (Nasdaq:CCMP), the world's
leading supplier of chemical mechanical planarization (CMP)
polishing slurries and a growing CMP pad supplier to the
semiconductor industry, today reported financial results for its
first quarter of fiscal 2015, which ended December 31, 2014.
Total revenue during the first fiscal quarter was $111.9
million, 11.4 percent higher than the same quarter last year. The
company achieved record quarterly revenue in its Tungsten product
area for the third consecutive quarter, and double digit
year-over-year revenue growth in its Aluminum, Tungsten, Pads and
Advanced Dielectrics product areas. The company recorded a gross
profit margin of 50.9 percent of revenue in the first fiscal
quarter, which is 340 basis points higher than in the same quarter
last year. The company also achieved record diluted earnings
per share of $0.80, representing an increase of 77.8 percent
compared to the same quarter last year. Cash flow from
operations was $21.7 million. The company's balance sheet
reflects a cash balance of $295.4 million and $170.6 million of
debt outstanding as of December 31, 2014. During the quarter,
the company purchased $15.0 million of stock under its share
repurchase program.
"We are delighted with our very strong start to fiscal 2015,
reflecting 11 percent revenue growth compared to last year, and
including double digit revenue growth in most of our IC CMP product
areas. In addition, we achieved a significantly higher gross
margin percentage, as well as a record level of profit for our
company," said David Li, President and CEO of Cabot
Microelectronics. "We believe our results are evidence of the
continued successful execution of our strategic business
initiatives, including closely collaborating with our strategic
customers, technology leadership and global supply chain
excellence. Looking ahead, we expect to continue to partner
with our technology leading customers to innovate and commercialize
leading-edge CMP solutions to meet their challenging product
performance requirements."
Key Financial Information
Total first fiscal quarter revenue of $111.9 million represents
a 11.4 percent increase from the $100.5 million reported in the
same quarter last year, including 10.2 percent revenue growth from
the company's IC CMP consumables products. In particular, the
company achieved record quarterly revenue for the third consecutive
quarter in its Tungsten product area, which grew 20.8 percent
year-over-year. Compared to the same quarter last year,
revenue from the company's Aluminum, Pads and Advanced Dielectrics
product areas grew 35.6 percent, 18.2 percent and 18.1 percent,
respectively. Revenue from slurries for Interlayer Dielectrics
and Data Storage applications decreased. Foreign exchange
effects reduced revenue by $1.2 million year-over-year, primarily
due to the weaker Japanese yen versus the U.S. dollar.
Gross profit, expressed as a percentage of revenue, was 50.9
percent this quarter, which is 340 basis points higher than the
47.5 percent of revenue reported in the same quarter a year
ago. Compared to the year ago quarter, gross profit percentage
increased primarily due to product mix, higher sales volume and
benefits associated with foreign exchange rate changes, partially
offset by effects of lower manufacturing yields, higher raw
material costs, and higher fixed manufacturing costs. The
company's full fiscal year gross profit guidance range of 48 to 50
percent of revenue remains unchanged.
Operating expenses, which include research, development and
technical, selling and marketing, and general and administrative
expenses, were $34.4 million in the first fiscal quarter, or $2.4
million higher than the $32.0 million reported in the same quarter
a year ago, primarily due to separation costs associated with the
departure of three executive officers, which was announced on
January 5, and higher incentive compensation costs. The
company continues to expect operating expenses for the full fiscal
year to be between $132 million and $137 million.
Net income for the quarter was $19.9 million, which is 76.1
percent higher than $11.3 million reported in the same quarter last
year. Net income increased primarily due to higher revenue, a
higher gross profit margin and a lower effective tax rate,
partially offset by higher operating expenses. The company's
effective tax rate was lower primarily due to lower income tax
expense on foreign earnings and the reinstatement of the U.S.
research and experimentation tax credit.
Diluted earnings per share were $0.80 this quarter, which
represents a record level for the company, and an increase of 77.8
percent compared to $0.45 reported in the same quarter last
year.
CEO TRANSITION
On December 16, 2014, the company announced that its Board of
Directors had elected David H. Li as President and CEO and member
of the Board, effective January 1, 2015, and that William P.
Noglows, who served as Chairman, President and CEO since 2003, will
continue to serve as Executive Chairman of the Board of
Directors. A copy of the related press release is available in
the investor relations section of the company's website,
www.cabotcmp.com. For additional information, see the
company's current report on Form 8-K, and Proxy Statement, filed
with the Securities and Exchange Commission (SEC) on December 16
and January 20, respectively.
CONFERENCE CALL
Cabot Microelectronics Corporation's quarterly earnings
conference call will be held today at 9:00 a.m. Central
Time. The conference call will be available via live webcast
and replay from the company's website, www.cabotcmp.com, or by
phone at (844) 825-4410. Callers outside the U.S. can dial
(973) 638-3236. The conference code for the call is
62097135. A transcript of the formal comments made during the
conference call will also be available in the Investor Relations
section of the company's website.
