PORTLAND, OR, Feb. 9, 2010 (Marketwire) --
PORTLAND, OR -- (Marketwire) -- 02/09/10 -- Cascade Microtech (NASDAQ: CSCD) today reported financial results for the fourth quarter and year ended December 31, 2009.
Fourth quarter results include:
-- Revenue of $15.5 million, up 11% over Q3 of 2009 and up 1% over Q4 of
2008
-- Net loss of $0.5 million or $0.04 per share for Q409, compared to a net
loss of $1.4 million or $0.11 per share for Q309
-- Fourth quarter results include $2.7 million tax benefit reflecting tax
law changes
-- Cash and investment balances decreased by $1.5 million to $33.6 million
-- Results do not include the acquisition of Suss MicroTech Test Systems
division announced on January 27, 2010.
"During the fourth quarter, we saw an increase in bookings and revenues to levels last seen in 2008. Our focus in 2010 is on achieving continued revenue growth and leveraging our earnings model," said Dr. F. Paul Carlson, Chairman and CEO of Cascade Microtech. "Our previously announced acquisition of the Suss MicroTech Test Systems division in January is a key strategic move for Cascade Microtech which strengthens our product portfolio and should enable us to leverage the combined resources and competencies in 2010 and beyond."
Revenue for the fourth quarter of 2009 was $15.5 million, up 11% from $14.0 million in the third quarter of 2009 and up 1% from $15.4 million in the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $0.5 million and loss per share was $0.04, compared to a net loss of $1.4 million and loss per share of $0.11 for the third quarter of 2009. The loss for the fourth quarter of 2008 was $31.4 million, which included a non-cash impairment charge of $27.7 million.
Financial Outlook
Based on the current backlog, anticipated bookings and the current market environment, Cascade anticipates that first quarter 2010 revenues, which includes anticipated revenues from the acquisition of Suss MicroTech Test Systems division from the acquisition date will be in the range of $19.0 million to $23.0 million.
The company will host a conference call beginning at 5 p.m. EST (2 p.m. PST) on February 9, 2010, to discuss its results for the fourth quarter and year ended December 31, 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. 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: 51263034)
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to revenue in the first quarter of 2010 and the comments by Dr. Carlson 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, difficulties or unexpected costs or delays in the integration of the operations, employees, products, sales channels, strategies, and technologies of the acquired business; the potential failure of the expected market opportunity to materialize; the potential inability to realize expected benefits and synergies; potential diversion of management's attention from our existing business as well as that of the acquired business; potential adverse effects 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. (NASDAQ: CSCD) is a worldwide leader in the precise electrical and mechanical measurement and test of integrated circuits (ICs) 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, integrated circuits (ICs), IC packages, circuit boards and modules, MEMS, biological structures, 3D TSV, LED devices and more. Cascade Microtech's leading-edge semiconductor production test products include unique probe cards and test sockets that reduce manufacturing costs 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)
Three Months Ended
-------------------------------
Year to Date Ended
December September December December 31,
31, 30, 31, --------------------
2009 2009 2008 2009 2008
--------- --------- --------- --------- ---------
Sales $ 15,485 $ 13,971 $ 15,387 $ 53,541 $ 76,561
Cost of sales 9,913 8,478 10,544 33,840 44,477
--------- --------- --------- --------- ---------
Gross profit 5,572 5,493 4,843 19,701 32,084
--------- --------- --------- --------- ---------
Operating expenses:
Research and
development 2,466 2,095 2,433 8,372 10,473
Selling, general and
administrative 6,172 4,971 7,341 21,724 29,311
Amortization of
purchased
intangibles 132 144 582 567 2,461
Impairment charges - - 27,701 - 27,701
--------- --------- --------- --------- ---------
Total operating
expenses 8,770 7,210 38,057 30,663 69,946
--------- --------- --------- --------- ---------
Loss from
operations (3,198) (1,717) (33,214) (10,962) (37,862)
--------- --------- --------- --------- ---------
Other income
(expense):
Interest income, net 45 68 151 314 862
Other, net (18) 226 272 93 176
--------- --------- --------- --------- ---------
Total other income
(expense) 27 294 423 407 1,038
--------- --------- --------- --------- ---------
Loss before income
taxes (3,171) (1,423) (32,791) (10,555) (36,824)
Income tax benefit 2,682 4 1,379 2,906 2,247
--------- --------- --------- --------- ---------
Net loss $ (489) $ (1,419) $ (31,412) $ (7,649) $ (34,577)
========= ========= ========= ========= =========
Basic and diluted
net loss per
share $ (0.04) $ (0.11) $ (2.39) $ (0.57) $ (2.65)
Shares used in
basic and diluted
per share
calculations 13,405 13,325 13,142 13,319 13,071
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
Assets 2009 2008
------------ ------------
Current assets:
Cash and cash equivalents $ 19,471 $ 3,750
Marketable securities 13,383 28,795
Accounts receivable, net 10,877 12,801
Inventories 16,624 19,079
Prepaid expenses and other 763 1,367
Income taxes receivable 2,589 1,003
Deferred income taxes 13 99
Assets held for sale - 400
------------ ------------
Total current assets 63,720 67,294
Long-term investments 750 2,465
Fixed assets, net 12,010 13,580
Purchased intangible assets, net 1,858 2,425
Deferred income taxes 220 237
Other assets 2,386 2,455
------------ ------------
$ 80,944 $ 88,456
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 11 $ 19
Accounts payable 3,765 4,110
Deferred revenue 1,071 1,120
Accrued liabilities 2,087 3,776
------------ ------------
Total current liabilities 6,934 9,025
Capital leases, net of current portion 29 62
Deferred revenue 56 313
Other long-term liabilities 2,540 2,356
------------ ------------
Total liabilities 9,559 11,756
------------ ------------
Stockholders' equity:
Common stock 85,719 83,345
Unrealized holding gain on investments 29 69
Accumulated deficit (14,363) (6,714)
------------ ------------
Total stockholders' equity 71,385 76,700
------------ ------------
$ 80,944 $ 88,456
============ ============
