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

 

CABOT MICROELECTRONICS CORPORATION   
CONSOLIDATED CONDENSED BALANCE SHEETS   
(Unaudited and amounts in thousands)   
    
 September 30,September 30, 
  2017  2016 
ASSETS:   
    
Current assets:   
  Cash and cash equivalents$  397,890 $  287,479 
  Accounts receivable, net    64,793    62,830 
  Inventories, net   71,873    72,123 
  Other current assets   16,426    14,398 
  Total current assets 550,982  436,830 
    
Property, plant and equipment, net   106,361    106,496 
Other long-term assets   176,757    183,904 
  Total assets$  834,100 $  727,230 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY:   
    
Current liabilities:   
  Accounts payable$  17,624 $  16,834 
  Current portion of long-term debt   10,938    7,656 
  Accrued expenses, income taxes payable and other current liabilities   62,651    41,395 
  Total current liabilities 91,213  65,885 
    
Long-term debt, net of current portion   132,997    146,961 
Other long-term liabilities   14,853    16,736 
  Total liabilities   239,063    229,582 
    
Stockholders' equity   595,037    497,648 
  Total liabilities and stockholders' equity$  834,100 $  727,230 
    

 

       
CABOT MICROELECTRONICS CORPORATION           
U.S. GAAP to Non-GAAP Reconciliation                
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)          
                 
The following presents reconciliation of the Non-GAAP financial measures included in the Cabot        
Microelectronics Corporation press release dated October 26, 2017.            
                 
                 
  Three Months Ended September 30, 2017 Twelve Months Ended September 30, 2017    
                 
  U.S. GAAP Adjustments Non-GAAP U.S. GAAP Adjustments Non-GAAP    
Gross profit $   70,050   $   1,199 $   71,249   $   254,129   $   4,794 $   258,923      
Gross profit as a percentage of revenue (1)   51.2 %     52.1 %   50.1 %     51.1 %    
                 
                 
Net income (2) $   26,502   $   1,063 $   27,565   $   86,952   $   4,265 $   91,217      
                 
                 
Diluted earnings per share (3) $ 1.03   $ 0.04 $ 1.07   $ 3.40   $ 0.16 $ 3.56      
                 
                 
(1) Non-GAAP gross profit as a percentage of revenue for the three months ended September 30, 2017 excludes $1,199 of NexPlanar amortization expense.
  Non-GAAP gross profit as a percentage of revenue for the twelve months ended September 30, 2017 excludes $4,794 of NexPlanar amortization expense.
                 
                 
(2) Non-GAAP net income for the three months ended September 30, 2017 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization
  expense recorded in operating expenses.  These adjustments are partially offset by a $604 related increase in the provision for income taxes.  
  Non-GAAP net income for the twelve months ended September 30, 2017 excludes the item mentioned above in (1) plus $1,871 of NexPlanar amortization
  expense recorded in operating expenses.  These adjustments are partially offset by a $2,400 related increase in the provision for income taxes.
                 
                 
(3) Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income.        

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