Cabot Microelectronics Corporation Reports Results for First Quarter of Fiscal 2016

ABOUT CABOT MICROELECTRONICS CORPORATION

Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is the world's leading supplier of CMP polishing slurries and a growing CMP pad supplier to the semiconductor industry.  The company’s products play a critical role in the production of advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers.  The company's mission is to create value by developing reliable and innovative solutions, through close customer collaboration, that solve today's challenges and help enable tomorrow's technology.  The company has approximately 1,100 employees on a global basis.  For more information about Cabot Microelectronics Corporation, visit www.cabotcmp.com or contact Trisha Tuntland, 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; growth or contraction, and trends in the industry and markets in which the company participates; the company’s management; various economic factors and international events; regulatory or legislative activity; 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 company’s supply chain; natural disasters; the acquisition of or investment in other entities, including NexPlanar; uses and investment of the company’s cash balance, including dividends and share repurchases, which may be suspended, terminated or modified at any time for any reason, based on a variety of factors; financing facilities and related debt, payment of principal and interest, and compliance with covenants and other terms; the company’s capital structure; the company’s current or future tax rate; and the operation 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 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, 2015, filed with the SEC.  Cabot Microelectronics assumes no obligation to update this forward-looking information.

 

CABOT MICROELECTRONICS CORPORATION  
CONSOLIDATED STATEMENTS OF INCOME  
(Unaudited and amounts in thousands, except per share amounts)  
    
 Quarter Ended
 December 31,September 30,December 31,
  2015  2015  2014 
  
Revenue$  100,369 $  100,137 $  111,934 
    
Cost of goods sold 50,174  48,115  54,960 
    
Gross profit 50,195  52,022  56,974 
    
Operating expenses:   
    
Research, development & technical 14,828  14,856  15,018 
    
Selling & marketing 6,749  5,763  7,639 
    
General & administrative 14,263  13,553  11,751 
    
Total operating expenses 35,840  34,172  34,408 
    
Operating income 14,355  17,850   22,566  
       
Interest expense   1,167     1,494     906  
       
Other income (expense), net   190     116     1,057  
       
Income before income taxes   13,378     16,472     22,717  
       
Provision for income taxes   2,069     3,939     2,801  
       
Net income $   11,309   $   12,533   $   19,916  
       
Income available to common shareholders $   11,182   $   12,372   $   19,685  
       
Basic earnings per share $ 0.46   $ 0.51   $ 0.83  
       
Weighted average basic shares outstanding   24,142     24,144     23,651  
       
Diluted earnings per share $ 0.46   $ 0.50   $ 0.80  
       
Weighted average diluted shares outstanding   24,549     24,583     24,486  

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