PORTLAND, OR , today reported financial results for the first
quarter ended March 31, 2008.
Highlights for the First Quarter 2008 include:
-- Revenues of $20.8 million, down 6% sequentially and down 8% from Q1
last year
-- $14.5 million Engineering Products Division revenue, down 7%
sequentially and down 21% from Q1 last year due to lower station revenues
-- $6.3 million Production Products Division revenue, flat sequentially
but up 54% over Q1 last year
-- Pyramid Probe card revenue was $5.4 million, up 1% sequentially
-- Other income during the first quarter includes foreign exchange
translation gains of $428,000
-- Loss per share was $(0.00), up from a loss of $(0.01) sequentially and
down from earnings per diluted share of $0.09 from Q1 last year
-- Cash and investment balances increased by $2.3 million during the
quarter to $36.6 million
"Our Pyramid Probe cards and Engineering Probes demonstrated
solid performance in the first quarter of 2008 resulting in revenue
from consumables increasing to almost 50% of total revenue and
improving gross margins. Engineering Products Division revenue was
down from the last quarter, as expected, due to lower station sales
across all geographical areas," said Geoff Wild, CEO of Cascade
Microtech.
Revenue for the first quarter was $20.8 million, net loss for
the quarter was approximately break even at a loss of $16,000 and
loss per share was $(0.00), compared to revenue of $22.0 million,
net loss of $140,000 and loss per share of $(0.01) for the fourth
quarter of 2007.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade
anticipates that second quarter 2008 revenues will be in the range
of $18.0 million to $21.0 million and that diluted earnings per
share will be in the range of a loss of $(0.06) to earnings of
$0.01.
About Cascade Microtech
Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in
the precise electrical measurement and test of integrated circuits
(ICs) and other small structures. For technology businesses and
scientific institutions that need to evaluate small structures,
Cascade Microtech delivers access to, and extraction of, electrical
data from wafers, integrated circuits (ICs), IC packages, circuit
boards and modules, MEMs, biological structures, electro-optic
devices and more. Cascade Microtech's leading-edge semiconductor
production test consumables include unique probe cards and test
sockets that reduce manufacturing costs of high-speed and
high-density semiconductor chips. Information about Cascade
Microtech can be found on the Web at www.cascademicrotech.com.
Forward-Looking Statements
The statements in this release regarding the Company's financial
outlook as to revenue and earnings in the second quarter of 2008
are "forward-looking" statements within the meaning of the
Securities Litigation Reform act of 1995. Such statements are based
on current expectations, estimates and projections about the
Company's business based in part on assumptions made by management.
These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including changes in demand for the
Company's products, product mix, the timing of shipments and
customer orders, constraints on supplies of components, excess or
shortage of production capacity and other risks discussed from time
to time in the Company's Securities and Exchange Commission filings
and reports, including the Company's Annual Report on Form 10-K. In
addition such statements could be affected by general industry and
market conditions and growth rates and general domestic and
international economic conditions. Such forward-looking statements
speak only as of the date on which they are made and the company
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release.
The company will host a conference call beginning at 5 p.m. EDT
(2 p.m. PDT) on April 29, 2008 to discuss its results for the first
quarter ended March 31, 2008, and its outlook for the second
quarter of 2008.
A simultaneous audio cast of the conference call may be accessed
online from the investor relations page of
www.cascademicrotech.com. A replay will be available after 7 p.m.
EDT at this same Internet address. (For a telephone replay, dial
(888) 286-8010 passcode: 57642163; International:
617-801-6888.)
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended
---------------------------------
March 31 December 31 March 31
2008 2007 2007
--------- ----------- ---------
Sales $ 20,759 $ 21,992 $ 22,471
Cost of sales 10,867 11,741 12,087
Stock-based compensation 109 83 122
--------- ----------- ---------
Gross profit 9,783 10,168 10,262
--------- ----------- ---------
Operating expenses:
Research and development (includes
$116, $107, $79, respectively, of
stock-based compensation) 2,906 2,759 2,639
Selling, general and administrative
(includes $414, $399, $361,
respectively, of stock-based
compensation) 6,879 6,872 6,664
Amortization of purchased intangibles 648 649 106
--------- ----------- ---------
Total operating expenses 10,433 10,280 9,409
--------- ----------- ---------
Income (loss) from operations (650) (112) 853
--------- ----------- ---------
Other income (expense):
Interest income 264 306 455
Interest expense (1) (1) (1)
Other, net 439 (63) 110
--------- ----------- ---------
Total other income 702 242 564
--------- ----------- ---------
Income before income taxes 52 130 1,417
Provision for income taxes 68 270 369
--------- ----------- ---------
Net income (loss) $ (16) $ (140) $ 1,048
========= =========== =========
Net income (Loss) per share-Basic
and Diluted
Basic $ 0.00 $ (0.01) $ 0.09
Diluted $ 0.00 $ (0.01) $ 0.09
Shares used in computing net income
per share:
Basic 12,985 12,855 11,808
Diluted 12,985 12,855 12,207
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited - in thousands)
March 31, December 31,
Assets 2008 2007
------------ ------------
Current assets:
Cash and cash equivalents $ 5,359 $ 4,900
Marketable securities 27,522 24,521
Accounts receivable, net 17,265 18,195
Inventories 18,972 18,608
Prepaid expenses and other 1,533 1,874
Deferred income taxes 2,731 2,729
------------ ------------
Total current assets 73,382 70,827
Long-term investments 3,717 4,836
Fixed assets, net 14,509 14,575
Goodwill 17,310 17,310
Purchased intangible assets, net 14,393 15,042
Other assets 2,720 2,691
------------ ------------
Total Assets $ 126,031 $ 125,281
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 14 $ 13
Accounts payable 4,657 5,158
Deferred revenue 974 1,102
Accrued liabilities 5,316 5,589
------------ ------------
Total current liabilities 10,961 11,862
Long-term debt and capital leases 55 51
Deferred income tax 3,037 3,114
Deferred revenue 423 481
Other long-term liabilities 2,253 2,168
------------ ------------
Total liabilities 16,729 17,676
------------ ------------
Stockholders' equity:
Common stock 81,315 79,697
Unrealized holding gain on investments 140 45
Retained earnings 27,847 27,863
------------ ------------
Total stockholders' equity 109,302 107,605
------------ ------------
Total Liabilities and Stockholders' Equity $ 126,031 $ 125,281
============ ============
Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial
Officer 503 601-1000
(NASDAQ:CSCD)
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