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Cascade Microtech, Inc. (CSCD)
Q12013 Earnings Call
April 30, 2013 5:00 pm ET
Jeff Killian - Chief Financial Officer, Vice President of Finance, Treasurer, Secretary
Michael Burger - President, Chief Executive Officer, Director
Evan Richard - Sidoti & Company
Dennis Van Zelfden - Brazos Research
Lawrence Stern - Stern Capital
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I would now like to turn the presentation over to Mr. Jeff Killian, Chief Financial Officer. Please proceed.
Welcome, everyone, to Cascade Microtech's first quarter 2013 earnings release conference call. We are pleased you could join us today.
Before we begin, you should all be aware that we shall be commenting today on our business outlook and will make other forward-looking statements based on our current expectations. Words such as expect, anticipate, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements.
All of our forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. I refer you to the press release we issued earlier today for a description of factors that could the actual results to differ materially from those forecasts.
The forward-looking statements we make today speak only as of today and we do not undertake any obligation to update such statements to reflect events or circumstances occurring after today.
With me on the call today are our President and Chief Executive Officer, Michael Burger and Executive Vice President, Steve Harris. This call will begin with prepared remarks and then we will open the call for your questions.
With that said, I will now turn the call over to Michael Burger, who will provide some opening remarks.
Thank you, Jeff. Thank you for joining our conference call. Before we review the results of the first quarter 2013; let me cover a few areas that maybe of interest.
As you may have seen today, Cascade filed a resale shelf registration statement on Form S-3 with the Securities and Exchange Commission. The registration statement registers approximately 2.3 million secondary common shares owned primarily by our two cofounders. This shelf filing is simply to register the shares for the cofounders. As such the shelf is not dilutive and simply reserve the right to cofounders to sell their shares at some future date in an orderly manner. In the event of a takedown under this shelf, Cascade will not receive any proceeds from the sale of stock by the selling shareholders under this prospectus or any related prospectus supplement.
Turning to the business activities. With the successful introduction of new products in 2012, we are focus on driving new product adoption. We introduced the MPS150 manual probe station with six application-specific packages dedicated to enabling turnkey high accuracy measurement solutions. This new product continues to be well received in the market and it represents nearly 25% of all systems shipped in the first quarter of 2013.
Another new product recently introduced is the first fully automated high-power semiconductor production prober. Production probe systems typically have longer customer acceptance period than engineering lab equipment. However once accepted, the orders typically include a larger number of systems per customer. We are pleased that this new product was named a finalist in EE Times Annual Creativity in Electronics Award in the Test & Measurement category. Cascade's APS200TESLA was among the top five products to be named in this category.
In January of this year, we announced our new CM300 system, which provides a fully automated 300 millimeter on-wafer measurement capability for leading-edge labs. This new product is available as a standalone engineering system or maybe arranged in a cluster configuration which provides a fully automated system to meet higher volume requirements in the lab. The CM300 utilizes our new Velox software that provides fast, well-characterized thermal transition and probe to pad alignment. Even though this product was just announced, we have already shipped one system and plan to ship three more this quarter.
As you have heard in previous calls, Cascade is very focused on the alignment of our product roadmap with our customers' major paying points. These paying points include testing over temperature, probing smaller pads and providing more automated test capabilities. Our current product roadmap addresses these needs while taking into consideration new challenges presented by the upcoming transition to 450 millimeter wafers, new geometry nodes and new materials.
From a company perspective, I want to mention that Cascade Microtech was recently named an Oregon Technology Award finalist in the category Technology Company of the Year, which recognizes large companies that are leaders in the technology industry. We are very honored to be nominated for this award.
Before I ask Jeff to provide details on our financials, I would like to cover a few key areas. The first quarter of 2013 posted are sixth consecutive quarter continuing profitability and builds strong base to support ongoing growth. Q1 of 2013 set an all time quarterly revenue record in Japan. Unfortunately, due to the changes in foreign currency rates from the fourth quarter 2012 to the first quarter 2013, the record Yen revenue translated into a much smaller increase in U.S. dollars. The foreign currency impact reduced total revenue for the company by approximately 2%. Despite this, revenue, overall the first quarter 2013, hit the midpoint of guidance by achieving a $27 5 million.