Fourth quarter results include:
Revenue of $15.4 million, down 27% from third quarter of 2008;
$27.7 million non-cash impairment charge made up of a goodwill impairment of $17.4 million and other intangibles impairment of $10.3 million;
Severance costs of $450,000;
Net loss of $31.4 million or $2.39 per share for fourth quarter of 2008, compared to a net loss of $1.3 million or $0.10 per share for third quarter of 2008;
Cash and investment balances increased slightly to $35.0 million.
During the fourth quarter, we continued to see deterioration in market conditions and in common with the rest of the industry, experienced a difficult quarter. As previously announced, we continued our restructuring program in the fourth quarter in order to bring our costs more in line with current market expectations said Geoff Wild, chief executive officer of Cascade Microtech. During this difficult period, we shall focus on expense management and cash conservation but still make prudent investments to position the business for a market recovery, added Wild.
Revenue for the fourth quarter was $15.4 million, a decrease of 30% from $22.0 million in the fourth quarter of 2007. Net loss for the fourth quarter was $31.4 million (which includes a non-cash impairment charge of $27.7 million) and loss per share was $2.39, compared to a net loss of $140,000 and loss per share of $0.01 for the fourth quarter of 2007.
Financial Outlook:
Based on the current backlog, expected bookings and the current market environment, the company expects that first quarter 2009 revenues will be in the range of $11.0 million to $14.0 million. The company has suspended earnings per share guidance in view of the uncertainty of the mix of revenue and the potential range of outcomes.
