CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
------------------------------------
March 31, December 31, March 31,
2016 2015 2015
---------- ------------ ----------
Revenue $ 34,803 $ 40,411 $ 31,742
Cost of sales 14,122 17,640 14,720
---------- ------------ ----------
Gross profit 20,681 22,771 17,022
59.4% 56.3% 53.6%
Operating expenses:
Research and development 5,144 4,757 3,676
Selling, general and administrative 12,660 11,474 10,547
---------- ------------ ----------
17,804 16,231 14,223
---------- ------------ ----------
Income from operations 2,877 6,540 2,799
Other income (expense):
Interest income, net 11 7 (14)
Other, net (87) (293) 231
---------- ------------ ----------
(76) (286) 217
---------- ------------ ----------
Income before income taxes 2,801 6,254 3,016
Income tax expense 809 2,093 843
---------- ------------ ----------
Net income $ 1,992 $ 4,161 $ 2,173
========== ============ ==========
28.0%
Net income per share:
Basic $ 0.13 $ 0.26 $ 0.13
Diluted $ 0.12 $ 0.25 $ 0.13
Shares used in computing net income
per share:
Basic 15,893 15,933 16,523
Diluted 16,516 16,517 17,037
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
Assets 2016 2015
------------ ------------
Current assets:
Cash and cash equivalents $ 34,905 $ 32,107
Marketable securities 3,560 3,658
Restricted cash 11 10
Accounts receivable, net 25,392 27,716
Inventories 25,402 23,229
Prepaid expenses and other 5,846 6,597
------------ ------------
Total current assets 95,116 93,317
Fixed assets, net 13,326 12,256
Goodwill 12,069 11,592
Purchased intangible assets, net 8,920 9,143
Deferred income taxes 5,345 5,326
Other assets 697 677
------------ ------------
$ 135,473 $ 132,311
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 7,480 8,834
Deferred revenue 2,757 1,617
Accrued liabilities 8,418 8,488
------------ ------------
Total current liabilities 18,655 18,939
Deferred revenue 519 555
Deferred income taxes 1,920 1,840
Other long-term liabilities 1,455 1,581
------------ ------------
Total liabilities 22,549 22,915
------------ ------------
Stockholders' equity:
Common stock 103,775 103,354
Accumulated other comprehensive loss (4,136) (5,251)
Retained earnings 13,285 11,293
------------ ------------
Total stockholders' equity 112,924 109,396
------------ ------------
$ 135,473 $ 132,311
============ ============
CASCADE MICROTECH, INC.
AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
-------------------------------------
March 31, December 31, March 31,
Non-GAAP Net Income 2016 2015 2015
---------- ------------- ----------
GAAP net income $ 1,992 $ 4,161 $ 2,173
Adjustments to net income:
Restructuring - - 118
Acquisition and acquisition related 1,533 - -
Amortization of intangibles 550 582 647
Income tax effect of non-GAAP
adjustments (687) (195) (253)
Discrete tax items (148) - (154)
---------- ------------- ----------
Non-GAAP net income $ 3,240 $ 4,548 $ 2,531
========== ============= ==========
GAAP net income per diluted share $ 0.12 $ 0.25 $ 0.13
========== ============= ==========
Non-GAAP net income per diluted share $ 0.20 $ 0.28 $ 0.15
========== ============= ==========
Shares used in diluted share
calculations 16,516 16,517 17,037
Three Months Ended
-------------------------------------
March 31, December 31, March 31,
EBITDAS and Adjusted EBITDAS 2016 2015 2015
---------- ------------- ----------
GAAP Income from operations $ 2,877 $ 6,540 $ 2,799
Adjustments:
Depreciation 912 852 750
Amortization of intangibles 550 582 647
Stock-based compensation 760 816 587
---------- ------------- ----------
EBITDAS 5,099 8,790 4,783
Adjustments:
Restructuring - - 118
Acquisition and acquisition related 1,533 - -
---------- ------------- ----------
Adjusted EBITDAS $ 6,632 $ 8,790 $ 4,901
========== ============= ==========
Three Months Ending June 30, 2016
-------------------------------------
Low Range High Range
Guidance Guidance
----------- -----------
Forward-looking non-GAAP net income
GAAP net income $ 3,000 $ 4,000
Adjustments:
Amortization of intangibles 550 550
Income tax effect of non-GAAP
adjustments (182) (182)
---------- ----------
Non-GAAP net income $ 3,368 $ 4,368
========== ==========
GAAP net income per diluted share $ 0.18 $ 0.24
========== ==========
Non-GAAP net income per diluted share $ 0.20 $ 0.26
========== ==========
Shares used in diluted share
calculations 16,600 16,600
FOR MORE INFORMATION, CONTACT: Jeff A. Killian Cascade Microtech, Inc. (503) 601-1280
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