•Revenue of $110.0 Million, Up Approximately 10 Percent Sequentially•Gross Profit Margin of 49.7 Percent of Revenue, Up 150 Basis Points Sequentially•Earnings Per Share of 65 Cents, Up From 40 Cents in Prior Period
AURORA, Ill., July 30, 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 third quarter of fiscal 2013, which ended June 30, 2013.
Total revenue during the third fiscal quarter was $110.0 million. This reflects an increase of 9.6 percent from the prior quarter, on solid demand for the company's products, as semiconductor industry demand strengthened following relatively soft conditions during the first half of the fiscal year, as well as growth in demand for the company's QED products. The company achieved gross profit margin of 49.7 percent of revenue, which represents increases of 200 and 150 basis points year-over-year and sequentially, respectively. Diluted earnings per share were $0.65, compared to $0.40 in the prior quarter. The company's balance sheet reflects a cash balance of $201.6 million, $13.3 million higher than in the prior quarter, and $166.3 million of debt outstanding as of June 30, 2013.
"We are pleased with our strong financial performance this quarter, which we believe reflects the continued successful execution of our strategic business initiatives, coupled with strengthening of overall semiconductor industry demand that we had anticipated to occur during the quarter," said William Noglows, Chairman and CEO of Cabot Microelectronics. "Our revenue grew by almost 10 percent sequentially, and notably, revenue from our Pads business grew by 14 percent compared to the prior period. Additionally, we achieved strong profitability as our gross margin of 49.7 percent of revenue and diluted earnings per share of 65 cents were each at the highest quarterly levels since the December quarter of 2010. Heading into what is typically a seasonally strong fourth fiscal quarter, I am confident that we are well-positioned to continue to develop and deliver innovative, high-quality solutions to our customers and continue to provide value for our shareholders."
Key Financial Information
Total third fiscal quarter revenue of $110.0 million represents a 4.9 percent decrease from the record revenue of $115.7 million achieved in the same quarter last year, and a 9.6 percent increase from $100.4 million reported last quarter. Compared to the same quarter last year, revenue from the company's aluminum CMP slurry products increased, while revenue from all other major business areas decreased. Compared to the prior quarter, revenue from all of the company's business areas increased except for revenue from slurries for data storage applications. Year to date revenue of $316.9 million is essentially even with the prior year's.