Cascade Microtech Reports First Quarter 2008 Results
Revenues of $20.8 million with higher Consumable Revenues from Pyramid Probe Cards and Engineering Probes; Overall EPS is break-even with solid Cash Flow generation
PORTLAND, Ore.-(MARKETWIRE)-April 29, 2008-Cascade Microtech (NASDAQ:CSCD), today reported financial results for the first quarter ended March 31, 2008.
Highlights for the First Quarter 2008 include:
- Revenues of $20.8 million, down 6% sequentially and down 8% from Q1 last year
- $14.5 million Engineering Products Division revenue, down 7% sequentially and down 21% from Q1 last year due to lower station revenues
- $ 6.3 million Production Products Division revenue, flat sequentially but up 54% over Q1 last year
- Pyramid Probe card revenue was $5.4 million, up 1% sequentially
- Other income during the first quarter includes foreign exchange translation gains of $428,000
- Loss per share was $(0.00), up from a loss of $(0.01) sequentially and down from earnings per diluted share of $0.09 from Q1 last year
- Cash and investment balances increased by $2.3 million during the quarter to $36.6 million
"Our Pyramid Probe cards and Engineering Probes demonstrated solid performance in the first quarter of 2008 resulting in revenue from consumables increasing to almost 50% of total revenue and improving gross margins. Engineering Products Division revenue was down from the last quarter, as expected, due to lower station sales across all geographical areas," said Geoff Wild, CEO of Cascade Microtech.
Revenue for the first quarter was $20.8 million, net loss for the quarter was approximately break even at a loss of $16,000 and loss per share was $(0.00), compared to revenue of $22.0 million, net loss of $140,000 and loss per share of $(0.01) for the fourth quarter of 2007.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that second quarter 2008 revenues will be in the range of $18.0 million to $21.0 million and that diluted earnings per share will be in the range of a loss of $(0.06) to earnings of $0.01.
Forward-Looking Statements
The statements in this release regarding the Company's financial outlook as to revenue and earnings in the second quarter of 2008 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 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.
The company will host a conference call beginning at 5 p.m. EDT (2 p.m. PDT) on April 29, 2008 to discuss its results for the first quarter ended March 31, 2008, and its outlook for the second quarter of 2008.
A simultaneous audio cast of the conference call may be accessed online from the investor relations page of www.cascademicrotech.com. A replay will be available after 7 p.m. EDT at this same internet address. (For a telephone replay, dial (888) 286-8010 passcode: 57642163; International: 617-801-6888.)
Cascade Microtech Financial Statements - Q1 2008
Contact: Cascade Microtech, Inc.
Steven Sipowicz, Chief Financial Officer, 503 601-1000
