BEAVERTON, OR--(Marketwire - February 9, 2011) - Cascade Microtech, Inc. (
NASDAQ:
CSCD) today
reported financial results for the fourth quarter and year ended December
31, 2010.
Highlights from the fourth quarter:
-- Revenue of $27.1M exceeded guidance, and increased 7.3% over Q3 2010.
-- Probes and Sockets grew 17.8% over Q3 2010 driven by the newly
introduced S-Technology Production Probe Card.
-- Gross margin of 44.1%, up from 41.2% in Q3 2010.
-- Both product segments improved gross margins over Q3 2010.
-- Income from operations of $0.6M, up $0.5M over Q3 2010.
-- Net income of $0.3M or $0.02 per share for Q4 2010, compared to a net
loss of $0.4M or $0.02 per share for Q3 2010.
-- First quarterly net income since Q2 2007.
-- Q4 2010 financial results include approximately $0.3M of
restructuring and acquisition related charges.
-- Q3 2010 includes approximately $0.1M in restructuring and
acquisition related charges.
-- Book to Bill ratio of 1.05 for Q4 of 2010.
"Cascade's fourth quarter of 2010 reflects revenue growth across all
product lines, resulting in an all-time quarterly revenue record for the
company. Cascade has posted seven quarters of consecutive revenue growth.
The revenue growth, coupled with improving gross margins resulted in $0.02
earnings per share in the fourth quarter. This is a significant milestone
in achieving Cascade's success model," said Michael Burger, president and
CEO of Cascade Microtech. "Our recent technology introductions are well
positioned with our customer base as we enter 2011. Cascade continues to
execute on our growth opportunities as well as our cost structure
initiatives as announced last quarter."
Financial Outlook
Based on the current backlog, anticipated bookings, and normal seasonal
patterns of the industry, Cascade anticipates that first quarter 2011
revenues will be in the same range as the Q4 2010 outlook of $24.0M to
$27.0M.
The company will host a conference call beginning at 2 p.m. PST (5 p.m.
EST) on Wednesday, February 9, 2011, to discuss its results for the fourth
quarter ended December 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. EST at this same internet address. (For a
telephone replay available after 8 p.m. EST dial: 888-286-8010,
international: 617-801-6888, passcode: 11321041).
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as
to revenue in the first 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 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, 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 Ended
December September December December 31,
30, 31, 31, --------------------
2010 2010 2009 2010 2009
--------- --------- --------- --------- ---------
Revenue $ 27,128 $ 25,273 $ 15,485 $ 95,799 $ 53,541
Cost of sales 15,171 14,850 9,913 59,714 33,840
--------- --------- --------- --------- ---------
Gross profit 11,957 10,423 5,572 36,085 19,701
--------- --------- --------- --------- ---------
Operating expenses:
Research and
development 3,067 3,038 2,466 12,612 8,372
Selling, general and
administrative 8,042 7,075 6,172 33,046 21,724
Amortization of
purchased
intangibles 203 200 132 783 567
--------- --------- --------- --------- ---------
Total operating
expenses 11,312 10,313 8,770 46,441 30,663
--------- --------- --------- --------- ---------
Income (loss) from
operations 645 110 (3,198) (10,356) (10,962)
--------- --------- --------- --------- ---------
Other income
(expense):
Interest income, net 16 9 45 70 314
Other, net (61) (431) (18) (38) 93
--------- --------- --------- --------- ---------
Total other income
(expense) (45) (422) 27 32 407
--------- --------- --------- --------- ---------
Income (loss) before
income taxes 600 (312) (3,171) (10,324) (10,555)
Income tax expense
(benefit) 333 41 (2,682) 15 (2,906)
--------- --------- --------- --------- ---------
Net income(loss) $ 267 $ (353) $ (489) $ (10,339) $ (7,649)
========= ========= ========= ========= =========
Net income (loss)
per share-Basic
and Diluted
Basic $ 0.02 $ (0.02) $ (0.04) $ (0.72) $ (0.57)
Diluted $ 0.02 $ (0.02) $ (0.04) $ (0.72) $ (0.57)
Shares used in
computing net
income (loss)
per share:
Basic 14,446 14,361 13,405 14,286 13,319
Diluted 15,261 14,361 13,405 14,286 13,319
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
Assets 2010 2009
------------ ------------
Current assets:
Cash and cash equivalents $ 21,871 $ 19,471
Marketable securities 870 13,383
Restricted cash and cash equivalents 1,704 -
Accounts receivable, net 19,718 10,877
Inventories 20,764 16,624
Prepaid expenses and other 788 763
Taxes receivable 1,059 2,589
Deferred income taxes 39 13
Assets available for sale 146 -
------------ ------------
Total current assets 66,959 63,720
Long-term investments - 750
Fixed assets, net 9,973 12,010
Purchased intangible assets, net 3,142 1,858
Goodwill 985 -
Deferred income taxes 665 220
Other assets 2,821 2,386
------------ ------------
$ 84,545 $ 80,944
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of capital leases $ 13 $ 11
Accounts payable 6,384 3,765
Deferred revenue 3,338 1,071
Accrued liabilities 6,280 2,087
------------ ------------
Total current liabilities 16,015 6,934
Capital leases, net of current portion 18 29
Deferred revenue 109 56
Other long-term liabilities 2,797 2,540
------------ ------------
Total liabilities 18,939 9,559
------------ ------------
Stockholders' equity:
Common stock 91,112 85,719
Accumulated other comprehensive income (loss) (804) 29
Accumulated deficit (24,702) (14,363)
------------ ------------
Total stockholders' equity 65,606 71,385
------------ ------------
$ 84,545 $ 80,944
============ ============