Cabot Microelectronics Corporation Reports Strong Results for First Quarter of Fiscal 2017
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CABOT MICROELECTRONICS CORPORATION | | | |
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CONSOLIDATED CONDENSED BALANCE SHEETS | | | |
| (Unaudited and amounts in thousands) | | | |
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| | | | December 31, | | | September 30, |
| | | | 2016 | | | 2016 |
| ASSETS: | | | | | | |
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| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 305,714 | | $ | 287,479 |
| Accounts receivable, net | | | 66,828 | | | 62,830 |
| Inventories, net | | | 71,088 | | | 72,123 |
| Other current assets | | | 13,679 | | | 14,398 |
| Total current assets | | | 457,309 | | | 436,830 |
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| Property, plant and equipment, net | | | 102,999 | | | 106,496 |
| Other long-term assets | | | 180,690 | | | 183,904 |
| Total assets | | $ | 740,998 | | $ | 727,230 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY: | | | |
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| Current liabilities: | | | |
| Accounts payable | | $ | 19,575 | | $ | 16,834 |
| Current portion of long-term debt | | | 10,938 | | | 7,656 |
| Accrued expenses, income taxes payable and other current liabilities | | | 39,385 | | | 41,395 |
| Total current liabilities | | | 69,898 | | | 65,885 |
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| Long-term debt, net of current portion | | | 143,745 | | | 146,961 |
| Other long-term liabilities | | | 14,000 | | | 16,736 |
| Total liabilities | | | 227,643 | | | 229,582 |
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| Stockholders' equity | | | 513,355 | | | 497,648 |
| Total liabilities and stockholders' equity | | $ | 740,998 | | $ | 727,230 |
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CABOT MICROELECTRONICS CORPORATION | | |
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U.S. GAAP to Non-GAAP Reconciliation | | |
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Gross Profit as a Percentage of Revenue, Net Income and Diluted Earnings Per Share |
| (Unaudited and amounts in thousands, except per share and percentage amounts) |
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| The following presents reconciliation of the Non-GAAP financial measures included in the Cabot |
| Microelectronics Corporation press release dated January 26, 2017. | |
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| | Three Months Ended December 31, 2016 |
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| | | U.S. GAAP | | | | Adjustments | | | Non-GAAP | |
| Gross profit | $ | 61,505 | | | $ | 1,198 | | $ | 62,703 | |
| Gross profit as a percentage of revenue (1) | | 49.9 | % | | | | 50.9 | % |
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| Net income (2) | $ | 22,231 | | | $ | 1,067 | | $ | 23,298 | |
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| Diluted earnings per share (3) | $ | 0.88 | | | $ | 0.04 | | $ | 0.92 | |
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| (1) Non-GAAP gross profit as a percentage of revenue for the three months ended December 31, 2016 excludes $1,198 of NexPlanar amortization expense. |
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| (2) Non-GAAP net income for the three months ended December 31, 2016 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization |
| expense recorded in operating expenses. These adjustments are partially offset by a $599 related increase in the provision for income taxes. |
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| (3) Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income. |
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