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April 29, 2014 04:05 PM EDT | Reads: |
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BEAVERTON, OR -- (Marketwired) -- 04/29/14 -- Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial results for the first quarter March 31, 2014.
Financial summary
Results for the quarter ended March 31, 2014 were as follows:
- Total revenue of $33.8 million, compared to $34.0 million for Q4 2013 and $27.5 million for Q1 2013.
- Systems revenue of $21.6 million, a decrease of $2.6 million, or 10.8%, from Q4 2013, and an increase of $3.9 million, or 21.8%, over Q1 2013.
- Probes revenue of $12.2 million, an increase of $2.4 million, or 24.3%, over Q4 2013, and an increase of $2.5 million, or 25.4%, over Q1 2013.
- Q1 2014 sets a new revenue record for our Probes segment.
- Gross margin of 48.1%, up from 45.5% in Q4 2013, and 42.0% in Q1 2013.
- Systems gross margin of 42.7%, up from 42.3% in Q4 2013, and 37.9% in Q1 2013.
- Probes gross margin of 57.8%, up from 53.3% in Q4 2013, and 49.4% in Q1 2013.
- Q1 2014 represents our best gross margin performance in 9 years.
- Income from operations of $2.6 million, an increase of $0.4 million, or 18.1%, over Q4 2013, and an increase of $1.6 million, or 150.0%, over Q1 2013.
- Net income of $1.6 million, or $0.10 per diluted share, compared to $8.8 million, or $0.53 per diluted share, for Q4 2013, and $0.7 million, or $0.05 per diluted share, for Q1 2013.
- Q1 2014 includes tax expense of $0.9 million, or $0.06 per diluted share, compared to a tax benefit of $6.6 million, or $0.40 per diluted share, for Q4 2013, and tax expense of $0.1 million, or $0.01 per diluted share, for Q1 2013.
- Non-GAAP net income of $0.13 per diluted share, compared to $0.21 per diluted share for Q4 2013 and $0.07 per diluted share for Q1 2013.
- Depreciation, amortization and stock-based compensation expenses totaled $2.1 million, compared to $2.1 million for Q4 2013 and $1.5 million for Q1 2013.
- Adjusted EBITDAS of $4.7 million, compared to $5.2 million for Q4 2013 and $2.6 million for Q1 2013.
- Total cash, restricted cash and investments of $28.5 million, an increase of $6.0 million over December 31, 2013.
- Q1 2014 includes stock repurchases of $0.8 million.
- Book-to-bill ratio of 0.92 to 1.
"We are pleased by the strong overall results of the first quarter. Both revenue and profitability were near the high end of our expectations due to record revenue and gross margins from our Probes segment. Favorable product mix drove the best overall gross margins for the company in over nine years, and cash grew $6 million quarter on quarter. Our new acquisitions performed well, and we continue to see improved market acceptance and sales of our new products. With a strong Q1 behind us, we are optimistic about the rest of 2014," said Michael Burger, President and CEO.
Financial outlook
For the second quarter of 2014 we are projecting revenue in the range of $32.0 million to $35.0 million with diluted GAAP earnings per share in the range of $0.05 to $0.10, and non-GAAP earnings per share in the range of $0.08 to $0.13. Our guidance assumes a tax rate of 37%, consistent foreign currency rates and no significant one-time charges.
We will host a conference call beginning at 2:00 p.m. PDT (5:00 p.m. EDT) on Tuesday, April 29, 2014, to discuss our results for the quarter ended March 31, 2014.
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 866-515-2910, or international 617-399-5124, participant Passcode: 24546255. A replay will be available after 9:00 p.m. EDT at the same internet address. (For a telephone replay available after 9:00 p.m. EDT, dial: 888-286-8010, international: 617-801-6888, Passcode: 22751227).
Forward-Looking Statements
The statements in this release regarding performance of our new acquisitions, improved market acceptance and sales of our new products, our optimism about the rest of 2014, and statements under "Financial Outlook" regarding projected revenue, GAAP earnings per share, and non-GAAP earnings per share, and other statements identified by terminology such as "will," "should," "expects," "estimates," "predicts," and "continue" or other derivations of these or other comparable terms 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; our ability or delay in integrating acquired businesses; 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, 2013. 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.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures which are defined below and reconciled to GAAP financial measures in a table later in this release:
- Non-GAAP net income is defined as GAAP net income before certain items (adjustments) such as restructuring, facility move and project costs, acquisition-related expenses, the amortization of intangibles and discrete tax items that we believe are either not representative of our ongoing operating performance or effect the comparability of results over time. Non-GAAP net income should not be construed as a substitute for net income as defined by GAAP. However, we regard non-GAAP net income as a complement to GAAP net income in assessing our financial performance over time and in the future.
- Adjusted EBITDAS is defined as income from continuing operations before depreciation and amortization and stock-based compensation and certain other items (adjustments) such as restructuring, facility move and project costs, and acquisition-related expenses that we believe are not representative of our ongoing operating performance. Adjusted EBITDAS should not be construed as a substitute for net income from continuing operations or net cash provided by (used in) operating activities (all as determined in accordance with GAAP) for the purpose of analyzing our operating performance, financial position and cash flows, as adjusted EBITDAS is not defined by GAAP. However, we regard adjusted EBITDAS as a complement to net income from continuing operations and other GAAP financial performance measures, by including an indirect measure of operating cash flow.
