EXHIBIT 99.1
PRESS RELEASE
 
 
CABOT MICROELECTRONICS CORPORATION REPORTS RECORD REVENUE, RECORD NET INCOME, AND RECORD EPS FOR THIRD QUARTER OF FISCAL 2018
·
Record Revenue of $150.4 Million, $22.5 Million or 18% Higher Than Last Year

·
Gross Margin of 53.6%; Non-GAAP Gross Margin of 54.5%

·
Record Net Income of $35.2 Million, $15.2 Million or 76% Higher Than Last Year; Non-GAAP Net Income of $36.0 Million

·
Record Earnings Per Share of $1.34, $0.57 or 74% Higher Than Last Year; Non-GAAP Earnings Per Share of $1.37

AURORA, IL, July 25, 2018 – Cabot Microelectronics Corporation (Nasdaq: CCMP), the world's leading supplier of chemical mechanical planarization (CMP) polishing slurries and second largest CMP pad supplier to the semiconductor industry, today reported financial results for its third quarter of fiscal 2018, which ended June 30, 2018.

Key Quarter Highlights
During the third fiscal quarter, the company delivered total revenue of $150.4 million, which is $22.5 million, or 18% higher than in the same quarter last year, and is a record level for the company. Third quarter revenue was driven by growth across all product areas, primarily in tungsten slurries, dielectrics slurries, and CMP pads, which are the key focus areas for the company. Net income for the quarter was a record $35.2 million, which is $15.2 million, or 76%, higher than the same quarter last year.  Diluted earnings per share (EPS) was a record $1.34, which is $0.57, or 74%, higher than in the same quarter last year.  Cash flow from operations was $36.9 million. As previously reported in April, the company paid off its remaining outstanding Term Loan and had $310.6 million of cash and short-term investments on hand, with no debt on its balance sheet as of June 30, 2018.

"We are proud of our accomplishments which include our fifth consecutive quarter of record revenue as well as record net income and EPS for our company this quarter," said David Li, President and CEO of Cabot Microelectronics. "We believe that strong semiconductor industry demand conditions as well as continued strong execution of our strategic initiatives have enabled us to deliver sustained strong results and position us well for continued success in the future."
 
Key Financial Information – Third Fiscal Quarter
·
Revenue was $150.4 million, which is $22.5 million, or 18%, higher compared to the same quarter last year. The company achieved record quarterly revenue in tungsten and dielectric slurries, which grew 18% and 21% year-over-year, respectively.  Revenue in pads grew 19% year-over-year.

·
Gross margin for the quarter was 53.6%, compared to 48.9% reported in the same quarter a year ago. Gross margin this quarter included $1.3 million of NexPlanar amortization expense. Excluding this, non-GAAP gross margin was 54.5%. Gross margin this quarter benefited from higher sales volume and a higher value product mix, partially offset by higher fixed manufacturing costs, including higher staffing related expense.

·
Operating expenses, which include research, development and technical, selling and marketing, and general and administrative expenses, were $38.8 million in the third fiscal quarter. Operating expenses were $3.1 million higher than the same quarter a year ago, primarily due to higher staffing related expenses and professional fees.

·
Net income for the quarter was $35.2 million, which is $15.2 million, or 76%, higher than in the same quarter last year. Net income increased primarily due to higher revenue and higher gross margin, partially offset by higher operating expenses. Non-GAAP net income was $36.0 million, which is $15.0 million, or 71%, higher than the prior year.

·
Diluted EPS was $1.34 this quarter, which is $0.57, or 74%, higher than in the third quarter of fiscal 2017. On a non-GAAP basis, diluted EPS was $1.37, which is $0.56, or 69%, higher than last year.


Key Financial Information – Fiscal Year 2018 to Date
·
Revenue was $433.4 million, which is $63.0 million, or 17%, higher than for the same period last year.

·
Gross margin was 53.0% of revenue, compared to 49.7% last year. Non-GAAP gross margin for the first three quarters of the fiscal year, excluding the NexPlanar amortization expense, was 53.9%.

·
Total operating expenses were $113.6 million, which is $8.5 million higher than for the same period in the prior year. Operating expenses include approximately $1.4 million of the above-referenced amortization expense.

·
Net income was $61.8 million, which is $1.4 million, or 2%, higher than for the same period last year.  Net income includes the negative impact of the enactment of the U.S. Tax Cuts and Jobs Act ("tax act"), and the referenced amortization expense.  Non-GAAP net income was $98.3 million, which is $34.7 million, or 54%, higher than for the same period last year.

·
Diluted EPS was $2.35, which is $0.02, or 1%, lower than for the same period last year, and includes the negative impact of the tax act.  Non-GAAP diluted EPS was $3.74, which is $1.25, or 50%, higher than for the same period last year.


The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, July 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Cabot Microelectronics Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cabot Microelectronics Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account