Cascade Microtech, Inc. (CSCD) - 500 Beiträge pro Seite

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Profile:Cascade Microtech, Inc. (Cascade) is a developer, manufacturer, and seller of wafer probing solutions used to test and measure complex semiconductors in wafer form in both design and production environments. Customers use the Company`s solutions to develop and test advanced integrated circuits and optoelectronic devices, or chips, for a broad range of communications, consumer electronics and computing products. Cascade sells production probe cards, analytical probes, and probe stations. Probe stations manually or automatically align wafers to probe cards or probes to electrically connect test equipment to each chip on a wafer, allowing a variety of electrical and optical, or lightwave, measurements to be taken. The Company designs, manufactures, and sells three product lines: production probe cards, analytical probes and probe stations.

http://www.cascademicrotech.com

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Cascade Microtech Reports Continued Revenue Growth in Fourth Quarter and 2004 Year End Results
Tuesday February 15, 4:00 pm ET
Quarterly revenues of $18.4 Million, Up 8% Sequentially and Up 36% Year over Year and EPS of $0.19


PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 15, 2005-- Cascade Microtech (Nasdaq:CSCD - News), today reported financial results for the fourth quarter and year ended December 31, 2004.
Highlights for the fourth quarter include:

Revenues of $18.4 million, up 8% sequentially and 36% year-over-year
Production probe cards had revenues of $2.1 million, up 32% sequentially and 140% year-over-year
Engineering products had revenues of $16.3 million, up 5% sequentially and 29% year-over-year
Gross margins increased to 47.0%, up from 44.8% in the prior quarter and from 43.2% in the fourth quarter of 2003
EPS of $0.19 per diluted share compared to $0.17 for the prior quarter and $0.05 for the fourth quarter of 2003
Cash and investments of $46.5 million and debt-free
"We are pleased to report strong revenue and earnings growth for our first reported quarter as a public company," said Eric Strid, CEO of Cascade Microtech. "We continued to see growth across our major product lines with a further shift towards 300mm business in Engineering Products and strong year-over-year revenue growth of 85% for Production Probe Cards."

Revenues for the fourth quarter were $18.4 million, up 8% sequentially and 36% year-over-year. Production probe cards had revenues of $2.1 million, up 32% sequentially and 140% year-over-year. Engineering products had revenues of $16.3 million, up 5% sequentially and 29% year-over-year.

Gross margins for the fourth quarter increased to 47.0%, up from 44.8% sequentially and from 43.2% in the fourth quarter of 2003.

The company reported net income of $1.7 million, or $0.19 per diluted share, for the 2004 fourth quarter, compared to $1.4 million, or $.17 per diluted share for the third quarter of 2004 and net income of $308,000, or $0.05 per diluted share, for the fourth quarter of 2003.

During the fourth quarter the Company completed its initial public offering of its common stock selling 3.3 million primary shares and 2.0 million secondary shares raising approximately $42 million in net proceeds for the Company. At December 31, 2004, the Company had cash and investments of $46.5 million and is debt-free.

Revenues for the year ended December 31, 2004, were $64.4 million, an increase of 27% over 2003. Gross margins increased to 44.6% compared to 39.8% for 2003. Net income for the year was $4.6 million, or $0.56 per diluted share, compared to a net loss of $1.0 million, or a loss of $0.20 per diluted share, for 2003.

Production probe cards had revenues of $5.9 million for the year, up 85% over last year. Engineering products had revenues of $58.5 million for the year, up 23% over last year.

Outlook

Based on the current backlog and anticipated bookings, Cascade expects that first quarter 2005 revenues will be in the range of $17.0 million to $18.3 million and that diluted earnings per share will be in the range of $0.10 to $0.14 using an estimated share count of 11.8 million, up from 9 million for the fourth quarter of 2004.

About Cascade Microtech

Cascade Microtech, Inc., is a worldwide leader in the design, development and manufacture of advanced wafer probing solutions for the electrical measurement and test of semiconductor integrated circuits. The Company`s probing solutions enable high speed testing of high-performance semiconductors during both the design and manufacturing phases of semiconductor production. Many of the world`s leading semiconductor manufacturers use our technology. For more information visit the Company`s website at www.cascademicrotech.com.

