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KLATencor Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 25, 2013 06:04AM

KLATencor Corp. (KLAC) filed Quarterly Report for the period ended 2012-12-31. Kla-tencor Corporation has a market cap of $8.64 billion; its shares were traded at around $51.97 with a P/E ratio of 12.6 and P/S ratio of 2.9. The dividend yield of Kla-tencor Corporation stocks is 2.9%.



Highlight of Business Operations:

Our gross margin declined to 54.8% during the three months ended December 31, 2012 from 56.0% during the three months ended September 30, 2012, primarily due to lower revenue volume and an increase in inventory reserves, partially offset by a more favorable mix of products sold. The increase in inventory reserves was attributable to the acceleration of certain product transitions and higher inventory levels associated with faster product delivery lead times and service response time commitments to customers.

Our gross margin declined to 54.8% during the three months ended December 31, 2012 from 57.5% during the three months ended December 31, 2011, primarily due to lower revenue volume, in the form of slightly lower manufacturing capacity utilization, as well as an increase in inventory reserves attributable to the acceleration of certain product transitions and higher inventory levels associated with faster product delivery lead times and service response time commitments to customers.

Our gross margin declined to 55.4% during the six months ended December 31, 2012 from 57.4% during the six months ended December 31, 2011, primarily due to a less favorable mix of product and service sales and an increase in inventory reserves attributable to certain product transitions and higher inventory levels associated with faster product delivery lead times and service response time commitments to customers.

The increase in interest income and other, net during the three months ended December 31, 2012 compared to the three months ended September 30, 2012 was primarily due to a gain of $1.2 million recorded during the three months ended December 31, 2012 in connection with the sale of an equity investment in a privately-held company. The increase in interest income and other, net during the three months ended December 31, 2012 compared to the three months ended December 31, 2011 was primarily due to an increase in realized gains on sales of marketable securities of $1.1 million and the gain on sale of $1.2 million referenced in the preceding sentence, which were recorded during the three months ended December 31, 2012, as well as an impairment charge of $1.4 million that was recognized during the three months ended December 31, 2011 related to an equity investment in a privately-held company.

Tax expense was increased by $8.7 million during the three months ended December 31, 2012 due to a decrease in the proportion of our earnings generated in jurisdictions with tax rates lower than the U.S. statutory tax rate; and

Read the The complete Report



Stocks Discussed: KLAC,
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