Delaware
|
000-30205
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36-4324765
|
||
(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
|
(Former name or former address, if changed since last report)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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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(d)
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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:
|
|
99.1 Press release, dated April 27, 2017, entitled "Cabot Microelectronics Corporation Reports Strong Results for Second Quarter of Fiscal 2017."
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CABOT MICROELECTRONICS CORPORATION
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|||
[Registrant]
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|||
Date: April 27, 2017
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By:
|
/s/ WILLIAM S. JOHNSON
|
|
William S. Johnson
|
|||
Executive Vice President and Chief Financial Officer
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|||
[Principal Financial Officer]
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Exhibit Number
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Title
|
|
99.1
|
Press release, dated April 27, 2017, entitled "Cabot Microelectronics Corporation Reports Strong Results for Second Quarter of Fiscal 2017."
|
·
|
Revenue of $119.2 Million, 20.1 Percent Higher Than Last Year
|
·
|
GAAP Gross Profit Margin of 50.4 Percent of Revenue; Non-GAAP 51.4 Percent; Annual Guidance Raised
|
·
|
GAAP Earnings Per Share of $0.71, Up 91.9 Percent Compared to Last Year; Non-GAAP $0.76
|
·
|
As Previously Announced, Quarterly Cash Dividend Increased
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(Unaudited and amounts in thousands, except per share amounts)
|
||||||||||||||||||||
Quarter Ended
|
Six Months Ended
|
|||||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
March 31,
|
March 31,
|
||||||||||||||||
2017
|
2016
|
2016
|
2017
|
2016
|
||||||||||||||||
Revenue
|
$
|
119,184
|
$
|
123,254
|
$
|
99,244
|
$
|
242,438
|
$
|
199,613
|
||||||||||
Cost of goods sold
|
59,153
|
61,749
|
52,348
|
120,902
|
102,522
|
|||||||||||||||
Gross profit
|
60,031
|
61,505
|
46,896
|
121,536
|
97,091
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research, development & technical
|
14,090
|
13,396
|
14,934
|
27,486
|
29,762
|
|||||||||||||||
Selling & marketing
|
7,268
|
7,552
|
6,668
|
14,820
|
13,417
|
|||||||||||||||
General & administrative
|
14,699
|
12,496
|
12,990
|
27,195
|
27,253
|
|||||||||||||||
Total operating expenses
|
36,057
|
33,444
|
34,592
|
69,501
|
70,432
|
|||||||||||||||
Operating income
|
23,974
|
28,061
|
12,304
|
52,035
|
26,659
|
|||||||||||||||
Interest expense
|
1,135
|
1,150
|
1,191
|
2,285
|
2,358
|
|||||||||||||||
Other income (expense), net
|
234
|
996
|
452
|
1,230
|
642
|
|||||||||||||||
Income before income taxes
|
23,073
|
27,907
|
11,565
|
50,980
|
24,943
|
|||||||||||||||
Provision for income taxes
|
4,793
|
5,676
|
2,434
|
10,469
|
4,503
|
|||||||||||||||
Net income
|
$
|
18,280
|
$
|
22,231
|
$
|
9,131
|
$
|
40,511
|
$
|
20,440
|
||||||||||
Income available to common shareholders
|
$
|
18,232
|
$
|
22,129
|
$
|
9,090
|
$
|
40,365
|
$
|
20,280
|
||||||||||
Basic earnings per share
|
$
|
0.73
|
$
|
0.90
|
$
|
0.38
|
$
|
1.63
|
$
|
0.84
|
||||||||||
Weighted average basic shares outstanding
|
25,031
|
24,583
|
24,061
|
24,798
|
24,070
|
