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KLATencor Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: April 27, 2012 06:45AM

KLATencor Corp. (KLAC) filed Quarterly Report for the period ended 2012-03-31. Kla-tencor Corp has a market cap of $8.78 billion; its shares were traded at around $55.11 with a P/E ratio of 11.2 and P/S ratio of 2.8. The dividend yield of Kla-tencor Corp stocks is 2.7%.



Highlight of Business Operations:

Product revenues increased during the three months ended March 31, 2012 compared to the three months ended December 31, 2011 due to a resurgence in overall industry demand and customer orders in the three months ended December 31, 2011 for process control equipment, as compared to the prior quarter. That increase in orders was primarily a result of increased demand in the semiconductor electronics end-market, and, during the three months ended March 31, 2012, we were able to recognize revenue on many of those sales. Product revenues were substantially flat (increasing by 1%) during the three months ended March 31, 2012 compared to the three months ended March 31, 2011, as both quarters benefited from high levels of orders in the preceding quarter fueled by similar end-market demand trends.

Product revenues were substantially flat (decreasing by 1%) during the nine months ended March 31, 2012 compared to the nine months ended March 31, 2011. Each of those nine-month periods was similarly highlighted by increased volumes of shipment and installation of our products to satisfy customer demand for process control equipment, primarily driven by high demand in the semiconductor electronics end-market.

Interest income and other, net is comprised primarily of interest income earned on our investment and cash portfolio, realized gains or losses on sales of marketable securities, gains or losses from revaluation of certain foreign currency denominated assets and liabilities as well as foreign currency contracts, and impairments associated with equity investments in privately-held companies. The increase in interest income and other, net during the three months ended March 31, 2012 compared to the three months ended December 31, 2011 was primarily due to an impairment charge of $1.4 million recorded during the three months ended December 31, 2011 for equity investments in privately-held companies and a decrease in foreign exchange related expenses of $0.9 million recorded during the three months ended March 31, 2012. Interest income and other, net during the three months ended March 31, 2012 compared to the three months ended March 31, 2011 remained essentially flat. The increase in interest income and other, net during the nine months ended March 31, 2012 compared to the nine months ended March 31, 2011 was primarily due to a decrease of $4.5 million in accrued interest and penalties on uncertain tax positions and a decrease of $5.8 million in impairment charges related to equity investments in privately-held companies.

A decrease in tax payments of approximately $178 million, which includes a tax refund of $40 million and a change in the timing of when revenue is recognized for federal income tax purposes, resulting in lower tax payments during the nine months ended March 31, 2012 compared to the nine months ended March 31, 2011. We expect that tax payments in future periods will increase to normal amounts relative to our profit before taxes, and

Net cash used in investing activities during the nine months ended March 31, 2012 increased compared to the nine months ended March 31, 2011 primarily as a result of an increase in the use of cash for purchases of available-for-sale and trading securities, net of sales and maturities, of $88 million.

Read the The complete Report



Stocks Discussed: KLAC,
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