Cascade Microtech Reports Fourth Quarter and 2007 Year End Results
Record Annual Revenue of $89.9 million, Up 6 % over 2006 and Diluted EPS of $0.07
Fourth Quarter Revenue of $22.0 million, Up 3% from Q3 of 2007 and Loss per share of $0.01
PORTLAND, Ore.-(BUSINESS WIRE)-February 12, 2008-Cascade Microtech (NASDAQ:CSCD), today reported financial results for the fourth quarter and year ended December 31, 2007.
Highlights for the fourth quarter include:
- Revenue of $22.0 million, up 3% over Q3 of 2007
- $15.5 million Engineering Products division revenue, down 1% from Q3 of 2007
- $6.5 million Production Products division revenue, up 15% over Q3 of 2007
- Loss per share of $0.01 compared to a Loss per share of $0.02 for Q3 of 2007
"Overall revenue grew in the fourth quarter of 2007 due to increased bookings and shipments in our Pyramid Products Group. Revenue in our Engineering Products Division was slightly lower sequentially," said Geoff Wild, CEO of Cascade Microtech. "We have seen some improvement in bookings in both divisions in the fourth quarter compared to the third quarter but we continue to be cautious about market conditions in the first half of 2008," added Mr. Wild.
Revenue for the fourth quarter was $22.0 million, a decrease of 3% over $22.6 million in the fourth quarter of 2006. Net loss for the fourth quarter was $140,000 and loss per share was $0.01, compared to net income of $926,000 and diluted earnings per share of $0.08 for the fourth quarter of 2006.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that first quarter 2008 revenues will be in the range of $20.0 million to $22.0 million; and that earnings per share will be in the range of a loss of $0.02 to diluted earnings per share of $0.02, subject to any change in the provision for income taxes.
Conference Call
The company will host a conference call beginning at 5 p.m. EST (2 p.m. PST) on February 12, 2008, to discuss its results for the fourth quarter and year ended December 31, 2007.
A simultaneous audio cast of the conference call may be accessed online from the investor relations page of http://www.cascademicrotech.com/. A replay will be available after 7 p.m. EST at this same internet address. (For a telephone replay, dial (888) 286-8010 passcode: 52474851; International: 617-801-6888.)
Forward-Looking Statements
The statements in this release in the paragraph above captioned "Financial Outlook" are "forward-looking" statements within the meaning of the Securities Litigation Reform act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based in part on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including changes in demand for the Company's products, product mix, the timing of shipments and customer orders, constraints on supplies of components, excess or shortage of production capacity, the integration of our acquisitions, a material assessment by a tax authority and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K. In addition such statements could be affected by general industry and market conditions and growth 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.
Cascade Microtech Financial Statements - Q4 2007
Contact: Cascade Microtech, Inc.
Steven Sipowicz, Chief Financial Officer, 503 601-1000
