Cascade Microtech Reports Continued Revenue Growth in Fourth Quarter and 2004 Year End Results.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. -- Quarterly revenues of $18.4 Million, Up 8% Sequentially and Up 36% Year over Year and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.19 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 fourth quarter and year ended December December: see month. 31, 2004. Highlights for the fourth quarter include: --Revenues of $18.4 million, up 8% sequentially and 36% year-over-year --Production probe cards 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 had revenues of $2.1 million, up 32% sequentially and 140% year-over-year --Engineering products had revenues of $16.3 million, up 5% sequentially and 29% year-over-year --Gross margins increased to 47.0%, up from 44.8% in the prior quarter and from 43.2% in the fourth quarter of 2003 --EPS of $0.19 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 $0.17 for the prior quarter and $0.05 for the fourth quarter of 2003 --Cash and investments of $46.5 million and debt-free "We are pleased to report strong revenue and earnings growth for our first reported quarter as a public company," 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 continued to see growth across our major product lines with a further shift towards 300mm business in Engineering Products and strong year-over-year revenue growth of 85% for Production Probe Cards." Revenues for the fourth quarter were $18.4 million, up 8% sequentially and 36% year-over-year. Production probe cards had revenues of $2.1 million, up 32% sequentially and 140% year-over-year. Engineering products had revenues of $16.3 million, up 5% sequentially and 29% year-over-year. Gross margins for the fourth quarter increased to 47.0%, up from 44.8% sequentially and from 43.2% in the fourth quarter of 2003. The company reported net income of $1.7 million, or $0.19 per diluted share, for the 2004 fourth quarter, compared to $1.4 million, or $.17 per diluted share for the third quarter of 2004 and net income of $308,000, or $0.05 per diluted share, for the fourth quarter of 2003. During the fourth quarter the Company completed its initial public offering of its common stock selling 3.3 million primary shares and 2.0 million secondary shares raising approximately $42 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for the Company. At December 31, 2004, the Company had cash and investments of $46.5 million and is debt-free. Revenues for the year ended December 31, 2004, were $64.4 million, an increase of 27% over 2003. Gross margins increased to 44.6% compared to 39.8% for 2003. Net income for the year was $4.6 million, or $0.56 per diluted share, compared to a net loss of $1.0 million, or a loss of $0.20 per diluted share, for 2003. Production probe cards had revenues of $5.9 million for the year, up 85% over last year. Engineering products had revenues of $58.5 million for the year, up 23% over last year. 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 expects that first quarter 2005 revenues will be in the range of $17.0 million to $18.3 million and that 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 will be in the range of $0.10 to $0.14 using an estimated share count of 11.8 million, up from 9 million for the fourth 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 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 outlook as to revenue and diluted earnings per share in the first quarter of 2005 are "forward-looking 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 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 Registration Statement on Form S-1. In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. 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 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. (2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there ) on February February: see month. 15, 2005 to discuss its results for the fourth quarter and the year ended December 31, 2004. 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 7:00 p.m. EST 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 pass code: 35855162)
CASCADE MICROTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Year to Date
Ended December Ended December
31, 31,
----------------- ----------------
2004 2003 2004 2003
------- ------- ------- -------
Sales $18,402 $13,557 $64,415 $50,556
Cost of sales 9,736 7,686 35,625 30,433
Deferred stock-based compensation 10 14 67 19
------- ------- ------- -------
Gross profit 8,656 5,857 28,723 20,104
------- ------- ------- -------
Operating expenses:
Research and development 1,625 1,381 5,651 5,411
Selling, General and
Administrative 4,437 3,892 16,602 15,289
Deferred stock compensation 30 99 259 158
------- ------- ------- -------
Total operating expenses 6,092 5,372 22,512 20,858
------- ------- ------- -------
Income /(loss) from
operations 2,564 485 6,211 (754)
Other income (expense) (50) 218 (117) 553
------- ------- ------- -------
Income /(loss) before
income taxes 2,514 703 6,094 (201)
Provision for income taxes 849 84 1,387 248
------- ------- ------- -------
Net income /(loss) 1,665 619 4,707 (449)
Accretion of redeemable stock - 311 113 583
------- ------- ------- -------
Net income /(loss) $ 1,665 $ 308 $ 4,594 $(1,032)
======= ======= ======= =======
Net income per share:
Basic $ 0.27 $ 0.06 $ 0.84 $ (0.20)
Diluted $ 0.19 $ 0.05 $ 0.56 $ (0.20)
Shares used in computing
net income per share:
Basic 6,242 5,076 5,439 5,089
Diluted 8,996 5,839 8,452 5,089
CASCADE MICROTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2004 and December 31, 2003
(in thousands )
(unaudited)
December 31, December 31,
2004 2003
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 2,033 $ 4,461
Marketable securities 41,714 6,256
Accounts receivable, net 13,639 10,603
Inventories 10,180 8,065
Prepaid expenses and other 1,579 765
Deferred income taxes 1,553 1,453
------- -------
Total current assets 70,698 31,603
Trademarks and patents 1,184 1,010
Fixed assets, net 4,008 4,866
Long-term investments 2,780 --
Other assets 347 287
------- -------
$79,017 $37,766
======= =======
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital
leases $ 21 $ 2,043
Accounts payable 3,951 2,822
Deferred revenue 579 276
Accrued liabilities 2,609 2,047
------- -------
Total current liabilities 7,160 7,188
Long-term debt and capital leases 14 5,038
Deferred revenue 282 411
Other long-term liabilities 1,372 1,585
------- -------
Total liabilities 8,828 14,222
------- -------
Redeemable stock:
Common stock 584
Stockholders' equity:
Series A convertible preferred stock 13
Series B convertible preferred stock 10
Common stock and additional
paid-in-capital 55,511 13,382
Deferred stock-based compensation (310) (902)
Unrealized holding gain (loss)
on investments (16) 6
Retained earnings 15,004 10,451
------- -------
Total stockholders' equity 70,189 22,960
------- -------
$79,017 $37,766
======= =======
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