HAYWARD, Calif., July 22, 2015 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), a leading developer and supplier of critical systems and subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries, today reported its financial results for the second quarter ended June 26, 2015.

The Company reported revenue of $117.5 million for the second quarter of 2015, a decrease of 6.2% compared to the first quarter of 2015, and an 11.4% decrease compared to the same period a year ago. Net profit was $2.2 million, or $0.10 per diluted share, for the second quarter of 2015 after excluding pre-tax intangible asset amortization charges of $1.4 million. The Company ended the quarter with an increase in cash of $7.0 million compared to the prior quarter.

"Second quarter performance exceeded our expectations and we won important new business with semiconductor customers," said Jim Scholhamer, UCT's Chief Executive Officer. "We continue to position UCT for future strategic investments that will extend our leadership position by focusing on the expansion of our capabilities for new and existing customers, winning new designs and improving profitability."

Semiconductor equipment revenue for the second quarter of 2015 was 93.9% compared to 90.0% for the first quarter of 2015 and 76.6% for the second quarter of 2014. Revenue outside the U.S. accounted for 32.6% of total revenue for the second quarter of 2015 compared to 31.8% and 32.8% in the prior quarter and same quarter of the previous year, respectively. Gross margin for the second quarter of 2015 was 16.0% compared to 15.9% in both the first quarter of 2015 and second quarter of 2014.

The Company recorded a net profit of $2.2 million, or $0.07 per share (basic and diluted), in the second quarter of 2015 compared to net income of $1.2 million, or $0.04 per share (basic and diluted), in the previous quarter and net income of $6.0 million, or $0.20 per share (basic and diluted), for the second quarter of 2014. Net income for the second quarter of 2015 includes pre-tax charges for intangible asset amortization costs of $1.4 million. Net income for the first quarter of 2015 included pre-tax charges for intangible asset amortization costs of $1.1 million and $3.2 million of other one-time charges as previously reported. Net income for the second quarter of 2014 included pre-tax intangible asset amortization costs of $1.2 million. Excluding these charges, the Company would have reported earnings of $0.10, $0.14 and $0.23 per diluted share for the second quarter of 2015, first quarter of 2015 and second quarter of 2014, respectively.

Cash and cash equivalents at the end of the second quarter of 2015 was $76.6 million, an increase of $7.0 million over the prior quarter and a decrease of $2.4 million from the end of fiscal year 2014. Outstanding debt was $74.4 million at the end of the second quarter of 2015, a decrease of $1.2 million from the prior quarter and an increase of $26.2 million from the end of fiscal year 2014.

Third Quarter 2015 Outlook

The Company expects revenue to be in the range between $117.0 million to $122.0 million and diluted earnings per share in the range of $0.05 to $0.09 based on an effective tax rate of 28%. Excluding intangible asset amortization costs of $1.4 million, the Company expects diluted earnings per share to be in the range of $0.09 to $0.12.

Conference Call

Ultra Clean will conduct a conference call today, Wednesday, July 22, 2015, beginning at 1:45 p.m. PDT. The call-in numbers are: (888) 561-5097 (domestic) and (706) 679-7569 (international). An audio replay of the conference call will be made available approximately one hour after the conclusion of the call and will remain available for fourteen days. The call-in numbers for the replay are: (855) 859-2056 (domestic) and (404) 537-3406 (international). The confirmation number for live broadcast and replay is: 83490395 (all callers).

About Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. is a leading developer and supplier of critical systems and subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean offers its customers an integrated outsourced solution for gas delivery systems and other subassemblies, improved design-to-delivery cycle times, component neutral design and manufacturing and component testing capabilities. Ultra Clean's customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, medical, energy and research industries. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.

Safe Harbor Statement

The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates,", "projection", "forecast", "believes," "plan," "expect," "future,"' "intends," "may," "will," "estimates," "predicts," and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations with respect to third quarter 2015 revenue and earnings per share and our forecasted tax rate for the third quarter of fiscal 2015, as well as our anticipated competitive position and integration of Marchi. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company's actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 26, 2014 as filed with the Securities and Exchange Commission. UCT undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.

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SOURCE Ultra Clean Holdings, Inc.