April 30, 2012Cascade Microtech Reports First Quarter 2012 Results
Record Quarterly Revenue of $27.5 Million
Improved Income from Operations
Quarterly EPS $0.05
BEAVERTON, Ore.—(MARKETWIRE)—April 30, 2012—Cascade Microtech, Inc. (NASDAQ:CSCD) today reported financial results for the first quarter ended March 31, 2012.
Financial summary from the first quarter:
Operating results for the quarter ended March 31, 2012 were as follows:
- Record quarterly revenue of $27.5 million, an increase of $0.2 million over Q4 2011.
- Revenue from Probes segment increased by 26.4% over Q4 2011.
- Gross margin of 43.4%, up from 42.9% in Q4 2011.
- Operating expenses of $10.7 million compared to $10.6 million in Q4 2011.
- Research and development expenses decreased by $0.1 million due primarily to the timing of R&D projects.
- Selling, general and administrative expenses increased by $0.2 million due primarily to ongoing IT initiatives.
- Income from operations of $1.3 million, an increase of $0.2 million over Q4 2011.
- Depreciation, amortization and stock-based compensation expenses for Q1 2012 totaled $1.6 million.
- Net income of $0.7 million, or $0.05 per share, for Q1 2012.
- Book-to-bill ratio as of March 31, 2012 of .95 to 1.
“Cascade Microtech set another quarterly revenue record in the first quarter of 2012 driven by strong demand for both our Engineering and Production Probe products. Compared to the fourth quarter of 2011, Engineering Probe revenue grew 21.6% and Production Probe revenue grew 31.9%, which more than offset the softness in our Systems revenue, which declined 8.5%. This activity led to improved income from operations, cash from operations in excess of $4 million dollars, and earnings per share of $0.05,” said Michael Burger, President and CEO. “Posting an all-time revenue record in the first quarter sets a good tone for 2012, as we continue to make progress towards our success model.”
For the second quarter of 2012, revenue is expected to be in the range of $26.0 million to $29.0 million. GAAP earnings per share is expected to be in the range of $0.02 to $0.06 on a fully-diluted basis, assuming no significant one-time charges or changes in foreign exchange rates.
The company will host a conference call beginning at 2:00 p.m. PDT (5 p.m. EDT) on Monday, April 30, 2012, to discuss its results for the first quarter ended March 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 866-510-0676 or international 617-597-5361, participant Passcode: 72079643. A replay will be available after 7:00 p.m. EDT at the same internet address. (For a telephone replay available after 7:00 p.m. EDT dial: 888-286-8010, international: 617-801-6888, passcode: 40328373).
The statements in this release regarding strong demand for Probe products, the Company’s financial outlook as to anticipated revenue and earnings per share for the second quarter of 2012 and the Company’s progress towards its success model 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; 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.