About Us
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. Wafers are the fundamental building blocks that virtually all semiconductor devices and solar cells are built upon. The company has been a pioneer in the design and development of wafer technologies for more than four decades and maintains R&D and manufacturing facilities in Europe, Japan, Korea, Malaysia, Taiwan and the United States. Utilized by leading semiconductor and solar makers worldwide, MEMC’s products are the foundation for devices that enable the internet and electronic commerce, computers, cell phones, consumer electronics, automobiles, industrial automation and control systems, telecommunications, defense systems and solar power.
Company Strategy
MEMC aims to strengthen its leadership position through a continuous improvement of technology, market share and profits.
Financial Highlights
(in thousands, except per share data and percentages)
Year
ended December 31, |
2006 |
2005 |
2004 |
2003 |
Net
sales |
$1,540,584 |
$1,107,379 |
$1,027,958 |
$781,100 |
| Gross margin |
$688,947 |
$366,518 |
$369,415 |
$232,756 |
Operating
income |
$558,276 |
$256,993 |
$260,488 |
$142,619 |
Net
income |
$369,288 |
$249,353 |
$226,201 |
$116,617 |
Non-
GAAP
EPS (1) |
$2.06 |
$0.95 |
$0.74 |
$0.63 |
| Operating cash flow |
$527,843 |
$320,996 |
$258,027 |
$98,736 |
| Free cash flow (2) |
$379,473 |
$158,258 |
$112,187 |
$31,340 |
| Cash plus ST investment |
$585,491 |
$153,611 |
$92,314 |
$130,697 |
| Return on assets (3) |
26% |
23% |
26% |
17% | (1) EPS using cash tax rate; see table below.
(2) Cash flows from operating activities minus capital expenditures.
(3) Net income divided by average of beginning and ending total assets.
| Reconciliation Of GAAP EPS To Non-GAAP EPS |
|
2006 |
2005 |
2004 |
2003 |
2002 |
GAAP EPS
Cash Tax Difference* |
$1.61
$0.45
|
$1,10
$(0.15) |
$1,02
$(0.28) |
$0.53
$0.10) |
$(0.17)
$(0.02) |
| Non-GAAP EPS |
$2.06 |
$0.95 |
$0.74 |
$0.63 |
$(0.19) | *Our cash tax rate is the tax payable on our tax returns as a percentage of annual pre-tax book income. The annual cash tax rate is estimated annually by reference to book taxable income and then taking into account temporary book/tax differences and any tax basis items reflected on our annual tax returns.
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