-- Revenue of $12.6 million, up 10% from Q109
-- Probes and sockets revenue increased 20% from Q109
-- Net loss of $1.6 million or $0.12 per share for Q209, compared to a
net loss of $4.2 million or $0.31 per share in Q109
-- Cash and investment balances increased by $0.2 million from Q109 to
$33.7 million
"We have seen a mild recovery in the market place with increases in our
revenue and bookings, particularly in probes and sockets, which has
improved our gross margin percentage in the second quarter. We have
carefully managed our expenses by continuing our cost saving initiatives
and have generated cash during the quarter," said Geoff Wild, CEO of
Cascade Microtech. "Although this does not appear to be a rapid recovery,
we expect to see continuing growth over the remainder of 2009."
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates
that third quarter 2009 revenues will be in the range of $12.5 million to
$15 million.
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.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m.
PDT) on July 28, 2009, to discuss its results for the second 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: 18571233; International:
617-801-6888.)
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
June 30,
June 30, March 31, June 30, ------------------
2009 2009 2008 2009 2008
-------- -------- -------- -------- --------
Sales $ 12,616 $ 11,469 $ 19,287 $ 24,085 $ 40,046
Cost of sales 7,835 7,614 10,889 15,449 21,865
-------- -------- -------- -------- --------
Gross profit 4,781 3,855 8,398 8,636 18,181
-------- -------- -------- -------- --------
Operating expenses:
Research and development 1,818 1,993 2,826 3,811 5,732
Selling, general and
administrative 5,186 5,395 7,335 10,581 14,214
Amortization of purchased
intangibles 145 146 649 291 1,297
-------- -------- -------- -------- --------
Total operating
expenses 7,149 7,534 10,810 14,683 21,243
-------- -------- -------- -------- --------
Loss from operations (2,368) (3,679) (2,412) (6,047) (3,062)
-------- -------- -------- -------- --------
Other income (expense):
Interest income, net 103 98 227 201 490
Other, net 440 (555) (183) (115) 256
-------- -------- -------- -------- --------
Total other income
(expense) 543 (457) 44 86 746
-------- -------- -------- -------- --------
Loss before income
taxes (1,825) (4,136) (2,368) (5,961) (2,316)
Provision (benefit) for
income taxes (249) 29 (510) (220) (442)
-------- -------- -------- -------- --------
Net loss $ (1,576) $ (4,165) $ (1,858) $ (5,741) $ (1,874)
======== ======== ======== ======== ========
Basic and diluted
net loss per share $ (0.12) $ (0.31) $ (0.14) $ (0.43) $ (0.14)
Shares used in basic
and diluted per
share calculations 13,306 13,240 13,046 13,273 13,016
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
Assets 2009 2008
---------- ----------
Current assets:
Cash and cash equivalents $ 7,707 $ 3,750
Marketable securities 21,720 28,795
Accounts receivable, net 9,009 12,801
Inventories 17,930 19,079
Prepaid expenses and other 862 1,367
Income taxes receivable 945 1,003
Deferred income taxes 94 99
Assets held for sale - 400
---------- ----------
Total current assets 58,267 67,294
Long-term investments 4,251 2,465
Fixed assets, net 13,353 13,580
Purchased intangible assets, net 2,134 2,425
Deferred income taxes 262 237
Other assets 2,477 2,455
---------- ----------
$ 80,744 $ 88,456
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 11 $ 19
Accounts payable 2,829 4,110
Deferred revenue 1,021 1,120
Accrued liabilities 2,121 3,776
---------- ----------
Total current liabilities 5,982 9,025
Capital leases, net of current portion 34 62
Deferred revenue 176 313
Other long-term liabilities 2,419 2,356
---------- ----------
Total liabilities 8,611 11,756
---------- ----------
Stockholders' equity:
Common stock 84,538 83,345
Unrealized holding gain on investments 50 69
Accumulated deficit (12,455) (6,714)
---------- ----------
Total stockholders' equity 72,133 76,700
---------- ----------
$ 80,744 $ 88,456
========== ==========
Contact Information: Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial Officer 503 601-1000