Cabot Microelectronics Corporation Reports Record Revenue for the First Quarter of Fiscal 2020
•Record Revenue of $283.1 Million, 27.7% Higher than Last Year and Essentially Flat Compared with Pro Forma Revenue Last Year1
•Revenue Increased 1.6% Sequentially Due to Strong Growth in CMP Slurries and Pipeline Performance Products
•Diluted EPS of $1.30; Adjusted Diluted EPS1 of $1.92, 1.5% Lower than Adjusted Pro Forma EPS Last Year1
•Expecting Revenue for Fiscal 2020 Second Quarter to be Approximately Flat to Up Low Single Digits Sequentially
AURORA, IL, February 5, 2020 – Cabot Microelectronics Corporation (Nasdaq: CCMP), a leading global supplier of consumable materials to semiconductor manufacturers and pipeline companies, today reported financial results for its first quarter of fiscal 2020, which ended December 31, 2019.
Total company revenue increased 1.6% over the prior quarter driven by stronger demand for CMP slurries and pipeline performance products. Revenue was essentially flat compared with pro forma revenue in the prior year as growth in the Performance Materials segment from higher demand in pipeline performance products offset lower revenue in the Electronic Materials segment, which was negatively impacted by semiconductor industry softness compared with strong demand in the same quarter last year. Net Income for the quarter was $38.5 million. Adjusted EBITDA was $95.3 million in the quarter, benefiting from lower operating expenses. During the quarter, the company generated $48.0 million in cash flow from operations, and had $194.3 million of cash on hand and $937.2 million in total debt as of December 31, 2019. The company successfully refinanced its credit facility during the quarter, which is expected to reduce annual interest expense by approximately $2 million going forward.
“We delivered another quarter of record revenue and strong profitability, driven by continued solid execution and meaningful participation in the most challenging and leading-edge technologies, as well as an improving semiconductor demand environment,” said David Li, President and CEO of Cabot Microelectronics Corporation. “Looking forward, we see continued recovery for the semiconductor industry, driven by 5G and other emerging technologies, as well as continued strength in our pipeline materials business, which gives us confidence in our ability to drive continued revenue growth and increasing profitability.”
Key Financial Information for First Quarter of Fiscal 2020
The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, February 6, 2020 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.
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Ticker: CCMP CIK: 1102934 Form Type:10-Q Quarterly Report Accession Number: 0001102934-20-000005 Submitted to the SEC: Fri Feb 07 2020 10:49:12 AM EST Accepted by the SEC: Fri Feb 07 2020 Period: Tuesday, December 31, 2019 Industry: Semiconductors And Related Devices