|||||||||||||||
Diluted earnings per share
|
$
|
0.71
|
$
|
0.88
|
$
|
0.37
|
$
|
1.60
|
$
|
0.83
|
||||||||||
Weighted average diluted shares outstanding
|
25,526
|
25,072
|
24,408
|
25,304
|
24,444
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
|
||||||||
(Unaudited and amounts in thousands)
|
||||||||
March 31,
|
September 30,
|
|||||||
2017
|
2016
|
|||||||
ASSETS:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
343,683
|
$
|
287,479
|
||||
Accounts receivable, net
|
59,438
|
62,830
|
||||||
Inventories, net
|
69,778
|
72,123
|
||||||
Other current assets
|
15,807
|
14,398
|
||||||
Total current assets
|
488,706
|
436,830
|
||||||
Property, plant and equipment, net
|
109,042
|
106,496
|
||||||
Other long-term assets
|
180,354
|
183,904
|
||||||
Total assets
|
$
|
778,102
|
$
|
727,230
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
12,345
|
$
|
16,834
|
||||
Current portion of long-term debt
|
9,844
|
7,656
|
||||||
Accrued expenses, income taxes payable and other current liabilities
|
42,924
|
41,395
|
||||||
Total current liabilities
|
65,113
|
65,885
|
||||||
Long-term debt, net of current portion
|
140,527
|
146,961
|
||||||
Other long-term liabilities
|
14,851
|
16,736
|
||||||
Total liabilities
|
220,491
|
229,582
|
||||||
Stockholders' equity
|
557,611
|
497,648
|
||||||
Total liabilities and stockholders' equity
|
$
|
778,102
|
$
|
727,230
|
CABOT MICROELECTRONICS CORPORATION
|
||||||||||||||||||||||||
U.S. GAAP to Non-GAAP Reconciliation
|
||||||||||||||||||||||||
Gross Profit as a Percentage of Revenue, Net Income and Diluted Earnings Per Share
|
||||||||||||||||||||||||
(Unaudited and amounts in thousands, except per share and percentage amounts)
|
||||||||||||||||||||||||
The following presents reconciliation of the Non-GAAP financial measures included in the Cabot
|
||||||||||||||||||||||||
Microelectronics Corporation press release dated April 27, 2017.
|
||||||||||||||||||||||||
Three Months Ended March 31, 2017
|
Six Months Ended March 31, 2017
|
|||||||||||||||||||||||
U.S. GAAP
|
Adjustments
|
Non-GAAP
|
U.S. GAAP
|
Adjustments
|
Non-GAAP
|
|||||||||||||||||||
Gross profit
|
$
|
60,031
|
$
|
1,198
|
$
|
61,229
|
$
|
121,536
|
$ |
2,396
|
$
|
123,932
|
||||||||||||
Gross profit as a percentage of revenue (1)
|
50.4
|
%
|
51.4
|
%
|
50.1
|
%
|
51.1
|
%
|
||||||||||||||||
Net income (2)
|
$
|
18,280
|
$
|
1,068
|
$
|
19,348
|
$
|
40,511
|
$
|
2,135
|
$
|
42,646
|
||||||||||||
Diluted earnings per share (3)
|
$
|
0.71
|
$
|
0.05
|
$
|
0.76
|
$
|
1.60
|
$
|
0.08
|
$
|
1.68
|
(1) |
Non-GAAP gross profit as a percentage of revenue for the three months ended March 31, 2017 excludes $1,198 of NexPlanar amortization expense.
|
Non-GAAP gross profit as a percentage of revenue for the six months ended March 31, 2017 excludes $2,396 of NexPlanar amortization expense.
|
|
(2) |
Non-GAAP net income for the three months ended March 31, 2017 excludes the item mentioned above in (1) plus $468 of NexPlanar amortization expense recorded in operating expenses. These adjustments are partially offset by a $598 related increase in the provision for income taxes.
|
Non-GAAP net income for the six months ended March 31, 2017 excludes the item mentioned above in (1) plus $936 of NexPlanar amortization expense recorded in operating expenses. These adjustments are partially offset by a $1,197 related increase in the provision for income taxes.
|
|
(3) |
Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income.
|