-- Revenue of $11.5 million, down 25% sequentially and down 45% from Q108
-- Net loss of $4.2 million or $0.31 per share for Q109, compared to a
net loss of $31.4 million or $2.39 per share in Q408, which included a
$27.7 million impairment charge
-- Cash and investment balances were lower by $1.6 million from Q408 to
$33.4 million
"As expected, the first quarter of 2009 was a difficult quarter for Cascade
and the semiconductor markets overall. Revenue and bookings declined during
the first quarter but the effects of our cost savings initiatives have
mitigated the effect on our cash balances," said Geoff Wild, CEO of Cascade
Microtech. "We are aware that bookings in the market place seem to be
improving, particularly in probes and sockets, which would lead us to
believe that first quarter bookings may have been a trough and should
improve over the remainder of 2009," added Mr. Wild.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates
that second quarter 2009 revenues will be in the range of $11 million to
$14 million. The Company suspended earnings per share guidance in the
fourth quarter of 2008 in view of the uncertainty of the mix of revenue and
the potential range of outcomes.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m.
PDT) on April 28, 2009, to discuss its results for the first 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: 82068759; International:
617-801-6888.)
Forward-Looking Statements
The statements in this release, specifically 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.
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 December March
31, 31, 31,
2009 2008 2008
--------- --------- ---------
Sales $ 11,469 $ 15,387 $ 20,759
Cost of sales 7,614 10,544 10,976
--------- --------- ---------
Gross profit 3,855 4,843 9,783
--------- --------- ---------
Operating expenses:
Research and development 1,993 2,433 2,906
Selling, general and administrative 5,395 7,341 6,879
Amortization of purchased intangibles 146 582 648
Impairment charges - 27,701 -
--------- --------- ---------
Total operating expenses 7,534 38,057 10,433
--------- --------- ---------
Loss from operations (3,679) (33,214) (650)
--------- --------- ---------
Other income (expense):
Interest income, net 98 151 263
Other, net (555) 272 439
--------- --------- ---------
Total other income (expense) (457) 423 702
--------- --------- ---------
Income (loss) before income taxes (4,136) (32,791) 52
Provision (benefit) for income taxes 29 (1,379) 68
--------- --------- ---------
Net loss $ (4,165) $ (31,412) $ (16)
========= ========= =========
Basic and diluted net loss per share $ (0.31) $ (2.39) $ -
Shares used in basic and diluted per
share calculations 13,240 13,142 12,985
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
Assets 2009 2008
----------- -----------
Current assets:
Cash and cash equivalents $ 4,512 $ 3,750
Marketable securities 25,694 28,795
Accounts receivable, net 11,093 12,801
Inventories 19,303 19,079
Prepaid expenses and other 856 1,367
Income taxes receivable 990 1,003
Deferred income taxes 92 99
Assets held for sale - 400
----------- -----------
Total current assets 62,540 67,294
Long-term investments 3,235 2,465
Fixed assets, net 14,021 13,580
Purchased intangible assets, net 2,279 2,425
Deferred income taxes 257 237
Other assets 2,535 2,455
----------- -----------
$ 84,867 $ 88,456
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 18 $ 19
Accounts payable 4,625 4,110
Deferred revenue 1,500 1,120
Accrued liabilities 2,838 3,776
----------- -----------
Total current liabilities 8,981 9,025
Long-term debt and capital leases 53 62
Deferred revenue 265 313
Other long-term liabilities 2,407 2,356
----------- -----------
Total liabilities 11,706 11,756
----------- -----------
Stockholders' equity:
Common stock 83,955 83,345
Unrealized holding gain on investments 85 69
Accumulated deficit (10,879) (6,714)
----------- -----------
Total stockholders' equity 73,161 76,700
----------- -----------
$ 84,867 $ 88,456
=========== ===========
Contact Information: Contact: Cascade Microtech, Inc. Steven Sipowicz Chief Financial Officer 503 601-1000