Cascade Microtech Reports First Quarter 2016 Results

Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision contact, electrical measurement and test of integrated circuits (ICs), optical devices and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to electrical data from wafers, ICs, IC packages, circuit boards and modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech's leading-edge stations, probes, probe cards, advanced thermal subsystems and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing of high-speed and high-density semiconductor chips. For more information, visit www.cascademicrotech.com.

                                                                            
                          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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