Cascade Microtech Acquires ATT Advanced Temperature Test Systems GmbH
October 02 2013 - 3:05PM
Marketwired
Cascade Microtech, Inc. (NASDAQ: CSCD), a leader at enabling
precision measurements of integrated circuits at the wafer level,
has acquired ATT Advanced Temperature Test Systems GmbH ("ATT
Systems"), which is headquartered in Munich Germany. ATT Systems is
a leader in the manufacturing of advanced thermal systems used in
the testing of semiconductor wafers. ATT Systems provides enhanced
thermal solutions for wafer testing over expanded temperatures that
typically range from -60 to 300 degrees centigrade. Cascade
Microtech believes the acquisition strategically positions the
combined companies for future system development and access to
larger markets. ATT Systems' management team will remain with the
company in Munich.
The purchase price for the acquisition includes approximately
8.4 million Euros in cash (net of approximately 0.4 million Euros
of acquired cash), approximately 1.6 million shares of Cascade
Microtech common stock, and deferred payments of approximately 0.8
million Euros. The purchase price is subject to certain
post-closing adjustments. The shares of common stock issued in the
transaction are subject to a one-year lock-up agreement.
"As Cascade Microtech enters new markets and expands its
portfolio to address new technology nodes, we are seeking
innovations in instrumentation and sub-systems," said Michael
Burger, President and CEO, Cascade Microtech. "This acquisition
gives us access to thermal system capabilities, both in design
expertise and through ATT Systems' high-performance products, which
we expect will complement our development of next-generation
systems for customers demanding the highest performance at thermal
extremes, while addressing new applications such as 3D structures
and FinFETs. ATT Systems provides a key component of our strategic
plan and supports our customers' rapidly accelerating test
requirements."
"This acquisition strengthens Cascade Microtech's financial
position," said Jeff Killian, Chief Financial Officer, Cascade
Microtech. "The acquisition provides a basis for revenue growth,
market expansion and vertical integration and we expect that it
will have an immediate and positive contribution toward our success
model." Mr. Killian continued, "Based upon the unaudited, trailing
12-months' performance of ATT Systems, the purchase price for the
company approximates six times EBITDA. Before the effects of
purchase accounting, we expect this transaction to be accretive to
earnings beginning in the fourth quarter of 2013, and will provide
additional support to achieve our success model which includes
EBITDAS of greater than 20% of revenue." Going forward, ATT Systems
will be reported with Cascade Microtech's Systems segment.
Conference Call
A conference call has been scheduled for Friday, October 4, 2013
at 8:30 AM (Eastern Time) to discuss the transaction. All
shareholders and interested parties are invited to participate. To
participate, the dial-in number is 877-280-4954, or international
857-244-7311, and the participant passcode is 59067799.
A simultaneous audio cast of the conference call, in listen only
mode, may be accessed online from the investor relations page of
www.cascademicrotech.com, a replay of which will be available after
2:00 PM (Eastern Time). When available, a transcript of the call
will be posted at the same internet address. The replay and
transcript will be available at the same internet address until
November 4, 2013.
About Advanced Temperature Test Systems
GmbH Advanced Temperature Test Systems GmbH designs
high-performance temperature control systems for advanced
semiconductor manufacturing technologies. Designed for exceptional
thermal and mechanical stability and precision, the company offers
a wide range of modular solutions for cost-effective system
upgrades and easy customization. The company has over 10 years of
experience in developing thermal chuck systems for wafer probers as
well as specific systems for testing electronic components,
hybrids, PCBs or other assemblies at the tester site.
About Cascade Microtech, Inc. Cascade
Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision
contact, electrical measurement and test of integrated circuits
(ICs), optical devices and other small structures. For technology
businesses and scientific institutions that need to evaluate small
structures, Cascade Microtech delivers access to electrical data
from wafers, ICs, IC packages, circuit boards and modules, MEMS, 3D
TSV, LED devices and more. Cascade Microtech's leading-edge
stations, probes, probe cards and integrated systems deliver
precision accuracy and superior performance both in the lab and
during production manufacturing of high-speed and high-density
semiconductor chips. For more information visit
www.cascademicrotech.com.
Forward-Looking Statements This release
contains certain forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995),
which reflect management's current views with respect to certain
future events and performance, including, in particular, statements
regarding: future operating or financial results; Cascade
Microtech's success model; and strategic, economic and other
benefits to Cascade Microtech from its acquisition of ATT Systems,
including enhanced opportunities for system and product development
and market access, revenue growth, achievement of Cascade
Microtech's success model, and accretion to earnings and the timing
thereof. Although these statements are based upon assumptions
Cascade Microtech believes to be reasonable, they are subject to
risks and uncertainties, which include, among others: changes in
demand for our products or those of ATT Systems; changes in product
mix; potential failure of expected market opportunities to
materialize; potential failure to successfully integrate ATT
Systems or to manage Cascade Microtech's growth; challenges of
operating an international business; changes in foreign exchange
rates; the timing of shipments and customer orders; constraints on
supplies of components; excess or shortage of production capacity;
and other factors detailed from time to time in Cascade Microtech's
periodic reports and filings with the Securities and Exchange
Commission, including in Item 1A to Cascade Microtech's Report on
Form 10-K for the year ended December 31, 2012. 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.
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade
Microtech, Inc. (503) 601-1280 Jeff.Killian@cmicro.com
(NASDAQ:CSCD)
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