Cascade Microtech Reports Continued Revenue Growth and Record Earnings in First Quarter 2005 Results; Quarterly Revenues of $18.7 million, Up 35% Over the Prior Year and EPS of $0.21.PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore. -- Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Microtech (Nasdaq:CSCD CSCD Community Supervision & Corrections Department (Harris County, Texas) CSCD Cascade & Columbia River Railroad CSCD CTAS Software Change Document CSCD Coupling-Strength-Control Defect ), today reported financial results for the first quarter ended March 31, 2005. Highlights for the first quarter include: --Revenues of $18.7 million, up 1% sequentially and 35% year over year --Increased gross margin to 49.1% compared with 47.0% in the prior quarter and 42.5% in the first quarter of 2004 --EPS of $0.21 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to $0.19 for the prior quarter and $0.05 for the first quarter of 2004 --Cash and investments of $47.8 million "We are pleased to report strong revenue growth and record earnings for our first quarter of 2005," said Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) Strid n. 1. A narrow passage between precipitous rocks or banks, which looks as if it might be crossed at a stride. This striding place is called the Strid. - Wordsworth. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cascade Microtech. "We experienced stronger growth than expected in the first quarter. The Engineering Products Division had year over year revenue growth of 31% and our Production Probe Card A probe card is an interface between an electronic test system and a semiconductor wafer. Its purpose is to provide an electrical path between the test system and the circuits on the wafer, thereby permitting the testing and validation of the circuits at the wafer level, usually Division achieved a year over year growth of 86%. We believe we continue to gain market share in our 300-mm engineering probe stations and our advanced logic probe A logic probe is a hand-held pen-like probe used for analyzing and troubleshooting the logical states (Boolean 0 or 1) of a digital circuit. It is usually powered by the circuit under test (some devices use batteries). cards." Revenue for the first quarter was $18.7 million, an increase of 35% over $13.8 million in the first quarter of the prior year. Net income for the first quarter was $2.5 million and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.21, compared to net income of $0.3 million and diluted earnings per share of $0.05 for the first quarter of 2004. Gross margin for the first quarter increased to 49.1%, up from 47.0% sequentially and from 42.5% in the first quarter of 2004. At March 31, 2005, the Company had cash and investments of $47.8 million. Financial Outlook Based on the current backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and anticipated bookings, Cascade anticipates that second quarter 2005 revenues will be in the range of $17.5 million to $18.8 million compared to $15.1 million in the second quarter of 2004 and that diluted earnings per share will be in the range of $0.11 to $0.15 on 11.7 million shares compared to $0.15 on 8.3 million shares in the second quarter of 2004. About Cascade Microtech Cascade Microtech, Inc. is a worldwide leader in the design, development and manufacture of advanced wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. probing solutions for the precise electrical measurement and test of semiconductor integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. . The Company's probing solutions enable high speed testing of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" semiconductors during both the design and manufacturing phases of semiconductor production. Many of the world's leading semiconductor manufacturers use our technology. For more information visit the Company's website at www.cascademicrotech.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements in this release regarding the Company's financial outlook as to revenue and diluted earnings per share in the second quarter of 2005 are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. on supplies of components, excess or shortage of production capacity 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . In addition such statements could be affected by general industry and market conditions and growth raters 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. The company will host a conference call beginning at 5 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (2 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) on April 26, 2005 to discuss its results for the first quarter ended March 31, 2005. A simultaneous audio cast of the conference call may be accessed online from the investor relations Investor relations The process by which the corporation communicates with its investors. page of www.cascademicrotech.com. A replay will be available after 7 p.m. EDT at this same internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. . (For a telephone replay, dial 888-286-8010 passcode: 35855162)
Cascade Microtech, Inc.
Consolidated Balance Sheets
(in thousands)
March 31, Dec. 31,
2005 2004
------------ ------------
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 1,311 $ 2,033
Short-term marketable securities 42,182 41,714
Accounts receivable, net 14,905 13,640
Inventories, net 10,828 10,180
Prepaid expenses and other 2,005 1,579
Deferred income taxes 1,776 1,552
------------ ------------
Total Current Assets 73,007 70,698
Long-term marketable securities 4,303 2,779
Fixed assets, net 3,786 4,008
Deferred income taxes 229 65
Other assets, net 1,533 1,466
------------ ------------
Total Assets $ 82,858 $ 79,016
============ ============
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt and
capital leases $ 20 $ 21
Accounts payable 4,270 3,951
Deferred revenue 578 579
Accrued liabilities 3,813 2,609
------------ ------------
Total Current Liabilities 8,681 7,160
Long-term debt and capital leases 8 14
Deferred revenue 307 282
Other long-term liabilities 1,275 1,372
------------ ------------
Total Liabilities 10,271 8,828
Shareholders' Equity:
Common stock 109 109
Additional paid-in capital 55,324 55,402
Deferred stock-based compensation (269) (310)
Unrealized holding (losses) on
investments (76) (17)
Retained earnings 17,499 15,004
------------ ------------
Total Shareholders' Equity 72,587 70,188
------------ ------------
Total Liabilities and
Shareholders' Equity $ 82,858 $ 79,016
============ ============
Cascade Microtech, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
For the Quarter
Ended March 31,
----------------
2005 2004
------- -------
Revenue $18,661 $13,834
Cost of sales 9,490 7,935
Deferred stock-based compensation 12 19
------- -------
Gross profit 9,159 5,880
Operating expenses:
Research and development 1,639 1,389
Selling, general and administrative 4,599 3,787
Deferred stock compensation 29 101
------- -------
6,267 5,277
------- -------
Income from operations 2,892 603
Other income (expense):
Interest income 212 26
Interest expense (16) (131)
Other, net 24 171
------- -------
220 66
------- -------
Income before income taxes 3,112 669
Provision for income taxes 617 296
------- -------
Net income 2,495 373
Accretion of redeemable stock and loss on redemption - 38
------- -------
Net income attributed to common shareholders $ 2,495 $ 335
======= =======
Basic net income per share attributed to
common shareholders $ 0.23 $ 0.07
======= =======
Diluted net income per share attributed to
common shareholders $ 0.21 $ 0.05
======= =======
Shares used in per share calculations:
Basic 10,864 5,138
======= =======
Diluted 11,703 8,254
======= =======
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