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July 2022
June 2022
May 2022
March 2022
March 2022
February 2022
February 2022
February 2022
January 2022
December 2021
·
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Revenue of $156.7 Million, $19.9 Million or 15% Higher Than Last Year
|
·
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Gross Margin of 53.8%, Up 260 Basis Points Year-Over-Year; Non-GAAP Gross Margin of 54.7%
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·
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Net Income of $48.2 Million, $21.7 Million or 82% Higher Than Last Year; Non-GAAP Net Income of $38.7 Million
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·
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Earnings Per Share of $1.84, $0.81 or 79% Higher Than Last Year; Non-GAAP Earnings Per Share of $1.48
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·
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Record Revenue, Gross Margin, Net Income and Earnings Per Share in Full Fiscal Year 2018; GAAP and Non-GAAP
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·
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Revenue of $590.1 Million, $82.9 Million or 16% Higher Than Last Year
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·
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Gross Margin of 53.2%, Up 310 Basis Points Year-Over-Year; Non-GAAP Gross Margin of 54.1%
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·
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Net Income of $110.0 Million, $23.1 Million or 27% Higher Than Last Year; Non-GAAP Net Income of $137.0 Million
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·
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Earnings Per Share of $4.19, $0.79 or 23% Higher Than Last Year; Non-GAAP Earnings Per Share of $5.22
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·
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Revenue was $156.7 million, which is $19.9 million, or 15%, higher compared to the same quarter last year. The company achieved record quarterly revenue in tungsten slurries, dielectrics slurries and polishing pads, which grew 10%, 12%, and 26% year-over-year, respectively. Results also benefited from record revenues in Engineered Surface Finishes, which includes QED Technologies.
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·
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Gross margin for the quarter was 53.8%, compared to 51.2% 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 54.7%. Gross margin this quarter benefited from higher sales volume, a higher value product mix and higher selling prices.
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·
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Operating expenses, which include research, development and technical, selling and marketing, and general and administrative expenses, were $40.4 million in the fourth fiscal quarter. Operating expenses were $3.4 million higher than the same quarter a year ago, primarily due to acquisition-related expenses of $3.9 million and the absence of the gain on sale of R&D equipment, which had a positive impact on operating expenses last year. Excluding the acquisition-related expenses, operating expenses were $36.5 million, which was $0.5 million lower than the prior year.
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·
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Net income for the quarter was $48.2 million, which is $21.7 million, or 82%, higher than in the same quarter last year. Net income increased primarily due to higher revenue, higher gross margin and a tax benefit resulting from an update to the previously recorded adverse impact of the U.S. Tax Cuts and Jobs Act ("tax act"), partially offset by higher operating expenses. Non-GAAP net income was $38.7 million, which is $11.2 million, or 41%, higher than the prior year.
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·
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Diluted EPS was $1.84 this quarter, which is $0.81, or 79%, higher than in the fourth quarter of fiscal 2017. On a non-GAAP basis, diluted EPS was $1.48, which is $0.41, or 38%, higher than last year. GAAP to non-GAAP reconciliation is provided in the financial statements portion of this press release.
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·
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Revenue was $590.1 million, which is $82.9 million, or 16% higher than for fiscal year 2017. All three key focus product areas delivered record revenues. Revenues increased 14% in tungsten slurries, 16% in dielectrics slurries and 21% in polishing pads. Results also benefited from record revenues in Engineered Surface Finishes, which includes QED Technologies.
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·
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Gross margin was 53.2% of revenue, 310 basis points higher than the 50.1% reported last year, and slightly above the company's full year guidance of 52% to 53%. Excluding the NexPlanar amortization expense, non-GAAP gross margin for the fiscal year was 54.1%.
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·
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Total operating expenses were $154.0 million, which is $11.8 million higher than in the prior year, primarily due to higher incentive compensation as well as additional costs related to executive officer transitions and the pending KMG acquisition. Operating expenses include approximately $1.9 million of the referenced amortization expense.
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·
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Net income was $110.0 million, which is $23.1 million, or 27%, higher than in fiscal year 2017. Net income includes the initial adverse impact of the enactment of the tax act, acquisition-related expenses and the referenced amortization expense. Non-GAAP net income was $137.0 million, which is $45.8 million, or 50%, higher than last year.
