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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| NASDAQ:CSCD | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 21.86 | 18.00 | 27.50 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Financial summary from the third quarter:
Operating results for the quarter ended September 30, 2012 were as follows:
"Cascade Microtech posted continued good financial results in the third quarter of 2012 with revenue in-line with guidance, and earnings per share at the top end of our guidance at $0.10. This level of profitability was achieved after we increased our investments in R&D for our new product development, and we are on track to announce our third new product, with prototyping planned for completion in the fourth quarter. 2012 has shown a marked improvement over 2011 for Cascade Microtech, and we expect this to continue through Q4," said Michael Burger, President and CEO.
Financial outlook
For the fourth quarter of 2012, revenue is expected to be in the range of $27.0 million to $30.0 million. GAAP earnings per share guidance is being raised from the previous quarter and is expected to be in the range of $0.08 to $0.12 on a fully-diluted basis, assuming no significant one-time charges or changes in foreign currency rates. The EPS guidance includes continued investments in new product development costs including the prototyping of new systems, as previously announced.
The company will host a conference call beginning at 2:00 p.m. PDT (5:00 p.m. EDT) on Tuesday, October 30, 2012, to discuss its results for the quarter ended September 30, 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 866-783-2138 or international 857-350-1597, participant Passcode: 53057327. A replay will be available after 7:00 p.m. EDT at the same internet address. (For a telephone replay available after 7:00 p.m. EDT, dial: 888-286-8010, international: 617-801-6888, Passcode: 37205971).
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to anticipated revenue and earnings per share for the fourth quarter of 2012, our planned new product announcement in the fourth quarter, and our continued improvement through Q4 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.
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CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
---------------------------------
September June September Year to Date Ended
30, 30, 30, September 30,
---------------------
2012 2012 2011 2012 2011
--------- --------- --------- --------- ---------
Revenue $ 27,414 $ 27,638 $ 23,750 $ 82,595 $ 77,312
Cost of sales 15,210 14,897 14,942 45,699 47,599
--------- --------- --------- --------- ---------
Gross profit 12,204 12,741 8,808 36,896 29,713
Operating
expenses:
Research and
development 2,778 2,438 3,175 7,995 8,937
Selling,
general and
administrative 7,675 8,042 9,648 23,628 26,081
--------- --------- --------- --------- ---------
10,453 10,480 12,823 31,623 35,018
--------- --------- --------- --------- ---------
Income (loss)
from operations 1,751 2,261 (4,015) 5,273 (5,305)
Other income
(expense):
Interest
income, net 7 9 20 26 51
Other, net (109) (45) 435 (561) 251
--------- --------- --------- --------- ---------
(102) (36) 455 (535) 302
--------- --------- --------- --------- ---------
Income (loss) from
continuing
operations before
income taxes 1,649 2,225 (3,560) 4,738 (5,003)
Income tax
expense
(benefit) 153 52 (9) 329 239
--------- --------- --------- --------- ---------
Net income
(loss) from
continuing
operations 1,496 2,173 (3,551) 4,409 (5,242)
Loss from
discontinued
operations - - (1,777) - (2,004)
--------- --------- --------- --------- ---------
Net income
(loss) $ 1,496 $ 2,173 $ (5,328) $ 4,409 $ (7,246)
========= ========= ========= ========= =========
Basic net income
(loss) per
share:
Continuing
operations 0.11 0.15 (0.24) 0.31 (0.36)
Discontinued
operations - - (0.12) - (0.14)
--------- --------- --------- --------- ---------
$ 0.11 $ 0.15 $ (0.36) $ 0.31 $ (0.50)
========= ========= ========= ========= =========
Diluted net
income (loss)
per share:
Continuing
operations 0.10 0.15 (0.24) 0.31 (0.36)
Discontinued
operations - - (0.12) - (0.14)
--------- --------- --------- --------- ---------
$ 0.10 $ 0.15 $ (0.36) $ 0.31 $ (0.50)
========= ========= ========= ========= =========
Shares used in
computing net
income (loss)
per share:
Basic 14,162 14,158 14,713 14,169 14,618
Diluted 14,377 14,350 14,713 14,359 14,618
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
Assets 2012 2011
------------------------------------------ -------------- --------------
Current assets:
Cash and cash equivalents $ 19,450 $ 10,656
Marketable securities 3,521 2,656
Restricted cash 1,087 1,470
Accounts receivable, net 18,309 23,882
Inventories 26,345 23,607
Prepaid expenses and other 2,357 4,086
-------------- --------------
Total current assets 71,069 66,357
Long-term investments - 1,834
Fixed assets, net 8,506 9,003
Purchased intangible assets, net 1,766 2,329
Goodwill 964 971
Other assets 2,232 2,570
-------------- --------------
$ 84,537 $ 83,064
============== ==============
Liabilities and Shareholders' Equity
------------------------------------------
Current liabilities:
Accounts payable 6,726 6,033
Deferred revenue 3,618 5,516
Accrued liabilities 6,792 7,745
-------------- --------------
Total current liabilities 17,136 19,294
Deferred revenue 408 225
Other long-term liabilities 3,301 4,248
-------------- --------------
Total liabilities 20,845 23,767
-------------- --------------
Shareholders' equity:
Common stock 90,963 90,853
Accumulated other comprehensive loss (1,176) (1,052)
Accumulated deficit (26,095) (30,504)
-------------- --------------
Total shareholders' equity 63,692 59,297
-------------- --------------
$ 84,537 $ 83,064
============== ==============
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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