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Cascade Microtech Inc. Reports Operating Results (10-Q)

November 03, 2010 | About:
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10qk

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Cascade Microtech Inc. (CSCD) filed Quarterly Report for the period ended 2010-09-30.

Cascade Microtech Inc. has a market cap of $47.3 million; its shares were traded at around $3.55 with and P/S ratio of 0.9. CSCD is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Revenue in the third quarter of 2010 increased $11.3 million, or 80.9%, to $25.3 million compared to the third quarter of 2009 and increased $1.8 million, or 7.8%, compared to the second quarter of 2010 as the global economic environment, and the semiconductor and semiconductor equipment markets in particular, continued to show improvement.

Our revenues and market share in the Systems business have benefited from the acquisition of SUSS Test in January 2010. However, acquisition and restructuring-related charges in the first and second quarters of 2010 negatively affected our financial results in 2010 compared to 2009. Since the SUSS Test acquisition, we have been working to restructure and integrate the combined businesses and product lines. These restructuring and integration activities are ongoing and are expected to continue. We believe the best people, resources, products and features to meet the needs of our customers have been retained. As a result of our increase in revenue and decreases in acquisition, restructuring and other costs, net losses in the third quarter of 2010 decreased $1.0 million, or 75.1%, to $0.4 million compared to the third quarter of 2009 and decreased $2.5 million, or 87.6%, compared to the second quarter of 2010.

Revenue increased $11.3 million, or 80.9%, to $25.3 million in the three-month period ended September 30, 2010 compared to $14.0 million in the same period of 2009 and increased $30.6 million, or 80.4%, to $68.7 million in the nine-month period ended September 30, 2010 compared to $38.1 million in the same period of 2009.

Systems revenue increased $10.8 million, or 149.6%, to $18.0 million in the three-month period ended September 30, 2010 compared to $7.2 million in the same period of 2009 and increased $27.3 million, or 139.7%, to $46.8 million in the nine-month period ended September 30, 2010 compared to $19.5 million in the same period of 2009.

Probes and Sockets revenue increased $0.5 million, or 7.4%, to $7.2 million in the three-month period ended September 30, 2010 compared to $6.7 million in the same period of 2009 and increased $3.3 million, or 17.9%, to $21.8 million in the nine-month period ended September 30, 2010 compared to $18.5 million in the same period of 2009. These increases were primarily the result of increased unit sales driven by the overall improvement in semiconductor design and production markets.

Cost of sales increased $6.4 million, or 75.2%, to $14.9 million in the three-month period ended September 30, 2010 compared to $8.5 million in the same period of 2009 and increased $20.6 million, or 86.2%, to $44.5 million in the nine-month period ended September 30, 2010 compared to $23.9 million in the same period of 2009. These increases were the result of increased sales as discussed above and change

Read the The complete Report

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10qk
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