Welcome!

.NET Authors: Lori MacVittie, Yeshim Deniz, Ivan Antsipau, Liz McMillan, Michael Bushong

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
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.