Cabot Microelectronics Corporation (CCMP) has reported a 25.68 percent fall in profit for the quarter ended Jun. 30, 2015. The company has earned $9.89 million, or $0.39 a share in the quarter, compared with $13.30 million, or $0.53 a share for the same period last year. Revenue during the quarter dropped 10.33 percent to $97.17 million from $108.36 million in the previous year period. Gross margin for the quarter expanded 224 basis points over the previous year period to 49.97 percent. Total expenses were 84.41 percent of quarterly revenues, up from 82.94 percent for the same period last year. That has resulted in a contraction of 147 basis points in operating margin to 15.59 percent.
Operating income for the quarter was $15.15 million, compared with $18.49 million in the previous year period.
Operating cash flow improves significantly
Cabot Microelectronics Corporation has generated cash of $73.86 million from operating activities during the nine month period, up 101.04 percent or $37.12 million, when compared with the last year period.
The company has spent $8.54 million cash to meet investing activities during the nine month period as against cash outgo of $6.68 million in the last year period. It has incurred net capital expenditure of $8.75 million on net basis during the nine month period, down 12.98 percent or $1.31 million from year ago period.
The company has spent $8.37 million cash to carry out financing activities during the nine month period as against cash inflow of $9.32 million in the last year period.
Cash and cash equivalents stood at $338.69 million as on Jun. 30, 2015, up 27.56 percent or $73.18 million from $265.52 million on Jun. 30, 2014.
Working capital increases
Cabot Microelectronics Corporation has recorded an increase in the working capital over the last year. It stood at $420.86 million as at Jun. 30, 2015, up 15.56 percent or $56.67 million from $364.19 million on Jun. 30, 2014. Current ratio was at 8.23 as on Jun. 30, 2015, down from 8.49 on Jun. 30, 2014.
Cash conversion cycle (CCC) has increased to 143 days for the quarter from 139 days for the last year period. Days sales outstanding went up to 50 days for the quarter compared with 46 days for the same period last year.
Days inventory outstanding has increased to 123 days for the quarter compared with 114 days for the previous year period. At the same time, days payable outstanding went up to 30 days for the quarter from 21 for the same period last year.
Debt comes down marginally
Cabot Microelectronics Corporation has recorded a decline in total debt over the last one year. It stood at $166.25 million as on Jun. 30, 2015, down 5 percent or $8.75 million from $175 million on Jun. 30, 2014. Total debt was 25.66 percent of total assets as on Jun. 30, 2015, compared with 29.66 percent on Jun. 30, 2014. Debt to equity ratio was at 0.40 as on Jun. 30, 2015, down from 10.92 as on Jun. 30, 2014. Interest coverage ratio deteriorated to 14.23 for the quarter from 22.22 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
