Last $43.21 USD
Change Today -0.75 / -1.71%
Volume 114.9K
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As of 5:20 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

cabot microelectronics corp (CCMP) Key Developments

Cabot Microelectronics Corporation Enters into Amendment to its Existing Credit Agreement

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

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

Cabot Microelectronics Corporation Presents at Sixth Annual CEO Investor Summit 2014, Jul-09-2014 . Venue: W Hotel, San Francisco, California, United States.

Cabot Microelectronics Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2014; Announces Asset Impairment Charges for the Second Quarter Ended March 31, 2014; Provides Capital Spending Guidance for the Fiscal Year 2014

Cabot Microelectronics Corporation announced unaudited consolidated earnings results for the second quarter and six months ended March 31, 2014. For the quarter, the company announced revenue of $99,456,000 compared to $100,364,000 for the same period a year ago. Operating income was $14,614,000 compared to $13,939,000 for the same period a year ago. Income before income taxes was $13,874,000 compared to $13,530,000 for the same period a year ago. Net income was $10,095,000 compared to $9,420,000 for the same period a year ago. Income available to common shareholders was $9,962,000 compared to $9,420,000 for the same period a year ago. Diluted earnings per share were $0.40 compared to $0.40 for the same period a year ago. Net income excluding asset impairment charge was $11,570,000 compared to $9,420,000 for the same period a year ago. Diluted EPS excluding asset impairment charge was $0.46 compared to $0.40 for the same period a year ago. The company believes revenues reflect continued soft demand within the global semiconductor industry that began to appear late in the fourth fiscal quarter of 2013, as well as a $1.0 million adverse impact associated with foreign exchange rate changes, primarily the weaker Japanese yen versus the U.S. dollar. Net income was higher than in the same quarter last year, primarily due to lower operating expenses, partially offset by a lower gross profit margin. Excluding the referenced asset impairment, non-GAAP diluted earnings per share were $0.46, which represents an increase of 15% compared to $0.40 reported in the second quarter of fiscal 2013. Capital investments for the quarter were $3.6 million. For the six months, the company announced revenue of $199,971,000 compared to $206,897,000 for the same period a year ago. Operating income was $30,324,000 compared to $30,599,000 for the same period a year ago. Income before income taxes was $29,329,000 compared to $30,091,000 for the same period a year ago. Net income was $21,403,000 compared to $19,123,000 for the same period a year ago. Income available to common shareholders was $21,200,000 compared to $19,123,000 for the same period a year ago. Diluted earnings per share were $0.86 compared to $0.81 for the same period a year ago. Net income excluding asset impairment charge was $22,878,000 compared to $19,123,000 for the same period a year ago. Diluted EPS excluding asset impairment charge was $0.92 compared to $0.81 for the same period a year ago. The company’s year-to-date capital spending was $7.3 million. For the second quarter ended March 31, 2014, the company announced impact of asset impairment charge on net income of $1,475,000. For full fiscal year 2014, the company expects capital spending to be approximately $15 million.

Cabot Mulls Acquisitions

Cabot Microelectronics Corporation (NasdaqGS:CCMP) mulls acquisitions. "Our key priorities for capital allocation continue to be funding the organic growth opportunities within the Company, share repurchases and acquisition opportunities in closely related areas," said Bill Noglows, Cabot Microelectronics Corporation - Chairman, President and Chief Executive Officer.

 

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