$UCTT
Ultra Clean Holdings, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515278624 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $117.5M $132.7M
YoY Change -11.4% 20.5%
Cost Of Revenue $98.73M $111.5M
YoY Change -11.48% 18.64%
Gross Profit $18.82M $21.15M
YoY Change -11.02% 31.35%
Gross Profit Margin 16.01% 15.94%
Selling, General & Admin $12.99M $11.30M
YoY Change 15.03% 2.8%
% of Gross Profit 69.03% 53.4%
Research & Development $2.401M $1.798M
YoY Change 33.54% 20.75%
% of Gross Profit 12.76% 8.5%
Depreciation & Amortization $2.300M $2.000M
YoY Change 15.0% -4.76%
% of Gross Profit 12.22% 9.46%
Operating Expenses $15.39M $13.09M
YoY Change 17.57% 4.95%
Operating Profit $3.428M $8.059M
YoY Change -57.46% 122.19%
Interest Expense -$359.0K -$452.0K
YoY Change -20.58% -35.43%
% of Operating Profit -10.47% -5.61%
Other Income/Expense, Net
YoY Change
Pretax Income $3.069M $7.607M
YoY Change -59.66% 162.58%
Income Tax $862.0K $1.575M
% Of Pretax Income 28.09% 20.7%
Net Earnings $2.207M $6.032M
YoY Change -63.41% 160.45%
Net Earnings / Revenue 1.88% 4.55%
Basic Earnings Per Share $0.07 $0.20
Diluted Earnings Per Share $0.07 $0.20
COMMON SHARES
Basic Shares Outstanding 31.62M 29.44M shares
Diluted Shares Outstanding 31.78M 29.88M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.60M $69.40M
YoY Change 10.37% -2.66%
Cash & Equivalents $76.61M $69.37M
Short-Term Investments
Other Short-Term Assets $12.40M $10.40M
YoY Change 19.23% 52.94%
Inventory $64.65M $67.06M
Prepaid Expenses
Receivables $57.51M $67.95M
Other Receivables $0.00 $0.00
Total Short-Term Assets $211.2M $214.7M
YoY Change -1.64% 23.45%
LONG-TERM ASSETS
Property, Plant & Equipment $14.85M $8.207M
YoY Change 80.94% -3.38%
Goodwill $74.30M $55.92M
YoY Change 32.87% 0.0%
Intangibles $37.70M $19.27M
YoY Change 95.69% -22.19%
Long-Term Investments
YoY Change
Other Assets $754.0K $377.0K
YoY Change 100.0% -93.96%
Total Long-Term Assets $130.4M $89.12M
YoY Change 46.28% -6.6%
TOTAL ASSETS
Total Short-Term Assets $211.2M $214.7M
Total Long-Term Assets $130.4M $89.12M
Total Assets $341.6M $303.8M
YoY Change 12.42% 12.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.48M $45.53M
YoY Change 2.09% 51.4%
Accrued Expenses $6.400M $6.900M
YoY Change -7.25% 38.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M $43.90M
YoY Change -85.19% -9.86%
Total Short-Term Liabilities $62.21M $99.68M
YoY Change -37.59% 15.03%
LONG-TERM LIABILITIES
Long-Term Debt $67.90M $12.01M
YoY Change 465.22% -38.95%
Other Long-Term Liabilities $2.800M $3.000M
YoY Change -6.67% 3.45%
Total Long-Term Liabilities $70.70M $12.01M
YoY Change 488.53% -38.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.21M $99.68M
Total Long-Term Liabilities $70.70M $12.01M
Total Liabilities $132.9M $114.7M
YoY Change 15.87% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings $42.10M $40.45M
YoY Change 4.08% 113.54%
Common Stock $169.9M $30.00K
YoY Change 566196.67% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.337M $3.337M
YoY Change 0.0% 0.0%
Treasury Stock Shares 601.9K shares 601.9K shares
Shareholders Equity $208.7M $189.1M
YoY Change
Total Liabilities & Shareholders Equity $341.6M $303.8M
YoY Change 12.42% 12.81%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $2.207M $6.032M
YoY Change -63.41% 160.45%
Depreciation, Depletion And Amortization $2.300M $2.000M
YoY Change 15.0% -4.76%
Cash From Operating Activities $9.800M $3.600M
YoY Change 172.22% -60.87%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$900.0K
YoY Change 33.33% 80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.200M -$900.0K
YoY Change 33.33% 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 -1.600M -7.700M
YoY Change -79.22% 220.83%
NET CHANGE
Cash From Operating Activities 9.800M 3.600M
Cash From Investing Activities -1.200M -900.0K
Cash From Financing Activities -1.600M -7.700M
Net Change In Cash 7.000M -5.000M
YoY Change -240.0% -179.37%
FREE CASH FLOW
Cash From Operating Activities $9.800M $3.600M
Capital Expenditures -$1.200M -$900.0K
Free Cash Flow $11.00M $4.500M
YoY Change 144.44% -53.61%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Organization</i> &#x2014; Ultra Clean Holdings, Inc. (the &#x201C;Company&#x201D; or &#x201C;UCT&#x201D;) 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 UCT. UCT became a publicly traded company in March 2004. In June 2006, the Company completed the acquisition of Sieger Engineering, Inc. to 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, UCT acquired American Integration Technologies LLC (&#x201C;AIT&#x201D;) to add to the Company&#x2019;s existing customer base in the semiconductor and medical spaces and to provide additional manufacturing capabilities. In November 2014, the Company launched Prototype Asia, its 3D printing business in Singapore, to develop additive manufacturing capabilities for the Company&#x2019;s customer base. In February 2015, UCT acquired Marchi Thermal Systems, Inc. (&#x201C;Marchi&#x201D;), a designer and manufacturer of specialty heaters, thermocouples and temperature controllers. Marchi delivers flexible heating elements and thermal solutions to our customers. The Company believes heaters are increasingly critical in equipment design for the most advanced semiconductor nodes.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is a global leader in the design, engineering, and manufacture of production tools, modules and subsystems for the semiconductor capital equipment industry and industry segments with similar requirements including consumer, medical and flat panel display. The Company focuses on providing specialized engineering and manufacturing solutions for these applications. The Company enables its customers to realize lower manufacturing costs and reduced design-to-delivery cycle times while maintaining high quality standards.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company provides its customers with complete solutions that combine its expertise in design, scan, assembly, test and component characterization. The Company&#x2019;s customers value its highly flexible global manufacturing operations, its excellence in quality control and its scale and financial stability. The Company&#x2019;s global footprint enables the Company to reduce manufacturing costs and design-to-delivery cycle times and maintains high quality standards for the Company&#x2019;s customers. The Company believes that these characteristics allow the Company provides global solutions for its customers&#x2019; growing product demands. The Company ships the majority of its products to U.S. registered customers with locations both in and outside the U.S. In addition to its U.S. manufacturing capabilities, 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., Ultra Clean Asia Pacific, Pte Ltd. (Singapore), and subsequent to February&#xA0;2, 2015, Marchi. The Company&#x2019;s international sales represented 32.6% and 32.8% for the three months ended June&#xA0;26, 2015 and June&#xA0;27, 2014, respectively, and 32.2% and 29.0% of sales for the six months ended June&#xA0;26, 2015 and June&#xA0;27, 2014, respectively. See Note 9 to the Company&#x2019;s Condensed Consolidated Financial Statements for further information about the Company&#x2019;s geographic areas.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <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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Ultra Clean Holdings, Inc.
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <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 accounts receivable and 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 may require adjustment. Actual amounts may differ from those estimates.</p>
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