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Technology Stocks : Cascade Microtech Recent IPO as of 12/14/2004
CSCD 21.860.0%Jul 5 5:00 PM EST
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To: robert b furman who wrote (59)4/26/2006 8:59:55 AM
From: jad  Read Replies (1) of 71
 
Bob, here's Lehmans opinion on CSCD:

Cascade Microtech 1-Overweight / $ 13.01
Results Below Expectations Sector: 1-Positive
???March Q results were below expectations and June Q guidance was disappointing. We expect the
shares to be under pressure today, however current valuations should offer support around
$11.00-$11.50 levels.
???Revs were $19.7M in line with our/cons est of $19.1M. EPS were $0.06, below our/cons est of
$0.10/$0.11. Results were negatively impacted by higher costs in the probe card division, increased
options expense and higher tax rate.
???June Q guidance was for revs of $19.5M-$21M, EPS of $0.05-$0.10 vs cons est of $20.6M/$0.18.
???Cascade saw very strong demand for production probe cards division and continued to add capacity that
resulted in the earnings shortfall. Cascade also strengthened direct sales channel in China and Taiwan in
March Q. Cascade expects the impact of facility ramp and direct sales channel to impact June Q as well.
???We believe higher costs and some margin pressure may persist in the near term. We have lowered our
2006 estimates from $86M/$0.70 to $84M/$0.45. We have lowered our 2007 estimates from $100M/$1.05
to $97M/$0.85.
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