Cascade Microtech, Inc. (
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
----------------------------- December 31,
December September December ------------------
31, 2013 30, 2013 31, 2012 2013 2012
-------- --------- -------- -------- --------
Revenue $ 34,035 $ 28,197 $ 30,368 $120,010 $112,963
Cost of sales 18,547 14,779 17,313 65,286 63,012
-------- --------- -------- -------- --------
Gross profit 15,488 13,418 13,055 54,724 49,951
-------- --------- -------- -------- --------
Operating expenses:
Research and
development 3,061 2,750 3,022 10,961 11,017
Selling, general and
administrative 10,223 9,097 7,749 36,430 31,377
-------- --------- -------- -------- --------
13,284 11,847 10,771 47,391 42,394
-------- --------- -------- -------- --------
Income from operations 2,204 1,571 2,284 7,333 7,557
-------- --------- -------- -------- --------
Other income (expense):
Interest income, net 4 18 26 44 52
Other, net (27) 87 (240) (296) (801)
-------- --------- -------- -------- --------
(23) 105 (214) (252) (749)
-------- --------- -------- -------- --------
Income before income
taxes 2,181 1,676 2,070 7,081 6,808
Income tax expense
(benefit) (6,621) (7) 380 (6,337) 709
-------- --------- -------- -------- --------
Net income $ 8,802 $ 1,683 $ 1,690 $ 13,418 $ 6,099
======== ========= ======== ======== ========
Net income per share:
Basic $ 0.54 $ 0.12 $ 0.12 $ 0.91 $ 0.43
Diluted $ 0.53 $ 0.11 $ 0.12 $ 0.89 $ 0.42
Shares used in computing
net income per share:
Basic 16,173 14,453 14,223 14,792 14,182
Diluted 16,634 14,797 14,428 15,150 14,390
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
Assets 2013 2012
------------------------------------------------ ------------ ------------
Current assets:
Cash and cash equivalents $ 17,172 $ 17,927
Marketable securities 4,278 5,322
Restricted cash 1,082 1,069
Accounts receivable, net 26,518 21,087
Inventories 23,803 24,277
Deferred income taxes 2,268 218
Prepaid expenses and other 2,147 2,285
------------ ------------
Total current assets 77,268 72,185
Fixed assets, net 6,403 8,271
Purchased intangible assets, net 16,937 1,610
Goodwill 14,471 990
Deferred income taxes 1,235 396
Other assets, net 1,116 1,828
------------ ------------
$ 117,430 $ 85,280
============ ============
Liabilities and Shareholders' Equity
------------------------------------------------
Current liabilities:
Accounts payable $ 7,229 $ 5,900
Deferred revenue 1,474 3,526
Accrued liabilities 8,659 6,640
------------ ------------
Total current liabilities 17,362 16,066
Deferred revenue 548 356
Other long-term liabilities 2,119 2,940
------------ ------------
Total liabilities 20,029 19,362
------------ ------------
Shareholders' equity:
Common stock 108,070 91,039
Accumulated other comprehensive income (loss) 318 (716)
Accumulated deficit (10,987) (24,405)
------------ ------------
Total shareholders' equity 97,401 65,918
------------ ------------
$ 117,430 $ 85,280
============ ============
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Reconcilation of GAAP and Non-GAAP Financial Measures
EBITDAS and Adjusted EBITDAS
(in thousands)
(unaudited)
Three Months Ended Year Ended
----------------------------- December 31,
December September December -----------------
31, 2013 30, 2013 31, 2012 2013 2012
--------- --------- --------- -------- --------
Income from operations $ 2,204 $ 1,571 $ 2,284 $ 7,333 $ 7,557
Adjustments:
Depreciation and
amortization 1,661 1,146 1,222 5,183 4,629
Stock-based compensation 399 343 323 1,614 1,459
--------- --------- --------- -------- --------
EBITDAS $ 4,264 $ 3,060 $ 3,829 $ 14,130 $ 13,645
--------- --------- --------- -------- --------
Adjustments:
Restructuring 115 - - 227 -
Acquisition and
acquisition related 779 627 - 1,406 -
--------- --------- --------- -------- --------
Adjusted EBITDAS $ 5,158 $ 3,687 $ 3,829 $ 15,763 $ 13,645
========= ========= ========= ======== ========
Reconcilation of Forward-Looking GAAP and non-GAAP Financial Measures
EBITDAS and Adjusted EBITDAS
(in thousands)
(unaudited)
Three Months Ended March 31, 2014
---------------------------------------
Low Range Guidance High Range Guidance
------------------ -------------------
Income from operations $ 1,000 $ 3,000
Adjustments:
Depreciation and amortization 1,600 1,600
Stock-based compensation 400 400
------------------ -------------------
EBITDAS $ 3,000 $ 5,000
------------------ -------------------
Adjustments:
Restructuring - -
Acquisition and acquisition
related - -
------------------ -------------------
Adjusted EBITDAS $ 3,000 $ 5,000
================== ===================
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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