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Share Name | Share Symbol | Market | Type |
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NASDAQ:CSCD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 21.86 | 18.00 | 27.50 | 0 | 01:00:00 |
PORTLAND, OR , today reported financial results for the first quarter ended March 31, 2008.
Highlights for the First Quarter 2008 include:
-- Revenues of $20.8 million, down 6% sequentially and down 8% from Q1 last year -- $14.5 million Engineering Products Division revenue, down 7% sequentially and down 21% from Q1 last year due to lower station revenues -- $6.3 million Production Products Division revenue, flat sequentially but up 54% over Q1 last year -- Pyramid Probe card revenue was $5.4 million, up 1% sequentially -- Other income during the first quarter includes foreign exchange translation gains of $428,000 -- Loss per share was $(0.00), up from a loss of $(0.01) sequentially and down from earnings per diluted share of $0.09 from Q1 last year -- Cash and investment balances increased by $2.3 million during the quarter to $36.6 million
"Our Pyramid Probe cards and Engineering Probes demonstrated solid performance in the first quarter of 2008 resulting in revenue from consumables increasing to almost 50% of total revenue and improving gross margins. Engineering Products Division revenue was down from the last quarter, as expected, due to lower station sales across all geographical areas," said Geoff Wild, CEO of Cascade Microtech.
Revenue for the first quarter was $20.8 million, net loss for the quarter was approximately break even at a loss of $16,000 and loss per share was $(0.00), compared to revenue of $22.0 million, net loss of $140,000 and loss per share of $(0.01) for the fourth quarter of 2007.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that second quarter 2008 revenues will be in the range of $18.0 million to $21.0 million and that diluted earnings per share will be in the range of a loss of $(0.06) to earnings of $0.01.
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, 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.
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to revenue and earnings in the second quarter of 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 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 April 29, 2008 to discuss its results for the first quarter ended March 31, 2008, and its outlook for the second quarter of 2008.
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 p.m. EDT at this same Internet address. (For a telephone replay, dial (888) 286-8010 passcode: 57642163; International: 617-801-6888.)
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 2008 2007 2007 --------- ----------- --------- Sales $ 20,759 $ 21,992 $ 22,471 Cost of sales 10,867 11,741 12,087 Stock-based compensation 109 83 122 --------- ----------- --------- Gross profit 9,783 10,168 10,262 --------- ----------- --------- Operating expenses: Research and development (includes $116, $107, $79, respectively, of stock-based compensation) 2,906 2,759 2,639 Selling, general and administrative (includes $414, $399, $361, respectively, of stock-based compensation) 6,879 6,872 6,664 Amortization of purchased intangibles 648 649 106 --------- ----------- --------- Total operating expenses 10,433 10,280 9,409 --------- ----------- --------- Income (loss) from operations (650) (112) 853 --------- ----------- --------- Other income (expense): Interest income 264 306 455 Interest expense (1) (1) (1) Other, net 439 (63) 110 --------- ----------- --------- Total other income 702 242 564 --------- ----------- --------- Income before income taxes 52 130 1,417 Provision for income taxes 68 270 369 --------- ----------- --------- Net income (loss) $ (16) $ (140) $ 1,048 ========= =========== ========= Net income (Loss) per share-Basic and Diluted Basic $ 0.00 $ (0.01) $ 0.09 Diluted $ 0.00 $ (0.01) $ 0.09 Shares used in computing net income per share: Basic 12,985 12,855 11,808 Diluted 12,985 12,855 12,207 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited - in thousands) March 31, December 31, Assets 2008 2007 ------------ ------------ Current assets: Cash and cash equivalents $ 5,359 $ 4,900 Marketable securities 27,522 24,521 Accounts receivable, net 17,265 18,195 Inventories 18,972 18,608 Prepaid expenses and other 1,533 1,874 Deferred income taxes 2,731 2,729 ------------ ------------ Total current assets 73,382 70,827 Long-term investments 3,717 4,836 Fixed assets, net 14,509 14,575 Goodwill 17,310 17,310 Purchased intangible assets, net 14,393 15,042 Other assets 2,720 2,691 ------------ ------------ Total Assets $ 126,031 $ 125,281 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt and capital leases $ 14 $ 13 Accounts payable 4,657 5,158 Deferred revenue 974 1,102 Accrued liabilities 5,316 5,589 ------------ ------------ Total current liabilities 10,961 11,862 Long-term debt and capital leases 55 51 Deferred income tax 3,037 3,114 Deferred revenue 423 481 Other long-term liabilities 2,253 2,168 ------------ ------------ Total liabilities 16,729 17,676 ------------ ------------ Stockholders' equity: Common stock 81,315 79,697 Unrealized holding gain on investments 140 45 Retained earnings 27,847 27,863 ------------ ------------ Total stockholders' equity 109,302 107,605 ------------ ------------ Total Liabilities and Stockholders' Equity $ 126,031 $ 125,281 ============ ============
Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial Officer 503 601-1000
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