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Rubicon Technology, Inc. Reports Second Quarter 2012 Results Of Operations

Further information is available at http://www.rubicon-es2.com.

Forward-Looking Statements

Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results for periods beyond the end of the second quarter of 2012, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For those statements, the company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include managing the expansion of our manufacturing capacity, market acceptance of LED lighting, our ability to adapt to future changes in the LED industry, our successful development and market acceptance of RFIC and other new products, changes in the average selling prices of sapphire products, dependence on key customers, potential disruptions in our supply of electricity, changes in our product mix, our ability to protect our intellectual property rights, the competitive environment, the availability and cost of raw materials, the cost of compliance with environmental standards, the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations and other risks and uncertainties described in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. For these reasons, readers are cautioned not to place undue reliance on the company's forward-looking statements. Any forward-looking statement that the company makes speaks only as of the date of such statement, and the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
 
Rubicon Technology, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
         
  June 30,   June 30,
2012 2011
Assets (unaudited) (unaudited)
Cash and cash equivalents $ 21,774 $ 19,973
Restricted cash 166 542
Short-term investments 29,928 63,000
Accounts receivable 9,316 31,243
Inventories 38,813 12,615
Other current assets 17,574 12,124
Deferred tax assets   3,078   1,990
Total current assets 120,649 141,487
 
Property and equipment, net 121,404 103,624
Investments 2,000 2,000
Other assets   1,550   2,377
Total assets $ 245,603 $ 249,488
 
Liabilities and Stockholders' Equity
Accounts payable $ 7,041 $ 8,465
Accrued and other current liabilities   3,762   6,735
Total current liabilities 10,803 15,200
 
Deferred tax liability   10,218   -
Total liabilities 21,021 15,200
 
Stockholders' equity   224,582   234,288
Total liabilities and stockholders’ equity $ 245,603 $ 249,488
 
 
Rubicon Technology, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands except share and per share amounts)
                 
  Three months ended June 30,   Six months ended June 30,
2012   2011 2012   2011
 
Revenue $ 17,003 $ 43,028 $ 27,210 $ 80,998
Cost of goods sold   16,992     15,828     30,607     29,823  
Gross profit (loss) 11 27,200 (3,397 ) 51,175
 
General and administrative expenses 2,044 3,056 4,350 5,977
Sales and marketing expenses 473 388 929 765
Research and development expenses 597 410 1,073 837
(Gain) loss on disposal of assets   (5 )   7     (5 )   7  
Total operating expenses   3,109     3,861     6,347     7,586  
Income (loss) from operations (3,098 ) 23,339 (9,744 ) 43,589
 
Other income (expense):
Interest income and other, net   (288 )   64     87     145  
Income (loss) before income taxes (3,386 ) 23,403 (9,657 ) 43,734
Income tax benefit (expense)   2,074     (13,495 )   4,978     (14,722 )
Net income (loss) $ (1,312 ) $ 9,908   $ (4,679 ) $ 29,012  
 
Net income (loss) per common share:
Basic $ (0.06 ) $ 0.43 $ (0.21 ) $ 1.26
Diluted $ (0.06 ) $ 0.41 $ (0.21 ) $ 1.21
 
Weighted average common shares outstanding used in computing net income per common share:
Basic 22,518,364 23,031,039 22,516,451 23,012,326
Diluted 22,518,364 23,928,408 22,516,451 23,936,026
 
 
Rubicon Technology, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
                   
  Three months ended June 30, Six months ended June 30,
2012   2011   2012   2011
Cash flows from operating activities    
Net income (loss) $ (1,312 ) $ 9,908 $ (4,679 ) $ 29,012
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization 2,952 2,244 5,893 4,265
Other 489 891 983 1,757
Deferred taxes (2,109 ) (3,329 ) (4,903 ) (3,329 )
Excess tax benefits from stock-based compensation - (10,711 ) - (10,711 )
Changes in operating assets and liabilities
Accounts receivable 2,976 (8,528 ) 23,328 (12,567 )
Inventories (6,547 ) (1,365 ) (15,978 ) (1,442 )
Other assets (273 ) (1,743 ) 4,357 (3,448 )
Accounts payable 896 2,608 (5,835 ) (825 )
Accrued expenses and other current liabilities   1,185     8,550     (15 )   12,046  
Net cash (used in) provided by operating activities   (1,743 )   (1,475 )   3,151     14,758  
 
Cash flows from investing activities
Purchases of property and equipment, net of proceeds from disposal of assets (1,791 ) (14,302 ) (6,361 ) (25,385 )
Proceeds from sales of investments   10,470     2,376     20,642     3,113  
Net cash provided by (used in) investing activities   8,679     (11,926 )   14,281     (22,272 )
 
Cash flows from financing activities
Excess tax benefits from stock-based compensation - 10,711 - 10,711
Other financing activities   (20 )   4     27     732  
Net cash (used in) provided by financing activities   (20 )   10,715     27     11,443  
 
Net effect of currency translation 287 (4 ) 25 (29 )
 
Net increase (decrease) in cash and cash equivalents 7,203 (2,690 ) 17,484 3,900
Cash and cash equivalents, beginning of period   14,571     22,663     4,290     16,073  
Cash and cash equivalents, end of period $ 21,774   $ 19,973   $ 21,774   $ 19,973  
 

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