-- 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