$UCTT
Ultra Clean Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514293383 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $132.7M $110.1M
YoY Change 20.5% 8.0%
Cost Of Revenue $111.5M $94.00M
YoY Change 18.64% 7.19%
Gross Profit $21.15M $16.10M
YoY Change 31.35% 12.97%
Gross Profit Margin 15.94% 14.62%
Selling, General & Admin $11.30M $10.99M
YoY Change 2.8% 29.2%
% of Gross Profit 53.4% 68.23%
Research & Development $1.798M $1.489M
YoY Change 20.75% 15.61%
% of Gross Profit 8.5% 9.25%
Depreciation & Amortization $2.000M $2.100M
YoY Change -4.76% 162.5%
% of Gross Profit 9.46% 13.04%
Operating Expenses $13.09M $12.48M
YoY Change 4.95% 27.41%
Operating Profit $8.059M $3.627M
YoY Change 122.19% -18.71%
Interest Expense -$452.0K -$700.0K
YoY Change -35.43%
% of Operating Profit -5.61% -19.3%
Other Income/Expense, Net
YoY Change
Pretax Income $7.607M $2.897M
YoY Change 162.58% -34.87%
Income Tax $1.575M $581.0K
% Of Pretax Income 20.7% 20.06%
Net Earnings $6.032M $2.316M
YoY Change 160.45% -16.99%
Net Earnings / Revenue 4.55% 2.1%
Basic Earnings Per Share $0.20 $0.08
Diluted Earnings Per Share $0.20 $0.08
COMMON SHARES
Basic Shares Outstanding 29.44M shares 28.37M shares
Diluted Shares Outstanding 29.88M shares 28.76M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.40M $71.30M
YoY Change -2.66% 39.53%
Cash & Equivalents $69.37M $71.33M
Short-Term Investments
Other Short-Term Assets $10.40M $6.800M
YoY Change 52.94% 6.25%
Inventory $67.06M $48.67M
Prepaid Expenses
Receivables $67.95M $47.07M
Other Receivables $0.00 $0.00
Total Short-Term Assets $214.7M $173.9M
YoY Change 23.45% 20.86%
LONG-TERM ASSETS
Property, Plant & Equipment $8.207M $8.494M
YoY Change -3.38% -3.48%
Goodwill $55.92M $55.92M
YoY Change 0.0%
Intangibles $19.27M $24.76M
YoY Change -22.19%
Long-Term Investments
YoY Change
Other Assets $377.0K $6.244M
YoY Change -93.96% 20.08%
Total Long-Term Assets $89.12M $95.42M
YoY Change -6.6% 316.67%
TOTAL ASSETS
Total Short-Term Assets $214.7M $173.9M
Total Long-Term Assets $89.12M $95.42M
Total Assets $303.8M $269.3M
YoY Change 12.81% 61.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.53M $30.07M
YoY Change 51.4% 16.55%
Accrued Expenses $6.900M $5.000M
YoY Change 38.0% 28.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $43.90M $48.70M
YoY Change -9.86% 1703.7%
Total Short-Term Liabilities $99.68M $86.66M
YoY Change 15.03% 143.42%
LONG-TERM LIABILITIES
Long-Term Debt $12.01M $19.68M
YoY Change -38.95% 2086.33%
Other Long-Term Liabilities $3.000M $2.900M
YoY Change 3.45% 45.0%
Total Long-Term Liabilities $12.01M $19.68M
YoY Change -38.95% 578.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.68M $86.66M
Total Long-Term Liabilities $12.01M $19.68M
Total Liabilities $114.7M $109.3M
YoY Change 4.95% 183.85%
SHAREHOLDERS EQUITY
Retained Earnings $40.45M $18.94M
YoY Change 113.54%
Common Stock $30.00K $144.4M
YoY Change -99.98%
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 $189.1M $160.0M
YoY Change
Total Liabilities & Shareholders Equity $303.8M $269.3M
YoY Change 12.81% 61.47%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $6.032M $2.316M
YoY Change 160.45% -16.99%
Depreciation, Depletion And Amortization $2.000M $2.100M
YoY Change -4.76% 162.5%
Cash From Operating Activities $3.600M $9.200M
YoY Change -60.87% -43.9%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$500.0K
YoY Change 80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$900.0K -$500.0K
YoY Change 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.700M -2.400M
YoY Change 220.83% -88.0%
NET CHANGE
Cash From Operating Activities 3.600M 9.200M
Cash From Investing Activities -900.0K -500.0K
Cash From Financing Activities -7.700M -2.400M
Net Change In Cash -5.000M 6.300M
YoY Change -179.37% -275.0%
FREE CASH FLOW
Cash From Operating Activities $3.600M $9.200M
Capital Expenditures -$900.0K -$500.0K
Free Cash Flow $4.500M $9.700M
YoY Change -53.61% -40.85%

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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
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-27
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-26
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Earnings Per Share Basic
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us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Organization</i> &#x2014; Ultra Clean Holdings, Inc. (Ultra Clean or the Company) was founded in November 2002 for the purpose of acquiring Ultra Clean Technology Systems and Service Inc. Ultra Clean Technology Systems and Service, Inc. was founded in 1991 by Mitsubishi Corporation and was operated as a subsidiary of Mitsubishi until November 2002, when it was acquired by Ultra Clean. Ultra Clean became a publicly traded company in March 2004. In June 2006, the Company completed the acquisition of Sieger Engineering, Inc. to better enhance its position as a subsystem supplier to the semiconductor, research, flat panel, energy and medical equipment industries. Ultra Clean Technology (Shanghai) Co., Ltd and Ultra Clean Micro-Electronics Equipment (Shanghai) Co., Ltd. were established in 2005 and 2007, respectively, to facilitate the Company&#x2019;s operations in China. Ultra Clean Asia Pacific, Pte, Ltd. (Singapore) was established in fiscal year 2008 to facilitate the Company&#x2019;s operations in Singapore. In July 2012, the Company acquired American Integration Technologies LLC (&#x201C;AIT&#x201D;) primarily to provide additional manufacturing capabilities and expertise while adding to the Company&#x2019;s existing customer base in the semiconductor and medical markets. The Company operates in one reportable segment. See Note 8 to the Condensed Consolidated Financial Statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a leading developer and supplier of critical subsystems for Original Equipment Manufacturers (OEMs) primarily in the semiconductor, industrial, flat panel, medical, energy/research and consumer industries. The Company develops, designs, prototypes, engineers, manufactures and tests systems and subsystems which are highly specialized and integral to the Company&#x2019;s customer products.