Welcome!

Microsoft Cloud Authors: Pat Romanski, Jnan Dash, Andreas Grabner, Lori MacVittie, Jim Kaskade

News Feed Item

Cascade Microtech Reports Fourth Quarter and 2012 Results

Record Annual Revenue of $113.0 Million; Record Quarterly Revenue of $30.4 Million; Record Annual Income From Operations of $7.6 Million; Quarterly Income From Operations of $2.3 Million; Annual EPS of $0.42; Quarterly EPS of $0.12

BEAVERTON, OR -- (Marketwire) -- 02/05/13 -- Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial results for the fourth quarter and year ended December 31, 2012.

Financial summary:

Operating results for the year ended December 31, 2012 were as follows:

  • Annual revenue of $113.0 million, up 8.0% compared to $104.6 million in 2011.
    • Record annual revenue for Engineering Probes of $17.3 million, up 10.1% compared to $15.7 million in 2011.
    • Record annual revenue for Production Probes of $21.3 million, up 62.8% compared to $13.1 million in 2011.
  • Gross margin of 44.2% compared to 39.6% in 2011 with year-on-year improvement in all product segments based upon increased revenue and manufacturing efficiencies.
  • Operating expenses of $42.4 million, down 7.0% compared to $45.6 million in 2011.
  • Income from operations of $7.6 million, up $11.8 million compared to a loss of $4.2 million in 2011.
  • Net income of $6.1 million, up $11.9 million compared to a loss of $5.8 million in 2011.
  • Earnings per diluted share of $0.42, up $0.68 compared to a loss per share from continuing operations of $0.26 in 2011.
  • Annual Book-to-Bill ratio of 0.99 to 1.
  • Total cash, investments and restricted cash increased $7.7 million during 2012 and totaled $24.3 million at year end.

Operating results for the quarter ended December 31, 2012 were as follows:

  • Quarterly revenue of $30.4 million, up 11.2% compared to $27.3 million in the fourth quarter of 2011 and up 10.8% from $27.4 million in the third quarter of 2012.
    • Record quarterly revenue for Systems of $20.7 million, up 4.1% compared to $19.9 million in the fourth quarter of 2011 and up 19.0% compared to $17.4 million in the third quarter of 2012.
  • Gross margin of 43.0%, compared to 42.9% in the fourth quarter of 2011, and 44.5% in the third quarter of 2012.
    • Probes gross margin of 51.9%, compared to 45.4% in the fourth quarter of 2011, and 54.8% in the third quarter of 2012, due primarily to volume changes.
  • Operating expenses of $10.8 million, up 1.7% compared to $10.6 million in the fourth quarter of 2011, and up 3.0% when compared to $10.5 million in the third quarter of 2012.
  • Income from operations of $2.3 million, up 105% compared to $1.1 million in the fourth quarter of 2011, and up 30.4% compared to $1.8 million in the third quarter of 2012.
  • Net income of $1.7 million, up 17.0% compared to $1.4 million in the fourth quarter of 2011, and up 13.0% compared to $1.5 million in the third quarter of 2012.
  • Earnings per diluted share of $0.12, up $0.02 when compared to $0.10 in both the fourth quarter of 2011 and the third quarter of 2012.
  • Quarterly Book-to-Bill ratio of 0.98 to 1.

"In 2012, Cascade Microtech executed on our new product roadmap and outgrew the semiconductor capital equipment industry while setting new records for annual revenue and profitability. We have been able to secure a number of new design wins in our production probes market and have seen strong adoption of our new system products launched in 2012. This coupled with our nearly 8,000 installed systems globally, has continued to strengthen our customer position. Due to our scalable infrastructure, we believe that modest revenue improvement will provide significant leverage to the bottom line. We believe we are well positioned for the market to recover in 2013," said Michael Burger, President and CEO.

Financial outlook

Based upon the industry's seasonality, for the first quarter of 2013 revenue is expected to be in the range of $26.0 million to $29.0 million. GAAP earnings per share guidance is expected to be in the range of $0.06 to $0.10 on a fully-diluted basis, assuming no significant one-time charges or changes in foreign currency rates.

The company will host a conference call beginning at 2:00 p.m. PST (5:00 p.m. EST) on Tuesday, February 5, 2013, to discuss its results for the quarter and year ended December 31, 2012.

A simultaneous audio cast of the conference call may be accessed online from the investor relations page of www.cascademicrotech.com. If you are interested in participating in the call, the live dial-in number is 866-700-7441 or international 617-213-8839, participant Passcode: 24414538. A replay will be available after 7:00 p.m. EST at the same internet address. (For a telephone replay available after 7:00 p.m. EST, dial: 888-286-8010, international: 617-801-6888, Passcode: 44990773).

