Date of report (Date of earliest event reported): July 25, 2011
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ULTRA CLEAN HOLDINGS, INC.
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(Exact Name of Registrant
as Specified in Charter)
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Delaware
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(State or Other Jurisdiction of Incorporation)
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000-50646
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61-1430858
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(Commission File Number)
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(IRS Employer Identification No.)
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26462 CORPORATE AVENUE,
HAYWARD, CA
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94545
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (510) 576-4400
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n/a
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(Former Name or Former Address, if Changed Since Last Report)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ULTRA CLEAN HOLDINGS, INC.
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Date:
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July 25, 2011
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By:
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/s/ Kevin C. Eichler
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Name:
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Kevin (Casey) Eichler
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Title:
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Chief Financial Officer
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Press Release
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Source: Ultra Clean Holdings, Inc. |
Ultra Clean Reports Second Quarter 2011 Financial Results
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Ultra Clean Holdings, Inc
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Condensed Consolidated Statements of Income
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(Unaudited; in thousands, except per share data)
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For the three months ended
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For the six months ended
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July 1, 2011
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July 2, 2010
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July 1, 2011
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July 2, 2010
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Sales
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$ | 133,741 | $ | 105,878 | $ | 260,460 | $ | 204,345 | ||||||||
Cost of goods sold
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114,748 | 91,083 | 223,915 | 177,174 | ||||||||||||
Gross profit
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18,993 | 14,795 | 36,545 | 27,171 | ||||||||||||
Operating expenses:
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Research and development
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1,437 | 1,390 | 3,042 | 2,447 | ||||||||||||
Sales and marketing
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2,018 | 1,895 | 4,075 | 3,528 | ||||||||||||
General and administrative
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6,045 | 4,941 | 11,748 | 10,004 | ||||||||||||
Total operating expenses
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9,500 | 8,226 | 18,865 | 15,979 | ||||||||||||
Income from operations
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9,493 | 6,569 | 17,680 | 11,192 | ||||||||||||
Interest and other income (expense), net
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(367 | ) | (145 | ) | (735 | ) | (300 | ) | ||||||||
Income before income taxes
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9,126 | 6,424 | 16,945 | 10,892 | ||||||||||||
Income tax provision
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2,168 | 770 | 4,167 | 1,388 | ||||||||||||
Net income
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$ | 6,958 | $ | 5,654 | $ | 12,778 | $ | 9,504 | ||||||||
Net income per share:
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Basic
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$ | 0.31 | $ | 0.26 | $ | 0.57 | $ | 0.44 | ||||||||
Diluted
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$ | 0.30 | $ | 0.25 | $ | 0.54 | $ | 0.41 | ||||||||
Shares used in computing net income per share:
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Basic
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22,734 | 21,670 | 22,597 | 21,589 | ||||||||||||
Diluted
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23,482 | 23,016 | 23,528 | 22,905 |
Ultra Clean Holdings, Inc
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Condensed Consolidated Balance Sheets
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(Unaudited; in thousands)
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July 1,
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December 31,
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ASSETS
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2011
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2010
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Current assets:
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Cash and cash equivalents
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$ | 37,636 | $ | 34,654 | ||||
Accounts receivable
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57,779 | 54,589 | ||||||
Inventory
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69,871 | 59,288 | ||||||
Other current assets
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8,858 | 5,935 | ||||||
Total current assets
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174,144 | 154,466 | ||||||
Equipment and leasehold improvements, net
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10,256 | 8,971 | ||||||
Purchased intangibles, net
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8,987 | 8,987 | ||||||
Other non-current assets
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598 | 571 | ||||||
Total assets
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$ | 193,985 | $ | 172,995 | ||||
LIABILITIES & STOCKHOLDERS' EQUITY
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Current liabilities
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Bank borrowings
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$ | 3,333 | $ | 4,110 | ||||
Accounts payable
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48,916 | 45,957 | ||||||
Other current liabilities
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11,943 | 7,654 | ||||||
Total current liabilities
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64,192 | 57,721 | ||||||
Bank debt and other long-term liabilities
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25,691 | 27,765 | ||||||
Total liabilities
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89,883 | 85,486 | ||||||
Stockholders’ equity
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Common stock
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103,274 | 99,459 | ||||||
Retained earnings (deficit)
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828 | (11,950 | ) | |||||
Total stockholders' equity
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104,102 | 87,509 | ||||||
Total liabilities and stockholders' equity
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$ | 193,985 | $ | 172,995 |