23.10.2014 22:46:11
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KLA-Tencor Q1 Results Top Estimates; Plans Special Dividend
(RTTNews) - KLA-Tencor Corp. (KLAC) reported net income for the first quarter of $72.2 million or $0.43 per share, compared to $111.2 million or $0.66 per share for the year-ago quarter.
Excluding items, adjusted net income for the first quarter was $78.7 million or $0.47 per share, compared to $114.9 million or $0.68 per share in the prior year quarter.
Revenue for the first quarter fell to $642.90 million from $658.34 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.46 per share on revenue of $620.65 million for the first quarter. Analysts' estimates typically exclude special items.
As part of the company's ongoing commitment to deliver stockholder value, KLA-Tencor said its Board of Directors has authorized the financing of a leveraged recapitalization, which would feature a special cash dividend of $16.50 per share, or an aggregate value of about $2.75 billion. Subject to the close of necessary financing, the Board currently plans to declare and pay the special cash dividend before December 31, 2014. The special cash dividend would be in addition to the company's regular $0.50 per share quarterly cash dividend.
In connection with the leveraged recapitalization, the KLA-Tenco board has also approved an increase to the company's stock repurchase program for up to 3.6 million additional shares of the Company's common stock, which is valued at about $250 million based upon the closing price of the company's common stock as of October 20. This is in addition to the $1 billion stock repurchase program previously announced in July. KLA-Tencor expects to complete the share repurchases within 12 to 18 months.
The intended special cash dividend of $2.75 billion in the aggregate will be funded in part with a portion of the cash on the company's balance sheet, and in part with incremental debt.
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KLA-Tencor Corp. | 620,80 | 1,19% |