•Record Quarterly Revenue of $116.3 Million; Annual Revenue of $433.1 Million•Fourth Quarter Gross Profit Margin of 50.9 Percent; Annual Gross Profit Margin of 49.0 Percent is Above Guidance•Fourth Quarter Earnings Per Share of $0.70; Full Year EPS 23.4 Percent Higher Than Prior Year
AURORA, Ill., Oct. 29, 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 fourth quarter and full fiscal year 2013, which ended September 30.
Total revenue during the fourth fiscal quarter was $116.3 million, which represents a record revenue level for the company. This reflects an increase of 5.1 percent compared to the same quarter last year and an increase of 5.7 percent from the prior quarter, on solid demand for the company's products. The company achieved a gross profit margin of 50.9 percent of revenue in the fourth fiscal quarter, which is the highest level since December 2009, and diluted earnings per share of $0.70, an increase of 42.9 percent compared to the prior year quarter. For the full fiscal year, the company achieved revenue of $433.1 million, a gross profit margin of 49.0 percent of revenue, which is the highest level since full fiscal 2010, and diluted earnings per share of $2.16, 23.4 percent higher than in the prior year. The company's balance sheet reflects a cash balance of $226.0 million, which is $24.4 million higher than in the prior quarter and $47.6 million higher than last year, and $161.9 million of debt outstanding as of September 30, 2013.
"We are pleased with our strong financial performance for the quarter and full fiscal year, despite soft semiconductor industry conditions in the first half, and we believe the execution of our long-term strategic initiatives continues to create value for our customers and our shareholders," said William Noglows, Chairman and CEO of Cabot Microelectronics. "From a technology standpoint, we are now focusing more heavily on collaborating with our customers to provide innovative solutions for leading edge applications, and the recent growth in revenues from our CMP solutions for polishing aluminum and advanced dielectrics are specific examples of our ability to innovate to meet our customers' challenging product performance requirements for leading edge applications. From a customer standpoint, we believe the supplier excellence awards we earned during the fiscal year exemplify our ongoing commitment to collaborating with our customers and consistently delivering innovative, high performing and high-quality products. Finally, on the operations side, we continued to improve our productivity this year, and also ramped production at our facility in South Korea, contributing to our strong margin performance and profitability."