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·
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Diluted EPS was $4.19, which is $0.79, or 23%, higher than in fiscal year 2017, and includes the negative impact of the tax act. Non-GAAP diluted EPS was $5.22, which is $1.66, or 47%, higher than for last year.
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CABOT MICROELECTRONICS CORPORATION
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||||||
(Unaudited and amounts in thousands, except per share amounts)
|
||||||||||||||||||||
Quarter Ended
|
Twelve Months Ended
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|||||||||||||||||||
September 30, 2018
|
June 30, 2018
|
September 30, 2017
|
September 30, 2018
|
September 30, 2017
|
||||||||||||||||
Revenue
|
$
|
156,729
|
$
|
150,437
|
$
|
136,784
|
$
|
590,123
|
$
|
507,179
|
||||||||||
Cost of goods sold
|
72,383
|
69,737
|
66,734
|
276,018
|
253,050
|
|||||||||||||||
Gross profit
|
84,346
|
80,700
|
70,050
|
314,105
|
254,129
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research, development & technical
|
13,372
|
13,059
|
13,839
|
51,950
|
55,658
|
|||||||||||||||
Selling & marketing
|
6,211
|
6,207
|
8,680
|
25,044
|
30,846
|
|||||||||||||||
General & administrative
|
20,775
|
19,504
|
14,489
|
76,993
|
55,637
|
|||||||||||||||
Total operating expenses
|
40,358
|
38,770
|
37,008
|
153,987
|
142,141
|
|||||||||||||||
Operating income
|
43,988
|
41,930
|
33,042
|
160,118
|
111,988
|
|||||||||||||||
Interest expense
|
102
|
513
|
1,127
|
2,905
|
4,529
|
|||||||||||||||
Other income, net
|
1,137
|
1,627
|
798
|
4,498
|
1,913
|
|||||||||||||||
Income before income taxes
|
45,023
|
43,044
|
32,713
|
161,711
|
109,372
|
|||||||||||||||
Provision for income taxes
|
(3,195
|
)
|
7,873
|
6,211
|
51,668
|
22,420
|
||||||||||||||
Net income
|
$
|
48,218
|
$
|
35,171
|
$
|
26,502
|
$
|
110,043
|
$
|
86,952
|
||||||||||
Income available to common shareholders
|
$
|
48,172
|
$
|
35,137
|
$
|
26,434
|
$
|
109,920
|
$
|
86,696
|
||||||||||
Basic earnings per share
|
$
|
1.89
|
$
|
1.37
|
$
|
1.05
|
$
|
4.31
|
$
|
3.47
|
||||||||||
Weighted average basic shares outstanding
|
25,515
|
25,612
|
25,236
|
25,478
|
25,015
|
|||||||||||||||
Diluted earnings per share
|
$
|
1.84
|
$
|
1.34
|
$
|
1.03
|
$
|
4.19
|
$
|
3.40
|
||||||||||
Weighted average diluted shares outstanding
|
26,215
|
26,319
|
25,710
|
26,210
|
25,512
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
|
||||||||
(Unaudited and amounts in thousands)
|
||||||||
September 30, 2018
|
September 30, 2017
|
|||||||
ASSETS:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
352,921
|
$
|
397,890
|
||||
Accounts receivable, net
|
75,886
|
64,793
|
||||||
Inventories, net
|
71,926
|
71,873
|
||||||
Other current assets
|
21,735
|
16,426
|
||||||
Total current assets
|
522,468
|
550,982
|
||||||
Property, plant and equipment, net
|
111,403
|
106,361
|
||||||
Other long-term assets
|
149,329
|
176,757
|
||||||
Total assets
|
$
|
783,200
|
$
|
834,100
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
18,171
|
$
|
17,624
|
||||
Current portion of long-term debt
|
-
|
10,938
|
||||||
Accrued expenses, income taxes payable and other current liabilities
|
82,983
|
62,651
|
||||||
Total current liabilities
|
101,154
|
91,213
|
||||||
Long-term debt, net of current portion
|
-
|
132,997
|
||||||
Other long-term liabilities
|
15,354
|
14,853
|
||||||
Total liabilities
|
116,508
|
239,063
|
||||||
Stockholders' equity
|
666,692
|
595,037
|
||||||
Total liabilities and stockholders' equity
|
$
|
783,200
|
$
|
834,100
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||||||||||||||||||
U.S. GAAP to Non-GAAP Reconciliation
|
||||||||||||||||||||||||
(Unaudited and amounts in thousands, except per share and percentage amounts)
|
||||||||||||||||||||||||
The following presents reconciliation of the Non-GAAP financial measures included in the Cabot Microelectronics Corporation press release dated October 24, 2018.
