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KLATencor Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 26, 2012 06:02AM

KLATencor Corp. (KLAC) filed Quarterly Report for the period ended 2012-09-30. Kla-tencor Corporation has a market cap of $7.59 billion; its shares were traded at around $46.46 with a P/E ratio of 9.8 and P/S ratio of 2.4. The dividend yield of Kla-tencor Corporation stocks is 3.5%.



Highlight of Business Operations:

Product revenues decreased during the three months ended September 30, 2012 compared to the three months ended September 30, 2011, primarily due to lower levels of revenue backlog of $286 million at the start of the three months ended September 30, 2012 compared to $382 million at the start of the three months ended September 30, 2011.

Our gross margin declined to 56.0% during the three months ended September 30, 2012 from 59.5% during the three months ended June 30, 2012 primarily due to lower revenue volume and lower factory utilization as a result of lower shipments.

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 September 30, 2012 compared to the three months ended June 30, 2012 was primarily due to a decrease in foreign exchange related losses of $1.2 million and an impairment charge of $1.5 million recorded during the three months ended June 30, 2012 for equity investments in privately-held companies. The decrease in interest income and other, net during the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was primarily due to an increase of $3.5 million in accrued interest and penalties on uncertain tax positions recorded during the three months ended September 30, 2012.

Tax expense was higher as a percentage of income during the three months ended September 30, 2012 compared to the three months ended June 30, 2012 primarily due to an increase in tax expense of $7.6 million during the three months ended September 30, 2012 related to a decrease in the proportion of our earnings generated in jurisdictions with tax rates lower than the U.S. statutory tax rate.

Net cash used in investing activities during the three months ended September 30, 2012 increased compared to the three months ended September 30, 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 $110 million.

Read the The complete Report



Stocks Discussed: KLAC,
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