Date of report (Date of earliest event reported): October 22, 2012
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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
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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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Exhibit
No.
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Exhibit Description
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99.1
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Press Release dated October 22, 2012
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ULTRA CLEAN HOLDINGS, INC.
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Date:
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October 22, 2012
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By:
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/s/ Kevin C. Eichler
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Name:
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Kevin C. Eichler
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Title:
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Chief Financial Officer
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Exhibit
No.
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Exhibit Description
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99.1
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Press Release dated October 22, 2012
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Press Release
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Source: Ultra Clean Holdings, Inc.
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Ultra Clean Holdings, Inc
Condensed Consolidated Statements of Income
(Unaudited; in thousands, except per share data)
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For the three months ended
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For the nine months ended
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September 28, 2012
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September 30, 2011
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September 28, 2012
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September 30, 2011
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Sales
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$ | 100,849 | $ | 105,306 | $ | 313,363 | $ | 365,766 | ||||||||
- | ||||||||||||||||
Cost of goods sold
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86,526 | 92,454 | 269,126 | 316,369 | ||||||||||||
Gross profit
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14,323 | 12,852 | 44,237 | 49,397 | ||||||||||||
Operating expenses:
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Research and development
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1,309 | 1,252 | 4,003 | 4,294 | ||||||||||||
Sales and marketing
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1,805 | 1,679 | 5,215 | 5,754 | ||||||||||||
General and administrative
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12,636 | 5,611 | 25,263 | 17,359 | ||||||||||||
Total operating expenses
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15,750 | 8,542 | 34,481 | 27,407 | ||||||||||||
Income (loss) from operations
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(1,427 | ) | 4,310 | 9,756 | 21,990 | |||||||||||
Interest and other income (expense), net
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(813 | ) | (275 | ) | (932 | ) | (1,010 | ) | ||||||||
Income (loss) before income taxes
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(2,240 | ) | 4,035 | 8,824 | 20,980 | |||||||||||
Income tax provision (benefit)
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(539 | ) | 880 | 1,942 | 5,047 | |||||||||||
Net income (loss)
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$ | (1,701 | ) | $ | 3,155 | $ | 6,882 | $ | 15,933 | |||||||
Net income (loss) per share:
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Basic
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$ | (0.06 | ) | $ | 0.14 | $ | 0.28 | $ | 0.70 | |||||||
Diluted
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$ | (0.06 | ) | $ | 0.14 | $ | 0.27 | $ | 0.68 | |||||||
Shares used in computing
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net income (loss) per share:
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Basic
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27,656 | 22,804 | 24,851 | 22,666 | ||||||||||||
Diluted
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27,656 | 23,246 | 25,493 | 23,484 |
Ultra Clean Holdings, Inc
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Condensed Consolidated Balance Sheets
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(Unaudited; in thousands)
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September 28,
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December 30,
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ASSETS
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2012
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2011
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Current assets:
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Cash and cash equivalents
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$ | 58,329 | $ | 52,155 | ||||
Accounts receivable
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47,549 | 41,051 | ||||||
Inventory
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63,304 | 55,473 | ||||||
Other current assets
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7,406 | 5,441 | ||||||
Total current assets
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176,588 | 154,120 | ||||||
Equipment and leasehold improvements, net
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9,891 | 10,009 | ||||||
Goodwill
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56,899 | - | ||||||
Purchased intangibles, net
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29,651 | 8,987 | ||||||
Other non-current assets
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5,372 | 5,183 | ||||||
Total assets
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$ | 278,401 | $ | 178,299 | ||||
LIABILITIES & STOCKHOLDERS' EQUITY
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Current liabilities:
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Bank borrowings
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$ | 9,513 | $ | 2,931 | ||||
Accounts payable
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34,084 | 29,451 | ||||||
Other current liabilities
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7,478 | 4,360 | ||||||
Total current liabilities
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51,075 | 36,742 | ||||||
Bank debt and other long-term liabilities
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70,075 | 24,272 | ||||||
Total liabilities
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121,150 | 61,014 | ||||||
Stockholders' equity:
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Common stock
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138,728 | 105,501 | ||||||
Other comprehensive income (loss)
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(143 | ) | - | |||||
Retained earnings
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18,666 | 11,784 | ||||||
Total stockholders' equity
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157,251 | 117,285 | ||||||
Total liabilities and stockholders' equity
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$ | 278,401 | $ | 178,299 |