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company provides its customers with complete solutions that combine its expertise in design, testing, component characterization and highly flexible global manufacturing operations with excellence in quality control and financial stability. The Company&#x2019;s global presence and supply chain management 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 that these characteristics provide global solutions for the Company&#x2019;s customers&#x2019; growing product demands.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company ships a majority of its products to U.S. registered customers with locations both in the U.S. and outside the U.S. In addition to US manufacturing, the Company manufactures products in its Asian facilities to support local and U.S. based customers. The Company conducts its operating activities primarily through its wholly owned subsidiaries: Ultra Clean Technology Systems and Service, Inc., AIT LLC, Ultra Clean Technology (Shanghai) Co., Ltd., Ultra Clean Micro-Electronics Equipment (Shanghai) Co., Ltd. and Ultra Clean Asia Pacific, Pte Ltd. (Singapore). The Company&#x2019;s international sales represented 32.8% and 29.6% for the three months ended June&#xA0;27, 2014 and June&#xA0;28, 2013, respectively, and 29.0% and 25.7% of sales for the six months ended June&#xA0;27, 2014 and June&#xA0;28, 2013, respectively, related to product shipped from our international locations. See Note 8 to the Company&#x2019;s Condensed Consolidated Financial Statements for further information about the Company&#x2019;s geographic areas.</font></p> </div>
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><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 continually performs credit evaluations of its customers&#x2019; financial condition and, if necessary, may require collateral from its customers.</font></p> </div>
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us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
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StockIssuedDuringPeriodSharesStockOptionsExercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><i>Use of Accounting Estimates</i> &#x2014; The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include reserves on inventory, valuation of deferred tax assets and impairment of goodwill and other long-lived assets. 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> </div>
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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ShareBasedCompensation
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ProceedsFromIssuanceOfCommonStock
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MinimumConsolidatedAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationInSecondQuarterOfYearTwoAndThereafterUnderAgreement
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FixedAssetPurchasesIncludedInAccountsPayable
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MinimumConsolidatedQuickRatio
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PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionTwo
0.25 pure
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FixedChargeCoverageRatioForFiscalYearTwo
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uctt Consolidated Leverage Ratio For Third Quarter Of Next Year
ConsolidatedLeverageRatioForThirdQuarterOfNextYear
3.75 pure
uctt Percentage Of Net Cash Proceeds Of Subsidiary Capital Stock For Debt Prepayment Indebtedness Amount Over By Specific Amount
PercentageOfNetCashProceedsOfSubsidiaryCapitalStockForDebtPrepaymentIndebtednessAmountOverBySpecificAmount
1.00 pure
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InterestAndOtherIncomeExpenseNet
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FiscalYearDuration
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uctt Consolidated Leverage Ratio Thereafter Third Quarter Of Next Year
ConsolidatedLeverageRatioThereafterThirdQuarterOfNextYear
3.25 pure
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6000000
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4.00 pure
uctt Fixed Charge Coverage Ratio For Fiscal Year
FixedChargeCoverageRatioForFiscalYear
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uctt Operating Lease Expiration Period One
OperatingLeaseExpirationPeriodOne
Various dates through 2022
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EarningsPerShareDiluted
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EarningsPerShareBasic
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EffectiveIncomeTaxRateContinuingOperations
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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EarningsPerShareDiluted
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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29438000 shares
CY2014Q2 uctt Income Tax Holiday Expiration Date
IncomeTaxHolidayExpirationDate
2015-01-31

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