-- Revenues of $20.8 million, down 6% sequentially and down 8% from Q1 last year -- $14.5 million Engineering Products Division revenue, down 7% sequentially and down 21% from Q1 last year due to lower station revenues -- $6.3 million Production Products Division revenue, flat sequentially but up 54% over Q1 last year -- Pyramid Probe card revenue was $5.4 million, up 1% sequentially -- Other income during the first quarter includes foreign exchange translation gains of $428,000 -- Loss per share was $(0.00), up from a loss of $(0.01) sequentially and down from earnings per diluted share of $0.09 from Q1 last year -- Cash and investment balances increased by $2.3 million during the quarter to $36.6 million"Our Pyramid Probe cards and Engineering Probes demonstrated solid performance in the first quarter of 2008 resulting in revenue from consumables increasing to almost 50% of total revenue and improving gross margins. Engineering Products Division revenue was down from the last quarter, as expected, due to lower station sales across all geographical areas," said Geoff Wild, CEO of Cascade Microtech. Revenue for the first quarter was $20.8 million, net loss for the quarter was approximately break even at a loss of $16,000 and loss per share was $(0.00), compared to revenue of $22.0 million, net loss of $140,000 and loss per share of $(0.01) for the fourth quarter of 2007. Financial Outlook Based on the current backlog and anticipated bookings, Cascade anticipates that second quarter 2008 revenues will be in the range of $18.0 million to $21.0 million and that diluted earnings per share will be in the range of a loss of $(0.06) to earnings of $0.01. 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 --------------------------------- March 31 December 31 March 31 2008 2007 2007 --------- ----------- --------- Sales $ 20,759 $ 21,992 $ 22,471 Cost of sales 10,867 11,741 12,087 Stock-based compensation 109 83 122 --------- ----------- --------- Gross profit 9,783 10,168 10,262 --------- ----------- --------- Operating expenses: Research and development (includes $116, $107, $79, respectively, of stock-based compensation) 2,906 2,759 2,639 Selling, general and administrative (includes $414, $399, $361, respectively, of stock-based compensation) 6,879 6,872 6,664 Amortization of purchased intangibles 648 649 106 --------- ----------- --------- Total operating expenses 10,433 10,280 9,409 --------- ----------- --------- Income (loss) from operations (650) (112) 853 --------- ----------- --------- Other income (expense): Interest income 264 306 455 Interest expense (1) (1) (1) Other, net 439 (63) 110 --------- ----------- --------- Total other income 702 242 564 --------- ----------- --------- Income before income taxes 52 130 1,417 Provision for income taxes 68 270 369 --------- ----------- --------- Net income (loss) $ (16) $ (140) $ 1,048 ========= =========== ========= Net income (Loss) per share-Basic and Diluted Basic $ 0.00 $ (0.01) $ 0.09 Diluted $ 0.00 $ (0.01) $ 0.09 Shares used in computing net income per share: Basic 12,985 12,855 11,808 Diluted 12,985 12,855 12,207 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited - in thousands) March 31, December 31, Assets 2008 2007 ------------ ------------ Current assets: Cash and cash equivalents $ 5,359 $ 4,900 Marketable securities 27,522 24,521 Accounts receivable, net 17,265 18,195 Inventories 18,972 18,608 Prepaid expenses and other 1,533 1,874 Deferred income taxes 2,731 2,729 ------------ ------------ Total current assets 73,382 70,827 Long-term investments 3,717 4,836 Fixed assets, net 14,509 14,575 Goodwill 17,310 17,310 Purchased intangible assets, net 14,393 15,042 Other assets 2,720 2,691 ------------ ------------ Total Assets $ 126,031 $ 125,281 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt and capital leases $ 14 $ 13 Accounts payable 4,657 5,158 Deferred revenue 974 1,102 Accrued liabilities 5,316 5,589 ------------ ------------ Total current liabilities 10,961 11,862 Long-term debt and capital leases 55 51 Deferred income tax 3,037 3,114 Deferred revenue 423 481 Other long-term liabilities 2,253 2,168 ------------ ------------ Total liabilities 16,729 17,676 ------------ ------------ Stockholders' equity: Common stock 81,315 79,697 Unrealized holding gain on investments 140 45 Retained earnings 27,847 27,863 ------------ ------------ Total stockholders' equity 109,302 107,605 ------------ ------------ Total Liabilities and Stockholders' Equity $ 126,031 $ 125,281 ============ ============
Contact Information: Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial Officer 503 601-1000