$UCTT
Ultra Clean Holdings, Inc.

2013 Q4 Form 10-Q Financial Statement

#000119312513423242 Filed on November 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $126.3M $107.2M $100.8M
YoY Change 40.18% 6.28% -24.57%
Cost Of Revenue $104.7M $91.35M $86.53M
YoY Change 33.38% 5.58% -24.56%
Gross Profit $21.60M $15.83M $14.32M
YoY Change 86.21% 10.54% -24.62%
Gross Profit Margin 17.1% 14.77% 14.2%
Selling, General & Admin $11.90M $11.03M $11.62M
YoY Change 0.85% -5.04% 43.42%
% of Gross Profit 55.09% 69.68% 81.11%
Research & Development $1.400M $1.410M $1.309M
YoY Change 27.27% 7.72% -6.5%
% of Gross Profit 6.48% 8.91% 9.14%
Depreciation & Amortization $2.300M $2.400M $2.700M
YoY Change -17.86% -11.11% 237.5%
% of Gross Profit 10.65% 15.16% 18.85%
Operating Expenses $13.30M $12.44M $14.99M
YoY Change 2.31% -16.99% 57.78%
Operating Profit $8.300M $3.391M -$666.0K
YoY Change -692.86% -609.16% -107.01%
Interest Expense -$700.0K -$1.000M -$800.0K
YoY Change 0.0% 25.0% 100.0%
% of Operating Profit -8.43% -29.49%
Other Income/Expense, Net
YoY Change
Pretax Income $7.600M $2.423M -$1.479M
YoY Change -461.9% -263.83% -116.25%
Income Tax $1.200M $375.0K -$356.0K
% Of Pretax Income 15.79% 15.48%
Net Earnings $6.400M $2.048M -$1.123M
YoY Change -476.47% -282.37% -116.04%
Net Earnings / Revenue 5.07% 1.91% -1.11%
Basic Earnings Per Share $0.07 -$0.04
Diluted Earnings Per Share $216.9K $0.07 -$0.04
COMMON SHARES
Basic Shares Outstanding 28.58M shares 28.45M shares 27.66M shares
Diluted Shares Outstanding 28.98M shares 27.66M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.40M $65.90M $58.30M
YoY Change 11.23% 13.04% 55.05%
Cash & Equivalents $60.42M $65.94M $58.33M
Short-Term Investments
Other Short-Term Assets $8.700M $7.100M $7.400M
YoY Change 27.94% -4.05% -16.85%
Inventory $63.94M $50.29M $63.30M
Prepaid Expenses
Receivables $67.45M $49.73M $47.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.5M $173.0M $176.6M
YoY Change 21.4% -2.02% 1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $8.534M $8.534M $9.900M
YoY Change -8.06% -13.8% -3.88%
Goodwill $55.92M $55.92M
YoY Change -1.31%
Intangibles $21.71M $23.24M
YoY Change -21.64%
Long-Term Investments
YoY Change
Other Assets $583.0K $6.417M $5.400M
YoY Change 10.0% 18.83% 800.0%
Total Long-Term Assets $92.08M $94.33M $101.8M
YoY Change -8.66% -7.34% 411.56%
TOTAL ASSETS
Total Short-Term Assets $200.5M $173.0M $176.6M
Total Long-Term Assets $92.08M $94.33M $101.8M
Total Assets $292.5M $267.4M $278.4M
YoY Change 10.01% -3.97% 43.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.96M $37.77M $34.10M
YoY Change 129.77% 10.76% -30.27%
Accrued Expenses $5.700M $4.200M $4.100M
YoY Change 23.91% 2.44% -19.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $37.70M $36.70M $48.50M
YoY Change -22.59% -24.33% 1369.7%
Total Short-Term Liabilities $100.0M $80.94M $90.10M
YoY Change 26.26% -10.17% 40.34%
LONG-TERM LIABILITIES
Long-Term Debt $17.42M $19.80M $29.30M
YoY Change -35.32% -32.43% 27.95%
Other Long-Term Liabilities $3.100M $3.200M $1.800M
YoY Change 3.33% 77.78% -35.71%
Total Long-Term Liabilities $17.42M $19.80M $31.10M
YoY Change -35.32% -36.34% 21.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0M $80.94M $90.10M
Total Long-Term Liabilities $17.42M $19.80M $31.10M
Total Liabilities $120.6M $103.9M $121.2M
YoY Change 10.5% -14.24% 34.82%
SHAREHOLDERS EQUITY
Retained Earnings $27.36M $20.99M
YoY Change 61.55%
Common Stock $29.00K $145.8M
YoY Change 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.337M $3.337M
YoY Change 0.0%
Treasury Stock Shares 601.9K shares 601.9K shares
Shareholders Equity $171.9M $163.4M $157.3M
YoY Change
Total Liabilities & Shareholders Equity $292.5M $267.4M $278.4M
YoY Change 10.01% -3.97% 43.51%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $6.400M $2.048M -$1.123M
YoY Change -476.47% -282.37% -116.04%
Depreciation, Depletion And Amortization $2.300M $2.400M $2.700M
YoY Change -17.86% -11.11% 237.5%
Cash From Operating Activities -$3.800M $8.200M $8.600M
YoY Change 137.5% -4.65% 91.11%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$1.600M -$200.0K
YoY Change 250.0% 700.0% -86.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K -$75.30M
YoY Change -100.0% -100.13%
Cash From Investing Activities -$700.0K -$1.500M -$75.50M
YoY Change -800.0% -98.01% 4933.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M -12.10M 74.10M
YoY Change -57.69% -116.33% -10685.71%
NET CHANGE
Cash From Operating Activities -3.800M 8.200M 8.600M
Cash From Investing Activities -700.0K -1.500M -75.50M
Cash From Financing Activities -1.100M -12.10M 74.10M
Net Change In Cash -5.600M -5.400M 7.200M
YoY Change 36.59% -175.0% 213.04%
FREE CASH FLOW
Cash From Operating Activities -$3.800M $8.200M $8.600M
Capital Expenditures -$700.0K -$1.600M -$200.0K
Free Cash Flow -$3.100M $9.800M $8.800M
YoY Change 121.43% 11.36% 46.67%

