EX-99.1 2 dp13345_ex9901.htm EXHIBIT 99.1
 
Exhibit 99.1
 
 
Press Release
Source: Ultra Clean Holdings, Inc.
 

Ultra Clean Reports Q1 ’09 Financial Results
Monday, May 4, 2009 4:30 pm ET

Revenue and Earnings in Line with Guidance

HAYWARD, Calif., May 4, 2009 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, solar, and medical device industries, today reported its financial results for the first quarter ended April 3, 2009.  Revenue for the first quarter of 2009 was $22.4 million, a decrease of 52% from the fourth quarter of 2008 and a decrease of 76% from the same period a year ago.  Gross margin (loss) for the first quarter of 2009 was (13%), compared to 1% for the fourth quarter of 2008, and 13% for the same period a year ago.

The company recorded a net loss of ($7.0) million or ($0.33) per share on a GAAP basis, during the first quarter of 2009, compared to a net loss of ($52.2) million or ($2.45) per share, for the fourth quarter of 2008 and net income of $1.9 million, or $0.09 per share, for the same period a year ago. The first quarter 2009 net loss per share is inclusive of non-cash charges of $0.03 per share related to SFAS 123(R) during the period.

Cash at the end of the first quarter of 2009 was $29.8 million, an increase of $0.2 million from $29.6 million at the end of the fourth quarter of 2008, and an increase of $4.8 million from $25.0 million at the end of the first quarter of 2008. Third party debt at the end of the first quarter was $17.3 million, a decrease of $1.2 million from $18.5 million at the end of the fourth quarter of 2008 and a decrease of $4.1 million from $21.4 million at the end of the first quarter of 2008.

Clarence Granger, Ultra Clean’s Chairman and Chief Executive Officer commented:   “We are committed to maintaining a strong balance sheet and are concentrating on cash flow and cost reduction.  At the same time, we are focused on new business opportunities and long term growth.”

Commenting on Ultra Clean’s corporate outlook, Granger noted, “While we are beginning to see some stabilization, we remain cautious about the near term outlook, due to general world-wide economic conditions.  We expect that revenue for the second quarter of 2009 will be in the range of $20 million to $26 million, and loss per share will be in the range of $0.16 to $0.27 per share, on a GAAP basis, inclusive of a $0.03 per share charge related to SFAS 123(R).”
 
 
About Ultra Clean Holdings, Inc.
 
Ultra Clean Holdings, Inc. is a developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, solar and medical device industries. Ultra Clean offers its customers an integrated outsourced solution for gas delivery systems and other subassemblies, improved design-to-delivery cycle times, component neutral design and manufacturing and component testing capabilities. Ultra Clean's customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, solar and medical device industries. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.
 
 
 
 
 
Safe Harbor Statement
 
The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "believes," "plan," "expect," "future,"' "intends," "may," "will," "should," "estimates," "predicts," "potential," "continue" and similar expressions to identify these forward-looking statements. Forward looking statements included in the press release include estimates made with respect to our second quarter 2009 revenue and loss per share. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, our actual results may differ materially from the results predicted or implied by these forward- looking statements. These risks, uncertainties and other factors include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended January 2, 2009, filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information future developments or otherwise.
 
 
 
 
Ultra Clean Holdings, Inc
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
 
   
For the three months ended
  
   
April 3, 2009
    
March 28, 2008
  
                 
Sales
   $ 22,400     $ 92,357  
                 
Cost of goods sold
     25,270       80,297  
                 
Gross profit (loss)
     (2,870 )     12,060  
                 
Operating expenses:
                
Research and development
     916       785  
Sales and marketing
     1,030       1,633  
General and administrative
     5,342       6,630  
Total operating expenses
     7,288       9,048  
                 
Income (loss) from operations
     (10,158 )     3,012  
                 
Interest and other income (expense), net
     (195 )     (344 )
                 
Income (loss) before income taxes
     (10,353 )     2,668  
                 
Income tax provision (benefit)
     (3,313 )     779  
                 
Net income (loss)
   $ (7,040 )   $ 1,889  
                 
Net income (loss) per share:
                
Basic
   $ (0.33 )   $ 0.09  
Diluted
   $ (0.33 )   $ 0.09  
                 
Shares used in computing net income (loss) per share:
                
Basic
     21,301       21,564  
Diluted
     21,301       22,067  
 
 
 
Ultra Clean Holdings, Inc
Condensed Consolidated Balance Sheets
 (Unaudited; in thousands)
 
   
April 3,
    
January 2,
  
ASSETS
  
2009
    
2009
  
             
Current assets:
            
   Cash and cash equivalents
   $ 29,768     $ 29,620  
   Accounts receivable
     10,466       13,790  
   Inventory
     37,893       39,814  
   Other current assets
     7,659       11,268  
      Total current assets
     85,786       94,492  
                 
Equipment and leasehold improvements, net
     8,393       8,954  
Purchased intangibles, net
     8,987       8,987  
Other non-current assets
     4,906       4,978  
Total assets
   $ 108,072     $ 117,411  
                 
LIABILITIES & STOCKHOLDERS' EQUITY
                
Current liabilities
                
Bank borrowings
   $ 2,654     $ 5,736  
Accounts payable
     10,693       11,275  
Other current liabilities
     3,208       4,284  
      Total current liabilities
     16,555       21,295  
                 
Bank debt and other long-term liabilities
     19,527       17,717  
      Total liabilities
     36,082       39,012  
                 
Stockholders' equity
                
Common stock
     91,051       90,420  
Accumulated deficit
     (19,061 )     (12,021 )
Total stockholders' equity
     71,990       78,399  
Total liabilities and stockholders' equity
   $ 108,072     $ 117,411