Trisha Tuntland
                          Manager of Investor Relations
                          Cabot Microelectronics Corporation
                          (630) 499-2600

Record Annual Revenue of $445.4 Million
Annual Gross Profit Margin of 48.1 Percent of Revenue
Record Annual Earnings Per Share of $2.20

AURORA, IL, October 27, 2011 – Cabot Microelectronics Corporation (Nasdaq:  CCMP), the world’s leading supplier of chemical mechanical planarization (CMP) polishing slurries and a growing CMP pad supplier to the semiconductor industry, today reported financial results for its fourth quarter and full fiscal year 2011, which ended September 30.

Total revenue during the fourth fiscal quarter was $109.7 million, reflecting a decrease of 0.5 percent compared to the same quarter last year and a decrease of 1.9 percent compared to the prior quarter, amid generally soft semiconductor industry demand.  The company achieved a gross profit margin of 46.4 percent of revenue in the fourth fiscal quarter, diluted earnings per share of $0.40 and cash flow from operations of $34.0 million.  For the full fiscal year, total revenue was a record $445.4 million, gross profit margin was 48.1 percent of revenue, diluted earnings per share were a record $2.20 and cash flow from operations was $93.6 million.  The company’s balance sheet reflects a cash balance of $302.5 million and no debt outstanding as of September 30, 2011.

“I am pleased with the strategic investments we made during the year, which we believe will continue to strengthen our global position for the future,” said William Noglows, Chairman and CEO of Cabot Microelectronics.  “In fiscal 2011, we opened our new research, development and manufacturing facility in South Korea, expanded our manufacturing capacity in Japan and Singapore, and developed and commercialized innovative, high quality products across each of our business areas.  I am confident that these investments will serve us well as we continue to collaborate closely with our customers around the world and provide differentiated solutions to meet their evolving business needs.”

Mr. Noglows continued, “We remain mindful of the uncertain macroeconomic outlook and recent semiconductor industry trends.  Moving into fiscal 2012, we intend to continue to proactively manage our business activities and respond quickly to changing trends in the ongoing execution of our strategies to strengthen and grow our core CMP consumables businesses.”

Key Financial Information

Total fourth fiscal quarter revenue of $109.7 million represents a 0.5 percent decrease from the $110.3 million reported in the same quarter last year and a 1.9 percent decrease from $111.8 million in the prior quarter.  The company believes that the decreases in revenue from the same quarter last year and the prior quarter primarily reflect softening of demand within the global semiconductor industry.

Total revenue for the full fiscal year was a record $445.4 million, which represents a 9.1 percent increase from $408.2 million in fiscal year 2010.  Revenue from each of the company’s CMP slurry business areas, its CMP polishing pads business and its Engineered Surface Finishes business increased from the prior year.  Full year revenue grew in each geographic area in which the company operates, except for Japan.  Sales were especially strong in South Korea, where the company’s revenue grew approximately 32 percent compared to last year.

Gross profit, expressed as a percentage of revenue, was 46.4 percent this quarter, compared to 48.7 percent in the same quarter a year ago and 47.4 percent in the prior quarter.  Compared to the year ago quarter, gross profit percentage decreased primarily due to higher fixed manufacturing costs, foreign exchange rate changes (particularly with respect to the U.S. dollar versus the Japanese yen), and selective price reductions, partially offset by a higher valued product mix.  The adverse effect of foreign exchange rates reduced gross margin by approximately 1.6 percentage points.  The decrease in gross profit percentage versus the third fiscal quarter was primarily due to increased fixed manufacturing costs and foreign exchange rate changes, which accounted for approximately a 0.7 percentage point reduction, partially offset by reductions in certain variable costs.

Gross profit margin for the full fiscal year was 48.1 percent of revenue, which is within the company’s guidance range for full fiscal year 2011 of 48 to 50 percent of revenue.  Gross profit margin decreased from 49.9 percent of revenue in fiscal 2010 primarily due to higher fixed manufacturing costs, foreign exchange rate changes, which accounted for approximately a 1.5 percentage point reduction, and selective price reductions, partially offset by a higher valued product mix.  For full fiscal year 2012, the company expects its gross profit margin to be between 46 and 48 percent of revenue.  Compared to fiscal 2011, the company’s gross profit margin guidance for this fiscal year reflects continued adverse impacts of foreign exchange rates, fixed costs associated with its new South Korea facility, and uncertainty within the semiconductor industry and global economy.

The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, October 27, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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