AURORA, Ill.--(BUSINESS WIRE)--Cabot Microelectronics Corporation (Nasdaq: CCMP - News), the world’s leading supplier of chemical mechanical planarization (CMP) polishing slurries and growing CMP pad supplier to the semiconductor industry, today reported financial results for its first quarter of fiscal 2009, which ended December 31, 2008.
Total revenue during the first fiscal quarter was $63.0 million, which is consistent with the update provided by the company on January 7, 2009. The soft global economic environment significantly impacted demand for the company’s products, driving a 32.5 percent decrease in sales from the same quarter last year and a 30.1 percent reduction from last quarter. This resulted in approximately break-even net income of $0.1 million for the quarter. Cash and short term investments totaled $223.1 million as of December 31, 2008 and the company has no outstanding debt.
“We experienced an extraordinary and precipitous drop in demand for our products this quarter, which we believe reflects current market conditions and is generally consistent with the decrease in overall industry demand,” said William Noglows, Chairman and CEO of Cabot Microelectronics. “Despite the challenging market conditions, we believe that our significant cash balance with no debt, our solid cash flow and limited capital requirements to run our core CMP consumables business, enable us to continue to execute on our strategies and invest in our business for continued long-term success.”
Mr. Noglows continued, “Within this challenging business environment, we are encouraged by progress in executing on our strategies and key initiatives. This quarter, we entered into an agreement to acquire Epoch Material Co., a Taiwan-based copper CMP slurry supplier, which we believe represents an excellent opportunity to strengthen our copper CMP slurry leadership by leveraging our combined technology teams, global infrastructure and customer relationships. Additionally, we were honored to be recognized with a supplier award from TSMC for success in technology and supply chain excellence, and we made progress in adding on-site pad finishing capability at TSMC to improve production flexibility and reduce costs.” |