Forward-Looking Statements

The statements in this release regarding the Company's financial outlook as to anticipated revenue and earnings per share for the first quarter of 2013, our customer position, potential results from our scalable infrastructure, and future growth 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; changes in product mix; potential delays and other factors affecting the timing of new product introductions; the timing of shipments and customer orders; constraints on supplies of components; excess or shortage of production capacity; potential failure of expected market opportunities to materialize; changes in foreign exchange rates; 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 for the year ended December 31, 2011. 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 contact, electrical measurement and test of integrated circuits (ICs), optical devices 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, ICs, IC packages, circuit boards and modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech's leading-edge stations, probes, probe-cards and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing 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,    ------------------
                            2012      2012       2011      2012      2011
                          --------  ---------  --------  --------  --------

Revenue                   $ 30,368  $  27,414  $ 27,298  $112,963  $104,610
Cost of sales               17,313     15,210    15,595    63,012    63,194
                          --------  ---------  --------  --------  --------
Gross profit                13,055     12,204    11,703    49,951    41,416
                          --------  ---------  --------  --------  --------

Operating expenses:
  Research and
   development               3,022      2,778     2,870    11,017    11,807
  Selling, general and
   administrative            7,749      7,675     7,718    31,377    33,799
                          --------  ---------  --------  --------  --------
                            10,771     10,453    10,588    42,394    45,606
                          --------  ---------  --------  --------  --------

Income (loss) from
 operations                  2,284      1,751     1,115     7,557    (4,190)
                          --------  ---------  --------  --------  --------

Other income (expense):
  Interest income, net          26          7        41        52        92
  Other, net                  (240)      (109)      229      (801)      480
                          --------  ---------  --------  --------  --------
                              (214)      (102)      270      (749)      572
                          --------  ---------  --------  --------  --------

Income (loss) from
 continuing operations
 before income taxes         2,070      1,649     1,385     6,808    (3,618)

Income tax expense             380        153       (59)      709       180
                          --------  ---------  --------  --------  --------

Net income (loss) from
 continuing operations       1,690      1,496     1,444     6,099    (3,798)
Loss from discontinued
 operations                      -          -         -         -    (2,004)
                          --------  ---------  --------  --------  --------
Net income (loss)         $  1,690  $   1,496  $  1,444  $  6,099  $ (5,802)
                          ========  =========  ========  ========  ========

Basic net income (loss)
 per share:
  Continuing operations       0.12       0.11      0.10      0.43     (0.26)
  Discontinued operations        -          -         -         -     (0.14)
                          --------  ---------  --------  --------  --------
                          $   0.12  $    0.11  $   0.10  $   0.43  $  (0.40)
                          ========  =========  ========  ========  ========

Diluted net income (loss)
 per share:
  Continuing operations       0.12       0.10      0.10      0.42     (0.26)
  Discontinued operations        -          -         -         -     (0.14)
                          --------  ---------  --------  --------  --------
                          $   0.12  $    0.10  $   0.10  $   0.42  $  (0.40)
                          ========  =========  ========  ========  ========

Shares used in computing
 net income (loss) per
 share:
  Basic                     14,223     14,162    14,478    14,182    14,583
  Diluted                   14,428     14,377    14,550    14,390    14,583


                          CASCADE MICROTECH, INC.
                              AND SUBSIDIARIES

                   Condensed Consolidated Balance Sheets
                               (in thousands)
                                (unaudited)


                                 December 31,  September 30,   December 31,
             Assets                  2012           2012           2011
                                -------------  -------------  -------------

Current assets:
  Cash and cash equivalents     $      17,927  $      19,450  $      10,656
  Marketable securities                 5,322          3,521          2,656
  Restricted cash                       1,069          1,087          1,470
  Accounts receivable, net             21,087         18,309         23,882
  Inventories                          24,277         26,345         23,607
  Prepaid expenses and other            2,503          2,357          4,086
                                -------------  -------------  -------------
    Total current assets               72,185         71,069         66,357

Long-term investments                       -              -          1,834
Fixed assets, net                       8,271          8,506          9,003
Purchased intangible assets,
 net                                    1,610          1,766          2,329
Goodwill                                  990            964            971
Other assets                            2,224          2,232          2,570
                                -------------  -------------  -------------

                                $      85,280  $      84,537  $      83,064
                                =============  =============  =============


 Liabilities and Stockholders'
             Equity

Current liabilities:
  Accounts payable                      5,900          6,726          6,033
  Deferred revenue                      3,526          3,618          5,516
  Accrued liabilities                   6,640          6,792          7,745
                                -------------  -------------  -------------
    Total current liabilities          16,066         17,136         19,294

Deferred revenue                          356            408            225
Other long-term liabilities             2,940          3,301          4,248
                                -------------  -------------  -------------

    Total liabilities                  19,362         20,845         23,767
                                -------------  -------------  -------------

Stockholders' equity:
  Common stock                         91,039         90,963         90,853
  Accumulated other
   comprehensive income (loss)           (716)        (1,176)        (1,052)
  Accumulated deficit                 (24,405)       (26,095)       (30,504)
                                -------------  -------------  -------------

    Total stockholders' equity         65,918         63,692         59,297
                                -------------  -------------  -------------

                                $      85,280  $      84,537  $      83,064
                                =============  =============  =============

FOR MORE INFORMATION, CONTACT:

Jeff A. Killian
Cascade Microtech, Inc.
(503) 601-1280

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
"What is the next step in the evolution of IoT systems? The answer is data, information, which is a radical shift from assets, from things to input for decision making," stated Michael Minkevich, VP of Technology Services at Luxoft, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions with...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.