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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 |
Financial summary:
Operating results for the year ended December 31, 2012 were as follows:
Operating results for the quarter ended December 31, 2012 were as follows:
"In 2012, Cascade Microtech executed on our new product roadmap and outgrew the semiconductor capital equipment industry while setting new records for annual revenue and profitability. We have been able to secure a number of new design wins in our production probes market and have seen strong adoption of our new system products launched in 2012. This coupled with our nearly 8,000 installed systems globally, has continued to strengthen our customer position. Due to our scalable infrastructure, we believe that modest revenue improvement will provide significant leverage to the bottom line. We believe we are well positioned for the market to recover in 2013," said Michael Burger, President and CEO.
Financial outlook
Based upon the industry's seasonality, for the first quarter of 2013 revenue is expected to be in the range of $26.0 million to $29.0 million. GAAP earnings per share guidance is expected to be in the range of $0.06 to $0.10 on a fully-diluted basis, assuming no significant one-time charges or changes in foreign currency rates.
The company will host a conference call beginning at 2:00 p.m. PST (5:00 p.m. EST) on Tuesday, February 5, 2013, to discuss its results for the quarter and year ended December 31, 2012.
A simultaneous audio cast of the conference call may be accessed online from the investor relations page of www.cascademicrotech.com. If you are interested in participating in the call, the live dial-in number is 866-700-7441 or international 617-213-8839, participant Passcode: 24414538. A replay will be available after 7:00 p.m. EST at the same internet address. (For a telephone replay available after 7:00 p.m. EST, dial: 888-286-8010, international: 617-801-6888, Passcode: 44990773).
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to anticipated revenue and earnings per share for the first quarter of 2013, our customer position, potential results from our scalable infrastructure, and future growth 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; potential delays and other factors affecting the timing of new product introductions; the timing of shipments and customer orders; constraints on supplies of components; excess or shortage of production capacity; potential failure of expected market opportunities to materialize; changes in foreign exchange rates; 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 for the year ended December 31, 2011. 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 contact, electrical measurement and test of integrated circuits (ICs), optical devices 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, ICs, IC packages, circuit boards and modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech's leading-edge stations, probes, probe-cards and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing 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 to Date Ended December September December December 31, 31, 30, 31, ------------------ 2012 2012 2011 2012 2011 -------- --------- -------- -------- -------- Revenue $ 30,368 $ 27,414 $ 27,298 $112,963 $104,610 Cost of sales 17,313 15,210 15,595 63,012 63,194 -------- --------- -------- -------- -------- Gross profit 13,055 12,204 11,703 49,951 41,416 -------- --------- -------- -------- -------- Operating expenses: Research and development 3,022 2,778 2,870 11,017 11,807 Selling, general and administrative 7,749 7,675 7,718 31,377 33,799 -------- --------- -------- -------- -------- 10,771 10,453 10,588 42,394 45,606 -------- --------- -------- -------- -------- Income (loss) from operations 2,284 1,751 1,115 7,557 (4,190) -------- --------- -------- -------- -------- Other income (expense): Interest income, net 26 7 41 52 92 Other, net (240) (109) 229 (801) 480 -------- --------- -------- -------- -------- (214) (102) 270 (749) 572 -------- --------- -------- -------- -------- Income (loss) from continuing operations before income taxes 2,070 1,649 1,385 6,808 (3,618) Income tax expense 380 153 (59) 709 180 -------- --------- -------- -------- -------- Net income (loss) from continuing operations 1,690 1,496 1,444 6,099 (3,798) Loss from discontinued operations - - - - (2,004) -------- --------- -------- -------- -------- Net income (loss) $ 1,690 $ 1,496 $ 1,444 $ 6,099 $ (5,802) ======== ========= ======== ======== ======== Basic net income (loss) per share: Continuing operations 0.12 0.11 0.10 0.43 (0.26) Discontinued operations - - - - (0.14) -------- --------- -------- -------- -------- $ 0.12 $ 0.11 $ 0.10 $ 0.43 $ (0.40) ======== ========= ======== ======== ======== Diluted net income (loss) per share: Continuing operations 0.12 0.10 0.10 0.42 (0.26) Discontinued operations - - - - (0.14) -------- --------- -------- -------- -------- $ 0.12 $ 0.10 $ 0.10 $ 0.42 $ (0.40) ======== ========= ======== ======== ======== Shares used in computing net income (loss) per share: Basic 14,223 14,162 14,478 14,182 14,583 Diluted 14,428 14,377 14,550 14,390 14,583 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, September 30, December 31, Assets 2012 2012 2011 ------------- ------------- ------------- Current assets: Cash and cash equivalents $ 17,927 $ 19,450 $ 10,656 Marketable securities 5,322 3,521 2,656 Restricted cash 1,069 1,087 1,470 Accounts receivable, net 21,087 18,309 23,882 Inventories 24,277 26,345 23,607 Prepaid expenses and other 2,503 2,357 4,086 ------------- ------------- ------------- Total current assets 72,185 71,069 66,357 Long-term investments - - 1,834 Fixed assets, net 8,271 8,506 9,003 Purchased intangible assets, net 1,610 1,766 2,329 Goodwill 990 964 971 Other assets 2,224 2,232 2,570 ------------- ------------- ------------- $ 85,280 $ 84,537 $ 83,064 ============= ============= ============= Liabilities and Stockholders' Equity Current liabilities: Accounts payable 5,900 6,726 6,033 Deferred revenue 3,526 3,618 5,516 Accrued liabilities 6,640 6,792 7,745 ------------- ------------- ------------- Total current liabilities 16,066 17,136 19,294 Deferred revenue 356 408 225 Other long-term liabilities 2,940 3,301 4,248 ------------- ------------- ------------- Total liabilities 19,362 20,845 23,767 ------------- ------------- ------------- Stockholders' equity: Common stock 91,039 90,963 90,853 Accumulated other comprehensive income (loss) (716) (1,176) (1,052) Accumulated deficit (24,405) (26,095) (30,504) ------------- ------------- ------------- Total stockholders' equity 65,918 63,692 59,297 ------------- ------------- ------------- $ 85,280 $ 84,537 $ 83,064 ============= ============= =============
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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