Navigation Links
Ultra Clean Reports Second Quarter 2011 Financial Results

HAYWARD, Calif., July 25, 2011 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries, today reported its financial results for the second quarter of fiscal year 2011 ended July 1, 2011.  

Revenue for the second quarter was $133.7 million, an increase of 5.5% from the first quarter 2011 and an increase of 26.3% from the same period a year ago.  Semiconductor revenue was 74% of total revenue for the second quarter compared to 80% in the previous quarter and revenue outside the US accounted for 31% of the total revenue for the second quarter compared to 29% for the previous quarter. Gross margin for the second quarter was 14.2%, compared to 13.9% for the first quarter 2011 and 14.0% for the second quarter a year ago.

The company recorded net income of $7.0 million, or $0.30 per share in the second quarter compared to net income of $5.8 million, or $0.25 per share in the first quarter of 2011 and net income of $5.7 million, or $0.25 per share for the second quarter of 2010.  

Cash at the end of the second quarter 2011 was $37.6 million, an increase of $2.3 million from the prior quarter.  Net liquidity was $11.4 million, an increase of $3.4 million from the prior quarter.

Clarence Granger, Ultra Clean's Chairman and Chief Executive Officer stated: "We are extremely pleased with our operating results for the second quarter of 2011, as we surpassed our guidance for both revenue and earnings per share.  Revenue, again, was at an all-time high and we continued to improve our operational efficiencies during the quarter as evidenced by the increase in our gross margins. We continue to drive more revenue through our Asian operations as well as increase the proportion of revenues from non-semiconductor equipment industries."

Commenting on Ultra Clean's corporate guidance, Granger noted: "Revenue guidance for the third quarter 2011 is $105 million to $110 million, with earnings per share in the range of $0.14 to $0.18. This projection reflects the declines in demand projected by all of our major semiconductor equipment customers for the third quarter of 2011. During the third quarter we are forecasting a tax rate of 24%."

Ultra Clean will conduct a conference call today, Monday, July 25, 2011, beginning at 1:45 p.m. PDT at 888-561-5097 (domestic) and 706-679-7569 (international). A replay of the webcast will be available for fourteen days following the conference call at 855-859-2056 (domestic) and 404-537-3406 (international). The confirmation number for the live broadcast and replay is 82775093 (all callers). The conference call will also be webcast live and be available for fourteen days on our website.

About Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean offers its customers an integrated outsourced solution for gas delivery systems and other subassemblies, improved design-to-delivery cycle times, component neutral design and manufacturing and component testing capabilities. Ultra Clean's customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean is headquartered in Hayward, California. Additional information is available at

Safe Harbor Statement

The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "believes," "plan," "expect," "future,"' "intends," "may," "will," "should," "estimates," "predicts," "potential," "continue" and similar expressions to identify these forward-looking statements. Forward looking statements included in the press release include estimates made with respect to our third quarter 2011 revenue and earnings per share. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, our actual results may differ materially from the results predicted or implied by these forward- looking statements. These risks, uncertainties and other factors include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information future developments or otherwise.Ultra Clean Holdings, Inc.Condensed Consolidated Statements of Income(Unaudited; in thousands, except per share data)For the three months ended For the six months ended July 1, 2011July 2, 2010July 1, 2011July 2, 2010Sales

204,345Cost of goods sold

114,74891,083223,915177,174Gross profit

18,99314,79536,54527,171Operating expenses:Research and development

1,4371,3903,0422,447Sales and marketing

2,0181,8954,0753,528General and administrative

6,0454,94111,74810,004Total operating expenses

9,5008,22618,86515,979Income from operations

9,4936,56917,68011,192Interest and other income (expense), net

(367)(145)(735)(300)Income before income taxes

9,1266,42416,94510,892Income tax provision

2,1687704,1671,388Net income

Net income per share:Basic


.41Shares used in computing net income per share:Basic


23,48223,01623,52822,905Ultra Clean Holdings, Inc.Condensed Consolidated Balance Sheets(Unaudited; in thousands)July 1,December 31,ASSETS20112010Current assets:   Cash and cash equivalents

$   37,636$
34,654   Accounts receivable

57,77954,589   Inventory

69,87159,288   Other current assets

8,8585,935Total current assets

174,144154,466Equipment and leasehold improvements, net

10,2568,971Purchased intangibles, net

8,9878,987Other non-current assets

598571Total assets

$ 193,985$
72,995LIABILITIES & STOCKHOLDERS' EQUITYCurrent liabilitiesBank borrowings

