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National Press Release
 | Ultra Clean Reports Q1 '09 Financial ResultsPublished 2009-05-04 16:55By Ultra Clean Holdings, Inc. |
Revenue and Earnings in Line with Guidance
The company recorded a net loss of
Cash at the end of the first quarter of 2009 was
Commenting on Ultra Clean's corporate outlook, Granger noted, "While we are beginning to see some stabilization, we remain cautious about the near term outlook, due to general world-wide economic conditions. We expect that revenue for the second quarter of 2009 will be in the range of
Ultra Clean will conduct a conference call today,
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, solar and medical device 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, solar and medical device industries. Ultra Clean is headquartered in
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 second quarter 2009 revenue and loss 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
Contact:
Ultra Clean Holdings, Inc.
Clarence Granger
CEO
510-576-4600
Ultra Clean Holdings, Inc
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
For the three months ended
---------------------------
April 3, 2009 March 28, 2008
------------- --------------
Sales $22,400 $92,357
Cost of goods sold 25,270 80,297
------ ------
Gross profit (loss) (2,870) 12,060
------ ------
Operating expenses:
Research and development 916 785
Sales and marketing 1,030 1,633
General and administrative 5,342 6,630
----- -----
Total operating expenses 7,288 9,048
----- -----
Income (loss) from operations (10,158) 3,012
------- -----
Interest and other income (expense),
net (195) (344)
Income (loss) before income taxes (10,353) 2,668
------- -----
Income tax provision (benefit) (3,313) 779
------ ---
Net income (loss) $(7,040) $1,889
======= ======
Net income (loss) per share:
Basic $(0.33) $0.09
Diluted $(0.33) $0.09
Shares used in computing
net income (loss) per share:
Basic 21,301 21,564
Diluted 21,301 22,067
Ultra Clean Holdings, Inc
Condensed Consolidated Balance Sheets
(Unaudited; in thousands)
April 3, January 2,
ASSETS 2009 2009
---- ----
Current assets:
Cash and cash equivalents $29,768 $29,620
Accounts receivable 10,466 13,790
Inventory 37,893 39,814
Other current assets 7,659 11,268
----- ------
Total current assets 85,786 94,492
Equipment and leasehold improvements, net 8,393 8,954
Purchased intangibles, net 8,987 8,987
Other non-current assets 4,906 4,978
----- -----
Total assets $108,072 $117,411
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities
Bank borrowings $2,654 $5,736
Accounts payable 10,693 11,275
Other current liabilities 3,208 4,284
----- -----
Total current liabilities 16,555 21,295
Bank debt and other long-term liabilities 19,527 17,717
------ ------
Total liabilities 36,082 39,012
Stockholders' equity
Common stock 91,051 90,420
Accumulated deficit (19,061) (12,021)
------- -------
Total stockholders' equity 71,990 78,399
------ ------
Total liabilities and stockholders' equity $108,072 $117,411
======== ========
SOURCE Ultra Clean Holdings, Inc.
