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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