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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 |
Revenue of $28.2 Million; Gross Margin 47.6%
BEAVERTON, OR--(Marketwired - Oct 30, 2013) - Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial results for the third quarter ended September 30, 2013.
Financial summary
Results for the quarter ended September 30, 2013 were as follows:
"We are very excited by the recent acquisitions of RTP on July 31, 2013 and ATT Systems on October 1, 2013, and how we believe these moves will accelerate our strategic plans and expand our markets," said Michael Burger, President and CEO. "In addition, our third quarter results achieved revenue within our guidance range, a book-to-bill in excess of one-to-one, and a 47.6% gross margin. After adjusting for the acquisition related expenses discussed above, our adjusted EPS for Q3 2013 exceeded the upper end of guidance. Finally, with a positive book-to-bill and good momentum, we believe we are well positioned for the fourth quarter of 2013 and beyond."
Financial outlook
For the fourth quarter of 2013, assuming consistent tax and foreign currency exchange rates, we are projecting revenue to be in the range of $34.0 million to $38.0 million including RTP and ATT Systems. Before restructuring and acquisition transactional costs which are estimated between $0.3 million and $0.4 million, and the incremental amortization expenses related to the ATT Systems acquisition which are currently estimated between $0.6 million and $0.8 million, earnings per share is expected to be in the range of $0.17 to $0.21 per share on a fully diluted basis. As previously announced, approximately 1.6 million shares were issued on October 1, 2013 in conjunction with the acquisition of ATT Systems and the final purchase accounting determination is underway which may adjust the expected amortization listed above.
We will host a conference call beginning at 2:00 p.m. PDT (5:00 p.m. EDT) on Wednesday, October 30, 2013, to discuss our results for the quarter ended September 30, 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 800 884-5695 or international 617 786-2960, participant Passcode: 54893309. 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: 88055847).
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to anticipated revenue for the fourth quarter of 2013, strong demand for our products, including Probes, and the impact our acquisitions will have on the results for the fourth quarter of 2013 and beyond, 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 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; our ability or delay in integrating acquired businesses; 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, 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 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) | |||||||||||||||||||||
Year to Date Ended | |||||||||||||||||||||
Three Months Ended | September 30, | ||||||||||||||||||||
September | June 30, | September | |||||||||||||||||||
30, 2013 | 2013 | 30, 2012 | 2013 | 2012 | |||||||||||||||||
Revenue | $ | 28,197 | $ | 30,307 | $ | 27,414 | $ | 85,975 | $ | 82,595 | |||||||||||
Cost of sales | 14,779 | 16,032 | 15,210 | 46,739 | 45,699 | ||||||||||||||||
Gross profit | 13,418 | 14,275 | 12,204 | 39,236 | 36,896 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | 2,750 | 2,694 | 2,778 | 7,900 | 7,995 | ||||||||||||||||
Selling, general and administrative | 9,097 | 9,064 | 7,675 | 26,207 | 23,628 | ||||||||||||||||
11,847 | 11,758 | 10,453 | 34,107 | 31,623 | |||||||||||||||||
Income from operations | 1,571 | 2,517 | 1,751 | 5,129 | 5,273 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest income, net | 18 | 2 | 7 | 40 | 26 | ||||||||||||||||
Other, net | 87 | (112 | ) | (109 | ) | (269 | ) | (561 | ) | ||||||||||||
105 | (110 | ) | (102 | ) | (229 | ) | (535 | ) | |||||||||||||
Income before income taxes | 1,676 | 2,407 | 1,649 | 4,900 | 4,738 | ||||||||||||||||
Income tax expense (benefit) | (7 | ) | 221 | 153 | 284 | 329 | |||||||||||||||
Net income | $ | 1,683 | $ | 2,186 | $ | 1,496 | $ | 4,616 | $ | 4,409 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.15 | $ | 0.11 | $ | 0.32 | $ | 0.31 | |||||||||||
Diluted | $ | 0.11 | $ | 0.15 | $ | 0.10 | $ | 0.31 | $ | 0.31 | |||||||||||
Shares used in computing net income per share: | |||||||||||||||||||||
Basic | 14,453 | 14,342 | 14,162 | 14,339 | 14,169 | ||||||||||||||||
Diluted | 14,797 | 14,652 | 14,377 | 14,688 | 14,359 | ||||||||||||||||
CASCADE MICROTECH, INC. | ||||||||||
AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
September 30, | December 31, | |||||||||
Assets | 2013 | 2012 | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 26,926 | $ | 17,927 | ||||||
Marketable securities | 5,258 | 5,322 | ||||||||
Restricted cash | - | 1,069 | ||||||||
Accounts receivable, net | 18,410 | 21,087 | ||||||||
Inventories | 23,445 | 24,277 | ||||||||
Prepaid expenses and other | 2,643 | 2,503 | ||||||||
Total current assets | 76,682 | 72,185 | ||||||||
Fixed assets, net | 6,528 | 8,271 | ||||||||
Purchased intangible assets, net | 2,521 | 1,610 | ||||||||
Goodwill | 1,655 | 990 | ||||||||
Other assets | 1,571 | 2,224 | ||||||||
$ | 88,957 | $ | 85,280 | |||||||
Liabilities and Shareholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 5,972 | $ | 5,900 | ||||||
Deferred revenue | 1,383 | 3,526 | ||||||||
Accrued liabilities | 6,415 | 6,640 | ||||||||
Total current liabilities | 13,770 | 16,066 | ||||||||
Deferred revenue | 485 | 356 | ||||||||
Other long-term liabilities | 2,085 | 2,940 | ||||||||
Total liabilities | 16,340 | 19,362 | ||||||||
Shareholders' equity: | ||||||||||
Common stock | 92,642 | 91,039 | ||||||||
Accumulated other comprehensive loss | (236 | ) | (716 | ) | ||||||
Accumulated deficit | (19,789 | ) | (24,405 | ) | ||||||
Total shareholders' equity | 72,617 | 65,918 | ||||||||
$ | 88,957 | $ | 85,280 | |||||||
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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