Gross Profit Margin of 48.2 Percent of Revenue, Up 210 Basis Points Year-Over-Year
Earnings Per Share of 40 Cents
Received Supplier Awards from Intel and Texas Instruments
AURORA, Ill., April 25, 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 second quarter of fiscal 2013, which ended March 31, 2013. Total revenue during the second fiscal quarter was $100.4 million. This reflects an increase of 1.1 percent compared to the same quarter last year despite continued softness in demand within the semiconductor industry and traditional seasonal weakness typically experienced by the company during its second fiscal quarter. The company achieved a gross profit margin of 48.2 percent of revenue in the second fiscal quarter, which represents increases of 210 and 120 basis points on year-over-year and sequential bases, respectively. Diluted earnings per share were $0.40, compared to $0.23 in the same quarter last year which included the impact of approximately $0.12 due to certain adverse items recorded during the prior year quarter. The company's balance sheet reflects a cash balance of $188.4 million, $18.7 million higher than in the prior quarter, and $168.4 million of debt outstanding as of March 31, 2013. "We are pleased with our financial performance this quarter in light of continued soft demand within the semiconductor industry, along with traditional seasonal weakness," said William Noglows, Chairman and CEO of Cabot Microelectronics. "As highlighted by our performance, we continue to demonstrate our ability to successfully manage our business over a range of industry conditions. Our strong financial position allows us to continue to invest in technology innovation in CMP consumables to meet the evolving and demanding needs of our customers, and to respond quickly when industry demand strengthens."