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AURORA, Ill., Jan. 27, 2011 (GLOBE NEWSWIRE) -- 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 first quarter of fiscal 2011, which ended December 31, 2010.
Total revenue during the first fiscal quarter was $114.2 million, which represents a record level for the company. The company's first quarter revenue reflects an increase of 16.9 percent compared to the same quarter last year and an increase of 3.5 percent compared to the prior quarter on continued strong demand for the company's products. The company achieved a gross profit margin of 50.3 percent of revenue in the first fiscal quarter and diluted earnings per share of $0.71. The company's balance sheet reflects a cash balance of $263.0 million as of December 31, 2010, and no debt outstanding.
"We are delighted to start fiscal 2011 with strong financial performance, following the company's record setting year in fiscal 2010. We continue to execute on our strategic initiatives and recently began construction on our new manufacturing and research and development center in South Korea. This investment represents another significant milestone demonstrating our commitment to and plans for continued growth in the Asia Pacific region," said William Noglows, Chairman and CEO of Cabot Microelectronics. "Although we have historically experienced seasonal softening in the March quarter, at present our outlook for the full fiscal year 2011 remains optimistic. With the revitalization in corporate and enterprise IT spending, additional capacity expansions by our major customers and the significant growth of wireless multimedia platforms, we see tremendous opportunities for continued growth for Cabot Microelectronics."