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

November 02, 2009 | About:
10qk

10qk

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Cascade Microtech Inc. (CSCD) filed Quarterly Report for the period ended 2009-09-30.

Cascade Microtech designs develops and manufactures advanced wafer probing solutions for the electrical measurement and test of integrated circuits or ICs. Cascade's engineering probe stations and analytical probes are used in research and development to perform precise electrical measurements on increasingly complex and high speed ICs. Cascade's production probe cards reduce manufacturing costs of complex and high speed ICs by identifying defective ICs early in the process and by testing multiple ICs concurrently. Cascade Microtech Inc. has a market cap of $71.94 million; its shares were traded at around $5.4 with and P/S ratio of 0.94.

Highlight of Business Operations:

Revenues decreased to $38.1 million in the first nine months of 2009 compared to $61.2 million in the first nine months of 2008, as uncertainty in the world economic environment impacted demand for semiconductors and semiconductor equipment. However, revenues increased to $14.0 million in the third quarter of 2009 compared to $12.6 million in the second quarter of 2009 and $11.5 million in the first quarter of 2009 as a result of the mild, but continued, recovery in the semiconductor market over the past two quarters. The steady improvement in sales and focus on controlling costs over the past two quarters resulted in an overall increase in gross margin to 39.3% in the third quarter of 2009, compared to 37.9% in the second quarter of 2009, and 33.6% in the first quarter of 2009 as fixed overhead costs were recovered.

Revenue decreased $7.1 million, or 33.9%, to $14.0 million in the three-month period ended September 30, 2009 compared to $21.1 million in the same period of 2008 and decreased $23.1 million, or 37.8%, to $38.1 million in the nine-month period ended September 30, 2009 compared to $61.2 million in the same period of 2008.

Systems revenue decreased $3.9 million, or 34.9%, to $7.2 million in the three-month period ended September 30, 2009 compared to $11.1 million in the same period of 2008 and decreased $12.0 million, or 37.9%, to $19.5 million in the nine-month period ended September 30, 2009 compared to $31.5 million in the same period of 2008.

Probes and Sockets revenue decreased $3.2 million, or 32.8%, to $6.8 million in the three-month period ended September 30, 2009 compared to $10.0 million in the same period of 2008 and decreased $11.2 million, or 37.7%, to $18.5 million in the nine-month period ended September 30, 2009 compared to $29.7 million in the same period of 2008. These decreases were primarily the result of lower unit sales driven by the overall decrease in worldwide semiconductor production.

Cost of sales decreased $3.6 million, or 29.7%, to $8.5 million in the three-month period ended September 30, 2009 compared to $12.1 million in the same period of 2008 and decreased $10.0 million, or 29.5%, to $23.9 million in the nine-month period ended September 30, 2009 compared to $33.9 million in the same period of 2008.

Research and development expenses decreased $0.2 million, or 9.2%, to $2.1 million in the three-month period ended September 30, 2009 compared to $2.3 million in the same period of 2008 and decreased $2.1 million, or 26.5%, to $5.9 million in the nine-month period ended September 30, 2009 compared to $8.0 million in the same period of 2008.

Read the The complete Report

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