Delaware
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000-30205
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36-4324765
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification)
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870 Commons Drive, Aurora, Illinois
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60504
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(Address of principal executive offices)
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(Zip Code)
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(630) 375-6631
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(Registrant's telephone number, including area code)
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Not applicable
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(Former name or former address, if changed since last report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(c)
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Exhibits
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The following exhibit is being furnished, not filed, herewith pursuant to Item 2.02 of Form 8-K:
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99.1 Press release, dated July 30, 2013, entitled "Cabot Microelectronics Corporation Reports Strong Results for Third Quarter of Fiscal 2013."
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CABOT MICROELECTRONICS CORPORATION
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||
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Date: July 30, 2013
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By:
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/s/ WILLIAM S. JOHNSON
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William S. Johnson
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Vice President and Chief Financial Officer
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[Principal Financial Officer]
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Exhibit Number
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Title
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99.1
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Press release, dated July 30, 2013, entitled "Cabot Microelectronics Corporation Reports Strong Results for Third Quarter of Fiscal 2013."
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|
Revenue of $110.0 Million, Up Approximately 10 Percent Sequentially
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Gross Profit Margin of 49.7 Percent of Revenue, Up 150 Basis Points Sequentially
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Earnings Per Share of 65 Cents, Up From 40 Cents in Prior Period
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CABOT MICROELECTRONICS CORPORATION
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||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||||||
(Unaudited and amounts in thousands, except per share amounts)
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||||||||||||||||||||
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||||||||||||||||||||
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||||||||||||||||||||
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Quarter Ended
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Nine Months Ended
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||||||||||||||||||
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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|||||||||||||||
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2013
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2013
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2012
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2013
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2012
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|||||||||||||||
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||||||||||||||||||||
Revenue
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$
|
109,968
|
$
|
100,364
|
$
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115,678
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$
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316,865
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$
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317,036
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||||||||||
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||||||||||||||||||||
Cost of goods sold
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55,359
|
52,019
|
60,462
|
163,872
|
166,747
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit
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54,609
|
48,345
|
55,216
|
152,993
|
150,289
|
|||||||||||||||
|
||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
|
||||||||||||||||||||
Research, development & technical
|
15,149
|
15,073
|
15,415
|
45,538
|
43,241
|
|||||||||||||||
|
||||||||||||||||||||
Selling & marketing
|
6,470
|
7,046
|
7,458
|
20,625
|
22,228
|
|||||||||||||||
|
||||||||||||||||||||
General & administrative
|
10,776
|
12,287
|
10,695
|
34,017
|
38,773
|
|||||||||||||||
|
||||||||||||||||||||
Total operating expenses
|
32,395
|
34,406
|
33,568
|
100,180
|
104,242
|
|||||||||||||||
|
||||||||||||||||||||
Operating income
|
22,214
|
13,939
|
21,648
|
52,813
|
46,047
|
|||||||||||||||
|
||||||||||||||||||||
Interest expense
|
907
|
872
|
955
|
2,732
|
1,348
|
|||||||||||||||
|
||||||||||||||||||||
Other income (expense), net
|
248
|
463
|
(864
|
)
|
1,565
|
(663
|
)
|
|||||||||||||
|
||||||||||||||||||||
Income before income taxes
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21,555
|
13,530
|
19,829
|
51,646
|
44,036
|
|||||||||||||||
|
||||||||||||||||||||
Provision for income taxes
|
6,062
|
4,110
|
6,587
|
17,030
|
14,849
|
|||||||||||||||
|
||||||||||||||||||||
Net income
|
$
|
15,493
|
$
|
9,420
|
$
|
13,242
|
$
|
34,616
|
$
|
29,187
|
||||||||||
|
||||||||||||||||||||
Basic earnings per share
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$
|
0.68
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$
|
0.41
|
$
|
0.57
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$
|
1.51
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$
|
1.28
|
||||||||||
|
||||||||||||||||||||
Weighted average basic shares outstanding
|
22,951
|
22,974
|
23,120
|
22,897
|
22,778
|
|||||||||||||||
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
0.65
|
$
|
0.40
|
$
|
0.55
|
$
|
1.46
|
$
|
1.24
|
||||||||||
|
||||||||||||||||||||
Weighted average diluted shares outstanding
|
23,776
|
23,871
|
23,939
|
23,729
|
23,547
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
|
||||||||
(Unaudited and amounts in thousands)
|
||||||||
|
||||||||
|
June 30,
|
September 30,
|
||||||
|
2013
|
2012
|
||||||
ASSETS:
|
||||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
201,611
|
$
|
178,459
|
||||
Accounts receivable, net
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55,921
|
53,506
|
||||||
Inventories, net
|
64,531
|
66,472
|
||||||
Other current assets
|
19,162
|
19,451
|
||||||
Total current assets
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341,225
|
317,888
|
||||||
|
||||||||
Property, plant and equipment, net
|
109,777
|
125,020
|
||||||
Other long-term assets
|
74,384
|
74,917
|
||||||
Total assets
|
$
|
525,386
|
$
|
517,825
|
||||
|
||||||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
14,778
|
$
|
19,542
|
||||
Current portion of long-term debt
|
12,031
|
10,937
|
||||||
Capital lease obligations
|
-
|
2
|
||||||
Accrued expenses, income taxes payable and other current liabilities
|
32,612
|
32,738
|
||||||
Total current liabilities
|
59,421
|
63,219
|
||||||
|
||||||||
Long-term debt, net of current portion
|
154,219
|
161,875
|
||||||
Capital lease obligations, net of current portion
|
-
|
19
|
||||||
Other long-term liabilities
|
8,925
|
9,121
|
||||||
Total liabilities
|
222,565
|
234,234
|
||||||
|
||||||||
Stockholders' equity
|
302,821
|
283,591
|
||||||
Total liabilities and stockholders' equity
|
$
|
525,386
|
$
|
517,825
|