4,110Accounts payable

48,91645,957Other current liabilities

11,9437,654Total current liabilities

64,19257,721Bank debt and other long-term liabilities

25,69127,765Total liabilities

89,88385,486Stockholders' equityCommon stock

103,27499,459Retained earnings (deficit)

828(11,950)Total stockholders' equity

104,10287,509Total liabilities and stockholders' equity

$ 193,985$

SOURCE Ultra Clean Holdings, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Independent Clinical Results Confirm Up to a 7-Centimeter Reduction in Body Circumference Using UltraShape(TM) Non-Invasive Fat Reduction and Body Contouring System
2. UltraShape(R) Non-Invasive Fat Reduction and Body Contouring Clinical Study Results Featured at American Society for Laser Medicine and Surgery Meeting
3. Adding Breast Ultrasound Screening to Mammography Reveals Cancers not Seen on Mammography Alone in Women at Increased Risk for Breast Cancer
4. Applisonix Announces Breakthrough in Ultrasound Technology for Hair Removal - Average Hair Reduction of 38% Following Initial Treatment
5. High Intensity Focused Ultrasound for Locally Recurrent Prostate Cancer Following External Beam Radiation Therapy Investigated in Phase III Clinical Study
6. Siemens Introduces New Standard of Care for Breast Ultrasound
7. New Heart Ultrasound Research Reveals Life-Saving Treatment Alternatives and Advancements for Heart Patients
8. PARI LC Plus and PRONEB Ultra Used in Two Perforomist Studies on Improving COPD Therapies
9. Verathon(R) Helps Physicians Identify the Presence of Abdominal Aortic Aneurysms with New AortaScan(TM) Brand of Portable Ultrasound Aortic Measurement Instruments
10. Signostics Introduces the Worlds Smallest Ultrasound Product for Global Demands of Affordable Healthcare
11. Long Island Doctor Shows First 4K Ultra-High Definition Surgery
Post Your Comments:
(Date:11/24/2015)... FRANCISCO , Nov. 24, 2015  Thanks to ... Dignity Health St. Mary,s Medical Center,s Sister Diane Grassilli ... breast imaging capabilities in San Francisco ... an anonymous friend, stepped forward with a gift of ... for Breast Digital Mammography with Tomosynthesis and Whole Breast ...
(Date:11/24/2015)... Colo. , Nov. 24, 2015  Array ... that its Chief Executive Officer, Ron Squarer ... Healthcare Conference in New York.  The public is ... webcast on the Array BioPharma website.Event:Piper Jaffray Annual ... , Wednesday, December 2, 2015Time:1:30 p.m. Eastern Time ...
(Date:11/24/2015)... HOUSTON, TX and VANCOUVER, Nov. 24, 2015 /PRNewswire/ ... EPI; NASDAQ: EPIX ) announced today that the ... clinical study of EPI-506 as a treatment for metastatic ... States and Canada.  --> ... --> In the Phase 1/2 clinical trial, ...
Breaking Medicine Technology:
(Date:11/25/2015)... ... November 25, 2015 , ... “While riding the bus, I ... Bronx, N.Y. “I thought there had to be a convenient and comfortable way to ... The PROTECTOR enables disabled individuals to safely travel during cold or inclement weather. In ...
(Date:11/25/2015)... , ... November 25, 2015 , ... ... (PHA) announces the nation’s Periwinkle Pioneers, individuals and groups responsible for advancing care ... disease. The Periwinkle Pioneers, nominated by the public, will receive special recognition throughout ...
(Date:11/25/2015)... ... November 25, 2015 , ... ... philanthropic seniors, is resulting in a way for homeless people to have a ... have launched a new initiative whereby they are repurposing plastic bags into sleeping ...
(Date:11/25/2015)... ... November 25, 2015 , ... Since its launch in 2012, ... adult stem cell therapies to patients with chronic degenerative medical conditions. Now, the ... Registered Trademark (RTM). , Organizations are required to hold a registered trademark in ...
(Date:11/24/2015)... ... November 25, 2015 , ... Genesis Chiropractic Software ... software creates an agreement between the practice owner and the patient that automatically ... notification, and projections. Click here to learn more. , ...
Breaking Medicine News(10 mins):