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Second quarter results include:
-- Revenue of $12.6 million, up 10% from Q109
-- Probes and sockets revenue increased 20% from Q109
-- Net loss of $1.6 million or $0.12 per share for Q209, compared to a
net loss of $4.2 million or $0.31 per share in Q109
-- Cash and investment balances increased by $0.2 million from Q109 to
$33.7 million
"We have seen a mild recovery in the market place with increases in our revenue and bookings, particularly in probes and sockets, which has improved our gross margin percentage in the second quarter. We have carefully managed our expenses by continuing our cost saving initiatives and have generated cash during the quarter," said Geoff Wild, CEO of Cascade Microtech. "Although this does not appear to be a rapid recovery, we expect to see continuing growth over the remainder of 2009."
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that third quarter 2009 revenues will be in the range of $12.5 million to $15 million.
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.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m. PDT) on July 28, 2009, to discuss its results for the second 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: 18571233; International: 617-801-6888.)
About Cascade Microtech
Cascade Microtech, Inc. (NASDAQ: CSCD | Quote | Chart | News | PowerRating) 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
June 30,
June 30, March 31, June 30, ------------------
2009 2009 2008 2009 2008
-------- -------- -------- -------- --------
Sales $ 12,616 $ 11,469 $ 19,287 $ 24,085 $ 40,046
Cost of sales 7,835 7,614 10,889 15,449 21,865
-------- -------- -------- -------- --------
Gross profit 4,781 3,855 8,398 8,636 18,181
-------- -------- -------- -------- --------
Operating expenses:
Research and development 1,818 1,993 2,826 3,811 5,732
Selling, general and
administrative 5,186 5,395 7,335 10,581 14,214
Amortization of purchased
intangibles 145 146 649 291 1,297
-------- -------- -------- -------- --------
Total operating
expenses 7,149 7,534 10,810 14,683 21,243
-------- -------- -------- -------- --------
Loss from operations (2,368) (3,679) (2,412) (6,047) (3,062)
-------- -------- -------- -------- --------
Other income (expense):
Interest income, net 103 98 227 201 490
Other, net 440 (555) (183) (115) 256
-------- -------- -------- -------- --------
Total other income
(expense) 543 (457) 44 86 746
-------- -------- -------- -------- --------
Loss before income
taxes (1,825) (4,136) (2,368) (5,961) (2,316)
Provision (benefit) for
income taxes (249) 29 (510) (220) (442)
-------- -------- -------- -------- --------
Net loss $ (1,576) $ (4,165) $ (1,858) $ (5,741) $ (1,874)
======== ======== ======== ======== ========
Basic and diluted
net loss per share $ (0.12) $ (0.31) $ (0.14) $ (0.43) $ (0.14)
Shares used in basic
and diluted per
share calculations 13,306 13,240 13,046 13,273 13,016
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
Assets 2009 2008
---------- ----------
Current assets:
Cash and cash equivalents $ 7,707 $ 3,750
Marketable securities 21,720 28,795
Accounts receivable, net 9,009 12,801
Inventories 17,930 19,079
Prepaid expenses and other 862 1,367
Income taxes receivable 945 1,003
Deferred income taxes 94 99
Assets held for sale - 400
---------- ----------
Total current assets 58,267 67,294
Long-term investments 4,251 2,465
Fixed assets, net 13,353 13,580
Purchased intangible assets, net 2,134 2,425
Deferred income taxes 262 237
Other assets 2,477 2,455
---------- ----------
$ 80,744 $ 88,456
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 11 $ 19
Accounts payable 2,829 4,110
Deferred revenue 1,021 1,120
Accrued liabilities 2,121 3,776
---------- ----------
Total current liabilities 5,982 9,025
Capital leases, net of current portion 34 62
Deferred revenue 176 313
Other long-term liabilities 2,419 2,356
---------- ----------
Total liabilities 8,611 11,756
---------- ----------
Stockholders' equity:
Common stock 84,538 83,345
Unrealized holding gain on investments 50 69
Accumulated deficit (12,455) (6,714)
---------- ----------
Total stockholders' equity 72,133 76,700
---------- ----------
$ 80,744 $ 88,456
========== ==========
Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial Officer 503 601-1000
SOURCE: Cascade Microtech
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