Cascade Microtech (NASDAQ: CSCD) today reported financial results
for the second quarter ended June 30, 2010.
Highlights from the second quarter:
-- Revenue of $23.4 million, up 17% over Q1 of 2010 and up 86% over Q2 of
2009.
-- Book to bill ratio that was above 1.1.
-- Net loss of $2.9 million or $0.20 per share for Q2 of 2010, compared to
a net loss of $7.4 million or $0.53 per share for Q1 of 2010. Q2 of
2010 financial results include approximately $0.4 million in
restructuring charges related to our Sockets product line and $0.2
million of acquisition charges related to the formerly announced
acquisition of the SUSS Microtech Test Division on January 27, 2010. Q1
of 2010 results include approximately $3.8M in acquisition and
restructuring charges.
-- Cash and investment balances decreased from Q1 2010 to Q2 2010 by $2.9
million to $19.8 million due primarily to working capital needs to
support the increase in revenue and backlog.
-- Cascade announced new CEO Michael Burger on July 6, 2010.
"I am very excited to have joined Cascade Microtech as its new
CEO," said Michael Burger. "During the second quarter of 2010, we
continued to execute against our plan. We are very pleased with the
revenue trends and the outlook for the second half. The management
team and I are focused on returning the company to profitability in
the second half. In addition to top line growth, we were able to
improve gross margins and build backlog. As evidenced by these
results, the acquisition of the SUSS Microtech Test Division has
positioned the company to better meet our customer's needs while
providing a wider pathway to growth. I'm looking forward to working
with Cascade's customers, vendors and employees as we grow the
company. I would also like to thank Dr. Paul Carlson for stepping
in as our interim CEO over the past seven months for his leadership
and direction of the company."
Financial Outlook
Based on the current backlog, anticipated bookings and the
current market environment, Cascade anticipates that third quarter
2010 revenues will be in the range of $23.0 million to $26.0
million.
The company will host a conference call beginning at 2 p.m. PDT
(5 p.m. EDT) on August 3, 2010, to discuss its results for the
second quarter ended June 30, 2010.
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 8 p.m.
EDT at this same internet address. (For a telephone replay
available after 8 p.m. EDT dial: 888-286-8010, international:
617-801-6888, passcode: 78885285)
Forward-Looking Statements
The statements in this release regarding the Company's financial
outlook as to revenue in the third quarter of 2010 and the comments
by Mr. Burger 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, difficulties
or unexpected costs or delays in the integration of the operations,
employees, products, sales channels, strategies, and technologies
of the acquired business; the potential failure of the expected
market opportunity to materialize; the potential inability to
realize expected benefits and synergies; potential diversion of
management's attention from our existing business as well as that
of the acquired business; potential adverse effects on
relationships with our existing suppliers, customers or partners
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.
About Cascade Microtech, Inc.
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, 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. For more information visit www.cascademicrotech.com.
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year to Date Ended
------------------------------- June 30,
June 30, March 31, June 30, --------------------
2010 2010 2009 2010 2009
--------- --------- --------- --------- ---------
Revenue $ 23,439 $ 19,959 $ 12,616 $ 43,398 $ 24,085
Cost of sales 15,120 14,573 7,835 29,693 15,449
--------- --------- --------- --------- ---------
Gross profit 8,319 5,386 4,781 13,705 8,636
--------- --------- --------- --------- ---------
Operating expenses:
Research and
development 3,041 3,466 1,818 6,507 3,811
Selling, general
and
administrative 8,073 9,856 5,186 17,929 10,581
Amortization of
purchased
intangibles 200 180 145 380 291
--------- --------- --------- --------- ---------
Total operating
expenses 11,314 13,502 7,149 24,816 14,683
--------- --------- --------- --------- ---------
Loss from
operations (2,995) (8,116) (2,368) (11,111) (6,047)
--------- --------- --------- --------- ---------
Other income
(expense):
Interest income,
net 13 32 103 45 201
Other, net 542 (88) 440 454 (115)
--------- --------- --------- --------- ---------
Total other
income
(expense) 555 (56) 543 499 86
--------- --------- --------- --------- ---------
Loss before
income taxes (2,440) (8,172) (1,825) (10,612) (5,961)
Income tax expense
(benefit) 413 (772) (249) (359) (220)
--------- --------- --------- --------- ---------
Net loss $ (2,853) $ (7,400) $ (1,576) $ (10,253) $ (5,741)
========= ========= ========= ========= =========
Basic and
diluted net
loss per share $ (0.20) $ (0.53) $ (0.12) $ (0.72) $ (0.43)
Shares used in
basic and
diluted per
share
calculations 14,307 14,025 13,306 14,167 13,273
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
Assets 2010 2009
------------ ------------
Current assets:
Cash and cash equivalents $ 10,523 $ 19,471
Marketable securities 9,221 13,383
Accounts receivable, net 16,316 10,877
Inventories 21,268 16,624
Prepaid expenses and other 1,519 763
Taxes receivable 2,444 2,589
Deferred income taxes 529 13
Assets available for sale 146 -
------------ ------------
Total current assets 61,966 63,720
Long-term investments - 750
Fixed assets, net 11,282 12,010
Purchased intangible assets, net 3,379 1,858
Goodwill 923 -
Deferred income taxes - 220
Other assets 3,217 2,386
------------ ------------
$ 80,767 $ 80,944
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of capital leases $ 12 $ 11
Accounts payable 6,423 3,765
Deferred revenue 1,845 1,071
Accrued liabilities 5,667 2,087
------------ ------------
Total current liabilities 13,947 6,934
Capital leases, net of current portion 23 29
Deferred revenue 16 56
Deferred income taxes 640 -
Other long-term liabilities 2,795 2,540
------------ ------------
Total liabilities 17,421 9,559
------------ ------------
Stockholders' equity:
Common stock 89,954 85,719
Other comprehensive (loss) income (1,992) 29
Accumulated deficit (24,616) (14,363)
------------ ------------
Total stockholders' equity 63,346 71,385
------------ ------------
$ 80,767 $ 80,944
============ ============
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