ABOUT CABOT MICROELECTRONICS CORPORATION
Cabot Microelectronics Corporation, headquartered in Aurora,
Illinois, is the world's leading supplier of CMP polishing slurries
and a growing CMP pad supplier to the semiconductor
industry. The company's products play a critical role in the
production of advanced semiconductor devices, enabling the
manufacture of smaller, faster and more complex devices by its
customers. The company's mission is to create value by
developing reliable and innovative solutions, through close
customer collaboration, that solve today's challenges and help
enable tomorrow's technology. The company has approximately
1,050 employees on a global basis. For more information about
Cabot Microelectronics Corporation, visit www.cabotcmp.com or
contact Trisha Tuntland, Director of Investor Relations at
630-499-2600.
SAFE HARBOR STATEMENT
This news release may include statements that constitute
"forward looking statements" within the meaning of federal
securities regulations. These forward-looking statements
include statements related to: future sales and operating
results; company and industry growth, contraction or trends; growth
or contraction of the markets in which the company participates;
the company's management, international events, regulatory or
legislative activity, or various economic factors; product
performance; the generation, protection and acquisition of
intellectual property, and litigation related to such intellectual
property; new product introductions; development of new products,
technologies and markets; natural disasters; the acquisition of or
investment in other entities; uses and investment of the company's
cash balance; financing facilities and related debt, payment of
principal and interest, and compliance with covenants and other
terms; the company's capital structure; and the operation of
facilities by Cabot Microelectronics Corporation. These
forward-looking statements involve a number of risks,
uncertainties, and other factors, including those described from
time to time in Cabot Microelectronics' filings with the SEC, that
could cause actual results to differ materially from those
described by these forward-looking statements. In particular,
see "Risk Factors" in the company's annual report on Form 10-K for
the fiscal year ended September 30, 2014, filed with the
SEC. Cabot Microelectronics assumes no obligation to update
this forward-looking information.
CABOT MICROELECTRONICS
CORPORATION |
CONSOLIDATED STATEMENTS
OF INCOME |
(Unaudited and amounts in
thousands, except per share amounts) |
|
|
|
Quarter Ended |
|
December 31, |
September 30, |
December 31, |
|
2014 |
2014 |
2013 |
|
|
|
|
Revenue |
$ 111,934 |
$ 116,337 |
$ 100,515 |
|
|
|
|
Cost of goods sold |
54,960 |
59,209 |
52,801 |
|
|
|
|
Gross profit |
56,974 |
57,128 |
47,714 |
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research, development &
technical |
15,018 |
15,051 |
14,571 |
|
|
|
|
Selling &
marketing |
7,639 |
6,846 |
6,707 |
|
|
|
|
General &
administrative |
11,751 |
12,236 |
10,726 |
|
|
|
|
Total operating expenses |
34,408 |
34,133 |
32,004 |
|
|
|
|
Operating income |
22,566 |
22,995 |
15,710 |
|
|
|
|
Interest expense |
906 |
807 |
872 |
|
|
|
|
Other income (expense), net |
1,057 |
(448) |
617 |
|
|
|
|
Income before income taxes |
22,717 |
21,740 |
15,455 |
|
|
|
|
Provision for income taxes |
2,801 |
5,694 |
4,147 |
|
|
|
|
Net income |
$ 19,916 |
$ 16,046 |
$ 11,308 |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common shareholders |
$ 19,685 |
$ 15,831 |
$ 11,181 |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 0.83 |
$ 0.67 |
$ 0.47 |
|
|
|
|
Weighted average basic shares
outstanding |
23,651 |
23,500 |
23,590 |
|
|
|
|
Diluted earnings per share |
$ 0.80 |
$ 0.65 |
$ 0.45 |
|
|
|
|
Weighted average diluted shares
outstanding |
24,486 |
24,334 |
24,623 |
|
|
CABOT MICROELECTRONICS
CORPORATION |
CONSOLIDATED CONDENSED
BALANCE SHEETS |
(Unaudited and amounts in
thousands) |
|
|
December 31, |
September 30, |
|
2014 |
2014 |
ASSETS: |
|
|
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 295,429 |
$ 284,155 |
Accounts receivable,
net |
61,365 |
60,693 |
Inventories, net |
62,618 |
64,979 |
Other current assets |
25,045 |
18,166 |
Total current assets |
444,457 |
427,993 |
|
|
|
Property, plant and equipment, net |
95,299 |
100,821 |
Other long-term assets |
68,318 |
72,353 |
Total assets |
$ 608,074 |
$ 601,167 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Current liabilities: |
|
|
Accounts payable |
$ 13,137 |
$ 15,304 |
Current portion of long-term
debt |
8,750 |
8,750 |
Accrued expenses, income taxes
payable and other current liabilities |
31,832 |
31,394 |
Total current liabilities |
53,719 |
55,448 |
|
|
|
Long-term debt, net of current portion |
161,875 |
164,063 |
Other long-term liabilities |
9,435 |
9,654 |
Total liabilities |
225,029 |
229,165 |
|
|
|
Stockholders' equity |
383,045 |
372,002 |
Total liabilities and
stockholders' equity |
$ 608,074 |
$ 601,167 |
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