House & Home
House and Home
House and Home
Wed, February 9, 2011
Cascade Microtech Reports Fourth Quarter and 2010 Results
BEAVERTON, OR--(Marketwire - February 9, 2011) - Cascade Microtech, Inc. (
Highlights from the fourth quarter:
-- Revenue of $27.1M exceeded guidance, and increased 7.3% over Q3 2010. -- Probes and Sockets grew 17.8% over Q3 2010 driven by the newly introduced S-Technology Production Probe Card. -- Gross margin of 44.1%, up from 41.2% in Q3 2010. -- Both product segments improved gross margins over Q3 2010. -- Income from operations of $0.6M, up $0.5M over Q3 2010. -- Net income of $0.3M or $0.02 per share for Q4 2010, compared to a net loss of $0.4M or $0.02 per share for Q3 2010. -- First quarterly net income since Q2 2007. -- Q4 2010 financial results include approximately $0.3M of restructuring and acquisition related charges. -- Q3 2010 includes approximately $0.1M in restructuring and acquisition related charges. -- Book to Bill ratio of 1.05 for Q4 of 2010.
"Cascade's fourth quarter of 2010 reflects revenue growth across all product lines, resulting in an all-time quarterly revenue record for the company. Cascade has posted seven quarters of consecutive revenue growth. The revenue growth, coupled with improving gross margins resulted in $0.02 earnings per share in the fourth quarter. This is a significant milestone in achieving Cascade's success model," said Michael Burger, president and CEO of Cascade Microtech. "Our recent technology introductions are well positioned with our customer base as we enter 2011. Cascade continues to execute on our growth opportunities as well as our cost structure initiatives as announced last quarter."
Financial Outlook
Based on the current backlog, anticipated bookings, and normal seasonal patterns of the industry, Cascade anticipates that first quarter 2011 revenues will be in the same range as the Q4 2010 outlook of $24.0M to $27.0M.
The company will host a conference call beginning at 2 p.m. PST (5 p.m. EST) on Wednesday, February 9, 2011, to discuss its results for the fourth quarter ended December 31, 2010.
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. EST at this same internet address. (For a telephone replay available after 8 p.m. EST dial: 888-286-8010, international: 617-801-6888, passcode: 11321041).
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to revenue in the first quarter of 2011 and the comments by Mr. Burger 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; the timing of shipments and customer orders; constraints on supplies of components; excess or shortage of production capacity; difficulties or unexpected costs or delays in the integration of the operations, employees, products, sales channels, strategies, and technologies of acquired businesses; potential failure of the expected market opportunities to materialize; the potential inability to realize expected benefits and synergies of acquisitions and the potential diversion of management's attention from our existing business as well as that of acquired businesses; potential adverse effects of acquisitions on relationships with our existing suppliers, customers or partners; 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, Inc.
Cascade Microtech, Inc. (
CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended ------------------------------- Year Ended December September December December 31, 30, 31, 31, -------------------- 2010 2010 2009 2010 2009 --------- --------- --------- --------- --------- Revenue $ 27,128 $ 25,273 $ 15,485 $ 95,799 $ 53,541 Cost of sales 15,171 14,850 9,913 59,714 33,840 --------- --------- --------- --------- --------- Gross profit 11,957 10,423 5,572 36,085 19,701 --------- --------- --------- --------- --------- Operating expenses: Research and development 3,067 3,038 2,466 12,612 8,372 Selling, general and administrative 8,042 7,075 6,172 33,046 21,724 Amortization of purchased intangibles 203 200 132 783 567 --------- --------- --------- --------- --------- Total operating expenses 11,312 10,313 8,770 46,441 30,663 --------- --------- --------- --------- --------- Income (loss) from operations 645 110 (3,198) (10,356) (10,962) --------- --------- --------- --------- --------- Other income (expense): Interest income, net 16 9 45 70 314 Other, net (61) (431) (18) (38) 93 --------- --------- --------- --------- --------- Total other income (expense) (45) (422) 27 32 407 --------- --------- --------- --------- --------- Income (loss) before income taxes 600 (312) (3,171) (10,324) (10,555) Income tax expense (benefit) 333 41 (2,682) 15 (2,906) --------- --------- --------- --------- --------- Net income(loss) $ 267 $ (353) $ (489) $ (10,339) $ (7,649) ========= ========= ========= ========= ========= Net income (loss) per share-Basic and Diluted Basic $ 0.02 $ (0.02) $ (0.04) $ (0.72) $ (0.57) Diluted $ 0.02 $ (0.02) $ (0.04) $ (0.72) $ (0.57) Shares used in computing net income (loss) per share: Basic 14,446 14,361 13,405 14,286 13,319 Diluted 15,261 14,361 13,405 14,286 13,319 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, Assets 2010 2009 ------------ ------------ Current assets: Cash and cash equivalents $ 21,871 $ 19,471 Marketable securities 870 13,383 Restricted cash and cash equivalents 1,704 - Accounts receivable, net 19,718 10,877 Inventories 20,764 16,624 Prepaid expenses and other 788 763 Taxes receivable 1,059 2,589 Deferred income taxes 39 13 Assets available for sale 146 - ------------ ------------ Total current assets 66,959 63,720 Long-term investments - 750 Fixed assets, net 9,973 12,010 Purchased intangible assets, net 3,142 1,858 Goodwill 985 - Deferred income taxes 665 220 Other assets 2,821 2,386 ------------ ------------ $ 84,545 $ 80,944 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Current portion of capital leases $ 13 $ 11 Accounts payable 6,384 3,765 Deferred revenue 3,338 1,071 Accrued liabilities 6,280 2,087 ------------ ------------ Total current liabilities 16,015 6,934 Capital leases, net of current portion 18 29 Deferred revenue 109 56 Other long-term liabilities 2,797 2,540 ------------ ------------ Total liabilities 18,939 9,559 ------------ ------------ Stockholders' equity: Common stock 91,112 85,719 Accumulated other comprehensive income (loss) (804) 29 Accumulated deficit (24,702) (14,363) ------------ ------------ Total stockholders' equity 65,606 71,385 ------------ ------------ $ 84,545 $ 80,944 ============ ============
