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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

MARCH 31, 2005

or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 000-30205

CABOT MICROELECTRONICS CORPORATION
(Exact name of registrant as specified in its charter)

DELAWARE
36-4324765
(State of Incorporation)
(I.R.S. Employer Identification No.)

870 NORTH COMMONS DRIVE
60504
AURORA, ILLINOIS
(Zip Code)
(Address of principal executive offices)
  

Registrant's telephone number, including area code:(630) 375-6631

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.

YES
X
NO
  

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2 ).

YES
X
NO
  

As of April 29, 2005 the Company had 24,695,264 shares of Common Stock, par value $0.001 per share, outstanding.
 
 



CABOT MICROELECTRONICS CORPORATION

INDEX

Part I. Financial Information
Page
     
Item 1.
Financial Statements
  
     
   
 
Three and Six Months Ended March 31, 2005 and 2004
3
     
   
 
March 31, 2005 and September 30, 2004
4
     
   
 
Six Months Ended March 31, 2005 and 2004
5
     
 
6
     
Item 2.
  
 
Condition and Results of Operations
14
     
Item 3.
27
     
Item 4.
28
     
Part II. Other Information
  
     
Item 1.
28
     
Item 2.
29
     
Item 4.
29
     
Item 6.
30
 
31


 
2
 
PART I. FINANCIAL INFORMATION
ITEM 1.
 
CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and amounts in thousands, except per share amounts)
 
   
Three Months
  
Six Months
  
   
Ended March 31,
  
Ended March 31,
  
   
2005
  
2004
  
2005
  
2004
  
                   
Revenue
  
$
64,502
  
$
73,515
  
$
131,586
  
$
149,794
  
                           
Cost of goods sold
    
34,733
    
37,366
    
68,205
    
76,392
  
                           
Gross profit
    
29,769
    
36,149
    
63,381
    
73,402
  
                           
Operating expenses:
                          
Research and development
    
10,857
    
11,143
    
20,401
    
21,866
  
Selling and marketing
    
4,012
    
4,363
    
8,188
    
8,146
  
General and administrative
    
6,457
    
5,749
    
12,037
    
10,873
  
Amortization of intangibles
    
85
    
85
    
170
    
170
  
Total operating expenses
    
21,411
    
21,340
    
40,796
    
41,055
  
                           
Operating income
    
8,358
    
14,809
    
22,585
    
32,347
  
                           
Other income (expense), net
    
458
    
(86
)
  
945
    
(50
)
Income before income taxes
    
8,816
    
14,723
    
23,530
    
32,297
  
Provision for income taxes
    
2,762
    
5,006
    
7,647
    
10,982
  
                           
Net income
  
$
6,054
  
$
9,717
  
$
15,883
  
$
21,315
  
                           
Basic earnings per share
  
$
0.25
  
$
0.39
  
$
0.64
  
$
0.86
  
                           
Weighted average basic shares outstanding
    
24,642
    
24,785
    
24,634
    
24,761
  
                           
Diluted earnings per share
  
$
0.25
  
$
0.39
  
$
0.64
  
$
0.85
  
                           
Weighted average diluted shares outstanding
    
24,685
    
24,926
    
24,698
    
24,935
  

The accompanying notes are an integral part of these consolidated financial statements.
3
 
CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited and amounts in thousands, except share amounts)

   
March 31,
  
September 30,
  
   
2005
  
2004
  
ASSETS
          
           
Current assets:
              
Cash and cash equivalents
  
$
44,077
  
$
43,308
  
Short-term investments
    
119,605
    
114,010
  
Accounts receivable, less allowance for doubtful accounts of $433 at
              
March 31, 2005 and $598 at September 30, 2004
    
31,828
    
41,347
  
Inventories
    
31,512
    
24,474
  
Prepaid expenses and other current assets
    
8,021
    
3,264
  
Deferred income taxes
    
2,665
    
3,278
  
Total current assets
    
237,708
    
229,681
  
               
Property, plant and equipment, net
    
128,550
    
127,794
  
Goodwill
    
1,373
    
1,373
  
Other intangible assets, net
    
186
    
350
  
Other long-term assets
    
3,797
    
4,093
  
Total assets
  
$
371,614
  
$
363,291