Cabot Microelectronics Corporation Reports Strong Results for Second Quarter of Fiscal 2017

Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is the world's leading supplier of CMP polishing slurries and second largest CMP pad supplier to the semiconductor industry. The company’s products play a critical role in the production of advanced semiconductor devices, helping to enable the manufacture of smaller, faster and more complex devices by its customers. The company's mission is to create value by delivering high-performing and innovative solutions that solve its customers’ challenges. 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 or political factors and international or national 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; the financial conditions of the company’s customers; natural disasters; the acquisition of, investment in, or collaboration with 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 December 31, 2016 and in the company’s annual report on Form 10-K for the fiscal year ended September 30, 2016, both filed with the SEC. Cabot Microelectronics assumes no obligation to update this forward-looking information.

1Free cash flow is cash provided by operating activities less capital expenditures.


CABOT MICROELECTRONICS CORPORATION    
CONSOLIDATED STATEMENTS OF INCOME   
(Unaudited and amounts in thousands, except per share amounts)   
     
     
 Quarter EndedSix Months Ended
 March 31, December 31, March 31, March 31, March 31, 
 2017 2016 2016 2017 2016 
  
Revenue$119,184 $123,254 $99,244 $242,438 $199,613 
      
Cost of goods sold 59,153  61,749  52,348  120,902  102,522 
      
Gross profit 60,031  61,505  46,896  121,536  97,091 
      
Operating expenses:     
      
Research, development & technical 14,090  13,396  14,934  27,486  29,762 
        
Selling & marketing   7,268     7,552     6,668     14,820     13,417  
           
General & administrative   14,699     12,496     12,990     27,195     27,253  
           
Total operating expenses   36,057     33,444     34,592     69,501     70,432  
           
Operating income   23,974     28,061     12,304     52,035     26,659  
           
Interest expense   1,135     1,150     1,191     2,285     2,358  
           
Other income (expense), net   234     996     452     1,230     642  
           
Income before income taxes   23,073     27,907     11,565     50,980     24,943  
           
Provision for income taxes   4,793     5,676     2,434     10,469     4,503  
           
Net income $ 18,280   $ 22,231   $ 9,131   $ 40,511   $ 20,440  
           
           
           
Income available to common shareholders $ 18,232   $ 22,129   $ 9,090   $ 40,365   $ 20,280  
           
           
Basic earnings per share $ 0.73   $ 0.90   $ 0.38   $ 1.63   $ 0.84  
           
Weighted average basic shares outstanding   25,031     24,583     24,061     24,798     24,070  
           
Diluted earnings per share $ 0.71   $ 0.88   $ 0.37   $ 1.60   $ 0.83  
           
Weighted average diluted shares outstanding   25,526     25,072     24,408     25,304     24,444  
       

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