KLA-Tencor Reports Fiscal 2014 Third Quarter Results

Use of Non-GAAP Financial Information:
The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA-Tencor's financial results presented in accordance with United States GAAP.

To supplement KLA-Tencor's condensed consolidated financial statements presented in accordance with GAAP, the company provides certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain costs and expenses, as well as other supplemental information.  The non-GAAP and supplemental information is provided to enhance the user's overall understanding of KLA-Tencor's operating performance and its prospects in the future.  Specifically, KLA-Tencor believes that the non-GAAP information provides useful measures to both management and investors regarding financial and business trends relating to KLA-Tencor's financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results.  The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting.  However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics (for example, determining which costs and expenses to exclude when calculating such a metric) are inherently subject to significant discretion.  As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor.  The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP.

 

KLA-Tencor Corporation




Condensed Consolidated Unaudited Balance Sheets









(In thousands)

March 31, 2014


June 30, 2013

ASSETS




Cash, cash equivalents and marketable securities

$

3,026,824


$

2,918,881

Accounts receivable, net

557,661


524,610

Inventories

680,919


634,448

Other current assets

276,925


273,564

Land, property and equipment, net

326,049


305,281

Goodwill

335,246


326,635

Purchased intangibles, net

31,988


34,515

Other non-current assets

251,239


269,423

Total assets

$

5,486,851


$

5,287,357

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

120,771


$

115,680

Deferred system profit

173,595


157,965

Unearned revenue

46,179


60,838

Other current liabilities

547,102


527,049

Total current liabilities

887,647


861,532

Non-current liabilities:




Long-term debt

747,783


747,376

Pension liabilities

58,408


57,959

Income tax payable

59,765


59,494

Unearned revenue

57,818


42,228

Other non-current liabilities

35,502


36,616

Total liabilities

1,846,923


1,805,205

Stockholders' equity:




Common stock and capital in excess of par value

1,206,377


1,159,565

Retained earnings

2,464,901


2,359,233

Accumulated other comprehensive income (loss)

(31,350)


(36,646)

Total stockholders' equity

3,639,928


3,482,152

Total liabilities and stockholders' equity

$

5,486,851


$

5,287,357


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