Global Economic Environment Adversely Affects Cabot Microelectronics Corporation’s Revenue for the Quarter Ended December 3...
January 07 2009 - 6:00AM
Business Wire
Cabot Microelectronics Corporation (Nasdaq: CCMP), the world�s
leading supplier of chemical mechanical planarization (CMP)
polishing slurries to the semiconductor industry, announced today
that it has experienced significantly lower demand for its products
in the quarter ended December 31, 2008 compared to the previous
quarter and the same quarter last year, reflecting substantial and
precipitous weakness in the semiconductor industry, fueled by a
soft global economy. The company expects to report revenue in its
first fiscal quarter ended December 31, 2008 in the range of $62
million to $63 million, or approximately 33 percent lower than in
the same quarter last year. �Over the past few months we have seen
an unprecedented drop in demand for our products, which we believe
is driven by significantly reduced consumer and business spending
on electronics amid an uncertain economic environment, and is
generally in-line with the decrease in overall industry demand. In
light of the soft demand environment, we are taking a number of
actions to improve our operating effectiveness,� stated Mr. William
Noglows, Chairman, President and CEO of Cabot Microelectronics
Corporation. �Although this decrease in market demand is
extraordinary, we believe our profitable business model, solid
balance sheet and limited capital requirements to run our core CMP
consumables business afford us the flexibility to sustain our
business in this recessionary environment, and allow us to continue
to execute on our two-pronged growth strategy.� CONFERENCE CALL On
January 7, 2009 at 10:00 a.m. Central Time, Cabot Microelectronics
will host a conference call to discuss demand for its products in
the quarter ended December 31, 2008. The live conference call will
be available via webcast from the company�s website,
www.cabotcmp.com, or by phone at (866) 202-3109. Callers outside
the U.S. can dial (617) 213-8844. The conference code for the call
is 14884769. A replay will be available through February 7, 2009
via webcast at www.cabotcmp.com. 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 slurries used in semiconductor and data
storage manufacturing. The company's products play a critical role
in the production of the most advanced semiconductor devices,
enabling the manufacture of smaller, faster and more complex
devices by its customers. Since becoming an independent public
company in 2000, the company has grown to approximately 800
employees. The company is also leveraging its expertise in CMP
slurry formulation, materials and polishing techniques developed
for the semiconductor industry and applying it to demanding surface
modification applications where shaping, enabling and enhancing the
performance of surfaces is critical to success. For more
information about Cabot Microelectronics Corporation, visit
www.cabotcmp.com or contact Amy Ford, 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; international events 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; the acquisition of or
investment in other entities; uses and investment of the company�s
cash balance; and the construction 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 Securities and Exchange
Commission (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,
2008, filed with the SEC. Cabot Microelectronics assumes no
obligation to update this forward-looking information.
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