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KLA-Tencor Reports Fiscal 2012 Third Quarter Results

MILPITAS, Calif. KLA-Tencor Corporation $205 million $1.21 $841 million

Rick Wallace

GAAP Results

Q3 FY 2012

Q2 FY 2012

Q3 FY 2011

Revenues

$841 million

$642 million

$834 million

Net Income

$205 million

$111 million

$210 million

Earnings per Diluted Share

$1.21

$0.66

$1.22

Non-GAAP Results

Q3 FY 2012

Q2 FY 2012

Q3 FY 2011

Net Income

$216 million

$122 million

$225 million

Earnings per Diluted Share

$1.27

$0.72

$1.31

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release.  Non-GAAP results include the impact of stock-based compensation, but exclude the impact of acquisitions, restatement and restructuring related items, and certain discrete tax items.

2:00 p.m. Pacific Daylight Time www.kla-tencor.com

Forward-Looking Statements:

Statements in this press release other than historical facts, such as statements regarding the anticipated future drivers of growth in the semiconductor equipment industry, KLA-Tencor’s optimism regarding the future direction of those growth drivers, the need for future innovation by the company’s customers at the leading edge, and KLA-Tencor’s ability to benefit from these anticipated trends in demand and innovation, are forward-looking statements, and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on current information and expectations, and involve a number of risks and uncertainties.  Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: the demand for semiconductors; the financial condition of the global capital markets and the general macroeconomic environment; new and enhanced product and technology offerings by competitors; cancellation of orders by customers; the ability of KLA-Tencor’s research and development teams to successfully innovate and develop technologies and products that are responsive to customer demands; market acceptance of the company’s existing and newly issued products; and changing customer demands.  For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this release, please refer to KLA-Tencor’s Annual Report on Form 10-K for the year ended June 30, 2011, subsequently filed Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein).  KLA-Tencor assumes no obligation to, and does not currently intend to, update these forward-looking statements.

About KLA-Tencor:

Milpitas, California www.kla-tencor.com

Use of Non-GAAP Financial Information

The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA-Tencor’s financial results presented in accordance with United States GAAP.

To supplement KLA-Tencor’s condensed consolidated financial statements presented in accordance with GAAP, the company provides certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain costs and expenses, as well as other supplemental information.  The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of KLA-Tencor’s operating performance and its prospects in the future.  Specifically, KLA-Tencor believes that the non-GAAP information provides useful measures to both management and investors regarding financial and business trends relating to KLA-Tencor’s financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results.  The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting.  However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics (for example, determining which costs and expenses to exclude when calculating such a metric) are inherently subject to significant discretion.  As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor.  The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP.

 

KLA-Tencor Corporation

Condensed Consolidated Unaudited Balance Sheets

(In thousands)

March 31, 2012

June 30, 2011

ASSETS

Cash, cash equivalents and marketable securities

$

2,369,738

$

2,038,535

Accounts receivable, net

638,375

583,270

Inventories

650,476

575,730

Other current assets

328,738

478,475

Land, property and equipment, net

270,171

257,358

Goodwill

327,887

328,156

Purchased intangibles, net

62,897

85,902

Other non-current assets

284,922

328,095

Total assets

$

4,933,204

$

4,675,521

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

139,371

$

142,945

Deferred system profit

183,698

192,338

Unearned revenue

57,353

44,264

Other current liabilities

491,933

499,314

Total current liabilities

872,355

878,861

Non-current liabilities:

Long-term debt

746,697

746,290

Income tax payable

41,801

78,337

Unearned revenue

34,916

34,905

Other non-current liabilities

78,670

76,235

Total liabilities

1,774,439

1,814,628

Stockholders’ equity:

Common stock and capital in excess of par value

1,091,504

1,010,659

Retained earnings

2,075,218

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