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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 |
Record Annual Revenue of $120.0 Million; Record Quarterly Revenue of $34.0 Million; Record Quarterly Bookings of $38.9 Million
BEAVERTON, OR--(Marketwired - Feb 5, 2014) - Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial results for the fourth quarter and year ended December 31, 2013.
Financial summary
Results for the year ended December 31, 2013 were as follows:
Results for the quarter ended December 31, 2013 were as follows:
Adjusted EBITDAS is a non-GAAP financial measure. Please see "Non-GAAP Financial Measures" below and the attached supplemental schedule for a reconciliation of GAAP to non-GAAP financial measures.
"We are very excited about 2014 based upon the results for the fourth quarter and the full year of 2013," said Michael Burger, President and CEO. "Our historical products prior to recent acquisitions outperformed the semi-conductor capital equipment market this year, and we've accelerated our growth with the acquisitions closed in the second half of 2013. We set annual and quarterly records for revenue and bookings, while improving our profitability. The markets we serve have been expanded with the addition of Reliability Test Products and ATT Systems, together with our new product introductions that continue to gain traction. Finally, in the fourth quarter, our adjusted EBITDAS increased to 15.2% of revenue and reflects progress towards our success model of 20%. Cascade Microtech is well positioned as we enter 2014."
Financial outlook
Based upon industry seasonality, and assuming consistent foreign currency rates, we are projecting revenue for the first quarter of 2014 to be in the range of $31.0 million to $34.0 million, with an adjusted EBITDAS in the range of $3.0 million to $5.0 million.
We will host a conference call beginning at 2:00 p.m. PST (5:00 p.m. EST) on Wednesday, February 5, 2014, to discuss our results for the quarter ended December 31, 2013.
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 877-546-5021 or international 857-244-7553, participant passcode: 56070753. A replay will be available after 6:00 p.m. PST (9:00 p.m. EST) at the same internet address. (For a telephone replay available after 6:00 p.m. PST (9:00 p.m. EST), dial: 888-286-8010, international: 617-801-6888, passcode: 13911804).
Forward-Looking Statements
The statements in this release regarding our financial outlook as to anticipated revenue and adjusted EBITDAS for the first quarter of 2014, demand for our new and existing products, our growth, and other statements identified by terminology such as "will," "should," "expects," "estimates," "predicts," and "continue" or other derivations of these or other comparable terms 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 our 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 our 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; our ability or delay in integrating acquired businesses; and other risks discussed from time to time in our Securities and Exchange Commission filings and reports, including our Annual Report on Form 10-K for the year ended December 31, 2012. 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 we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures which are defined below and reconciled to GAAP financial measures in the attached supplemental schedule. Adjusted EBITDAS is defined as operating income from continuing operations before depreciation and amortization and stock-based compensation and certain other items (adjustments) such as restructuring, facility move and project costs, and acquisition-related expenses that we believe are not representative of our ongoing operating performance. Adjusted EBITDAS should not be construed as a substitute for net income from continuing operations or net cash provided by (used in) operating activities (all as determined in accordance with GAAP) for the purpose of analyzing our operating performance, financial position and cash flows, as adjusted EBITDAS is not defined by GAAP. However, we regard adjusted EBITDAS as a complement to net income from continuing operations and other GAAP financial performance measures, including an indirect measure of operating cash flow.
About Cascade Microtech, Inc.
Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision 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, advanced thermal subsystems 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 | |||||||||||||||||||||
December 31, | September 30, | December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenue | $ | 34,035 | $ | 28,197 | $ | 30,368 | $ | 120,010 | $ | 112,963 | |||||||||||
Cost of sales | 18,547 | 14,779 | 17,313 | 65,286 | 63,012 | ||||||||||||||||
Gross profit | 15,488 | 13,418 | 13,055 | 54,724 | 49,951 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | 3,061 | 2,750 | 3,022 | 10,961 | 11,017 | ||||||||||||||||
Selling, general and administrative | 10,223 | 9,097 | 7,749 | 36,430 | 31,377 | ||||||||||||||||
13,284 | 11,847 | 10,771 | 47,391 | 42,394 | |||||||||||||||||
Income from operations | 2,204 | 1,571 | 2,284 | 7,333 | 7,557 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest income, net | 4 | 18 | 26 | 44 | 52 | ||||||||||||||||
Other, net | (27 | ) | 87 | (240 | ) | (296 | ) | (801 | ) | ||||||||||||
(23 | ) | 105 | (214 | ) | (252 | ) | (749 | ) | |||||||||||||
Income before income taxes | 2,181 | 1,676 | 2,070 | 7,081 | 6,808 | ||||||||||||||||
Income tax expense (benefit) | (6,621 | ) | (7 | ) | 380 | (6,337 | ) | 709 | |||||||||||||
Net income | $ | 8,802 | $ | 1,683 | $ | 1,690 | $ | 13,418 | $ | 6,099 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.12 | $ | 0.12 | $ | 0.91 | $ | 0.43 | |||||||||||
Diluted | $ | 0.53 | $ | 0.11 | $ | 0.12 | $ | 0.89 | $ | 0.42 | |||||||||||
Shares used in computing net income per share: | |||||||||||||||||||||
Basic | 16,173 | 14,453 | 14,223 | 14,792 | 14,182 | ||||||||||||||||
Diluted | 16,634 | 14,797 | 14,428 | 15,150 | 14,390 | ||||||||||||||||
CASCADE MICROTECH, INC. | ||||||||||
AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
December 31, | December 31, | |||||||||
Assets | 2013 | 2012 | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 17,172 | $ | 17,927 | ||||||
Marketable securities | 4,278 | 5,322 | ||||||||
Restricted cash | 1,082 | 1,069 | ||||||||
Accounts receivable, net | 26,518 | 21,087 | ||||||||
Inventories | 23,803 | 24,277 | ||||||||
Deferred income taxes | 2,268 | 218 | ||||||||
Prepaid expenses and other | 2,147 | 2,285 | ||||||||
Total current assets | 77,268 | 72,185 | ||||||||
Fixed assets, net | 6,403 | 8,271 | ||||||||
Purchased intangible assets, net | 16,937 | 1,610 | ||||||||
Goodwill | 14,471 | 990 | ||||||||
Deferred income taxes | 1,235 | 396 | ||||||||
Other assets, net | 1,116 | 1,828 | ||||||||
$ | 117,430 | $ | 85,280 | |||||||
Liabilities and Shareholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 7,229 | $ | 5,900 | ||||||
Deferred revenue | 1,474 | 3,526 | ||||||||
Accrued liabilities | 8,659 | 6,640 | ||||||||
Total current liabilities | 17,362 | 16,066 | ||||||||
Deferred revenue | 548 | 356 | ||||||||
Other long-term liabilities | 2,119 | 2,940 | ||||||||
Total liabilities | 20,029 | 19,362 | ||||||||
Shareholders' equity: | ||||||||||
Common stock | 108,070 | 91,039 | ||||||||
Accumulated other comprehensive income (loss) | 318 | (716 | ) | |||||||
Accumulated deficit | (10,987 | ) | (24,405 | ) | ||||||
Total shareholders' equity | 97,401 | 65,918 | ||||||||
$ | 117,430 | $ | 85,280 | |||||||
CASCADE MICROTECH, INC. | ||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||
Reconcilation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||
EBITDAS and Adjusted EBITDAS | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | December 31, | Year Ended December 31, | |||||||||||||
2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Income from operations | $ | 2,204 | $ | 1,571 | $ | 2,284 | $ | 7,333 | $ | 7,557 | ||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 1,661 | 1,146 | 1,222 | 5,183 | 4,629 | |||||||||||
Stock-based compensation | 399 | 343 | 323 | 1,614 | 1,459 | |||||||||||
EBITDAS | $ | 4,264 | $ | 3,060 | $ | 3,829 | $ | 14,130 | $ | 13,645 | ||||||
Adjustments: | ||||||||||||||||
Restructuring | 115 | - | - | 227 | - | |||||||||||
Acquisition and acquisition related | 779 | 627 | - | 1,406 | - | |||||||||||
Adjusted EBITDAS | $ | 5,158 | $ | 3,687 | $ | 3,829 | $ | 15,763 | $ | 13,645 | ||||||
Reconcilation of Forward-Looking GAAP and non-GAAP Financial Measures | |||||||
EBITDAS and Adjusted EBITDAS | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
Three Months Ended March 31, 2014 | |||||||
Low Range Guidance | High Range Guidance | ||||||
Income from operations | $ | 1,000 | $ | 3,000 | |||
Adjustments: | |||||||
Depreciation and amortization | 1,600 | 1,600 | |||||
Stock-based compensation | 400 | 400 | |||||
EBITDAS | $ | 3,000 | $ | 5,000 | |||
Adjustments: | |||||||
Restructuring | - | - | |||||
Acquisition and acquisition related | - | - | |||||
Adjusted EBITDAS | $ | 3,000 | $ | 5,000 | |||
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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