Cascade Microtech Acquires ATT Advanced Temperature Test Systems GmbH
Acquisition Brings Thermal Expertise and Innovative Products to
Support Expansion Into New Markets; Conference Call Scheduled Friday,
October 4, 2013 at 8:30 AM Eastern Time
BEAVERTON, OR -- (Marketwired) -- 10/02/13 -- Cascade Microtech,
Inc. (NASDAQ: CSCD), a leader at enabling precision measurements of
integrated circuits at the wafer level, has acquired ATT Advanced
Temperature Test Systems GmbH ("ATT Systems"), which is headquartered
in Munich Germany. ATT Systems is a leader in the manufacturing of
advanced thermal systems used in the testing of semiconductor wafers.
ATT Systems provides enhanced thermal solutions for wafer testing
over expanded temperatures that typically range from -60 to 300
degrees centigrade. Cascade Microtech believes the acquisition
strategically positions the combined companies for future system
development and access to larger markets. ATT Systems' management
team will remain with the company in Munich.
The purchase price for the acquisition includes approximately 8.4
million Euros in cash (net of approximately 0.4 million Euros of
acquired cash), approximately 1.6 million shares of Cascade Microtech
common stock, and deferred payments of approximately 0.8 million
Euros. The purchase price is subject to certain post-closing
adjustments. The shares of common stock issued in the transaction are
subject to a one-year lock-up agreement.
"As Cascade Microtech enters new markets and expands its portfolio to
address new technology nodes, we are seeking innovations in
instrumentation and sub-systems," said Michael Burger, President and
CEO, Cascade Microtech. "This acquisition gives us access to thermal
system capabilities, both in design expertise and through ATT
Systems' high-performance products, which we expect will complement
our development of next-generation systems for customers demanding
the highest performance at thermal extremes, while addressing new
applications such as 3D structures and FinFETs. ATT Systems provides
a key component of our strategic plan and supports our customers'
rapidly accelerating test requirements."
"This acquisition strengthens Cascade Microtech's financial
position," said Jeff Killian, Chief Financial Officer, Cascade
"The acquisition provides a basis for revenue growth,
market expansion and vertical integration and we expect that it will
have an immediate and positive contribution toward our success
model." Mr. Killian continued, "Based upon the unaudited, trailing
12-months' performance of ATT Systems, the purchase price for the
company approximates six times EBITDA. Before the effects of purchase
accounting, we expect this transaction to be accretive to earnings
beginning in the fourth quarter of 2013, and will provide additional
support to achieve our success model which includes EBITDAS of
greater than 20% of revenue." Going forward, ATT Systems will be
reported with Cascade Microtech's Systems segment.
A conference call has been scheduled for Friday, October 4, 2013 at
8:30 AM (Eastern Time) to discuss the transaction. All shareholders
and interested parties are invited to participate. To participate,
the dial-in number is 877-280-4954, or international 857-244-7311,
and the participant passcode is 59067799.
A simultaneous audio cast of the conference call, in listen only
mode, may be accessed online from the investor relations page of
www.cascademicrotech.com, a replay of which will be available after
2:00 PM (Eastern Time). When available, a transcript of the call will
be posted at the same internet address. The replay and transcript
will be available at the same internet address until November 4,
About Advanced Temperature Test Systems GmbH
Test Systems GmbH designs high-performance temperature control
systems for advanced semiconductor manufacturing technologies.
Designed for exceptional thermal and mechanical stability and
precision, the company offers a wide range of modular solutions for
cost-effective system upgrades and easy customization. The company
has over 10 years of experience in developing thermal chuck systems
for wafer probers as well as specific systems for testing electronic
components, hybrids, PCBs or other assemblies at the tester site.
About Cascade Microtech, Inc.
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
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
This release contains certain
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995), which reflect management's
current views with respect to certain future events and performance,
including, in particular, statements regarding: future operating or
financial results; Cascade Microtech's success model; and strategic,
economic and other benefits to Cascade Microtech from its acquisition
of ATT Systems, including enhanced opportunities for system and
product development and market access, revenue growth, achievement of
Cascade Microtech's success model, and accretion to earnings and the
timing thereof. Although these statements are based upon assumptions
Cascade Microtech believes to be reasonable, they are subject to
risks and uncertainties, which include, among others: changes in
demand for our products or those of ATT Systems; changes in product
mix; potential failure of expected market opportunities to
materialize; potential failure to successfully integrate ATT Systems
or to manage Cascade Microtech's growth; challenges of operating an
international business; changes in foreign exchange rates; the timing
of shipments and customer orders; constraints on supplies of
components; excess or shortage of production capacity; and other
factors detailed from time to time in Cascade Microtech's periodic
reports and filings with the Securities and Exchange Commission,
including in Item 1A to Cascade Microtech's Report on Form 10-K for
the year ended December 31, 2012. In addition, such statements could
be affected by general industry and market conditions and growth
rates and general domestic and international economic conditions.
Such forward-looking statements speak only as of the date on which
they are made and the Company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release.
FOR MORE INFORMATION, CONTACT:
Jeff A. Killian
Cascade Microtech, Inc.
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