-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CzI7KpY8gUda6K9H/B2V5xwFG9cDNFjkErHgogKIFLGHYDIQxWFU1xhcZaKRIx3q xSZ5LFR4wH/5Kk+umMUGvw== 0001104659-06-048742.txt : 20060725 0001104659-06-048742.hdr.sgml : 20060725 20060725165204 ACCESSION NUMBER: 0001104659-06-048742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060725 DATE AS OF CHANGE: 20060725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADE MICROTECH INC CENTRAL INDEX KEY: 0000864559 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51072 FILM NUMBER: 06979567 BUSINESS ADDRESS: STREET 1: 2430 NW 206TH AVENUE CITY: BEAVERTON STATE: OR ZIP: 97005 BUSINESS PHONE: 5036011000 MAIL ADDRESS: STREET 1: 2430 NW 206TH AVENUE CITY: BEAVERTON STATE: OR ZIP: 97006 8-K 1 a06-16723_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  July 25, 2006

CASCADE MICROTECH, INC.
(Exact name of registrant as specified in its charter)

OREGON

 

000-51072

 

93-0856709

(State or other jurisdiction of

 

(Commission File Number)

 

(I.R.S. Employer

incorporation)

 

 

 

Identification No.)

 

2430 N.W. 206th Avenue
Beaverton, Oregon 97006
(503) 601-1000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



 

Item 2.02.               RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 25, 2006, Cascade Microtech, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2006, and its expectations as to the Company’s financial results for the quarter ending September 30, 2006.  The press release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

The press release issued July 25, 2006 is furnished herewith as Exhibit No. 99.1 to this Report, and shall not be deemed filed for purposes of Section 18 of the Exchange Act.

Item 9.01.               FINANCIAL STATEMENTS AND EXHIBITS

(d)           Exhibits.

99.1         Press Release issued by Cascade Microtech, Inc. dated July 25, 2006.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on July 25, 2006.

 

CASCADE MICROTECH, INC.

 

(Registrant)

 

 

 

 

By

/s/ Steven Sipowicz

 

 

Steven Sipowicz

 

 

Vice President and Chief Financial Officer

 

2


 EX-99.1 2 a06-16723_1ex99d1.htm EX-99

Exhibit 99.1

Cascade Microtech Reports Second Quarter 2006 Results

Revenues of $19.6 million, up 7% over last year and EPS of 7 cents; Record bookings for the quarter with strong book-to-bill for both Divisions

PORTLAND, Ore.—(BUSINESS WIRE)—July 25, 2006—Cascade Microtech (NASDAQ:CSCD), today reported financial results for the second quarter ended June 30, 2006.

Highlights for the Second Quarter 2006 include:

·                  Revenues of $19.6 million, up 7% over last year

·                  Record bookings during the quarter with strong book-to-bill for both divisions

·                  $3.6 million Production Probes Division revenue, up 56% over last year

·                  $16.0 million Engineering Products Division revenue, flat with last year

·                  EPS of $0.07 per diluted share, including stock compensation expense under SFAS123R

·                  Effective tax rate of 33% for the quarter due to the expiration of the R&E credit.

“We were extremely pleased with our record bookings in the second quarter of 2006. Book-to-bill was well above one in both divisions and we built solid backlog in both probe cards and systems. Our Production Probe division revenue, however, was limited by our production and test capabilities during the quarter. We are continuing to add employees and equipment to build a larger probe card business,” said Eric Strid, CEO of Cascade Microtech.

Revenue for the second quarter was $19.6 million, net income for the quarter was $0.8 million and diluted earnings per share were $0.07, compared to revenue of $19.7 million, net income of $0.7 million and diluted earnings per share of $0.06 for the first quarter of 2006.

Gross margin for the second quarter improved to 44.5% from 43.5% in the first quarter of 2006 primarily due to product mix.

Beginning in January 2006 we were required to expense the costs of stock options through our income statement under SFAS 123R. This resulted in a charge to earnings of approximately $447,000 during the second quarter of 2006.

The effective tax rate for the second quarter was 33% in line with the first quarter of 2006. The tax charge for the first and second quarters does not include any benefit for research and experimentation tax credits since current legislation related to such credits has expired and has not yet been renewed.

Financial Outlook

Based on the current backlog and anticipated bookings, Cascade anticipates that third quarter 2006 revenues will be in the range of $20.0 million to $21.5 million compared to $19.6 million in the second quarter of 2006; and that diluted earnings per share will be in the range of $0.06 to $0.11, including stock compensation expense under SFAS 123R .

