http://www.morningstar.com/earnings/34651666-klatencor-corp-klac-q2-2012.aspx

KLA-Tencor Corp KLAC
Q2 2012 Earnings Call Transcript

Transcript Call Date 01/26/2012

Operator: Good afternoon. My name is Shawn, and I will be your conference operator today. At this time, I'd like to welcome everyone to the KLA-Tencor Second Quarter Fiscal Year 2012 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.

I would now like to turn the call over to Mr. Ed Lockwood with KLA-Tencor Investor Relations. Sir, you may begin your conference.

Ed Lockwood - Senior Director, IR: Thank you, Shawn. Good afternoon everyone and welcome to our conference call. Joining me on the call today are Rick Wallace, our President and Chief Executive Officer; and Mark Dentinger, Chief Financial Officer.

We're here to discuss second quarter results for the period ended December 31, 2011. We released these results this afternoon at 1.15 p.m. 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 will be accessible on demand following its completion on the Investor Relations section of our website. There you'll also find a calendar of future investor events, presentations and conferences, as well as links to KLA-Tencor's SEC filings, including our Annual Report on Form 10-K for the year ended June 30, 2011, and our subsequently filed 10-Q reports. In those filings, you'll also 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 2011 Form 10-K and our current reports on Form 8-K. We assume no obligation and do not intend to update these forward-looking statements. However, any updates we do provide will be broadly disseminated and available over the web.

With that I'll turn the call over to Rick.

Rick Wallace - President and CEO: Thanks Ed. Thank you all for joining our call today. With KLA-Tencor's December quarter results we're pleased to report a very strong finish to calendar year 2011 which was a record for the Company.

We saw industry growth in process control and affirmation of our market leadership. Those forces helped the Company achieve annual revenue growth in 2011 that outpaced the overall equipment industry by a wide margin.

Revenue in calendar year 2011 grew 27% to $3.2 billion and non-GAAP earnings per share were $4.70 an increase of 46% in the year. We generated $940 million in operating cash flow in 2011 ending with just under $2.2 billion in cash on the balance sheet on December 31st.

We continued to be proactive in returning value to shareholders in 2011 increasing the level of our quarterly dividend payout to $0.35 per share and returning 50% of our total annual free cash flow to shareholders through dividend and share repurchase programs.

Read our Earnings Call Transcript disclaimer.
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