Cascade Microtech Reports Second Quarter 2005 Results; Quarterly Revenues of $18.3 Million, Up 21% Over the Prior Year and EPS of $0.19, Including Settlement Income of $0.05.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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 second quarter ended June June: see month. 30, 2005. Highlights for the second quarter include: --Revenues of $18.3 million, up 21% year over year --Book to bill for the quarter exceeded one in both divisions --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, including settlement income of $0.05, compared to $0.15 for the second quarter of 2004 --Cash and investments up to $49.7 million "We are pleased to report solid revenue and earnings for our second 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. "The Engineering Products Division had year over year revenue growth of 15% and our Production Probe Division achieved a year over year growth of 83%. We built 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. in both divisions with a book to bill in excess of one." Revenue for the second quarter was $18.3 million, an increase of 21% over $15.1 million in the second quarter of the prior year. Net income for the second quarter was $2.2 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 $0.19, compared to net income of $1.2 million and diluted earnings per share of $0.15 for the second quarter of 2004. Net income for the second quarter of 2005 includes settlement income of $0.05. Gross margin for the second quarter increased to 47.2% from 43.3% in the second quarter of 2004 but, as expected, declined from 49.1% in the first quarter of 2005. At June 30, 2005, the Company had cash and investments of $49.7 million. Financial Outlook Based on the current backlog and anticipated bookings, Cascade anticipates that third quarter 2005 revenues will be in the range of $17.8 million to $19.0 million compared to $17.1 million in the third quarter of 2004 and that diluted earnings per share will be in the range of $0.14 to $0.19 on 11.8 million shares compared to $0.17 on 8.3 million shares in the third quarter of 2004. About Cascade Microtech Cascade Microtech, Inc. (NASDAQ:CSCD) is a worldwide leader in the precise electrical measurement and test of 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. (ICs) and other small structures. For technology businesses and scientific institutions who need to evaluate small structures, Cascade Microtech delivers access to, and extraction of, electrical data from wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , integrated circuits (ICs), IC packages, circuit boards and modules, MEMs, biological structures, electro-optic devices and more. Cascade Microtech's highly reliable production 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. test solutions provide the semiconductor industry with leading-edge 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 that reduce manufacturing costs of complex semiconductors. Information about Cascade Microtech can be found on the Web 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 third 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 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 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 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. (2 p.m. PST PST Paroxysmal supraventricular tachycardia, see there ) on July 26, 2005 to discuss its results for the second quarter ended June 30, 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. 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 passcode: 79099625; International: 617-801-688.)
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands except for per share data)
Three Months Ended Year to Date Ended
June 30, June 30,
--------------------- ---------------------
2005 2004 2005 2004
----------- -------- ----------- --------
(unaudited) (unaudited)
Sales $ 18,311 $ 15,120 $ 36,972 $ 28,954
Cost of sales 9,651 8,553 19,141 16,488
Deferred stock
compensation 10 20 22 39
----------- -------- ----------- --------
Gross profit 8,650 6,547 17,809 12,427
----------- -------- ----------- --------
Operating expenses:
Research and development 1,665 1,269 3,304 2,658
Selling, general and
administrative 5,161 4,188 9,760 7,975
Deferred stock
compensation 15 69 44 170
----------- -------- ----------- --------
Total operating
expenses 6,841 5,526 13,108 10,803
----------- -------- ----------- --------
Income from
operations 1,809 1,021 4,701 1,624
----------- -------- ----------- --------
Other income (expense):
Interest income 258 20 470 46
Interest expense - (122) (16) (254)
Other, net 766 22 790 194
----------- -------- ----------- --------
Total other
income
(expense) 1,024 (80) 1,244 (14)
----------- -------- ----------- --------
Income before
income taxes 2,833 941 5,945 1,610
Provision for income
taxes 602 (298) 1,219 (2)
----------- -------- ----------- --------
Net income 2,231 1,239 4,726 1,612
Accretion of redeemable
stock - 37 - 75
----------- -------- ----------- --------
Net income
attributed to
common
shareholders $ 2,231 $ 1,202 $ 4,726 $ 1,537
=========== ======== =========== ========
Net income per
share:
Basic $ 0.20 $ 0.23 $ 0.43 $ 0.30
Diluted $ 0.19 $ 0.15 $ 0.40 $ 0.19
Shares used in
computing net
income per share:
Basic 10,916 5,182 10,890 5,160
Diluted 11,715 8,289 11,682 8,274
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
June 30, 2005 and December 31, 2004
(in thousands)
June 30, December 31,
Assets 2005 2004
------ ---- ----
(unaudited) (unaudited)
Current assets:
Cash, cash equivalents and marketable
securities $ 46,650 $ 43,747
Accounts receivable, net 14,516 13,640
Inventories 10,864 10,180
Prepaid expenses and other 1,983 1,579
Deferred income taxes 1,717 1,552
----------- -----------
Total current assets 75,730 70,698
Long-term investments 3,090 2,779
Fixed assets, net 3,677 4,008
Deferred income taxes 222 65
Other assets 1,585 1,466
----------- -----------
$ 84,304 $ 79,016
=========== ===========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Current portion of long-term debt and
capital leases $ 8 $ 21
Accounts payable 4,189 3,951
Deferred revenue 380 579
Accrued liabilities 2,359 2,609
----------- -----------
Total current liabilities 6,936 7,160
Long-term debt and capital leases 5 14
Deferred revenue 314 282
Other long-term liabilities 1,206 1,372
----------- -----------
Total liabilities 8,461 8,828
----------- -----------
Stockholders' equity:
Common stock 56,389 55,511
Deferred stock-based compensation (229) (310)
Unrealized holding gain (loss) on
investments (47) (17)
Retained earnings 19,730 15,004
----------- -----------
Total stockholders' equity 75,843 70,188
----------- -----------
$ 84,304 $ 79,016
=========== ===========
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