Welcome!

News Feed Item

Ultra Clean Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Company delivers 17.1% gross margin performance and EPS exceeds high-end of guidance

HAYWARD, Calif., Feb. 18, 2014 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical systems and subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries, today reported its financial results for the fourth quarter and fiscal year ended December 27, 2013.

Revenue for the fourth quarter of 2013 was $126.3 million, an increase of 17.8% compared to the third quarter of 2013 and an increase of 40.2% compared to the same period a year ago.  Semiconductor revenue was 93.7% of total revenue and revenue outside the U.S. accounted for 29.1% of total revenue for the fourth quarter of 2013. Gross margin for the fourth quarter of 2013 was 17.1%, compared to 14.8% for the previous quarter and 12.8% for the same period a year ago.

The Company recorded net income of $6.4 million, or $0.22 per share (basic and diluted) in the fourth quarter of 2013 compared to net income of $2.0 million, or $0.07 (basic and diluted) per share, in the previous quarter and a net loss of $1.2 million, or a loss of $0.04 (basic and diluted) per share, for the same period a year ago. The net income for the fourth quarter of 2013 includes pre-tax charges of $1.5 million for amortization costs associated with the AIT transaction. Excluding these charges the Company would have reported earnings of $0.26 per diluted share for the fourth quarter of 2013. The Company's tax rate for the fourth quarter of 2013 was 16.4%.

The financial information presented includes the operations of AIT since July 3, 2012, the date the Company acquired AIT.

For fiscal year 2013 revenue was $444.0 million, an increase of $40.6 million, or 10.1%, over fiscal year 2012. Gross margin for fiscal year 2013 was 15.2% compared to 13.8% for fiscal year 2012. The Company recorded net income of $10.4 million, or $0.36 per share (diluted) and $0.37 per share (basic) for fiscal year 2013 compared to net income of $5.2 million, or $0.20 per share (basic and diluted), for fiscal year 2012.  Net income for fiscal year 2013 includes pretax charges of $6.0 million for amortization associated with the AIT transaction. Excluding these charges the Company would have reported net income of $15.5 million, or $0.53 per share (diluted) for fiscal year 2013. Net income for fiscal year 2012 includes pretax charges of $3.8 million for amortization costs and $2.8 million of one-time transaction costs associated with the AIT transaction. Excluding these charges the Company would have reported net income of $10.2 million, or $0.39 per share (diluted) for fiscal 2012. The company's tax rate for fiscal year 2013 was 17.3% compared to 23.1% for fiscal year 2012.

Cash at the end of the fourth quarter of fiscal year 2013 was $60.4 million, a decrease of $5.5 million from the previous quarter.  Outstanding debt was $55.1 million at the end of the fourth quarter of fiscal year 2013, a decrease of $1.4 million from the previous quarter. 

Clarence Granger, Ultra Clean's Chairman and Chief Executive Officer, stated:
"Last quarter was an excellent one for UCT.  We exceeded our revenue, gross margin, and EPS guidance.  For some time now, one of our goals has been to achieve gross margins in the 15-18% range. For the fiscal year 2013 our gross margin was 15.2% and for the fourth quarter it was 17.1%.  This is the highest quarterly gross margin that UCT has achieved in our nearly ten years as a publicly traded company and has been the culmination of an extensive effort by our entire operations team."

Commenting on Ultra Clean's corporate guidance, Granger noted: "We expect revenue for the first quarter of 2014 to range between $135 million to $140 million, with earnings per share in the range of $0.25 to $0.28. Excluding amortization costs associated with the merger with AIT we expect earnings per share to be in the range of $0.28 to $0.31. We are forecasting a tax rate of 20% for the first quarter of 2014."

Ultra Clean will conduct a conference call today, Tuesday, February 18, 2014, beginning at 1:45 p.m. PDT.  The call-in number is (888) 561-5097 (domestic) and (706) 679-7569 (international).  A replay of the conference will be available for fourteen days following the call at (855) 859-2056 (domestic) and (404) 537-3406 (international).  The confirmation number for live broadcast and replay is 53904481 (all callers). 

About Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. is a leading developer and supplier of critical systems and 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 www.uct.com

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,", "projection", "forecast", "believes," "plan," "expect," "future,"' "intends," "may," "will," "estimates," "predicts,"  and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations with respect to first quarter 2014 revenue and earnings per share and our forecasted tax rate for the first quarter of fiscal 2014. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company's actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also 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 28, 2012 and our quarterly report on Form 10-Q for the quarter ended September 27, 2013, each as filed with the Securities and Exchange Commission. Additional information will also be set forth in our annual report on Form 10-K for the year ended December 27, 2013.  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 unless required by law.

Ultra Clean Holdings, Inc

Condensed Consolidated Statements of Income

(Unaudited; in thousands, except per share data)










For the three months ended


For the twelve months ended

December 27, 2013


December 28, 2012


December 27, 2013


December 28, 2012

Sales

$           126,268


$            90,067


$          444,022


$          403,430









Cost of goods sold

104,698


78,516


376,693


347,642









Gross profit 

21,570


11,551


67,329


55,788









Operating expenses:








Research and development

1,387


1,118


5,543


5,121

Sales and marketing

2,487


1,818


9,831


7,033

General and administrative

9,428


9,965


36,047


32,858

Acquisitions costs

-


368


-


2,431

        Total operating expenses

13,302


13,269


51,421


47,443









Income (loss) from operations

8,268


(1,718)


15,908


8,345









Interest and other income (expense), net

(653)


(716)


(3,309)


(1,648)









Income (loss) before income taxes

7,615


(2,434)


12,599


6,697









Income tax provision (benefit)

1,244


(1,260)


2,175


1,544







Net income (loss)

$               6,371


$            (1,174)


$            10,424


$              5,153









Net income (loss) per share:








Basic

$                 0.22


$              (0.04)


$                0.37


$                0.20

Diluted

$                 0.22


$              (0.04)


$                0.36


$                0.20









Shares used in computing net income (loss) per share:















Basic

28,582


27,854


28,346


25,698

Diluted

29,480


27,854


29,037


26,261

 

Ultra Clean Holdings, Inc

Condensed Consolidated Balance Sheets

 (Unaudited; in thousands)






December 27,


December 28,

ASSETS

2013


2012





Current assets:




   Cash and cash equivalents

$          60,415


$          54,311

   Accounts receivable

67,450


50,074

   Inventory

63,942


53,965

   Other current assets

8,652


6,769

      Total current assets

200,459


165,119





Equipment and leasehold improvements, net

8,534


9,282

Goodwill

55,918


56,662

Purchased intangibles, net

21,708


27,702

Other non-current assets

5,924


7,164

Total assets

$         292,543


$         265,929





LIABILITIES & STOCKHOLDERS' EQUITY




Current liabilities:




Bank borrowings

$          37,705


$          48,706

Accounts payable

53,962


23,485

Other current liabilities

8,377


7,045

      Total current liabilities

100,044


79,236

Bank debt and other long-term liabilities

20,570


29,913

      Total liabilities

120,614


109,149





Stockholders' equity:




Common stock

144,568


139,843

Retained Earnings

27,361


16,937

   Total stockholders' equity

171,929


156,780

Total liabilities and stockholders' equity

$         292,543


$         265,929

SOURCE Ultra Clean Technology

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...