AURORA, Ill.-- Wafer-polishing slurry supplier Cabot Microelectronics Corp. today reported a 19% sequential drop in revenues to $55.7 million in the fiscal quarter, ended March 31, compared to $68.6 million in the prior period. Compared to a year ago, Cabot's revenues were up 43% from $38.0 million in the same fiscal quarter.
The industry's sharp downturn in chip manufacturing has caused the company to implement a series of cost cuts, including the postponement of capital investments.
"Thus, it now does not appear likely that we will achieve our previous guidance for fiscal 2001 revenue growth of 50% or more, which was based on the assumptions we made earlier in the year about the rate of the burn off to normal levels of our customers' end market chip inventory and the overall economy," said Matthew Neville, president and CEO of Cabot Microelectronics.
The Aurora-based company said its net income was $14.4 million, or $0.59 per diluted share. The earnings exceeded Wall Street estimates of $0.35 per share, according to First Call/Thomson.