Cabot Microelectronics Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2012. The company reported total first fiscal quarter revenue of $106.5 million represents a 4.3% increase from the $102.1 million reported in the same quarter last year and a 3.7% decrease from $110.6 million last quarter. The company believes that the decrease in revenue from the prior quarter primarily reflects continued soft demand within the global semiconductor industry that began to appear late in the fourth fiscal quarter of 2012.

Net income for the quarter was $9.7 million, down from $10.4 million reported in the same quarter last year and down from $11.6 million in the prior quarter. Compared to the same quarter last year, net income was lower primarily due to a $1.7 million adverse tax adjustment associated with operations of the company's facility in Korea since its opening in 2011, and higher interest expense, partially offset by higher revenue, foreign exchange gains and lower operating expenses. Compared to the prior quarter, net income was down mainly due to lower revenue and a lower gross profit margin, partially offset by foreign exchange gains.

Diluted earnings per share were $0.41 this quarter, down from $0.45 reported in the first quarter of fiscal 2012 and down from $0.49 reported in the previous quarter. Earnings per share for the quarter were adversely impacted by approximately $0.07 due to the referenced tax adjustment.