Ultra Clean Reports First Quarter 2012 Financial Results

HAYWARD, Calif., April 23, 2012 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries, today reported its financial results for the first quarter ended March 30, 2012. 

Revenue for the first quarter of 2012 was $110.6 million, an increase of 27.3% from the fourth quarter of 2011 and a decrease of 12.7% from the same period a year ago.  Semiconductor revenue was 85.1% of total revenue for the first quarter of 2012 compared to 79.6% in the previous quarter and revenue outside the U.S. accounted for 32% of the total revenue for the first quarter of 2012 compared to 29% for the previous quarter. Gross margin for the first quarter of 2012 was 14.2%, compared to 11.0% for the fourth quarter of 2011 and 13.9% for the first quarter of 2011.

The Company recorded net income of $4.7 million, or $0.20 per share in the first quarter of 2012 compared to net income of $1.4 million, or $0.06 per share excluding the benefit of a tax valuation allowance of $6.4 million in the fourth quarter of 2011, and net income of $5.8 million, or $0.25 per share for the first quarter of 2011.  The company's tax rate for the first quarter of 2012 was 24.4%.

Cash at the end of the first quarter 2012 was $54.8 million, an increase of $2.6 million from the previous quarter.  Net liquidity was $30.9 million, an increase of $3.5 million from the prior quarter.

Clarence Granger, Ultra Clean's Chairman and Chief Executive Officer, stated: "I am very pleased with UCT's operating performance in the first quarter. We exceeded the high end of our guidance range for revenue and earnings per share.  Equally important, our margins increased 29% from the previous quarter to 14.2% and we expect further improvements as we maintain our focus on operational execution. Finally, we continued to strengthen our balance sheet and achieved the highest cash position in the history of the Company."

Commenting on Ultra Clean's corporate guidance, Granger noted: "Revenue guidance for the second quarter 2012 is $100 million to $105 million, with earnings per share in the range of $0.16 to $0.19. We are forecasting a tax rate of 24% for the second quarter."

Ultra Clean will conduct a conference call today, Monday, April 23, beginning at 1:45 p.m. PDT at 888-561-5097 (domestic) and 706-679-7569 (international). A replay of the webcast will be available for fourteen days following the conference call at 855-859-2056 (domestic) and 404-537-3406 (international). The confirmation number for the live broadcast and replay is 68571373 (all callers). The conference call will also be webcast live and be available for fourteen days on our website.

About Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean offers its customers an integrated outsourced solution for gas delivery systems and other subassemblies, improved design-to-delivery cycle times, component neutral design and manufacturing and component testing capabilities. Ultra Clean's customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com. 

Safe Harbor Statement

The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "projection," "forecast," "believes," "plan," "expect," "future," "intends," "may," "will," "should," "estimates," "predicts,"  and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations with respect to future improvement in our gross margins, second quarter 2012 revenue and earnings per share, and our expectations regarding industry demand in the markets we serve for the second quarter of fiscal 2012. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, our actual results may differ materially from the results predicted or implied by these forward- looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 30, 2011 filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information future developments or otherwise.

SOURCE Ultra Clean Holdings, Inc.