(NASDAQ:CSCD)
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Cascade Microtech (NASDAQ:CSCD),
today reported financial results for the second quarter ended June 30,
2007.
Highlights for the Second Quarter 2007 include:
Record revenues of $24.1 million, up 7% sequentially and up 23% over
Q2 last year;
$19.1 million Engineering Products Division revenue, up 4%
sequentially and 19% over Q2 last year;
$5.0 million Production Products Division revenue, up 24% sequentially
and up 39% over Q2 last year; Q2 results this year include $1.3
million in revenue from the Gryphics acquisition;
EPS of $0.02 per diluted share includes amortization of purchased
intangibles of $555,000;
During the second quarter, we closed the acquisition of Gryphics, Inc.
for approximately $26 million.
"Our Engineering Products Division continued to show strong performance
in the second quarter of 2007, in which we shipped another record number
of 300mm probe stations. In our Production Products Division, however,
both Pyramid Probe Card revenues and bookings were below plan as we
continue to build a more diversified customer base,”
said Eric Strid, CEO of Cascade Microtech. “During
the quarter, we were pleased to complete the acquisition of Gryphics,
Inc. and have begun the integration of this business into our Production
Products Division," added Strid.
Revenue for the second quarter was $24.1 million, net income for the
quarter was $0.2 million and diluted earnings per share were $0.02
compared to revenue of $19.6 million, net income of $0.8 million and
diluted earnings per share of $0.07 for the second quarter of 2006.
Gross margin for the second quarter was 44.8% compared to 45.7% in the
first quarter of 2007 and 44.6% for the second quarter of 2006.
For the second quarter, there was a tax benefit of $248,000 which
included the impact of the acquisition of Gryphics, Inc., which was
acquired in April 2007.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade
anticipates that third quarter 2007 revenues will be in the range of
$23.0 million to $25.0 million and that diluted earnings per share will
be in the range of $0.01 to $0.06. This anticipated earnings range
includes $555,000 of acquisition-related amortization.
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 third quarter of 2007 and any
acquisition-related charges 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 24, 2007 to discuss its results for the second quarter
ended June 30, 2007 and its outlook for the third quarter of 2007.
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: 35500195;
International: 617-801-6888.)
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
March 31,
June 30,
Year to Date Ended June 30,
2007
2007
2006
2007
2006
Sales
$
24,116
$
22,471
$
19,598
$
46,587
$
39,297
Cost of sales
13,186
12,087
10,739
25,273
21,759
Stock-based compensation
127
122
113
249
225
Gross profit
10,803
10,262
8,746
21,065
17,313
Operating expenses:
Research and development (includes $89, $79, $77, $168, $154
respectively, of stock-based compensation)
3,120
2,639
2,150
5,759
4,148
Selling, general and administrative (includes $408, $361, $258,
$769, $522 respectively, of stock-based compensation)
7,439
6,664
5,808
14,103
11,817
Amortization of purchased intangibles
555
106
-
661
-
Total operating expenses
11,114
9,409
7,958
20,523
15,965
Income (loss) from operations
(311)
853
788
542
1,348
Other income (expense):
Interest income
366
455
405
821
767
Interest expense
-
(1)
-
(1)
-
Other, net
(65)
110
(10)
45
47
Total other income (expense)
301
564
395
865
814
Income (loss) before income taxes
(10)
1,417
1,183
1,407
2,162
Provision (benefit) for income taxes
(248)
369
387
121
710
Net income
$
238
$
1,048
$
796
$
1,286
$
1,452
Net income per share:
Basic
$
0.02
$
0.09
$
0.07
$
0.10
$
0.13
Diluted
$
0.02
$
0.09
$
0.07
$
0.10
$
0.12
Shares used in computing net income per share:
Basic
12,724
11,808
11,411
12,269
11,392
Diluted
13,038
12,207
11,897
12,625
11,841
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
June 30, 2007 and December 31, 2006
June 30,
December 31,
Assets
2007
2006
(unaudited)
Current assets:
Cash and cash equivalents
$
3,495
$
5,260
Marketable securities
24,425
38,534
Accounts receivable, net
20,336
17,642
Inventories
15,679
15,094
Prepaid expenses and other
1,842
2,055
Deferred income taxes
2,059
2,042
Total current assets
67,836
80,627
Long-term investments
9,442
9,662
Fixed assets, net
12,504
6,818
Deferred income tax
1,158
1,132
Goodwill
15,651
1,295
Other assets
17,445
4,702
$
124,036
$
104,236
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital leases
$
6
$
-
Accounts payable
5,432
6,013
Deferred revenue
808
1,184
Accrued liabilities
4,280
5,026
Total current liabilities
10,526
12,223
Long-term debt and capital leases
25
-
Deferred income tax
5,016
450
Deferred revenue
460
199
Other long-term liabilities
1,922
1,171
Total liabilities
17,949
14,043
Stockholders' equity:
Common stock
77,894
63,261
Unrealized holding gain (loss) on investments
(26)
(1)
Retained earnings
28,219
26,933
Total stockholders' equity
106,087
90,193
$
124,036
$
104,236