Cabot Microelectronics Reports Results for First Fiscal Quarter 2002.Business/Technology Editors AURORA Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. , Ill.--(BUSINESS WIRE)--Jan. 24, 2002 Cabot Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. Corporation (Nasdaq: CCMP CCMP Comprehensive Conservation and Management Plan CCMP Counter-Mode/CBC-Mac Protocol (IEEE 802.11I encryption algorithm) CCMP Capacitively Coupled Microwave Plasma CCMP Coalition of Concerned Medical Professionals ), the leading supplier of chemical mechanical planarization (CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information ) polishing slurries to the semiconductor industry, today reported financial results for its first fiscal quarter ended December December: see month. 31, 2001. Revenue for the first fiscal quarter ended December 31, 2001 was $51.0 million, essentially flat on a sequential One after the other in some consecutive order such as by name or number. basis with revenue in the fourth fiscal quarter ended September September: see month. 30, 2001. Compared to the record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for revenue level achieved in the first fiscal quarter a year ago, revenue was down 26% primarily as a result of the current semiconductor industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and weak global economic conditions. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the quarter of 53.4% returned to the upper end of its range over the past year from the low rate of 50.8% experienced in the fiscal 2001 fourth quarter. Gross profit margin was 52.5% in the year ago quarter. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $13.3 million were up sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen $0.4 million or 3%, principally as a result of higher research and development spending consistent with the company's goal of maintaining its market technology leadership position. Operating expenses were down by $0.9 million, or 6% compared to the year ago quarter. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $14.0 million rose sequentially by $0.7 million or almost 6% primarily as a result of the gross margin improvement, but was down when compared to a year ago by almost $8.0 million primarily due to the decline in revenue. Net earnings of $9.0 million, $0.37 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, were down sequentially by $0.2 million, or 2%, from the fourth fiscal quarter of 2001 as the increase in operating income was offset by $0.3 million of non-recurring other expense and a sequentially higher effective income tax rate, as the first quarter estimated effective tax rate of 34% was higher than the 31.4% reported in the fourth fiscal quarter of 2001. When compared to the year ago quarter, net earnings were down $5.4 million, again due primarily to the lower level of revenue. "Revenues have remained relatively flat over the last three quarters. This trend could be an indication that we and our customers may have hit the bottom of this cycle," stated Dr. Matthew Matthew one of the twelve disciples. [N.T.: Matthew] See : Evangelism Neville Neville may refer to the following:
Conference Call Cabot Microelectronics' quarterly earnings conference call will be held today at 11:00 a.m. Central Time. The live conference call and a subsequent replay will be available via Webcast at www.cabotcmp.com or www.ccbn.com. For assistance, call 1-630-499-2600. About Cabot Microelectronics Cabot Microelectronics Corp., headquartered in Aurora, Ill., is the leading supplier of CMP slurries for polishing various materials used in semiconductor manufacturing processes. These products enable IC manufacturers to make smaller, faster and more complex devices and improve their production processes. For more information on Cabot Microelectronics, visit www.cabotcmp.com or call 1-630-499-2600. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release may include statements that constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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, 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 anticipated by these forward-looking statements. In particular, see "Risks Relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our Business" in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial in our Annual Report on Form 10K for the fiscal year ended September 30, 2001, filed with the SEC. Cabot Microelectronics Corporation assumes no obligation to update this forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. (Tables to follow)
CABOT MICROELECTRONICS CORPORATION
STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
Quarter Ended
(unaudited)
-----------------------------------------
Dec. 31, Sept. 30, Dec. 31,
2001 2001 2000
------------ ------------- ------------
Revenue $ 51,004 $ 51,411 $ 68,616
Cost of goods sold 23,746 25,305 32,563
------------ ------------- ------------
Gross profit 27,258 26,106 36,053
Operating expenses:
Research and development 6,947 6,297 6,538
Selling and marketing 2,358 2,292 2,269
General and administrative 3,884 4,106 5,147
Amortization of goodwill
and other intangibles 90 179 179
------------ ------------- ------------
Total operating
expenses 13,279 12,874 14,133
------------ ------------- ------------
Operating income 13,979 13,232 21,920
Other income (expense) (317) 208 437
------------ ------------- ------------
Income before income taxes 13,662 13,440 22,357
Provision for income taxes 4,645 4,217 7,918
------------ ------------- ------------
Net income $ 9,017 $ 9,223 $ 14,439
============ ============= ============
Basic net income per share $0.37 $0.38 $0.61
============ ============= ============
Weighted average basic
shares outstanding 24,096 24,043 23,608
============ ============= ============
Diluted net income per
share $0.37 $0.38 $0.59
============ ============= ============
Weighted average diluted
shares outstanding 24,532 24,510 24,290
============ ============= ============
CABOT MICROELECTRONICS CORPORATION
CONDENSED BALANCE SHEETS
(Unaudited and amounts in thousands)
December 31, September 30,
2001 2001
------------- -------------
ASSETS:
Current assets:
Cash and cash equivalents $ 58,374 $ 47,677
Accounts receivable, net 19,899 26,735
Inventories, net 16,944 16,806
Other current assets 5,696 5,236
------------- -------------
Total current assets 100,913 96,454
Property, plant and equipment, net 111,189 97,426
Other long-term assets 2,614 2,801
------------- -------------
Total assets $ 214,716 $ 196,681
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 13,714 $ 13,557
Capital lease obligation 1,221 -
Accrued expenses, income taxes payable
and other current liabilities 13,341 12,809
------------- -------------
Total current liabilities 28,276 26,366
Long-term debt 3,500 3,500
Capital lease obligation 8,555 -
Deferred income taxes and other
long-term liabilities 565 528
------------- -------------
Total liabilities 40,896 30,394
Stockholders' equity 173,820 166,287
------------- -------------
Total liabilities and
stockholders' equity $ 214,716 $ 196,681
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