House & Home
House and Home
House and Home 
Wed, October 28, 2009
Tue, October 27, 2009
PORTLAND, OR--(Marketwire - October 27, 2009) - Cascade Microtech (
Third quarter results include:
-- Revenue of $14.0 million, up 11% from Q209 -- Engineering systems revenue increased 17% from Q209 -- Probes and sockets revenue increased 5% from Q209 -- Net loss of $1.4 million or $0.11 per share for Q309, compared to a net loss of $1.6 million or $0.12 per share in Q209 -- Cash and investment balances increased by $1.4 million from Q209 to $35.1 million
"During the third quarter, we continued to see a recovery in the market place with increased revenue and improving gross and operating margins. Our focus is on achieving revenue growth while controlling operating costs in order to leverage our earnings model," said Geoff Wild, CEO of Cascade Microtech.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that fourth quarter 2009 revenues will be in the range of $14 million to $16 million.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m. PDT) on October 27, 2009 to discuss its results for the third quarter of 2009.
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 8 p.m. EDT at this same internet address. (For a telephone replay, dial (888) 286-8010 passcode: 60250700; International: 617-801-6888.)
Forward-Looking Statements
The statements in this release, particularly the comments above made by Mr. Wild and the paragraph above captioned "Financial Outlook," 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.
About Cascade Microtech
Cascade Microtech, Inc. (
CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended ------------------------------ Year to Date Ended September September September 30, 30, June 30, 30, ------------------ 2009 2009 2008 2009 2008 --------- -------- --------- -------- -------- Sales $ 13,971 $ 12,616 $ 21,128 $ 38,056 $ 61,174 Cost of sales 8,478 7,835 12,068 23,927 33,933 --------- -------- --------- -------- -------- Gross profit 5,493 4,781 9,060 14,129 27,241 --------- -------- --------- -------- -------- Operating expenses: Research and development 2,095 1,818 2,308 5,906 8,040 Selling, general and administrative 4,971 5,186 7,739 15,552 21,953 Amortization of purchased intangibles 144 145 582 435 1,879 --------- -------- --------- -------- -------- Total operating expenses 7,210 7,149 10,629 21,893 31,872 --------- -------- --------- -------- -------- Loss from operations (1,717) (2,368) (1,569) (7,764) (4,631) --------- -------- --------- -------- -------- Other income (expense): Interest income, net 68 103 221 269 711 Other, net 226 440 (369) 111 (113) --------- -------- --------- -------- -------- Total other income (expense) 294 543 (148) 380 598 --------- -------- --------- -------- -------- Loss before income taxes (1,423) (1,825) (1,717) (7,384) (4,033) Income tax benefit (4) (249) (426) (224) (868) --------- -------- --------- -------- -------- Net loss $ (1,419) $ (1,576) $ (1,291) $ (7,160) $ (3,165) ========= ======== ========= ======== ======== Basic and diluted net loss per share $ (0.11) $ (0.12) $ (0.10) $ (0.54) $ (0.24) Shares used in basic and diluted per share calculations 13,325 13,306 13,108 13,291 13,047 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) September 30, December 31, Assets 2009 2008 ------------ ------------ Current assets: Cash and cash equivalents $ 21,030 $ 3,750 Marketable securities 8,813 28,795 Accounts receivable, net 9,970 12,801 Inventories 17,588 19,079 Prepaid expenses and other 810 1,367 Income taxes receivable - 1,003 Deferred income taxes 100 99 Assets held for sale - 400 ------------ ------------ Total current assets 58,311 67,294 Long-term investments 5,267 2,465 Fixed assets, net 12,799 13,580 Purchased intangible assets, net 1,990 2,425 Deferred income taxes 276 237 Other assets 2,441 2,455 ------------ ------------ $ 81,084 $ 88,456 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt and capital leases $ 11 $ 19 Accounts payable 3,697 4,110 Deferred revenue 913 1,120 Accrued liabilities 2,769 3,776 ------------ ------------ Total current liabilities 7,390 9,025 Capital leases, net of current portion 33 62 Deferred revenue 87 313 Other long-term liabilities 2,277 2,356 ------------ ------------ Total liabilities 9,787 11,756 ------------ ------------ Stockholders' equity: Common stock 85,136 83,345 Unrealized holding gain on investments 35 69 Accumulated deficit (13,874) (6,714) ------------ ------------ Total stockholders' equity 71,297 76,700 ------------ ------------ $ 81,084 $ 88,456 ============ ============