(NASDAQ:CSCD)
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Cascade Microtech, Inc. (Nasdaq:CSCD) today announced its preliminary
results for the second quarter ended June 30, 2008.
Revenue for the second quarter of 2008 is expected to be in the range of
$19.0 million to $19.5 million and the loss per share is expected to be
in the range of $(0.14) to $(0.16) on approximately 13 million shares
outstanding. The Company provided guidance on April 29, 2008, for
revenue of $18.0 million to $21.0 million and net loss per share of
$(0.06) to earnings of $0.01.
Geoff Wild, CEO stated, “The weak market
conditions in the semiconductor and semiconductor equipment industry are
continuing to impact our Engineering Products Division, which
experienced a lower than expected mix of 300mm systems revenue and
analytical probe revenue. Our Production Products Division continued to
grow sequentially in the second quarter.”
The earnings shortfall was primarily caused by:
(a) a lower than expected gross margin due to an unfavorable product and
geographic mix of revenue in our Engineering Products Division;
(b) higher than expected sales, general and administrative expenses
primarily due to higher sales rep commissions on sales where there is no
direct presence;
(c) higher than expected foreign exchange losses.
Cash and investment balances at June 30, 2008, are expected to be
approximately $36.5 million, essentially the same as the balances at
March 31, 2008.
The Company has not yet completed the preparation of its second quarter
2008 financial statements and review of the Company’s
historical information has not been completed by our independent
registered public accounting firm. Accordingly, the preliminary results
provided in this press release are subject to the risk that upon
completion of the second quarter financial statements and the review
thereof by the Company’s independent
registered public accounting firm, there may be adjustments to the
Company’s financial information that could
materially affect the preliminary results provided in this press release.
Cascade Microtech will release financial results for its second quarter
ended June 30, 2008, at approximately 4 pm EDT, on Tuesday, July 29,
2008. The Company will host a conference call beginning at 5 pm EDT (2
pm PDT) that same afternoon to discuss these results.
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 7 pm EDT at this same internet
address. (For a telephone replay available after 7 pm EDT dial:
888-286-8010, international: 617-801-6888, passcode: 43432209)
Forward –Looking Statements
The statements in this release regarding the Company’s
expectations as to financial results for the quarter ended June 30, 2008
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 or
adjustments resulting from the completion of the preparation of the
Company’s second quarter financial results or
the review therof by the Company’s
independent registered public accountants, 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. Investors should
be aware that the Company’s fiscal quarter
ended June 30, 2008. The Company has not yet completed the preparation
of its quarter end financial statements and the review of the Company’s
historical financial statements has not been completed by the Company’s
independent registered public accounting firm. Accordingly, the
preliminary results provided in this press release are subject to the
risk that upon completion of the quarter end financial statements and
the review thereof by our independent registered accounting firm, there
may be adjustments to the Company’s financial
information that could materially affect the preliminary results
provided in this press release. The Company should not be considered to
be under any obligation or course of conduct in the future to issue
revisions to previously issued financial information as a result of its
decision to provide preliminary financial results for the second quarter
2008. 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, and extraction of, electrical data from wafers, 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.