About Cascade Microtech, Inc.
Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision 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, advanced thermal subsystems 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 ----------------------------------------- March 31, March 31, December 31, 2014 2013 2013 ------------- ------------- ------------- Revenue $ 33,810 $ 27,471 $ 34,035 Cost of sales 17,537 15,928 18,547 ------------- ------------- ------------- Gross profit 16,273 11,543 15,488 ------------- ------------- ------------- Operating expenses: Research and development 3,241 2,456 3,061 Selling, general and administrative 10,430 8,046 10,223 ------------- ------------- ------------- 13,671 10,502 13,284 ------------- ------------- ------------- Income from operations 2,602 1,041 2,204 ------------- ------------- ------------- Other income (expense): Interest income, net 2 20 4 Other, net (69) (244) (27) ------------- ------------- ------------- (67) (224) (23) ------------- ------------- ------------- Income before income taxes 2,535 817 2,181 Income tax expense (benefit) 943 70 (6,621) ------------- ------------- ------------- Net income $ 1,592 $ 747 $ 8,802 ============= ============= ============= Net income per share: Basic $ 0.10 $ 0.05 $ 0.54 Diluted $ 0.10 $ 0.05 $ 0.53 Shares used in computing net income per share: Basic 16,242 14,227 16,173 Diluted 16,679 14,599 16,634 CASCADE MICROTECH, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) March 31, December 31, Assets 2014 2013 --------------- --------------- Current assets: Cash and cash equivalents $ 24,945 $ 17,172 Marketable securities 2,737 4,278 Restricted cash 831 1,082 Accounts receivable, net 21,642 26,520 Inventories 25,598 24,884 Deferred income taxes 2,270 2,268 Prepaid expenses and other 2,616 2,147 --------------- --------------- Total current assets 80,639 78,351 Fixed assets, net 5,805 6,403 Purchased intangible assets, net 16,206 16,937 Goodwill 14,473 14,471 Deferred income taxes 1,236 1,235 Other assets, net 1,092 1,114 --------------- --------------- $ 119,451 $ 118,511 =============== =============== Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 7,193 $ 7,229 Deferred revenue 2,092 2,555 Accrued liabilities 9,158 8,859 --------------- --------------- Total current liabilities 18,443 18,643 Deferred revenue 566 548 Other long-term liabilities 1,897 2,119 --------------- --------------- Total liabilities 20,906 21,310 --------------- --------------- Shareholders' equity: Common stock 107,808 108,070 Accumulated other comprehensive income 132 118 Accumulated deficit (9,395) (10,987) --------------- --------------- Total shareholders' equity 98,545 97,201 --------------- --------------- $ 119,451 $ 118,511 =============== =============== CASCADE MICROTECH, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share amounts) (unaudited) Three Months Ended ----------------------------------------------- March 31, March 31, December 31, Non-GAAP Net Income 2014 2013 2013 --------------- --------------- --------------- GAAP net income $ 1,592 $ 747 $ 8,802 Adjustments to net income: Restructuring - - 115 Acquisition and acquisition related - - 779 Amortization of intangibles 785 237 787 Income tax effect of non- GAAP adjustments (291) (21) (168) Discrete tax items - - (6,840) --------------- --------------- --------------- Non-GAAP net income $ 2,086 $ 963 $ 3,475 =============== =============== =============== GAAP net income per diluted share $ 0.10 $ 0.05 $ 0.53 =============== =============== =============== Non-GAAP net income per diluted share $ 0.13 $ 0.07 $ 0.21 =============== =============== =============== Shares used in diluted share calculations 16,679 14,599 16,634 Three Months Ended June 30, 2014 ----------------------------------------------- Low Range High Range Guidance Guidance --------------- --------------- Forward-looking non-GAAP net income GAAP net income $ 800 $ 1,600 Adjustments: Amortization of intangibles 785 785 Income tax effect of non- GAAP adjustments (291) (291) --------------- --------------- Non-GAAP Net Income $ 1,294 $ 2,094 =============== =============== GAAP net income per diluted share $ 0.05 $ 0.10 =============== =============== Non-GAAP net income per diluted share $ 0.08 $ 0.13 =============== =============== Shares used in diluted share calculations 16,750 16,750 Three Months Ended ----------------------------------------------- EBITDAS and Adjusted March 31, March 31, December 31, EBITDAS 2014 2013 2013 --------------- --------------- --------------- GAAP Income from operations $ 2,602 $ 1,041 $ 2,204 Adjustments: Depreciation 829 963 874 Amortization of intangibles 785 237 787 Stock-based compensation 449 334 399 --------------- --------------- --------------- EBITDAS $ 4,665 $ 2,575 $ 4,264 --------------- --------------- --------------- Adjustments: Restructuring - - 115 Acquisition and acquisition related - - 779 --------------- --------------- --------------- Adjusted EBITDAS $ 4,665 $ 2,575 $ 5,158 =============== =============== ===============
FOR MORE INFORMATION, CONTACT:
Jeff A. Killian
Cascade Microtech, Inc.
(503) 601-1280
Published April 29, 2014 Reads 106
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