Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial
results for the second quarter ended June 30, 2011.
Financial summary from the second
quarter:
- Revenue in Q2 2011 of $27.4M achieved mid-point of guidance.
- Growth in Systems, Production Probes and Sockets were offset by
the seasonal decrease in Engineering Probes.
- Gross margin of 38.6%.
- Gross margins impacted by $0.5M of planned factory
consolidation costs.
- Operating expenses of $12.3M.
- Research and development expenses were down due to the timing
of R&D projects.
- Increase in selling, general and administrative expenses was
primarily attributed to planned restructuring costs associated with
vacating leased facilities of $1.4M and other special charges of
$0.1M.
- Loss from operations of $1.7M after $2.0M of restructuring,
factory consolidation costs and special charges.
- Net loss of $2.0M or $0.14 per share for Q2 2011.
- Book-to-bill ratio of 1.2 on record quarterly bookings.
"In Q2 we experienced record customer order flow and made
significant progress towards reducing our overhead structure. We
posted stable revenue and record bookings which resulted in a
book-to-bill ratio of 1.2. The record bookings in Q2 builds a
strong backlog that supports Q3 2011 and beyond," said Michael
Burger, president and CEO of Cascade Microtech. "Our progress
towards our published success model included the consolidation of
our Engineering Probes and Production Probes factories in Oregon,
and the continuation of our Systems factory consolidation to
Dresden Germany, where we have achieved a major milestone by
shipping our first 300mm Elite system. Also in Q2, we accelerated
and completed the implementation of our ERP solution in Dresden. As
stated in previous conference calls, these activities created
incremental expenses related to restructuring and other special
charges in Q2. We anticipate that the majority of the restructuring
and other special charges will be completed by the end of Q3 2011.
In summary, we are pleased with our progress towards our stated
goals."
Financial outlook
Based on the current backlog, anticipated bookings, and normal
seasonality, Cascade Microtech anticipates that Q3 2011 revenues
will be in the range of $26.0M to $29.0M.
The company will host a conference call beginning at 2 p.m. PDT
(5 p.m. EDT) on Tuesday, August 2, 2011, to discuss its results for
the second quarter ended June 30, 2011.
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: 40328373).
Forward-Looking Statements
The statements in this release regarding the Company's financial
outlook as to revenue in the third quarter of 2011 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; changes in 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 acquired businesses; potential failure of the
expected market opportunities to materialize; the potential
inability to realize expected benefits and synergies of
acquisitions and the potential diversion of management's attention
from our existing business as well as that of acquired businesses;
potential adverse effects of acquisitions 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 and mechanical 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
electrical data from wafers, ICs, IC packages, circuit boards and
modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech's
leading-edge semiconductor production test products 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
June 30, March 31, June 30, Ended June 30,
-----------------
2011 2011 2010 2011 2010
-------- --------- -------- ------- -------
Revenue $ 27,419 $ 27,845 $ 23,439 $ 55,264 $ 43,398
Cost of sales 16,840 16,617 15,120 33,457 29,693
-------- --------- -------- ------- -------
Gross profit 10,579 11,228 8,319 21,807 13,705
-------- --------- -------- ------- -------
Operating expenses:
Research and
development 2,799 3,207 3,041 6,006 6,507
Selling, general
and administrative 9,302 7,611 8,073 16,913 17,929
Amortization of
purchased
intangibles 203 203 200 406 380
-------- --------- -------- ------- -------
Total operating
expenses 12,304 11,021 11,314 23,325 24,816
-------- --------- -------- ------- -------
Income (loss)
from operations (1,725) 207 (2,995) (1,518) (11,111)
-------- --------- -------- ------- -------
Other income
(expense):
Interest income,
net 13 19 13 32 45
Other, net (167) (17) 542 (184) 454
-------- --------- -------- ------- -------
Total other
income (expense) (154) 2 555 (152) 499
-------- --------- -------- ------- -------
Income (loss)
before income
taxes (1,879) 209 (2,440) (1,670) (10,612)
Income tax expense
(benefit) 145 103 413 248 (359)
-------- --------- -------- ------- -------
Net income (loss) $ (2,024) $ 106 $ (2,853) $ (1,918) $(10,253)
======== ========= ======== ======= =======
Basic net income
(loss) per
share: $ (0.14) $ 0.01 $ (0.20) $ (0.13) $ (0.72)
Diluted net
income (loss)
per share: $ (0.14) $ 0.01 $ (0.20) $ (0.13) $ (0.72)
Shares used in
per share
calculations:
Basic 14,611 14,528 14,307 14,571 14,167
Diluted 14,611 14,947 14,307 14,571 14,167
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
Assets 2011 2010
---------------------------------------------- ------------- -------------
Current assets:
Cash and cash equivalents $ 13,403 $ 21,871
Marketable securities 2,909 870
Restricted cash 1,631 1,704
Accounts receivable, net 23,313 19,718
Inventories 22,840 20,764
Prepaid expenses and other 3,080 2,032
------------- -------------
Total current assets 67,176 66,959
Long-term investments 3,498 -
Fixed assets, net 10,361 9,973
Purchased intangible assets, net 2,736 3,142
Goodwill 1,089 985
Other assets 3,048 3,486
------------- -------------
$ 87,908 $ 84,545
============= =============
Liabilities and Stockholders' Equity
----------------------------------------------
Current liabilities:
Accounts payable 6,835 6,384
Deferred revenue 3,566 3,338
Accrued liabilities 7,781 6,293
------------- -------------
Total current liabilities 18,182 16,015
Deferred revenue 133 109
Other long-term liabilities 3,290 2,815
------------- -------------
Total liabilities 21,605 18,939
------------- -------------
Stockholders' equity:
Common stock 92,071 91,112
Accumulated other comprehensive income
(loss) 852 (804)
Accumulated deficit (26,620) (24,702)
------------- -------------
Total stockholders' equity 66,303 65,606
------------- -------------
$ 87,908 $ 84,545
============= =============
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade
Microtech, Inc. (503) 601-1280
(NASDAQ:CSCD)
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