Cabot Microelectronics Corporation Reports Record Results for Fourth Quarter and Full Fiscal Year 2017

Net income for the quarter was a record $26.5 million, which was 28.0 percent higher than the $20.7 million reported in the same quarter last year. The increase was primarily due to higher revenue and a higher gross profit margin, partially offset by a higher tax rate and higher operating expenses. Excluding amortization expense related to NexPlanar, net income this quarter was $27.6 million on a non-GAAP basis. Net income for the full fiscal year was a record $87.0 million, which increased by 45.3 percent from $59.8 million in fiscal 2016. The increase was primarily due to higher revenue and a higher gross profit margin, partially offset by a higher tax rate and higher operating expenses. Excluding the referenced amortization expense, net income this fiscal year was $91.2 million on a non-GAAP basis.

Diluted earnings per share were a record $1.03 this quarter, which was 24.1 percent higher than the $0.83 reported in the fourth quarter of fiscal 2016. Excluding the amortization expense related to NexPlanar, diluted earnings per share this quarter were $1.07 on a non-GAAP basis. The company achieved record diluted earnings per share of $3.40 for full fiscal year 2017, which is 39.9 percent higher than the $2.43 reported last year. Excluding the amortization expense, diluted earnings per share this fiscal year were $3.56 on a non-GAAP basis.

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 95400341. 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.

USE OF NON-GAAP FINANCIAL INFORMATION
The company presented the following measures considered as non-GAAP by the U.S. Securities and Exchange Commission: gross profit margin, net income and diluted earnings per share, excluding the effects of amortization expense related to its October 2015 acquisition of NexPlanar Corporation. The non-GAAP financial information provided in this press release is a supplement to, and not a substitute for, the company’s financial results presented in accordance with U.S. GAAP. These non-GAAP financial measures are provided to enhance the investor's understanding about the company's ongoing operations. Specifically, the company believes the NexPlanar amortization expense is not indicative of its core operating results, and thus presents its gross profit margin, net income and diluted earnings per share excluding this expense. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with U.S. GAAP. A reconciliation table of GAAP to non-GAAP financial measures, including gross profit percentage, net income and diluted earnings per share, is contained in this press release.

ABOUT CABOT MICROELECTRONICS CORPORATION
Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is the world's leading supplier of CMP polishing slurries and second largest CMP pads supplier to the semiconductor industry. The company’s products play a critical role in the production of advanced semiconductor devices, helping to enable the manufacture of smaller, faster and more complex devices by its customers. The company's mission is to create value by delivering high-performing and innovative solutions that solve its customers’ challenges. The company has approximately 1,150 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; growth or contraction, and trends in the industry and markets in which the company participates; the company’s management; various economic or political factors and international or national events; regulatory or legislative activity; 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; the company’s supply chain; the financial conditions of the company’s customers; natural disasters; the acquisition of, investment in, or collaboration with other entities; uses and investment of the company’s cash balance, including dividends and share repurchases, which may be suspended, terminated or modified at any time for any reason, based on a variety of factors; financing facilities and related debt, payment of principal and interest, and compliance with covenants and other terms; the company’s capital structure; the company’s current or future tax rate; 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 quarterly report on Form 10-Q for the quarter ended June 30, 2017 and in the company’s annual report on Form 10-K for the fiscal year ended September 30, 2016, both 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 EndedTwelve Months Ended 
  September 30,June 30,September 30,September 30,September 30, 
   2017  2017   2016  2017  2016 
  
Revenue $  136,784 $  127,957  $  122,684 $  507,179 $  430,449 
        
Cost of goods sold      66,734     65,414       61,598     253,050     220,247  
               
  Gross profit     70,050     62,543       61,086     254,129     210,202  
               
Operating expenses:              
               
  Research, development & technical      13,839     14,333       15,842     55,658     58,532  
               
  Selling & marketing      8,680     7,346       8,057     30,846     27,717  
               
  General & administrative      14,489     13,953       11,454     55,637     49,445  
               
  Total operating expenses     37,008     35,632       35,353     142,141     135,694  
               
Operating income     33,042     26,911       25,733     111,988     74,508  
               
Interest expense     1,127     1,117       1,187     4,529     4,723  
               
Other income (expense), net     798     (115   )   257     1,913     653  
               
Income before income taxes     32,713     25,679       24,803     109,372     70,438  
               
Provision for income taxes      6,211     5,740       4,096     22,420     10,589  
               
  Net income   $   26,502   $   19,939     $   20,707   $   86,952   $   59,849  
               
               
               
Income available to common shareholders   $   26,434   $   19,887     $   20,589   $   86,696   $   59,488  
               
               
Basic earnings per share    $ 1.05   $ 0.79     $ 0.85   $ 3.47   $ 2.47  
               
Weighted average basic shares outstanding      25,236     25,228       24,234     25,015     24,077  
               
Diluted earnings per share    $ 1.03   $ 0.77     $ 0.83   $ 3.40   $ 2.43  
               
Weighted average diluted shares outstanding      25,710     25,721       24,678     25,512     24,477  
   

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