|
||||||||||||||||||||||||
Three Months Ended September 30, 2018
|
Twelve Months Ended September 30, 2018
|
|||||||||||||||||||||||
U.S. GAAP
|
Adjustments
|
Non-GAAP
|
U.S. GAAP
|
Adjustments
|
Non-GAAP
|
|||||||||||||||||||
Gross profit (1)
|
$
|
84,346
|
$
|
1,309
|
$
|
85,655
|
$
|
314,105
|
$
|
5,164
|
$
|
319,269
|
||||||||||||
Gross margin*
|
53.8
|
%
|
54.7
|
%
|
53.2
|
%
|
54.1
|
%
|
||||||||||||||||
Operating income (2)
|
43,988
|
5,638
|
49,626
|
160,118
|
10,895
|
171,013
|
||||||||||||||||||
Operating margin **
|
28.1
|
%
|
31.7
|
%
|
27.1
|
%
|
29.0
|
%
|
||||||||||||||||
Net income (3)
|
$
|
48,218
|
$
|
(9,480
|
)
|
$
|
38,738
|
$
|
110,043
|
$
|
26,998
|
$
|
137,041
|
|||||||||||
Diluted earnings per share (4)
|
$
|
1.84
|
$
|
(0.36
|
)
|
$
|
1.48
|
$
|
4.19
|
$
|
1.03
|
$
|
5.22
|
(1)
|
Non-GAAP gross profit for the three months ended September 30, 2018 excludes $1,309 of NexPlanar amortization expense.
|
||||||||||||
Non-GAAP gross profit for the twelve months ended September 30, 2018 excludes $5,164 of NexPlanar amortization expense.
|
|||||||||||||
(2)
|
Non-GAAP operating income for the three months ended September 30, 2018 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization expense and $3,861 of acquisition and integration related costs incurred in connection with KMG acquisition recorded in operating expenses.
|
||||||||||||
Non-GAAP operating income for the twelve months ended September 30, 2018 excludes the item mentioned above in (1) plus $1,870 of NexPlanar amortization expense and $3,861 of acquisition and integration related costs incurred in connection with KMG acquisition recorded in operating expenses.
|
|||||||||||||
(3)
|
Non-GAAP net income for the three months ended September 30, 2018 excludes the items mentioned above in (1) and (2). These adjustments are partially offset by a $14,403 change in estimated transition tax, withholding taxes and re-measurement of U.S. deferred tax assets and liabilities recorded in the first nine months of fiscal 2018 related to U.S. Tax Cuts and Jobs Act (Tax Act) enacted on December 22, 2017, a $457 increase in the provision for income taxes related to excluding NexPlanar amortization, and a $258 increase in the provision for income taxes related to excluding the acquisition and integration related costs incurred in connection with KMG acquisition.
|
||||||||||||
Non-GAAP net income for the twelve months ended September 30, 2018 excludes the items mentioned above in (1) and (2) plus $18,178 of tax expense due to Tax Act. These adjustments are partially offset by a $1,817 increase in the provision for income taxes related to excluding NexPlanar amortization and a $258 increase in the provision for income taxes related to excluding the acquisition and integration related costs incurred in connection with KMG acquisition.
|
|||||||||||||
(4)
|
Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income. The impact of the Tax Act increased diluted earnings per share by $0.55 for the three months ended September 30, 2018, and reduced diluted earnings per share by $0.69 for the twelve months ended September 30, 2018.
|
||||||||||||
*
|
Gross margin represents gross profit as a percentage of revenue.
|
||||||||||||
**
|
Operating margin represents operating income as a percentage of revenue.
|
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Ticker: CCMPEvents:
CIK: 1102934
Form Type: 8-K Corporate News
Accession Number: 0001102934-18-000025
Submitted to the SEC: Wed Oct 24 2018 7:01:22 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Wednesday, October 24, 2018
Industry: Semiconductors And Related Devices