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dei Trading Symbol
TradingSymbol
UCTT
dei Entity Registrant Name
EntityRegistrantName
ULTRA CLEAN HOLDINGS INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-27
dei Entity Central Index Key
EntityCentralIndexKey
0001275014
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-27
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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us-gaap Earnings Per Share Diluted
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<div> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Organization</i> &#x2014; Ultra Clean Holdings, Inc. (the &#x201C;Company&#x201D;) is a leading developer and supplier of critical subsystems, primarily for the semiconductor capital equipment industry. The Company also leverages the specialized skill sets required to support semiconductor capital equipment to serve the technologically similar markets in the flat panel, medical, energy and research industries, collectively referred to as &#x201C;Other Addressed Industries&#x201D;. The Company develops, designs, prototypes, engineers, manufactures and tests subsystems which are highly specialized and tailored to specific steps in the semiconductor manufacturing process as well as the manufacturing processes in Other Addressed Industries. Revenue is derived from the sale of gas delivery systems and other critical subsystems including chemical mechanical planarization (CMP) subsystems, chemical delivery modules, top-plate assemblies, frame assemblies, process modules and other high level assemblies.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company&#x2019;s customers are primarily original equipment manufacturers (OEMs) in industries it supports, providing customers complete subsystem solutions that combine the Company&#x2019;s expertise in design, test, component characterization and highly flexible manufacturing operations with quality control and financial stability. This combination helps the Company to drive down total manufacturing costs, reduce design-to-delivery cycle times and maintain high quality standards for the Company&#x2019;s customers. The Company believes these characteristics, as well as the Company&#x2019;s standing as a leading supplier of gas delivery systems and other critical subsystems, place the Company in a strong position to benefit from the demand for subsystem outsourcing.</p> </div>
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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Concentration of Credit Risk</i> &#x2014; Financial instruments which subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company sells its products primarily to semiconductor capital equipment manufacturers in the United States. The Company performs credit evaluations of its customers&#x2019; financial condition and generally requires no collateral.</p> </div>
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<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Accounting Estimates</i> &#x2014; The presentation of condensed financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and the best estimates and judgments routinely require adjustment. Actual amounts may differ from those estimates.</font></p>
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