UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 000-51072
CASCADE MICROTECH, INC.
(Exact name of registrant as specified in its charter)
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Oregon |
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93-0856709 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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2430
N.W. 206th Avenue |
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97006 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (503) 601-1000 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
The number of shares of common stock outstanding as of May 9, 2005 was 10,867,693.
1
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Cascade Microtech, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, In thousands)
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March 31, |
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December 31, |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,311 |
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$ |
2,033 |
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Short-term marketable securities |
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42,182 |
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41,714 |
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Accounts receivable, net |
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14,905 |
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13,640 |
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Inventories, net |
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10,828 |
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10,180 |
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Prepaid expenses and other |
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2,005 |
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1,579 |
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Deferred income taxes |
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1,776 |
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1,552 |
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Total Current Assets |
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73,007 |
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70,698 |
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Long-term marketable securities |
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4,303 |
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2,779 |
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Fixed assets, net |
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3,786 |
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4,008 |
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Deferred income taxes |
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229 |
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65 |
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Other assets, net |
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1,533 |
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1,466 |
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Total Assets |
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$ |
82,858 |
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$ |
79,016 |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Current portion of long-term debt and capital leases |
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$ |
20 |
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$ |
21 |
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Accounts payable |
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4,270 |
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3,951 |
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Deferred revenue |
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578 |
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579 |
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Accrued liabilities |
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3,813 |
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2,609 |
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Total Current Liabilities |
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8,681 |
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7,160 |
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Long-term debt and capital leases |
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8 |
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14 |
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Deferred revenue |
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307 |
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282 |
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Other long-term liabilities |
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1,275 |
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1,372 |
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Total Liabilities |
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10,271 |
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8,828 |
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Shareholders’ Equity: |
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Common stock |
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109 |
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109 |
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Additional paid-in capital |
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55,324 |
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55,402 |
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Deferred stock-based compensation |
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(269 |
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(310 |
) |
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Accumulated other comprehensive loss - unrealized holding losses on investments |
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(76 |
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(17 |
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Retained earnings |
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17,499 |
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15,004 |
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Total Shareholders’ Equity |
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72,587 |
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70,188 |
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Total Liabilities and Shareholders’ Equity |
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$ |
82,858 |
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$ |
79,016 |
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(1) Derived from Cascade Microtech’s audited financial statements as of December 31, 2004.
See accompanying Notes to Consolidated Financial Statements.
2
Cascade Microtech, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, In thousands, except per share amounts)
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For the Quarter Ended March 31, |
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2005 |
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2004 |
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Revenue |
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$ |
18,661 |
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$ |
13,834 |
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Cost of sales |
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9,490 |
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7,935 |
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Deferrred stock-based compensation |
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12 |
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19 |
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Gross profit |
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9,159 |
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5,880 |
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Operating expenses: |
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Research and development (excludes $4 and $8, respectively, of amortization of deferred stock-based compensation) |
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1,639 |
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1,389 |
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Selling, general and administrative (excludes $25 and $93, respectively, of amortization of deferred stock-based compensation) |
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4,599 |
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3,787 |
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Deferred stock compensation |
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29 |
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