CASCADE MICROTECH INC

CIK:0000864559|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 34,803	$ 31,742
Cost of sales	14,122	14,720
Gross profit	20,681	17,022
Operating expenses:
Research and development	5,144	3,676
Selling, general and administrative	12,660	10,547
Total operating expenses	17,804	14,223
Income from operations	2,877	2,799
Other income (expense):
Interest income (expense), net	11	(14)
Other, net	(87)	231
Total other income (expense), net	(76)	217
Income before income taxes	2,801	3,016
Income tax expense	809	843
Net income	$ 1,992	$ 2,173
Basic net income per share	$ 0.13	$ 0.13
Diluted net income per share	$ 0.12	$ 0.13
Shares used in per share calculations:
Basic	15,893	16,523
Diluted	16,516	17,037

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 1,992	$ 2,173
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation	912	750
Amortization	550	647
Stock-based compensation	760	587
Deferred income taxes	(1)	39
(Increase) decrease in:
Accounts receivable, net	2,403	(653)
Inventories	(2,275)	498
Prepaid expenses and other	837	(160)
Increase (decrease) in:
Accounts payable	(1,470)	619
Deferred revenue	1,104	(353)
Accrued and other long-term liabilities	(343)	(1,636)
Net cash provided by operating activities	4,469	2,511
Cash flows from investing activities:
Purchase of marketable securities	(2,535)	(5,829)
Proceeds from sale of marketable securities	2,637	603
Purchase of fixed assets	(1,922)	(543)
Net cash used in investing activities	(1,820)	(5,769)
Cash flows from financing activities:
Witholding taxes paid on net settlement of vested restricted stock units	(372)	(217)
Proceeds from issuances of common stock	171	277
Cash paid for repurchase of common stock	(138)
Net cash provided by (used in) financing activities	(339)	60
Effect of exchange rate changes on cash and cash equivalents	488	(830)
Increase (decrease) in cash and cash equivalents	2,798	(4,028)
Cash and cash equivalents:
Beginning of period	32,107	38,107
End of period	34,905	34,079
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	1,054	1,744
Supplemental disclosure of non-cash information:
Fixed asset purchases included in accounts payable	1,010	$ 1,442
Transfer from inventory to fixed assets	$ 15

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 34,905	$ 32,107
Short-term marketable securities	3,560	3,658
Restricted cash	11	10
Accounts receivable, net of allowances of $253 and $279	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 of accumulated depreciation of $29,182 and $28,442	13,326	12,256
Goodwill	12,069	11,592
Purchased intangible assets, net of accumulated amortization of $8,149 and $7,403	8,920	9,143
Deferred income taxes	5,345	5,326
Other assets	697	677
Total Assets	135,473	132,311
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
Shareholders' Equity:
Common stock, $0.01 par value. Authorized 100,000 shares; issued and outstanding: 15,912 and 15,871	159	159
Additional paid-in capital	103,616	103,195
Accumulated other comprehensive loss	(4,136)	(5,251)
Retained earnings	13,285	11,293
Total Shareholders' Equity	112,924	109,396
Total Liabilities and Shareholders' Equity	$ 135,473	$ 132,311