cabot microelectronics corp (CCMP) Key Developments
Cabot Microelectronics Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year of 2014
Jul 24 14
Cabot Microelectronics Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported net income of $13,302,000, income available to common shareholders was $13,126,000 or $0.55 per basic share and $0.53 per diluted share on revenue of $108,358,000 against net income and income available to common shareholders was $15,493,000 or $1.45 per basic share and $1.39 per diluted share on revenue of $109,968,000 a year ago. Operating income was $18,489,000 compared to $22,214,000 a year ago. Income before income taxes was $17,525,000 compared to $21,555,000 a year ago. Net income was lower primarily due to a lower gross profit margin and lower revenue, partially offset by a lower effective tax rate. Capital investments for the quarter were $2.9 million.
For the nine months, the company reported net income of $34,705,000, income available to common shareholders was $34,394,000 or $1.45 per basic share and $1.39 per diluted share on revenue of $308,329,000 against net income and income available to common shareholders was $34,616,000 or $1.51 per basic share and $1.46 per diluted share on revenue of $316,865,000 a year ago. Operating income was $48,813,000 compared to $52,813,000 a year ago. Income before income taxes was $46,854,000 compared to $51,646,000 a year ago. Capital investments were $10.2 million.
The company expects gross profit for the full fiscal year 2014 to be around the lower end of their guidance range of 48% to 50% of revenue. The company continues to expect operating expenses for the full fiscal year to be between $127 million and $131 million. The company expects effective tax rate for full fiscal year 2014 to be within the range of 26% to 28%, which is lower than previous estimate of 27% to 29%. The company continues to expect capital spending to be approximately $15 million.
Cabot Microelectronics Corporation to Report Q3, 2014 Results on Jul 24, 2014
Jul 10 14
Cabot Microelectronics Corporation announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Jul 24, 2014
Cabot Microelectronics Corporation Enters into Amendment to its Existing Credit Agreement
Jun 30 14
Cabot Microelectronics Corporation entered into an amendment to its existing credit agreement among the corporation, as borrower, Bank of America, N.A., as administrative agent, swing line lender and an L/C issuer, Bank of America Merrill Lynch and J.P. Morgan Securities LLC, as joint lead arrangers and joint book managers, JPMorgan Chase Bank, N.A., as syndication agent, and Wells Fargo Bank, N.A. as documentation agent. The amendment provides for $17.5 million in additional term loan commitments, which brings the total term loan commitments to $175.0 million, the same level as the original amount under the credit agreement at its inception in 2012; increases the uncommitted accordion feature on the revolving credit facility from $75.0 million to $100.0 million; extends the maturity date of the credit facilities from February 17, 2017 to June 27, 2019; relaxes the consolidated leverage ratio financial covenant; improves certain pricing terms; and revises other terms of the credit agreement. The corporation drew the full amount of the additional commitments on June 27, 2014. After giving effect to such borrowings, the aggregate principal amount of term loans outstanding is $175.0 million. Borrowings under the credit facilities as amended, bear interest at a rate per annum equal to the 'Applicable Rate' plus, at the corporation's option, either a LIBOR rate determined by reference to the cost of funds for deposits in the relevant currency for the interest period relevant to such borrowing or the of (x) the prime rate of Bank of America, N.A., (y) the federal funds rate plus 1/2 of 1.00% and (z) the one-month LIBOR rate plus 1.00%. The current applicable rate for borrowings under the credit facilities is 1.50% with respect to LIBOR borrowings and 0.25% with respect to base rate borrowings, with such applicable rate subject to adjustment based on the corporation's consolidated leverage ratio. Swing-line loans bear interest at the base rate plus the applicable rate for base rate loans under the revolving credit facility. in addition to paying interest on outstanding principal under the credit agreement, the corporation will pay a commitment fee to the lenders under the revolving credit facility and the term loan facility in respect of the unutilized commitments there under at a rate ranging from 0.20% to 0.30%, based on the corporation's consolidated leverage ratio. The corporation must also pay certain upfront and administration fees, and letter of credit fees. The corporation may voluntarily prepay the credit facilities without premium or penalty, subject to customary 'breakage' fees and reemployment costs in the case of LIBOR borrowings. The credit agreement provides for scheduled repayments in respect of the term loan in amounts ranging from $2.2 million to $4.4 million per quarter, with the balance to be repaid on the maturity date.
Cabot Microelectronics Corporation Presents at CJS Securities 14th Annual "New Ideas" Summer Conference, Jul-10-2014
Jun 19 14
Cabot Microelectronics Corporation Presents at CJS Securities 14th Annual "New Ideas" Summer Conference, Jul-10-2014 . Venue: White Plains, New York, United States.
Cabot Microelectronics Corporation Presents at Sixth Annual CEO Investor Summit 2014, Jul-09-2014
Jun 19 14
Cabot Microelectronics Corporation Presents at Sixth Annual CEO Investor Summit 2014, Jul-09-2014 . Venue: W Hotel, San Francisco, California, United States.