Forward-Looking Statements

The statements in this release regarding the Company`s outlook as to revenue and diluted earnings per share in the first quarter of 2005 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 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 Registration Statement on Form S-1. 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 5:00 p.m. EST (2:00 p.m. PST) on February 15, 2005 to discuss its results for the fourth quarter and the year ended December 31, 2004. 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 7:00 p.m. EST at this same internet address. (For a telephone replay, dial [phone] pass code: 35855162)

CASCADE MICROTECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

Three Months Year to Date
Ended December Ended December
31, 31,
----------------- ----------------
2004 2003 2004 2003
------- ------- ------- -------

Sales $18,402 $13,557 $64,415 $50,556

Cost of sales 9,736 7,686 35,625 30,433
Deferred stock-based compensation 10 14 67 19
------- ------- ------- -------
Gross profit 8,656 5,857 28,723 20,104
------- ------- ------- -------
Operating expenses:
Research and development 1,625 1,381 5,651 5,411
Selling, General and
Administrative 4,437 3,892 16,602 15,289
Deferred stock compensation 30 99 259 158
------- ------- ------- -------
Total operating expenses 6,092 5,372 22,512 20,858
------- ------- ------- -------
Income /(loss) from
operations 2,564 485 6,211 (754)
Other income (expense) (50) 218 (117) 553
------- ------- ------- -------
Income /(loss) before
income taxes 2,514 703 6,094 (201)

Provision for income taxes 849 84 1,387 248
------- ------- ------- -------

Net income /(loss) 1,665 619 4,707 (449)

Accretion of redeemable stock - 311 113 583
------- ------- ------- -------
Net income /(loss) $ 1,665 $ 308 $ 4,594 $(1,032)
======= ======= ======= =======

Net income per share:
Basic $ 0.27 $ 0.06 $ 0.84 $ (0.20)
Diluted $ 0.19 $ 0.05 $ 0.56 $ (0.20)

Shares used in computing
net income per share:
Basic 6,242 5,076 5,439 5,089
Diluted 8,996 5,839 8,452 5,089


CASCADE MICROTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2004 and December 31, 2003
(in thousands )
(unaudited)

December 31, December 31,
2004 2003
------------ ------------
Assets

Current assets:
Cash and cash equivalents $ 2,033 $ 4,461
Marketable securities 41,714 6,256
Accounts receivable, net 13,639 10,603
Inventories 10,180 8,065
Prepaid expenses and other 1,579 765
Deferred income taxes 1,553 1,453
------- -------
Total current assets 70,698 31,603

Trademarks and patents 1,184 1,010
Fixed assets, net 4,008 4,866
Long-term investments 2,780 --
Other assets 347 287
------- -------
$79,017 $37,766
======= =======

Liabilities and Stockholders` Equity


Current liabilities:
Current portion of long-term debt and capital
leases $ 21 $ 2,043
Accounts payable 3,951 2,822
Deferred revenue 579 276
Accrued liabilities 2,609 2,047
------- -------
Total current liabilities 7,160 7,188

Long-term debt and capital leases 14 5,038
Deferred revenue 282 411
Other long-term liabilities 1,372 1,585
------- -------
Total liabilities 8,828 14,222
------- -------

Redeemable stock:
Common stock 584
Stockholders` equity:
Series A convertible preferred stock 13
Series B convertible preferred stock 10
Common stock and additional
paid-in-capital 55,511 13,382
Deferred stock-based compensation (310) (902)
Unrealized holding gain (loss)
on investments (16) 6
Retained earnings 15,004 10,451
------- -------
Total stockholders` equity 70,189 22,960
------- -------
$79,017 $37,766
======= =======




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Contact:
Cascade Microtech
Steven Sipowicz, Chief Financial Officer, 503-601-1000
Ellen Payne, Marketing, 503-601-1000



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Source: Cascade Microtech

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Cascade Microtech Reports Continued Revenue Growth and Record Earnings in First Quarter 2005 Results
Tuesday April 26, 4:00 pm ET
Quarterly Revenues of $18.7 million, Up 35% Over the Prior Year and EPS of $0.21


PORTLAND, Ore.--(BUSINESS WIRE)--April 26, 2005--Cascade Microtech (Nasdaq:CSCD - News), today reported financial results for the first quarter ended March 31, 2005.
Highlights for the first quarter include:

Revenues of $18.7 million, up 1% sequentially and 35% year over year
Increased gross margin to 49.1% compared with 47.0% in the prior quarter and 42.5% in the first quarter of 2004
EPS of $0.21 per diluted share compared to $0.19 for the prior quarter and $0.05 for the first quarter of 2004
Cash and investments of $47.8 million
"We are pleased to report strong revenue growth and record earnings for our first quarter of 2005," said Eric Strid, CEO of Cascade Microtech. "We experienced stronger growth than expected in the first quarter. The Engineering Products Division had year over year revenue growth of 31% and our Production Probe Card Division achieved a year over year growth of 86%. We believe we continue to gain market share in our 300-mm engineering probe stations and our advanced logic probe cards."

