10.26.04
Ultra Clean Holdings Reports Third Quarter 2004 Results
Third Quarter Revenue of $47.5 million, a 184% increase over Q3 2003,
and
EPS of $0.11
MENLO PARK, CA, October 26, 2004/PRNewswire — Ultra
Clean Holdings, Inc. (Nasdaq: UCTT),
a leading developer and supplier of critical subsystems for the semiconductor
capital equipment industry, focusing on gas delivery systems, today announced
operating results for the third quarter ended September 24, 2004.
Sales for the third quarter of 2004 were $47.5 million, representing
a 12.8% sequential decrease from sales of $54.5 million for the prior
quarter ended June 25, 2004, and a 184% increase over sales of $16.7
million for the quarter ended September 26, 2003. The Company reported
$1.9 million of net income for the quarter ended September 24, 2004 compared
to net income of $3.1 million for the prior quarter ended June 25, 2004,
and net income of $21 thousand for the quarter ended September 26, 2003.
On a fully-diluted basis, this equates to earnings per share of $0.11
in the third quarter of 2004, compared to earnings per share of $0.18
in the quarter ended June 25, 2004, and a breakeven quarter ended September
26, 2003.
Included in net income was a $0.5 million charge for costs associated
with legal, accounting and consulting fees related to an acquisition
Ultra Clean was considering, which was terminated during the third quarter
of fiscal 2004. This charge reduced earnings per share by $0.02.
Clarence Granger, UCT's President and Chief Executive Officer, commented
on the third quarter results: "We are very pleased to have achieved
our second highest quarterly sales of $47.5 million and EPS of $.11 despite
the recent downturn in orders and the write-off of the terminated acquisition.
In addition, we continued to execute on our growth plans for our frame
assembly business, shipping products generating nearly $1 million in
revenue in the third quarter. We also made progress on our expansion
program in China. I am happy to announce that we are on track
to begin shipping from our new facility by the end of the first quarter
of 2005."
Outlook
Commenting on UCT's corporate outlook for the fourth quarter of 2004,
Granger noted, "We anticipate that the softness we experienced
during the latter half of the third quarter will continue into the
fourth quarter, and we expect a further decline in revenue of between
12% and 16% from the third quarter. Earnings per share is expected
to be in the range of $0.07 to $0.09."
Ultra Clean will conduct a conference call on Tuesday, October 26, 2004,
beginning at 2:00 p.m. PDT at 888/793-1728 (domestic) and 303/957-1333
(international). A replay of the webcast will be available for fourteen
days following the conference call at 800/633-8284 (domestic) and 402/977-9140
(international). The confirmation number for the live broadcast and replays
is 21208112 (all callers). The conference call will also be webcast live
on our website.
Ultra Clean Holdings, Inc. is a developer and supplier of critical subsystems
for the semiconductor capital equipment industry, focusing on gas delivery
systems. Ultra Clean offers its customers a complete outsourced solution
for gas delivery systems, improved design-to-delivery cycle times,
component neutral design and manufacturing and component testing capabilities.
Ultra Clean's customers are primarily original equipment manufacturers
of semiconductor capital equipment. The Company is headquartered in
Menlo Park, California. Additional information is available at www.uct.com.
The foregoing information contains, or may be deemed to contain, "forward-
looking statements" (as defined in the U.S. 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 industry conditions, our fourth quarter revenue and earnings
per share, and our expansion program in China. All forward-looking
statements address matters that involve risks and uncertainties. Accordingly,
you should not rely on forward-looking statements, as there are or will
be important factors that could cause our actual results, as well as
those of the markets we serve, levels of activity, performance, achievements
and prospects to 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 prospectus and our quarterly reports on Form 10-Q
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.
