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Ultra Clean Holdings' (UCTT) CEO Jim Scholhamer on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Results Earnings Conference Call

April 21, 2016 04:45 PM ET

Executives

Sheri Brumm - SVP, Finance

Jim Scholhamer - CEO

Casey Eichler - President and CFO

Analysts

Dick Ryan - Dougherty & Company

Edwin Mok - Needham & Company

Patrick Ho - Stifel Nicolaus

Operator

Welcome to the Ultra Clean Holdings Q1 2016 Earnings Conference Call. My name is Marcy and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. There will be a Q&A session after the Company has presented its results. Please note that this conference is being recorded.

I will now turn the call over to Sheri Brumm, Senior Vice President of Finance. Sheri, you may begin.

Sheri Brumm

Thank you, operator. Welcome to our first quarter 2016 financial results conference call. Presenting today are Jim Scholhamer, UCT’s Chief Executive Officer; and Casey Eichler, UCT’s President and Chief Financial Officer. Casey will begin by discussing the financial results for our first quarter 2016, and Jim will follow with some remarks about the business.

A few moments ago, we issued a press release reporting financial results for the first quarter of 2016 ended March 25, 2016. The press release can be accessed from the Investor Relations section of UCT’s website, along with the information for the tape delay and replay of the live webcast at uct.com.

Together with our recently issued press release, this conference call enables the Company to comply with the SEC regulations for fair disclosure. Therefore, investors should accept the content of this call as the Company’s official guidance for the second quarter of 2016.

Investors should note that only the CEO and the CFO are authorized to provide Company guidance. If at any time after this call, we communicate any material changes in guidance, it is our intent that such updates will be done officially via public forum such as a press release or publicly announced conference call. The matters that we discuss today include forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995, related to matters including our future financial performance, new product orders and shipments and industry growth.

Investors are cautioned that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those projected in the forward-looking statements. Some of those risks and uncertainties are detailed in our filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any such forward-looking statements or to reflect events or circumstances that occur after this call.

Now, Casey will discuss the first quarter 2016 results.

Casey Eichler

Thank you, Sheri. Results for the first quarter were on track with the industry-wide semiconductor capital equipment recovery. Revenue was $112.2 million, an increase of approximately 8.5% from the prior quarter and a decrease of 10.4% compared to the same period in 2015. The improvement over the previous quarter was due primarily to an increase in semiconductor capital equipment demand from the fourth quarter.

Consistent with our strategy to target opportunities in the semiconductor capital equipment market, semiconductor revenue was 94% of total for the first quarter, an increase of 9% from the prior quarter. Non-semiconductor revenue was $6.4 million for the first quarter, roughly flat with the fourth quarter.

Revenue from outside the United States accounted for 44% in the first quarter, compared to 38% in the prior quarter. This increase was driven by the ramp in production within Southeast Asia. During the quarter, two customers accounted for more than 10% of revenue.