Revenue for the first quarter was $18.7 million, an increase of 35% over $13.8 million in the first quarter of the prior year. Net income for the first quarter was $2.5 million and diluted earnings per share were $0.21, compared to net income of $0.3 million and diluted earnings per share of $0.05 for the first quarter of 2004.

Gross margin for the first quarter increased to 49.1%, up from 47.0% sequentially and from 42.5% in the first quarter of 2004.

At March 31, 2005, the Company had cash and investments of $47.8 million.

Financial Outlook

Based on the current backlog and anticipated bookings, Cascade anticipates that second quarter 2005 revenues will be in the range of $17.5 million to $18.8 million compared to $15.1 million in the second quarter of 2004 and that diluted earnings per share will be in the range of $0.11 to $0.15 on 11.7 million shares compared to $0.15 on 8.3 million shares in the second quarter of 2004.

About Cascade Microtech

Cascade Microtech, Inc. is a worldwide leader in the design, development and manufacture of advanced wafer probing solutions for the precise electrical measurement and test of semiconductor integrated circuits. The Company`s probing solutions enable high speed testing of high-performance semiconductors during both the design and manufacturing phases of semiconductor production. Many of the world`s leading semiconductor manufacturers use our technology. For more information visit the Company`s website at www.cascademicrotech.com.

Forward-Looking Statements

The statements in this release regarding the Company`s financial outlook as to revenue and diluted earnings per share in the second quarter of 2005 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 raters 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 April 26, 2005 to discuss its results for the first quarter ended March 31, 2005.

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 7 p.m. EDT at this same internet address. (For a telephone replay, dial 888-286-8010 passcode: 35855162)

Cascade Microtech, Inc.
Consolidated Balance Sheets
(in thousands)

March 31, Dec. 31,
2005 2004
------------ ------------
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 1,311 $ 2,033
Short-term marketable securities 42,182 41,714
Accounts receivable, net 14,905 13,640
Inventories, net 10,828 10,180
Prepaid expenses and other 2,005 1,579
Deferred income taxes 1,776 1,552
------------ ------------
Total Current Assets 73,007 70,698

Long-term marketable securities 4,303 2,779
Fixed assets, net 3,786 4,008
Deferred income taxes 229 65
Other assets, net 1,533 1,466
------------ ------------
Total Assets $ 82,858 $ 79,016
============ ============
Liabilities and Shareholders` Equity
Current Liabilities:
Current portion of long-term debt and
capital leases $ 20 $ 21
Accounts payable 4,270 3,951
Deferred revenue 578 579
Accrued liabilities 3,813 2,609
------------ ------------
Total Current Liabilities 8,681 7,160

Long-term debt and capital leases 8 14
Deferred revenue 307 282
Other long-term liabilities 1,275 1,372
------------ ------------
Total Liabilities 10,271 8,828

Shareholders` Equity:
Common stock 109 109
Additional paid-in capital 55,324 55,402
Deferred stock-based compensation (269) (310)
Unrealized holding (losses) on
investments (76) (17)
Retained earnings 17,499 15,004
------------ ------------
Total Shareholders` Equity 72,587 70,188
------------ ------------
Total Liabilities and
Shareholders` Equity $ 82,858 $ 79,016
============ ============


Cascade Microtech, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
For the Quarter
Ended March 31,
----------------
2005 2004
------- -------
Revenue $18,661 $13,834

Cost of sales 9,490 7,935
Deferred stock-based compensation 12 19
------- -------
Gross profit 9,159 5,880

Operating expenses:
Research and development 1,639 1,389
Selling, general and administrative 4,599 3,787
Deferred stock compensation 29 101
------- -------
6,267 5,277
------- -------

Income from operations 2,892 603

Other income (expense):
Interest income 212 26
Interest expense (16) (131)
Other, net 24 171
------- -------
220 66
------- -------
Income before income taxes 3,112 669
Provision for income taxes 617 296
------- -------
Net income 2,495 373
Accretion of redeemable stock and loss on redemption - 38
------- -------
Net income attributed to common shareholders $ 2,495 $ 335
======= =======
Basic net income per share attributed to
common shareholders $ 0.23 $ 0.07
======= =======
Diluted net income per share attributed to
common shareholders $ 0.21 $ 0.05
======= =======
Shares used in per share calculations:
Basic 10,864 5,138
======= =======
Diluted 11,703 8,254
======= =======



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Contact:
Cascade Microtech, Inc.
Steven Sipowicz, 503-601-1000
Ellen Payne, 503-601-1000



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Source: Cascade Microtech, Inc.