UPDATE 1-Cabot Microelectronics Q4 beats Street

* Q4 EPS $0.52 vs est. $0.36

* Q4 rev up 7 pct to $96.5 mln

Oct 22 (Reuters) - Cabot Microelectronics Corp (CCMP.O), a maker of polishing compounds for the chip industry, posted better-than-expected quarterly results, helped by a drop in operating expenses.

For the fourth quarter ended Sept. 30, the company's net income rose to $12.2 million, or 52 cents a share, from $8.2 million, or 36 cents a share, a year ago.

Revenue rose 7 percent to $96.5 million.

Analysts were expecting earnings of 36 cents a share, before items, on revenue of $90.6 million, according to Thomson Reuters I/B/E/S.

Operating expenses dropped almost 12 percent.

"While we remain cautious regarding near-term industry demand given the current mixed economic signals and our limited visibility, we are optimistic about the long-term growth prospects for Cabot," Chief Executive William Noglows said in a statement.

Cabot shares closed at $33.80 Wednesday on Nasdaq.

For alerts, please double click [ID:nWNAB2459] (Reporting by Mansi Dutta in Bangalore; Editing by Himani Sarkar)