BEAVERTON, OR--(Marketwire - May 4, 2010) - Cascade Microtech (
NASDAQ:
CSCD), today
reported financial results for the first quarter ended March 31, 2010.
Highlights from the first quarter:
-- Cascade successfully closed the previously announced acquisition of
SUSS MicroTec Test Division on January 27, 2010. First quarter
financial results include approximately 2 months of operations of the
SUSS MicroTec Test Division.
-- Revenue of $20.0 million, up 29% over Q4 of 2009 and up 74% over Q1 of
2009.
-- Book to Bill ratio was well above 1.
-- Net loss of $7.4 million or $0.53 per share for Q1 of 2010, compared
to a net loss of $0.5 million or $0.04 per share for Q4 of 2009. Q1 of
2010 financial results include approximately $3.8 million in
acquisition and restructuring charges.
-- Cash and investment balances decreased by $11.0 million to $22.6
million due primarily to the acquisition and increase in working
capital needs to support the backlog.
"During the first quarter, we completed our previously announced
acquisition of the SUSS MicroTec Test Division," said Dr. F. Paul Carlson,
Chairman and CEO of Cascade Microtech. "The integration of the acquisition
is going extremely well and based on the strong bookings in the first
quarter together with the strong pipeline, the merger of these two
companies has been well received by our customers. Our focus continues to
be on achieving further revenue growth and leveraging our earnings model to
return to profitability in the second half of 2010."
Backlog at Q1 of 2010 is significantly higher than backlog at Q4 2009. The
increase in backlog was driven by the strong order flow during Q1 2010 and
the backlog obtained from the acquisition.
As stated above, revenue for the first quarter of 2010 was $20.0 million,
up 29% from $15.5 million in the fourth quarter of 2009 and up 74% from
$11.5 million in the first quarter of 2009. Net loss for the first quarter
of 2010 was $7.4 million and loss per share was $0.53, compared to a net
loss of $0.5 million and loss per share of $0.04 for the fourth quarter of
2009 and a net loss of $2.1 million and loss per share of $0.31 for the
first quarter of 2009.
The operating loss for the first quarter of 2010 includes approximately
$3.8 million in acquisition-related and restructuring costs.
Financial Outlook
Based on the current backlog, anticipated bookings and the current market
environment, Cascade anticipates that second quarter 2010 revenues will be
in the range of $21 million to $25 million.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m.
PDT) on May 4, 2010, to discuss its results for the first quarter ended
March 31, 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: 68235295)
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as
to revenue in the second quarter of 2010 and the comments by Dr. Carlson
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, 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. 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
----------------------------------
March 31, December 31, March 31,
2010 2009 2009
---------- ---------- ----------
Revenue $ 19,959 $ 15,485 $ 11,469
Cost of sales 14,573 9,913 7,614
---------- ---------- ----------
Gross profit 5,386 5,572 3,855
---------- ---------- ----------
Operating expenses:
Research and development 3,466 2,466 1,993
Selling, general and administrative 9,856 6,172 5,395
Amortization of purchased
intangibles 180 132 146
---------- ---------- ----------
Total operating expenses 13,502 8,770 7,534
---------- ---------- ----------
Loss from operations (8,116) (3,198) (3,679)
---------- ---------- ----------
Other income (expense):
Interest income, net 32 45 98
Other, net (88) (18) (555)
---------- ---------- ----------
Total other income (expense) (56) 27 (457)
---------- ---------- ----------
Loss before income taxes (8,172) (3,171) (4,136)
Income tax expense (benefit) (772) (2,682) 29
---------- ---------- ----------
Net loss $ (7,400) $ (489) $ (4,165)
========== ========== ==========
Basic and diluted net loss per
share $ (0.53) $ (0.04) $ (0.31)
Shares used in basic and diluted
per share calculations 14,025 13,405 13,240
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
Assets 2010 2009
---------- ----------
Current assets:
Cash and cash equivalents $ 10,761 $ 19,471
Marketable securities 11,885 13,383
Accounts receivable, net 13,409 10,877
Inventories 22,498 16,624
Prepaid expenses and other 1,400 763
Income taxes receivable 3,114 2,589
Deferred income taxes 528 13
---------- ----------
Total current assets 63,595 63,720
Long-term investments - 750
Fixed assets, net 11,895 12,010
Purchased intangible assets, net 3,757 1,858
Goodwill 1,035 -
Deferred income taxes - 220
Other assets 3,201 2,386
---------- ----------
$ 83,483 $ 80,944
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of capital leases $ 11 $ 11
Accounts payable 5,479 3,765
Deferred revenue 1,348 1,071
Accrued liabilities 5,980 2,087
---------- ----------
Total current liabilities 12,818 6,934
Capital leases, net of current portion 26 29
Deferred revenue 27 56
Deferred income taxes 726 -
Other long-term liabilities 2,856 2,540
---------- ----------
Total liabilities 16,453 9,559
---------- ----------
Stockholders' equity:
Common stock 89,385 85,719
Other comprehensive (expense) income (592) 29
Accumulated deficit (21,763) (14,363)
---------- ----------
Total stockholders' equity 67,030 71,385
---------- ----------
$ 83,483 $ 80,944
========== ==========