Cascade Microtech Announces Preliminary Second Quarter 2008 Results
18 July 2008 - 6:30AM
Business Wire
Cascade Microtech, Inc. (Nasdaq:CSCD) today announced its
preliminary results for the second quarter ended June 30, 2008.
Revenue for the second quarter of 2008 is expected to be in the
range of $19.0 million to $19.5 million and the loss per share is
expected to be in the range of $(0.14) to $(0.16) on approximately
13 million shares outstanding. The Company provided guidance on
April 29, 2008, for revenue of $18.0 million to $21.0 million and
net loss per share of $(0.06) to earnings of $0.01. Geoff Wild, CEO
stated, �The weak market conditions in the semiconductor and
semiconductor equipment industry are continuing to impact our
Engineering Products Division, which experienced a lower than
expected mix of 300mm systems revenue and analytical probe revenue.
Our Production Products Division continued to grow sequentially in
the second quarter.� The earnings shortfall was primarily caused
by: (a) a lower than expected gross margin due to an unfavorable
product and geographic mix of revenue in our Engineering Products
Division; (b) higher than expected sales, general and
administrative expenses primarily due to higher sales rep
commissions on sales where there is no direct presence; (c) higher
than expected foreign exchange losses. Cash and investment balances
at June 30, 2008, are expected to be approximately $36.5 million,
essentially the same as the balances at March 31, 2008. The Company
has not yet completed the preparation of its second quarter 2008
financial statements and review of the Company�s historical
information has not been completed by our independent registered
public accounting firm. Accordingly, the preliminary results
provided in this press release are subject to the risk that upon
completion of the second quarter financial statements and the
review thereof by the Company�s independent registered public
accounting firm, there may be adjustments to the Company�s
financial information that could materially affect the preliminary
results provided in this press release. Cascade Microtech will
release financial results for its second quarter ended June 30,
2008, at approximately 4 pm EDT, on Tuesday, July 29, 2008. The
Company will host a conference call beginning at 5 pm EDT (2 pm
PDT) that same afternoon to discuss these results. 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 pm EDT at this same internet address. (For a
telephone replay available after 7 pm EDT dial: 888-286-8010,
international: 617-801-6888, passcode: 43432209) Forward �Looking
Statements The statements in this release regarding the Company�s
expectations as to financial results for the quarter ended June 30,
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 or adjustments resulting
from the completion of the preparation of the Company�s second
quarter financial results or the review therof by the Company�s
independent registered public accountants, 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. Investors should be aware that
the Company�s fiscal quarter ended June 30, 2008. The Company has
not yet completed the preparation of its quarter end financial
statements and the review of the Company�s historical financial
statements has not been completed by the Company�s independent
registered public accounting firm. Accordingly, the preliminary
results provided in this press release are subject to the risk that
upon completion of the quarter end financial statements and the
review thereof by our independent registered accounting firm, there
may be adjustments to the Company�s financial information that
could materially affect the preliminary results provided in this
press release. The Company should not be considered to be under any
obligation or course of conduct in the future to issue revisions to
previously issued financial information as a result of its decision
to provide preliminary financial results for the second quarter
2008. 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. 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, 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.
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