Key Developments For Cabot Microelectronics Corporation
Cabot Microelectronics Corporation (CCMP.O) (Nasdaq)
Cabot Microelectronics Corporation Receives Ruling on Pending Summary Judgment Motions in Patent Infringement Enforcement Action against DuPont Air Products NanoMaterials, LLC
Cabot Microelectronics Corporation announced that the United States District Court for the District of Arizona issued its ruling on summary judgment motions (Summary Judgment Order), pending in Cabot Microelectronics` ongoing patent infringement litigation against DuPont Air Products NanoMaterials, LLC. The litigation, which the Company had filed in January, 2007, involves DuPont Air Products NanoMaterials` manufacture and marketing of certain CMP slurries that the Company believes infringe five patents owned by Cabot Microelectronics. The affected DuPont Air Products NanoMaterials products include certain products used for tungsten CMP. Cabot Microelectronics is seeking damages and injunctive relief against DuPont Air Products NanoMaterials in the litigation. In the Court`s Summary Judgment Order, the Court denied a motion filed by DuPont Air Products NanoMaterials for summary judgment of invalidity of three Cabot Microelectronics patents at issue in the case, which are fundamental patents in the field of tungsten CMP. The Court also denied DuPont Air Products NanoMaterials` motion for summary judgment of non-infringement of these patents. In addition, the Court denied DuPont Air Products NanoMaterials` motion for summary judgment of non-infringement of another Cabot Microelectronics patent that is considered to be a foundational CMP patent. The Court also denied Cabot Microelectronics` motion for summary judgment of infringement of the tungsten patents.
Cabot Microelectronics Corporation Issues Q2 2009 Revenue Guidance In Line With Analysts' Estimates
Cabot Microelectronics Corporation announced that for second quarter of 2009, it expects to report revenue in the range of $45-$46 million or approximately 52% lower than in the same quarter last year, and 28% lower than in the prior quarter. Consequently the Company expects to report gross profit of around 28% of revenue for the second fiscal quarter, and approximately 38% of revenue for the fiscal year to date. Based on the Company's performance for the first half of the fiscal year, it no longer expects to achieve gross profit within what had been its fiscal 2009 guidance range of 46% to 48% of revenue for fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $46 million for the same period.
Cabot Microelectronics Corporation Completes Acquisition Of Eternal Chemical Co., Ltd.'s Epoch Material Co., Ltd.
Cabot Microelectronics Corporation announced that it completed its acquisition of Epoch Material Co., Ltd. for a total purchase price of approximately $66 million. Epoch Material Co is a subsidiary of Eternal Chemical Co., Ltd.
Cabot Microelectronics Corporation Issues Q1 2009 Revenue Outlook Below Analysts' Estimates
Cabot Microelectronics Corporation announced that for first quarter of 2009, it expects to report revenue in the range of $62-$63 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $80 million for the same period.
Cabot Microelectronics Corporation Announces Agreement To Acquire Epoch Material Co., Ltd.
Cabot Microelectronics Corporation announced that it has entered into a definitive agreement to acquire the shares of Epoch Material Co., Ltd. (Epoch), a consolidated subsidiary of Eternal Chemical Co., Ltd. (Eternal). Epoch is a Taiwan-based company specializing in the development, manufacture and sale of copper CMP slurries and CMP cleaning solutions to the semiconductor industry, as well as color filter slurries to the liquid crystal display (LCD) industry. Under the share purchase agreement, Cabot Microelectronics will purchase Epoch for a total purchase price of $66 million. Cabot Microelectronics will initially obtain 90% of Epoch’s stock, with the remaining 10% to be transferred eighteen months later. During this interim period, Eternal will hold a minority ownership interest in Epoch.
