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Ultra Clean Reports Fourth Quarter and Fiscal 2010 Financial Results

HAYWARD, Calif. Feb. 14, 2011 December 31, 2010 $120.3 million $3.9 million $0.17 $6.7 million $0.29 $2.5 million $0.11 $400,000

$34.7 million $6.9 million $59.3 million $4.8 million

Clarence Granger California $730,000 $0.03

$119 million to $124 million $0.19 to $0.23

Monday, February 14, 2011 1:45 p.m. PDT

About Ultra Clean Holdings, Inc.

Hayward, California www.uct.com

Safe Harbor Statement

January 1, 2010 October 1, 2010

Ultra Clean Holdings, Inc

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share data)

For the three months ended

For the twelve months ended

December 31, 2010

January 1, 2010

December 31, 2010

January 1, 2010

Sales

$                  120,303

$             72,781

$                  443,134

$           159,757

Cost of goods sold

105,532

64,324

383,993

151,741

Gross profit

14,771

8,457

59,141

8,016

Operating expenses:

Research and development

1,536

777

5,487

3,212

Sales and marketing

1,959

1,471

6,887

4,693

General and administrative

5,516

4,077

21,290

16,186

       Total operating expenses

9,011

6,325

33,664

24,091

Income (loss) from operations

5,760

2,132

25,477

(16,075)

Interest and other income (expense), net

(131)

(179)

(667)

(791)

Income (loss) before income taxes

5,629

1,953

24,810

(16,866)

Income tax provision (benefit)

1,733

(542)

4,713

3,160

Net income (loss)

$                      3,896

$               2,495

$                    20,097

$           (20,026)

Net income (loss) per share:

Basic

$                        0.18

$                 0.12

$                        0.92

$               (0.94)

Diluted

$                        0.17

$                 0.11

$                        0.87

$               (0.94)

Shares used in computing

net income (loss) per share:

Basic

22,051

21,438

21,799

21,403

Diluted

23,030

22,630

22,975

21,403

Ultra Clean Holdings, Inc

Condensed Consolidated Balance Sheets

(Unaudited; in thousands)

December 31,

January 1,

ASSETS

2010

2010

Current assets:

  Cash and cash equivalents

$          34,654

$    26,697

  Accounts receivable

54,589

34,787

  Inventory

59,288

46,976

  Prepaid expenses and other

5,935

6,005

     Total current assets

154,466

114,465

Equipment and leasehold improvements, net

8,971

7,450

Purchased intangibles, net

8,987

8,987

Other non-current assets

571

408

Total assets

$        172,995

$  131,310

LIABILITIES & STOCKHOLDERS’ EQUITY

Current liabilities:

Bank borrowings

$            4,110

$      2,008

Accounts payable

45,957

46,098

Other current liabilities

7,654

4,948

     Total current liabilities

57,721

53,054

Bank debt and other long-term liabilities

27,765

17,077

     Total liabilities

85,486

70,131

Stockholders’ equity:

Common stock

99,459

93,226

Accumulated deficit

(11,950)

(32,047)

  Total stockholders’ equity

87,509

61,179

Total liabilities and stockholders’ equity

$        172,995

$  131,310

SOURCE Ultra Clean Holdings, Inc.

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