HAYWARD,
Calif., Oct. 23, 2023 /PRNewswire/ -- Ultra
Clean Holdings, Inc. (Nasdaq: UCTT), today announced select
preliminary third quarter financial results.
On July 27, 2023, the Company
announced it expected third quarter revenue in the range of
$405.0 million to $455.0 million. The Company also announced it
expected GAAP diluted net income (loss) per share to be between
$(0.19) and $0.04 and non-GAAP diluted net income per share
to be between $0.08 and $0.28.
While the Company expects third quarter total revenue to be at
or above the midpoint of the guided range, GAAP diluted net income
(loss) per share is now expected to be approximately $(0.32) and non-GAAP diluted net income per share
is now expected to be approximately $0.04. The shortfall can be primarily attributed
to an abrupt decline in Services business volume, reduced
efficiencies, and an unfavorable mix of product revenue and
geographic profits impacting the income tax rate.
UCT will release its third quarter 2023 financial as previously
noted on Wednesday, October 25, 2023
after market close and will host a conference call and webcast the
same day.
The call will take place at 1:45 p.m.
PT and can be accessed by dialing 1-844-826-3034 or
1-412-317-5179. No passcode is required. A replay of the call will
be available by dialing 1-877-344-7529 or 1-412-317-0088 and
entering the confirmation code 3581106.
The Webcast will be available on the Investor Relations section
of the Company's website at
http://uct.com/investors/events/.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier
of critical subsystems, components, parts, and ultra-high purity
cleaning and analytical services, primarily for the semiconductor
industry. Under its Products division, UCT offers its customers an
integrated outsourced solution for major subassemblies, improved
design-to-delivery cycle times, design for manufacturability,
prototyping, and high-precision manufacturing. Under its Services
Division, UCT offers its customers tool chamber parts cleaning and
coating, as well as micro-contamination analytical services. Ultra
Clean is headquartered in Hayward,
California. Additional information is available at
www.uct.com.
Use of Non-GAAP Measures
In addition to providing results that are determined in
accordance with Generally Accepted Accounting Principles in
the United States of America
("GAAP"), management uses non-GAAP gross margin, non-GAAP operating
margin and non-GAAP net income to evaluate the Company's operating
and financial results. We believe the presentation of non-GAAP
results is useful to investors for analyzing our core business and
business trends and comparing performance to prior periods, along
with enhancing investors' ability to view the Company's results
from management's perspective. The presentation of this additional
information should not be considered a substitute for results
prepared in accordance with GAAP. A reconciliation from GAAP loss
per diluted share to non-GAAP earnings per diluted share is
included at the end of this press release.
The Company defines non-GAAP net income as net loss before
amortization of intangible assets, stock-based compensation,
restructuring charges, acquisition activity costs and the tax
effects of the foregoing adjustments.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain,
"forward-looking statements" (as defined in the US Private
Securities Litigation Reform Act of 1995) which reflect our current
views with respect to future events and financial performance. We
use words such as "anticipates," "projection," "outlook,"
"forecast," "believes," "plan," "expect," "future," "intends,"
"may," "will," "estimates," "see," "predicts," "should" and similar
expressions to identify these forward-looking statements. Forward
looking statements included in this press release include our
expectations about the semiconductor capital equipment market and
outlook. All forward-looking statements address matters that
involve risks and uncertainties. Accordingly, the Company's actual
results may differ materially from the results predicted or implied
by these forward-looking statements. These risks, uncertainties and
other factors also include, among others, those identified in "Risk
Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations'' and elsewhere in our annual
report on Form 10-K for the year ended December 30, 2022, as filed with the Securities
and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no
obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future
developments or otherwise unless required by law.
Contact:
Rhonda
Bennetto
SVP Investor Relations
rbennetto@uct.com
ULTRA CLEAN
HOLDINGS, INC
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PRELIMINARY
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED
RESULTS
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Three Months
Ended
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September 29,
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2023
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Reconciliation of
GAAP Loss Per Diluted Share to Non-GAAP Earnings Per Diluted
Share
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Net loss on a GAAP
basis
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$
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(0.32)
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Amortization of
intangible assets (1)
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0.12
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Stock-based
compensation expense (2)
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0.09
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Restructuring charges
(3)
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0.07
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Acquisition-related
costs (4)
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0.02
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Income tax effect of
non-GAAP adjustments (5)
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(0.11)
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Income tax effect of
valuation allowance (6)
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0.17
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Non-GAAP net
earnings
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$
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0.04
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Weighted average number
of diluted shares (in millions) on a non-GAAP basis
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45.0
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1
Amortization of intangible assets related to the Company's business
acquisitions
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2
Represents compensation expense for stock granted to employees and
directors
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3
Represents severance, retention, operational alignments and costs
related to facility closures
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4
Represents acquisition activity costs
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5 Tax
effect of items (1) through (4) above based on the non-GAAP tax
rate
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6 The
Company's GAAP tax expense is generally higher than the Company's
non-GAAP tax expense, primarily due to losses in the
U.S. with full federal and state valuation allowances. The
Company's non-GAAP tax rate and resulting non-GAAP tax expense
considers the tax implications as if there was no federal or state
valuation allowance position in effect
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SOURCE Ultra Clean Holdings, Inc.