Cabot Microelectronics Corporation Reports Strong Results for Fourth Quarter and Full Fiscal Year 2016

Diluted earnings per share were a record $0.83 this quarter, or $0.91 on a non-GAAP basis, excluding the referenced costs related to NexPlanar, 66.0 percent higher than the $0.50 reported in the fourth quarter of fiscal 2015.  The company achieved record diluted earnings per share of $2.43 for full fiscal year 2016, or $2.68 on a non-GAAP basis, excluding the referenced costs related to NexPlanar, representing an increase of 7.5 percent from the $2.26 reported in the previous fiscal year.

CONFERENCE CALL
Cabot Microelectronics Corporation’s quarterly earnings conference call will be held today at 9:00 a.m. Central Time.  The conference call will be available via live webcast and replay from the company’s website, www.cabotcmp.com, or by phone at (844) 825-4410.  Callers outside the U.S. can dial (973) 638-3236.  The conference code for the call is 92790647.  A transcript of the formal comments made during the conference call will also be available in the Investor Relations section of the company’s website.

USE OF NON-GAAP FINANCIAL INFORMATION
The company presented the following measures considered as non-GAAP by the U.S. Securities and Exchange Commission:  gross profit margin, net income and diluted earnings per share excluding the effects of NexPlanar acquisition-related costs, amortization expense and impairment of an intangible asset.  The non-GAAP financial information provided in this press release is a supplement to, and not a substitute for, the company’s financial results presented in accordance with U.S. GAAP.  These non-GAAP financial measures are provided to enhance the investor's understanding about the company's ongoing operations.  Specifically, the company believes the NexPlanar acquisition-related costs, amortization expense and impairment charge are not indicative of its core operating results, and thus presents its gross profit margin, net income and diluted earnings per share excluding these costs.  The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with U.S. GAAP.  A reconciliation table of GAAP to non-GAAP financial measures, including gross profit margin, net income and diluted earnings per share, is contained in this press release.

ABOUT CABOT MICROELECTRONICS
Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is the world's leading supplier of CMP polishing slurries and a growing CMP pad supplier to the semiconductor industry.  The company’s products play a critical role in the production of advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers.  The company's mission is to create value by developing reliable and innovative solutions, through close customer collaboration, that solve today's challenges and help enable tomorrow's technology.  The company has approximately 1,125 employees on a global basis.  For more information about Cabot Microelectronics Corporation, visit www.cabotcmp.com or contact Trisha Tuntland, Director of Investor Relations at 630-499-2600.

SAFE HARBOR STATEMENT
This news release may include statements that constitute “forward looking statements” within the meaning of federal securities regulations.  These forward-looking statements include statements related to: future sales and operating results; growth or contraction, and trends in the industry and markets in which the company participates; the company’s management; various economic factors and international events; regulatory or legislative activity; product performance; the generation, protection and acquisition of intellectual property, and litigation related to such intellectual property; new product introductions; development of new products, technologies and markets; the company’s supply chain; natural disasters; the acquisition of or investment in other entities; uses and investment of the company’s cash balance, including dividends and share repurchases, which may be suspended, terminated or modified at any time for any reason, based on a variety of factors; financing facilities and related debt, payment of principal and interest, and compliance with covenants and other terms; the company’s capital structure; the company’s current or future tax rate; and the operation of facilities by Cabot Microelectronics Corporation.  These forward-looking statements involve a number of risks, uncertainties, and other factors, including those described from time to time in Cabot Microelectronics’ filings with the SEC, that could cause actual results to differ materially from those described by these forward-looking statements.  In particular, see "Risk Factors" in the company's quarterly report on Form 10-Q for the quarter ended June 30, 2016 and in the company’s annual report on Form 10-K for the fiscal year ended September 30, 2015, both filed with the SEC.  Cabot Microelectronics assumes no obligation to update this forward-looking information.

CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and amounts in thousands, except per share amounts) 
     
 Quarter EndedTwelve Months Ended
 September 30,June 30,September 30,September 30,September 30,
  2016  2016  2015  2016  2015 
  
Revenue$  122,684 $  108,152 $  100,137 $  430,449 $  414,097 
      
Cost of goods sold 61,598  56,127  48,115  220,247  201,866 
      
Gross profit 61,086  52,025  52,022   210,202     212,231  
           
Operating expenses:          
           
Research, development & technical   15,842     12,928     14,856     58,532     59,778  
           
Selling & marketing   8,057     6,243     5,763     27,717     24,983  
           
General & administrative   11,454     10,738     13,553     49,445     52,430  
           
Total operating expenses   35,353     29,909     34,172     135,694     137,191  
           
Operating income   25,733     22,116     17,850     74,508     75,040  
           
Interest expense   1,187     1,178     1,494     4,723     4,524  
           
Other income (expense), net   257     (246 )   116     653     681  
           
Income before income taxes   24,803     20,692     16,472     70,438     71,197  
           
Provision for income taxes   4,096     1,990     3,939     10,589     15,051  
           
Net income $   20,707   $   18,702   $   12,533   $   59,849   $   56,146  
           
           
Income available to common shareholders $   20,589   $   18,592   $   12,372   $   59,488   $   55,663  
           
           
Basic earnings per share  $ 0.85   $ 0.78   $ 0.51   $ 2.47   $ 2.32  
           
Weighted average basic shares outstanding    24,234     23,929     24,144     24,077     24,040  
           
Diluted earnings per share  $ 0.83   $ 0.76   $ 0.50   $ 2.43   $ 2.26  
           
Weighted average diluted shares outstanding    24,678     24,325     24,583     24,477     24,632  
       

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