Click here to close now.

Welcome!

.NET Authors: Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan, Sanjeev Sharma

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
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
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 @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared 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, a...