BEAVERTON, OR — (Marketwired) — 07/28/15 — Cascade Microtech, Inc. (NASDAQ: CSCD) today reported financial results for the second quarter ended June 30, 2015.
Results for the quarter ended June 30, 2015 were as follows:
Total revenue of $36.0 million, compared to $31.7 million for Q1 2015 and $33.0 million for Q2 2014.
Systems revenue of $19.5 million, an increase of $2.1 million, or 11.9%, over Q1 2015, and a decrease of $1.8 million, or 8.5%, from Q2 2014.
Record Probes revenue of $16.5 million, an increase of $2.2 million, or 15.6%, over Q1 2015, and an increase of $4.9 million, or 41.9%, over Q2 2014.
Record gross margin of 55.6%, up from 53.6% in Q1 2015 and 51.5% in Q2 2014.
Systems gross margin of 46.9%, down from 48.6% in Q1 2015 and 47.5% in Q2 2014.
Probes gross margin of 65.8%, up from 59.8% in Q1 2015 and 58.9% in Q2 2014.
Income from operations of $4.0 million, an increase of $1.2 million, or 44.3%, from Q1 2015, and an increase of $1.1 million, or 38.0%, over Q2 2014.
Q2 2015 operating income includes restructuring expenses of $0.1 million, compared to $0.1 million in Q1 2015, and $0.2 million in Q2 2014.
GAAP net income of $2.8 million, or $0.16 per diluted share, compared to $2.2 million, or $0.13 per diluted share, for Q1 2015, and $1.8 million, or $0.11 per diluted share, for Q2 2014.
Non-GAAP net income of $0.19 per diluted share, compared to $0.15 per diluted share for Q1 2015, and $0.13 per diluted share for Q2 2014.
Depreciation, amortization and stock-based compensation expenses totaled $2.0 million, compared to $2.0 million for Q1 2015, and $2.4 million for Q2 2014.
Adjusted EBITDAS of $6.2 million, compared to $4.9 million for Q1 2015, and $5.1 million for Q2 2014.
Total cash and investments of $45.9 million, an increase of $4.9 million over Q1 2015.
“Cascade Microtech–s quarterly revenue grew by 13.6% for Q2 compared with Q1 of 2015,driven by both our Systems and Probes segments, with our Probes segment setting a new all-time revenue record,” said Michael Burger, President and CEO. Mr. Burger continued, “Company-wide gross margins also set a new record of 55.6%, which exceeds our recently adopted Success Model for this metric, and reflects the leverage capability in the business. Our expanding gross profit exceeded our increased investment in new product development, which generated an EPS that came in near the upper end of our guidance range. We posted a book-to-bill ratio of 1.21 as each of our segments were greater than 1 for the quarter, which drove an all-time record backlog for the company.” Mr. Burger concluded by stating, “We are very pleased with the results of Q2 and remain optimistic about the balance of 2015 as our Probe products continue to gain market share and we are seeing continued acceleration in our Systems business.”
For the third quarter of 2015 we are projecting revenue in the range of $35.0 million to $39.0 million, with diluted GAAP earnings per share in the range of $0.14 to $0.20, and non-GAAP diluted earnings per share in the range of $0.17 to $0.23. Our guidance assumes a tax rate of 32%, consistent foreign currency exchange rates and no significant one-time charges.
We will host a conference call beginning at 5:00 p.m. EDT (2:00 p.m. PDT) on Tuesday, July 28, 2015, to discuss our results for the quarter ended June 30, 2015.
A simultaneous audio cast of the conference call may be accessed online from the investor relations page of . If you are interested in participating in the call, the live dial-in number is 855-871-8541, or international 720-634-2920, conference ID: 89802623. A replay will be available after 9:00 p.m. EDT at the same internet address. (For a telephone replay available after 9:00 p.m. EDT, dial: 855-859-2056, international: 404-537-3406, conference ID: 89802623).
The statements in this release regarding financial results and positioning in our markets in 2015, continuing growth in the Systems business and the market share of Probes, and statements under “Financial Outlook” regarding projected revenue, GAAP earnings per share, and non-GAAP earnings per share and assumptions supporting those projections, and other statements identified by terminology such as “will,” “should,” “expects,” “estimates,” “predicts,” and “continue” or other derivations of these or other comparable terms 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; potential delays and other factors affecting the timing of new product introductions; 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 or tax 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, 2014. 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.
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company–s earnings release contains Non-GAAP financial measures, which are defined below and reconciled to GAAP financial measures in a table later in this release:
Non-GAAP net income is defined as GAAP net income before certain items (adjustments) such as: restructuring, facility move and project costs, acquisition-related expenses, the amortization of intangibles and discrete tax items that we believe are either not representative of our ongoing operating performance or affect the comparability of results over time. Non-GAAP net income should not be construed as a substitute for net income as defined by GAAP. However, we regard non-GAAP net income as a complement to GAAP net income in assessing our financial performance over time and in the future. Non-GAAP EPS is based on Non-GAAP net income.
Adjusted EBITDAS is defined as income from continuing operations before depreciation and amortization and stock-based compensation and certain other items (adjustments) such as: restructuring, facility move and project costs, and acquisition-related expenses that we believe are not representative of our ongoing operating performance. Adjusted EBITDAS should not be construed as a substitute for net income from continuing operations or net cash provided by (used in) operating activities (all as determined in accordance with GAAP) for the purpose of analyzing our operating performance, financial position and cash flows, as adjusted EBITDAS is not defined by GAAP and is not uniformly defined among companies. However, we regard adjusted EBITDAS as a complement to net income from continuing operations and other GAAP financial performance measures, by including an indirect measure of operating cash flow.
Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision contact, electrical measurement and test of integrated circuits (ICs), optical devices and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to electrical data from wafers, ICs, IC packages, circuit boards and modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech–s leading-edge stations, probes, probe cards, advanced thermal subsystems and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing of high-speed and high-density semiconductor chips. For more information, visit .
FOR MORE INFORMATION, CONTACT:
Jeff A. Killian
Cascade Microtech, Inc.
(503) 601-1280
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