Ichor Holdings, Ltd. Announces Preliminary Unaudited Revenue and Earnings for Second Quarter and Guidance for Third Quarter of Fiscal Year 2017
July 31, 2017
Ichor’s expected second quarter 2017 results are:
-
Revenue of approximately
$159 .7 million -
U.S. GAAP net income from continuing operations of approximately
$10 .5 million and diluted earnings per share (“diluted EPS”) from continuing operations of approximately$0.40 -
Non-GAAP adjusted net income from continuing operations of
approximately
$15 .5 million and non-GAAP adjusted diluted EPS of approximately$0.60
Additionally, Ichor expects revenue and non-GAAP adjusted diluted EPS to
be in the range of $160–$170 million and
The following table presents our expected non-GAAP adjusted net income from continuing operations and a reconciliation from net income from continuing operations, the most comparable GAAP measure, for the second quarter of 2017:
Three Months Ended | ||||
2017 |
||||
(in thousands, |
||||
Reconciliation of |
||||
Net income from continuing operations | $ | 10,470 | ||
Non-GAAP adjustments: | ||||
Amortization of intangible assets | 1,803 | |||
Share-based compensation | 569 | |||
Other non-recurring (income) expenses | 952 | |||
Tax adjustments related to non-GAAP adjustments | (18 | ) | ||
Tax benefit related to Ajax acquisition | — | |||
Adjustments to cost of goods sold (1) | 1,752 | |||
Non-GAAP adjusted net income from continuing operations | $ | 15,528 | ||
Non-GAAP adjusted diluted EPS (2) | $ | 0.60 | ||
Shares used to compute diluted EPS | 26,063,527 |
(1) Represents an accumulated overstatement of inventory as
of
(2) Calculated by dividing non-GAAP adjusted net income from continuing operations by diluted shares outstanding.
Fiscal 2017
Ichor will conduct a conference call to discuss its fiscal 2017 second
quarter results and business outlook on
To listen to the conference call via the
A taped replay of the webcast will be available shortly after the call on Ichor's website or by calling 855-859-2056 (domestic) or 404-537-3406 (international), conference ID: 58939218.
About Ichor
Ichor is a leader in the design, engineering and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment. Our primary offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as electroplating and cleaning. We also manufacture certain components for internal use in fluid delivery systems and for direct sales to our customers. This vertically integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively. For more information, please visit Ichor’s website at: www.ichorsystems.com.
Safe Harbor Statement
Certain statements in this release are "forward-looking statements" made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as "guidance," "expects,"
"intends," "projects," "plans," "believes," "estimates," "targets,"
"anticipates," and similar expressions are used to identify these
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements regarding expected sales, as
well as any other statement that does not directly relate to any
historical or current fact. Forward-looking statements are based on
current expectations and assumptions, which may not prove to be
accurate. These statements are not guarantees and are subject to risks,
uncertainties and changes in circumstances that are difficult to
predict. Many factors could cause actual results to differ materially
and adversely from these forward-looking statements, including:
(1) dependence on expenditures by manufacturers and cyclical downturns
in the semiconductor capital equipment industry, (2) reliance on a very
small number of original equipment manufacturers for a significant
portion of sales, (3) negotiating leverage held by our customers,
(4) competitiveness and rapid evolution of the industries in which we
participate, (5) risks associated with weakness in the global economy
and geopolitical instability, (6) keeping pace with developments in the
industries we serve and with technological innovation generally,
(7) designing, developing and introducing new products that are accepted
by original equipment manufacturers in order to retain our existing
customers and obtain new customers, (8) managing our manufacturing and
procurement process effectively, (9) defects in our products that could
damage our reputation, decrease market acceptance and result in
potentially costly litigation, and (10) dependence on a limited number
of suppliers. Additional information concerning these and other factors
can be found in Ichor's filings with the
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IR@ichorsystems.com
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