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Gross Profit Margin of 47.0 Percent of Revenue, at Mid-Point of Full Year Guidance
Earnings Per Share of 41 Cents, Includes Adverse Impact of 7 Cents Due to Foreign Tax Adjustment
AURORA, Ill., Jan. 24, 2013 (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 2013, which ended December 31, 2012.
Total revenue during the first fiscal quarter was $106.5 million, which reflects an increase of 4.3 percent compared to the same quarter last year and a decrease of 3.7 percent compared to the prior quarter. The company achieved a gross profit margin of 47.0 percent of revenue in the first fiscal quarter and diluted earnings per share of $0.41, which includes an adverse impact of approximately $0.07 associated with a tax adjustment related to operations of the company's facility in Korea since its opening in 2011. The company's balance sheet reflects a cash balance of $169.6 million and $168.4 million of debt outstanding as of December 31, 2012.
"I am encouraged with our first fiscal quarter financial results, which reflect performance solidly in line with our expectations that were shaped by persisting industry headwinds," said William Noglows, Chairman and CEO of Cabot Microelectronics. "Though we experienced soft industry conditions, continued macroeconomic uncertainty and the usual seasonality during the quarter, we achieved revenue increases in both our core CMP slurry and pad businesses compared to last year. Furthermore, our robust business model enables us to successfully run our business over a range of market conditions, and in the quarter we continued to prudently manage our operating costs and generate a strong gross margin despite the slight sequential decline in demand for our CMP consumables products."