Revenue of $14.0 Million, up 11% Sequentially With Improving Margins
PORTLAND, OR, Oct. 27, 2009 (Marketwire) --
PORTLAND, OR -- (Marketwire) -- 10/27/09 -- Cascade Microtech (NASDAQ: CSCD), today reported financial results for the third quarter ended September 30, 2009.
Third quarter results include:
-- Revenue of $14.0 million, up 11% from Q209
-- Engineering systems revenue increased 17% from Q209
-- Probes and sockets revenue increased 5% from Q209
-- Net loss of $1.4 million or $0.11 per share for Q309, compared to a
net loss of $1.6 million or $0.12 per share in Q209
-- Cash and investment balances increased by $1.4 million from Q209 to
$35.1 million
"During the third quarter, we continued to see a recovery in the market place with increased revenue and improving gross and operating margins. Our focus is on achieving revenue growth while controlling operating costs in order to leverage our earnings model," said Geoff Wild, CEO of Cascade Microtech.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that fourth quarter 2009 revenues will be in the range of $14 million to $16 million.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m. PDT) on October 27, 2009 to discuss its results for the third quarter of 2009.
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, dial (888) 286-8010 passcode: 60250700; International: 617-801-6888.)
Forward-Looking Statements
The statements in this release, particularly the comments above made by Mr. Wild and the paragraph above captioned "Financial Outlook," 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.
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 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.
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
------------------------------ Year to Date Ended
September September September 30,
30, June 30, 30, ------------------
2009 2009 2008 2009 2008
--------- -------- --------- -------- --------
Sales $ 13,971 $ 12,616 $ 21,128 $ 38,056 $ 61,174
Cost of sales 8,478 7,835 12,068 23,927 33,933
--------- -------- --------- -------- --------
Gross profit 5,493 4,781 9,060 14,129 27,241
--------- -------- --------- -------- --------
Operating expenses:
Research and
development 2,095 1,818 2,308 5,906 8,040
Selling, general
and administrative 4,971 5,186 7,739 15,552 21,953
Amortization of
purchased intangibles 144 145 582 435 1,879
--------- -------- --------- -------- --------
Total operating
expenses 7,210 7,149 10,629 21,893 31,872
--------- -------- --------- -------- --------
Loss from
operations (1,717) (2,368) (1,569) (7,764) (4,631)
--------- -------- --------- -------- --------
Other income (expense):
Interest income, net 68 103 221 269 711
Other, net 226 440 (369) 111 (113)
--------- -------- --------- -------- --------
Total other
income (expense) 294 543 (148) 380 598
--------- -------- --------- -------- --------
Loss before
income taxes (1,423) (1,825) (1,717) (7,384) (4,033)
Income tax benefit (4) (249) (426) (224) (868)
--------- -------- --------- -------- --------
Net loss $ (1,419) $ (1,576) $ (1,291) $ (7,160) $ (3,165)
========= ======== ========= ======== ========
Basic and diluted
net loss per
share $ (0.11) $ (0.12) $ (0.10) $ (0.54) $ (0.24)
Shares used in
basic and diluted
per share
calculations 13,325 13,306 13,108 13,291 13,047
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
Assets 2009 2008
------------ ------------
Current assets:
Cash and cash equivalents $ 21,030 $ 3,750
Marketable securities 8,813 28,795
Accounts receivable, net 9,970 12,801
Inventories 17,588 19,079
Prepaid expenses and other 810 1,367
Income taxes receivable - 1,003
Deferred income taxes 100 99
Assets held for sale - 400
------------ ------------
Total current assets 58,311 67,294
Long-term investments 5,267 2,465
Fixed assets, net 12,799 13,580
Purchased intangible assets, net 1,990 2,425
Deferred income taxes 276 237
Other assets 2,441 2,455
------------ ------------
$ 81,084 $ 88,456
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and
capital leases $ 11 $ 19
Accounts payable 3,697 4,110
Deferred revenue 913 1,120
Accrued liabilities 2,769 3,776
------------ ------------
Total current liabilities 7,390 9,025
Capital leases, net of current portion 33 62
Deferred revenue 87 313
Other long-term liabilities 2,277 2,356
------------ ------------
Total liabilities 9,787 11,756
------------ ------------
Stockholders' equity:
Common stock 85,136 83,345
Unrealized holding gain on investments 35 69
Accumulated deficit (13,874) (6,714)
------------ ------------
Total stockholders' equity 71,297 76,700
------------ ------------
$ 81,084 $ 88,456
============ ============
