Cascade Microtech Reports Continued Revenue Growth and Record Earnings in First Quarter 2005 Results
Tuesday April 26, 4:00 pm ET
Quarterly Revenues of $18.7 million, Up 35% Over the Prior Year and EPS of $0.21
PORTLAND, Ore.--(BUSINESS WIRE)--April 26, 2005--Cascade Microtech (Nasdaq:CSCD - News), today reported financial results for the first quarter ended March 31, 2005.
Highlights for the first quarter include:
Revenues of $18.7 million, up 1% sequentially and 35% year over year
Increased gross margin to 49.1% compared with 47.0% in the prior quarter and 42.5% in the first quarter of 2004
EPS of $0.21 per diluted share compared to $0.19 for the prior quarter and $0.05 for the first quarter of 2004
Cash and investments of $47.8 million
"We are pleased to report strong revenue growth and record earnings for our first quarter of 2005," said Eric Strid, CEO of Cascade Microtech. "We experienced stronger growth than expected in the first quarter. The Engineering Products Division had year over year revenue growth of 31% and our Production Probe Card Division achieved a year over year growth of 86%. We believe we continue to gain market share in our 300-mm engineering probe stations and our advanced logic probe cards."
Revenue for the first quarter was $18.7 million, an increase of 35% over $13.8 million in the first quarter of the prior year. Net income for the first quarter was $2.5 million and diluted earnings per share were $0.21, compared to net income of $0.3 million and diluted earnings per share of $0.05 for the first quarter of 2004.
Gross margin for the first quarter increased to 49.1%, up from 47.0% sequentially and from 42.5% in the first quarter of 2004.
At March 31, 2005, the Company had cash and investments of $47.8 million.
Financial Outlook
Based on the current backlog and anticipated bookings, Cascade anticipates that second quarter 2005 revenues will be in the range of $17.5 million to $18.8 million compared to $15.1 million in the second quarter of 2004 and that diluted earnings per share will be in the range of $0.11 to $0.15 on 11.7 million shares compared to $0.15 on 8.3 million shares in the second quarter of 2004.
About Cascade Microtech
Cascade Microtech, Inc. is a worldwide leader in the design, development and manufacture of advanced wafer probing solutions for the precise electrical measurement and test of semiconductor integrated circuits. The Company's probing solutions enable high speed testing of high-performance semiconductors during both the design and manufacturing phases of semiconductor production. Many of the world's leading semiconductor manufacturers use our technology. For more information visit the Company's website at www.cascademicrotech.com. |
