http://www.morningstar.com/earnings/14347542-klatencor-corp-klac-q3-2010.aspx

KLA-Tencor Corp KLAC
Q3 2010 Earnings Call Transcript

Transcript Call Date 04/29/2010

Operator: Good afternoon. My name is Simon, and I will be your conference operator today. At this time, I would like to welcome you to the KLA-Tencor Corporation Third Quarter Earnings Conference Call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you.

I’d now like to turn the call over to Mr. Ed Lockwood with KLA-Tencor Investor Relation. Please go ahead.

Ed Lockwood - Senior Director, IR: Thank you, Simon. Good afternoon, everyone, and welcome to KLA-Tencor's third quarter fiscal year 2010 earnings conference call. Joining me on our call today are Rick Wallace, our President and Chief Executive Officer; and Mark Dentinger, our Chief Financial Officer.

We’re here today to discuss third quarter results for the period ended March 31st, 2010. We released these results this afternoon at 1.15 pm Pacific time. If you haven't seen the release, you can find it on our website at www.kla-tencor.com or call 408-875-3600 to request a copy. A simulcast of this call, which will be accessible on demand following its completion on our investor section of our website.

You’ll also find a calendar of future investor events, presentations and conferences, as well as links to KLA's SEC filings including our Annual Report on Form 10-K for the year ended June 30, 2009, and our subsequently filed 10-Q reports. In those filings you’ll find descriptions of risk factors that could impact our future results. As you know, our future results are subject to risks.

Any forward-looking statements including those we make on this call today are subject to those risks. And KLA-Tencor cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking results.

More information regarding factors that could cause those differences is contained in the filings we make with the SEC from time to time, including our fiscal year 2009 Form 10-K and our current reports on Form 8-K. We assume no obligation and do not intend to update those forward-looking statements. However, you could be reassured that any updates we do provide will be broadly disseminated and available over the web.

With that, I will turn the call over to Rick.

Richard P. Wallace - CEO: Thanks, Ed. We’re pleased with the Company’s performance in the March quarter, and as the result show, KLA-Tencor successfully executing our strategic objective in an improving industry environment. The new orders in March were $649 million, an increase of 26% compared with December and above our range of guidance, a result of better than expected demand in our core markets and increased bookings from new markets. Third quarter revenue was $478 million, which was at the high end of guidance.

With the combination of new product revenue and solid operations execution, we delivered strong margin performance in the quarter with non-GAAP EPS came in above the range of guidance at $0.41. We also grew our cash and investments to approximately $1.6 billion by quarter end, while repurchasing 2 million shares of common stock in the period.

Read our Earnings Call Transcript disclaimer.
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