Cabot Microelectronics Reports Results for Second Fiscal Quarter
2004 AURORA, Ill., April 22 /PRNewswire-FirstCall/ -- Cabot
Microelectronics Corporation , the leading supplier of chemical
mechanical planarization (CMP) polishing slurries to the
semiconductor industry, today reported financial results for its
second fiscal quarter, which ended March 31, 2004. Total revenue
for the second fiscal quarter of 2004 was $73.5 million, down 3.6%
from $76.3 million in the prior quarter and up 18.2% from $62.2
million in the second quarter a year ago. While overall sales
volumes increased slightly from the prior quarter, revenue was
adversely affected by a decline in the overall average selling
price as a result of a lower valued product mix and selective price
reductions. Gross profit of $36.1 million in the quarter was down
by 3.0% sequentially from the $37.3 million reported in the prior
quarter and up 18.9% from the $30.4 million reported in the year
ago quarter. As a percentage of revenue, gross profit increased to
49.2% this quarter from 48.8% last quarter, primarily due to higher
yields in the company's manufacturing process and overall lower
product costs, partially offset by lower prices. Gross profit in
the same quarter of last year represented 48.9% of revenue.
Operating expenses of $21.3 million, consisting of research and
development, selling and marketing, and general and administrative
expenses, increased sequentially by $1.6 million, and were $4.5
million higher than the comparable quarter last year. The increase
from the prior quarter was partially attributable to approximately
$0.5 million in separation costs associated with the departure of
two executives, which the company had previously disclosed, along
with annual wage and salary increases that became effective on
January 1, higher depreciation, and a modest increase in research
and development expense. Net income for the quarter was $9.7
million, down 16.2% from $11.6 million in the previous quarter and
up 7.3% from $9.1 million in the year ago quarter. Diluted earnings
per share were $0.39 this quarter, compared to $0.46 in the
previous quarter and $0.37 in the year ago quarter. "While it has
been a challenging quarter, we believe we are well-positioned for
continued leadership in the competitive CMP slurry arena," stated
William P. Noglows, Cabot Microelectronics' Chairman and CEO. "We
view our operational and technical capabilities and facilities as
unmatched in the industry, enabling us to continue to meet our
customers' increasing requirements for product quality and
performance. Further, the breadth and depth of our infrastructure,
along with a renewed focus on costs, provide us with continued
opportunities to capture efficiencies and economies of scale in our
business." Conference Call Cabot Microelectronics' quarterly
earnings conference call will be held today at 9:00 a.m. Central
Time. The live conference call and a subsequent replay will be
available via webcast at http://www.cabotcmp.com/ . Access to the
live call is also available by phone at 800-893-3008, access code
4711975. Callers outside of the U.S. can dial 706-634-5531. For
assistance, call 630-499-2600. This press release, as well as the
transcript of the formal comments made during the conference call,
will be available in the Investor Relations section of the
company's web site at http://www.cabotcmp.com/ . About Cabot
Microelectronics Cabot Microelectronics, headquartered in Aurora,
Illinois, is the leading supplier of CMP slurries for polishing
various materials used in semiconductor manufacturing processes.
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. For
more information about Cabot Microelectronics, visit
http://www.cabotcmp.com/ or call 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 and trends, growth of this market,
international events, product performance, new product
introductions and development of new products and technologies by
Cabot Microelectronics. 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 the
actual results to differ materially from those described by these
forward-looking statements. In particular, see "Risks Relating to
Our Business" in Management's Discussion and Analysis in our
quarterly report on Form 10-Q for the quarter ended December 31,
2003, and our Annual Report on Form 10-K for the fiscal year ended
September 30, 2003, both filed with the SEC. Cabot Microelectronics
Corporation assumes no obligation to update this forward-looking
information. Contact: William S. Johnson Vice President and Chief
Financial Officer Cabot Microelectronics Corporation 630/375-6631
CABOT MICROELECTRONICS CORPORATION CONSOLIDATED STATEMENTS OF
INCOME (Unaudited and amounts in thousands, except per share
amounts) Quarter Ended Six Months Ended March 31, Dec. 31, March
31, March 31, March 31, 2004 2003 2003 2004 2003 Revenue $73,515
$76,279 $62,201 $149,794 $119,474 Cost of goods sold 37,366 39,026
31,786 76,392 59,451 Gross profit 36,149 37,253 30,415 73,402
60,023 Operating expenses: Research and development 11,143 10,723
9,609 21,866 18,244 Selling and marketing 4,363 3,783 2,554 8,146
5,132 General and administrative 5,749 5,124 4,595 10,873 8,963
Amortization of intangibles 85 85 85 170 170 Total operating
expenses 21,340 19,715 16,843 41,055 32,509 Operating income 14,809
17,538 13,572 32,347 27,514 Other income (expense), net (86) 36 43
(50) 38 Income before income taxes 14,723 17,574 13,615 32,297
27,552 Provision for income taxes 5,006 5,976 4,561 10,982 9,230
Net income $9,717 $11,598 $9,054 $21,315 $18,322 Basic earnings per
share $0.39 $0.47 $0.37 $0.86 $0.75 Weighted average basic shares
outstanding 24,785 24,733 24,346 24,761 24,325 Diluted earnings per
share $0.39 $0.46 $0.37 $0.85 $0.75 Weighted average diluted shares
outstanding 24,926 24,994 24,593 24,935 24,589 CABOT
MICROELECTRONICS CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited and amounts in thousands) March 31, September 30, 2004
2003 ASSETS: Current assets: Cash and cash equivalents $140,264
$111,318 Accounts receivable, net 38,452 37,564 Inventories, net
23,861 23,814 Other current assets 8,427 6,416 Total current assets
211,004 179,112 Property, plant and equipment, net 129,799 133,695
Other long-term assets 2,660 2,810 Total assets $343,463 $315,617
LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts
payable $14,398 $12,521 Capital lease obligations 1,591 1,716
Accrued expenses and other current liabilities 12,141 14,679 Total
current liabilities 28,130 28,916 Capital lease obligations 6,835
7,452 Deferred income taxes and other long-term liabilities 8,669
7,476 Total liabilities 43,634 43,844 Stockholders' equity 299,829
271,773 Total liabilities and stockholders' equity $343,463
$315,617 DATASOURCE: Cabot Microelectronics Corporation CONTACT:
William S. Johnson, Vice President and Chief Financial Officer of
Cabot Microelectronics Corporation, +1-630-375-6631 Web site:
http://www.cabotcmp.com/
Copyright
CMC Materials (NASDAQ:CCMP)
Historical Stock Chart
From May 2024 to Jun 2024
CMC Materials (NASDAQ:CCMP)
Historical Stock Chart
From Jun 2023 to Jun 2024