$UCTT
Ultra Clean Holdings, Inc.

2016 Q1 Form 10-Q Financial Statement

#000119312516572841 Filed on May 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $112.2M $125.3M
YoY Change -10.44% -13.11%
Cost Of Revenue $97.66M $105.4M
YoY Change -7.34% -12.83%
Gross Profit $14.57M $19.92M
YoY Change -26.85% -14.55%
Gross Profit Margin 12.98% 15.89%
Selling, General & Admin $12.99M $14.71M
YoY Change -11.65% 18.75%
% of Gross Profit 89.17% 73.82%
Research & Development $2.276M $2.566M
YoY Change -11.3% 45.22%
% of Gross Profit 15.62% 12.88%
Depreciation & Amortization $2.800M $2.000M
YoY Change 40.0% 5.26%
% of Gross Profit 19.22% 10.04%
Operating Expenses $15.27M $17.27M
YoY Change -11.6% 22.06%
Operating Profit -$698.0K $2.648M
YoY Change -126.36% -71.09%
Interest Expense -$1.091M -$956.0K
YoY Change 14.12% 51.99%
% of Operating Profit -36.1%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.789M $1.692M
YoY Change -205.73% -80.17%
Income Tax $1.450M $519.0K
% Of Pretax Income 30.67%
Net Earnings -$3.239M $1.173M
YoY Change -376.13% -83.38%
Net Earnings / Revenue -2.89% 0.94%
Basic Earnings Per Share -$0.10 $0.04
Diluted Earnings Per Share -$0.10 $0.04
COMMON SHARES
Basic Shares Outstanding 32.31M 30.49M shares
Diluted Shares Outstanding 32.31M 30.96M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.50M $69.60M
YoY Change -34.63% -6.33%
Cash & Equivalents $45.54M $79.00M
Short-Term Investments
Other Short-Term Assets $6.500M $11.90M
YoY Change -45.38% 35.23%
Inventory $82.00M $59.91M
Prepaid Expenses
Receivables $66.67M $69.63M
Other Receivables $0.00 $0.00
Total Short-Term Assets $200.7M $211.0M
YoY Change -4.88% -5.26%
LONG-TERM ASSETS
Property, Plant & Equipment $17.92M $14.48M
YoY Change 23.76% 77.25%
Goodwill $85.25M $74.30M
YoY Change 14.74% 32.87%
Intangibles $41.34M $39.06M
YoY Change 5.85% 90.64%
Long-Term Investments
YoY Change
Other Assets $725.0K $747.0K
YoY Change -2.95% 99.73%
Total Long-Term Assets $145.2M $131.7M
YoY Change 10.28% 46.0%
TOTAL ASSETS
Total Short-Term Assets $200.7M $211.0M
Total Long-Term Assets $145.2M $131.7M
Total Assets $346.0M $342.7M
YoY Change 0.94% 9.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.95M $50.13M
YoY Change 5.63% -9.49%
Accrued Expenses $5.000M $5.300M
YoY Change -5.66% -3.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.80M $4.800M
YoY Change 187.5% -90.16%
Total Short-Term Liabilities $79.70M $63.47M
YoY Change 25.59% -43.9%
LONG-TERM LIABILITIES
Long-Term Debt $59.90M $70.80M
YoY Change -15.4% 374.4%
Other Long-Term Liabilities $3.000M $2.900M
YoY Change 3.45% -6.45%
Total Long-Term Liabilities $62.90M $73.70M
YoY Change -14.65% 393.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.70M $63.47M
Total Long-Term Liabilities $62.90M $73.70M
Total Liabilities $147.5M $137.1M
YoY Change 7.59% 4.57%
SHAREHOLDERS EQUITY
Retained Earnings $24.75M $39.89M
YoY Change -37.96% 15.91%
Common Stock $177.0M $169.0M
YoY Change 4.69% 582786.21%
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 $198.4M $205.6M
YoY Change
Total Liabilities & Shareholders Equity $346.0M $342.7M
YoY Change 0.94% 9.52%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$3.239M $1.173M
YoY Change -376.13% -83.38%
Depreciation, Depletion And Amortization $2.800M $2.000M
YoY Change 40.0% 5.26%
Cash From Operating Activities -$200.0K -$5.700M
YoY Change -96.49% -241.93%
INVESTING ACTIVITIES
Capital Expenditures $2.030M $2.582M
YoY Change -21.38% 404.3%
Acquisitions $29.73M
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.000M -$32.30M
YoY Change -93.81% 7142.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.192M
YoY Change 26.41%
Debt Paid & Issued, Net $3.566M $48.84M
YoY Change -92.7% 1853.76%
Cash From Financing Activities -2.300M 28.60M
YoY Change -108.04% 177.56%
NET CHANGE
Cash From Operating Activities -200.0K -5.700M
Cash From Investing Activities -2.000M -32.30M
Cash From Financing Activities -2.300M 28.60M
Net Change In Cash -4.500M -9.400M
YoY Change -52.13% -167.75%
FREE CASH FLOW
Cash From Operating Activities -$200.0K -$5.700M
Capital Expenditures $2.030M $2.582M
Free Cash Flow -$2.230M -$8.282M
YoY Change -73.07% -336.36%