About Cascade Microtech

Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in the precise electrical measurement and test of integrated circuits (ICs) and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to, and extraction of, electrical data from wafers, integrated circuits (ICs), IC packages, circuit boards and modules, MEMs, biological structures, electro-optic devices and more. Cascade Microtech’s highly reliable production wafer test solutions provide the



semiconductor industry with leading-edge probe cards that reduce manufacturing costs of complex semiconductors. Information about Cascade Microtech can be found on the Web at www.cascademicrotech.com.

Forward-Looking Statements

The statements in this release regarding the Company’s financial outlook as to revenue and diluted earnings per share in the third quarter of 2006 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. EST (2 p.m. PST) on July 25, 2006 to discuss its results for the second quarter ended June 30, 2006 and its outlook for the third quarter of 2006.

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. EST at this same internet address. (For a telephone replay, dial (888) 286-8010 pass code: 15137563; International: 617-801-6888.)



 

CASCADE MICROTECH, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

 

 

 

June 30,

 

March 31,

 

June 30,

 

Year to Date Ended June 30,

 

 

 

2006

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

19,598

 

$

19,699

 

$

18,311

 

$

39,297

 

$

36,972

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

10,739

 

11,020

 

9,651

 

21,759

 

19,141

 

Stock-based compensation

 

113

 

112

 

10

 

225

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

8,746

 

8,567

 

8,650

 

17,313

 

17,809

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development (includes $77, $77, $4, $154 and $8, respectively, of stock-based compensation)

 

2,150

 

1,998

 

1,669

 

4,148

 

3,312

 

Selling, general and administrative (includes $258, $264, $11, $522 and $36, respectively, of stock-based compensation)

 

5,808

 

6,009

 

5,172

 

11,817

 

9,796

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

7,958

 

8,007

 

6,841

 

15,965

 

13,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

788

 

560

 

1,809

 

1,348

 

4,701

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

405

 

362

 

258

 

767

 

470

 

Interest expense

 

—

 

—

 

—

 

—

 

(16

)

Other, net

 

(10

)

57

 

766

 

47

 

790

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other income (expense)

 

395

 

419

 

1,024

 

814

 

1,244

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,183

 

979

 

2,833

 

2,162

 

5,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

387

 

323

 

602

 

710

 

1,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

796

 

$

656

 

$

2,231

 

$

1,452

 

$

4,726

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

$

0.06

 

$

0.20

 

$

0.13

 

$

0.43

 

Diluted

 

$

0.07

 

$

0.06

 

$

0.19

 

$

0.12

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing net income per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

11,411

 

11,373

 

10,916

 

11,392

 

10,890

 

Diluted

 

11,897

 

11,907

 

11,728

 

11,841

 

11,696

 

 



 

CASCADE MICROTECH, INC.

AND SUBSIDIARIES

 

Consolidated Balance Sheets

 

June 30, 2006 and December 31, 2005

 

 

 

June 30,

 

December 31,

 

 

 

2006

 

2005

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

2,008

 

$

2,224

 

Marketable securities

 

46,644

 

48,122

 

Accounts receivable net of allowances of $83,812 and $97,051

 

17,399

 

16,182

 

Inventories

 

12,445

 

10,889

 

Prepaid expenses and other

 

2,047

 

3,000

 

Deferred income taxes

 

1,745

 

1,699

 

 

 

 

 

 

 

Total current assets

 

82,288

 

82,116

 

 

 

 

 

 

 

Long-term investments

 

4,972

 

1,549

 

Fixed assets, net

 

5,712

 

4,422

 

Deferred income tax

 

344

 

336

 

Other assets

 

1,881

 

1,697

 

 

 

 

 

 

 

 

 

$

95,197

 

$

90,120

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of long-term debt and capital leases

 

$

4

 

$

8

 

Accounts payable

 

4,860

 

3,904

 

Deferred revenue

 

562

 

516

 

Accrued liabilities

 

4,116

 

3,087

 

 

 

 

 

 

 

Total current liabilities

 

9,542

 

7,515

 

 

 

 

 

 

 

Deferred revenue

 

241

 

255

 

Other long-term liabilities

 

802

 

845

 

 

 

 

 

 

 

Total liabilities

 

10,585

 

8,615

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.01 par value; 11,415,649 and 11,328,109 shares issued and outstanding at June 30, 2006 and December 31, 2005

 

59,896

 

58,400

 

Deferred stock-based compensation

 

—

 

(142

)

Unrealized holding gain (loss) on investments

 

(59

)

(76

)

Retained earnings

 

24,775

 

23,323

 

 

 

 

 

 

 

Total stockholders’ equity

 

84,612

 

81,505

 

 

 

 

 

 

 

 

 

$

95,197

 

$

90,120

 

 

Contact:

Cascade Microtech, Inc.

 

Steven Sipowicz, Chief Financial Officer, 503 601-1000

 

Gale Napier, Investor relations, 503 601-1000

 


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