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IncreaseDecreaseInEmployeeRelatedLiabilities
2000
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
340000
CY2015Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
76189000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11860000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
714000
CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-129000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1137000
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
105399000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
904000
CY2015Q1 uctt Excess Tax Benefit Expense From Share Based Compensation Financing Activities
ExcessTaxBenefitExpenseFromShareBasedCompensationFinancingActivities
-129000
CY2015Q1 uctt Excess Tax Benefit Expense From Share Based Compensation Operating Activities
ExcessTaxBenefitExpenseFromShareBasedCompensationOperatingActivities
-129000
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-196000
CY2016Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2000
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2220 shares
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001275014
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y9M29D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y9M29D
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-30
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
Ultra Clean Holdings, Inc.
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32309000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32309000 shares
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-25
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.808 pure
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <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 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.</p> </div>
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 dei Trading Symbol
TradingSymbol
UCTT
CY2016Q1 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Agreement requires the Company to maintain certain financial covenants including a consolidated fixed charge coverage ratio (as defined in the Credit Agreement) of at least 1.25 to 1.00 starting with the end of the first quarter of fiscal 2015 and a consolidated leverage ratio (as defined in the Credit Agreement) no greater than 3.50 to 1.00 starting with the end of the first quarter of fiscal 2015. The Credit Agreement also includes other customary affirmative and negative covenants. In December 2015, the Credit Agreement was amended to add a covenant requiring the Company to maintain a cash balance of $35.0 million at the end of each quarter. The Company was in compliance with all covenants for the quarter ended March 25, 2016.
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.96
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2030000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-3239000
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
404000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
112229000
CY2016Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-37000
CY2016Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1091000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1673000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-698000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9173000
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
143000
CY2016Q1 us-gaap Gross Profit
GrossProfit
14570000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-64000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7479000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
60000
CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
8000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3566000
CY2016Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-393000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3179000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1789000
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
97000
CY2016Q1 us-gaap Interest Paid Net
InterestPaidNet
692000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1450000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1065000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
146000
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
598000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2933000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4564000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
15268000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2030000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2333000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2276000
CY2016Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
421000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1065000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-5000
CY2016Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-1546000
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1578000
CY2016Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1637000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10059000
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
38000
CY2016Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
600000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1440000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
97659000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
13244000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1397000
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-27000
CY2016Q1 uctt Goodwill Amortization Period
GoodwillAmortizationPeriod
P15Y
CY2016Q1 uctt Operating Lease Expiration Period One
OperatingLeaseExpirationPeriodOne
Various dates through 2022
CY2016Q1 uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition Two
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionTwo
0.25 pure
CY2016Q1 uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition One
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionOne
0.33 pure

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