Cascade Microtech

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Cascade Microtech
Type Public (NASDAQ: CSCD)
Industry Semiconductor test equipment
Founded 1983
Headquarters Hillsboro, Oregon, USA
45°32′14″N 122°53′14″W / 45.53724°N 122.88725°W / 45.53724; -122.88725Coordinates: 45°32′14″N 122°53′14″W / 45.53724°N 122.88725°W / 45.53724; -122.88725
Revenue $113 million (2012)[1]
Net income $6.1 million (2012)[1]
Employees 401 (2010)[2]
Website cmicro.com

Cascade Microtech is a publicly traded semiconductor test equipment manufacturer based in Hillsboro in the Portland metropolitan area of the United States. Founded in 1983, the Oregon-based company employs nearly 400 people. Michael Burger is the chief executive officer, with the company generating $96 million in annual sales.

History

In the early 1980s Eric W. Strid and K. Reed Gleason, employees at Tektronix (Tek), attempted to get their bosses to make a microwave wafer probe for testing microchips.[3] Management declined, but did license the technology to the two, leading to the formation of Cascade Microtech in 1982 on a part-time basis.[3][4] Dale E. Carlton joined the company as well, and in 1983 they produced their first product.[3] The founders had also worked for Tek spin-off of TriQuint Semiconductor.[5] The company turned profitable in 1984, and all left Tektronix by 1985.[3] In May 1986, the young company leased a 1,200-square-foot (110 m2) office in the Beaverton Tech Center.[6]

Company headquarters

By 1989, the company had grown to 55 employees and were based in Beaverton, Oregon, near the Tek headquarters.[3] The owners went without compensation the first three years the company was in business as they self-financed the venture before receiving $2.7 million in venture capital from Hewlett Packard in 1990.[5] Cascade began working towards an initial public stock offering (IPO) as early as 1997.[7] At that time, they expected to file for the IPO in 1998 and would use the money in part to help expand production.[7] As of March 1997, the company employed 185 people and their biggest customers were Fujitsu, National Semiconductor, and Texas Instruments.[7]

In 1999, the company received another $16 million in funding, which at that time the company had annual sales of $52 million.[5] The company raised additional $10 million in capital in 2000 by selling equity to Teachers Insurance and Annuity Association.[8] By 2001 the company employed 330 people and was still preparing for an initial public offering on its stock.[5] The company then filed to go public in 2000, but dropped the plans in 2002.[9]

By 2001 Cascade had signed on to move into a new headquarters in Hillsboro’s AmberGlen Business Center[10] where they occupied 100,000 square feet (9,300 m2) by 2004.[11] The company was originally located at the offices of TriQuint, their former employer.[5] Cascade opened offices in Singapore in 2003, followed by offices in Taiwan and China in 2006.[12]

After years of delay, Cascade Microtech filed for an IPO with the United States Securities & Exchange Commission in March 2004, hoping to raise $85 million.[13][14] The company employed 243 and had revenues of $50.6 million when they filed for the IPO, and major customers included Intel and Infineon.[13] Besides offering new shares, shares held by existing owners such as Agilent Technologies were also offered, for a total of 5.3 million shares being offered to the public.[15] On December 15, 2004, the company started trading on the NASDAQ market, with an initial price of $14 per share under the ticker symbol CSCD.[16] The offering raised $72 million, of which $43 million went to Cascade with the reminder to existing shareholders.[16][17]

A probe station manufactured by Cascade

Cascade purchased socket maker Gryphics, Inc. in 2007 for $13.7 million and nearly 850,000 in Cascade Microtech stock.[18][19]

Chief executive officer (CEO) and co-founder Eric Strid stepped down as CEO, but remained as the company chairman and became the chief technical officer in January 2008.[4] Geoff Wild took over as CEO at that time,[4] but resigned in December 2009.[20][21] Interim CEO Paul Carlson led the company until former Merix Corp. CEO Michael Burger was hired in June 2010 and took office in July.[21][22]

In January 2010, Cascade purchased SUSS MicroTec AG’s chip-testing division for $9.8 million.[23] That division had been Cascade’s largest rival.[23] The company’s revenue for the third quarter in 2010 was $25.3 million, a record for the company.[24] However, Cascade still had a net loss of $400,000.[24] Cascade posted revenues of $113 for fiscal year 2012 and had its first profit that year since 2007.[1] In October 2013, the company bought ATT Advanced Temperature Test Systems in a cash and stock deal valued at $27.7 million.[1]

Products

Cascade Microtech manufactures testing equipment for the semiconductor industry.[5] These probes test the chips before the chips are cut from the wafers (silicon or gallium arsenide), ensuring the chips do what they are designed to accomplish.[3][8] Production is performed at the company's facilities in Hillsboro, Dresden, and Brooklyn Park, Minnesota.[2]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 Rogoway, Mike (October 2, 2013). "Cascade Microtech pays $27.7 million for German company". The Oregonian. Retrieved 4 October 2013. 
  2. ↑ 2.0 2.1 "2010 Annual Report". SEC Filings and Financial Reports. Cascade Microtech, Inc. Retrieved October 2, 2011. 
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 Colby, Richard (June 12, 1989). "Cascade Microtech Passes Test". The Oregonian. p. D10. 
  4. ↑ 4.0 4.1 4.2 DiMesio, Robbie (December 6, 2007). "Cascade Microtech names new CEO". The Oregonian. 
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 Goldfield, Robert (May 6, 2001). "VC investment not the only way to raise funds". Portland Business Journal. 
  6. ↑ "Real Estate Notes". The Oregonian. May 18, 1986. p. 74. 
  7. ↑ 7.0 7.1 7.2 Marks, Anita (March 23, 1997). "Booming Cascade Microtech may probe IPO market in '98". Portland Business Journal. 
  8. ↑ 8.0 8.1 Francis, Mike (February 11, 2000). "Beaverton Firm Makes Equity Deal". The Oregonian. p. B2. 
  9. ↑ Earnshaw, Aliza (October 31, 2004). "Cascade joins growing list of tech IPOs". Portland Business Journal. 
  10. ↑ Stout, Heidi J. (September 9, 2001). "Dirt piles tell a success story in Sunset Corridor". Portland Business Journal. 
  11. ↑ Stout, Heidi J. (March 28, 2004). "Real estate recovery takes root on west side". Portland Business Journal. 
  12. ↑ Earnshaw, Aliza (July 5, 2006). "Cascade Microtech expanding in Asia". Portland Business Journal. 
  13. ↑ 13.0 13.1 "Cascade Microtech files for IPO". Portland Business Journal. March 4, 2004. 
  14. ↑ Francis, Mike (March 11, 2004). "Cascade Microtech prepares again for initial public offering". The Oregonian. p. West Zoner 1. 
  15. ↑ Reeves, Scott (November 5, 2004). "IPO Outlook: Semi-Enthusiastic For Semiconductors". Forbes. 
  16. ↑ 16.0 16.1 Sickinger, Ted (December 16, 2004). "Cascade Microtech public after 4-year wait". The Oregonian. p. D1. 
  17. ↑ "Cascade Microtech IPO seeks to raise $74M". Portland Business Journal. December 15, 2004. 
  18. ↑ "Cascade Microtech Acquires Socket Product Manufacturer Gryphics, Inc.". Articles. Semiconductor Online. April 4, 2007. 
  19. ↑ Earnshaw, Aliza (July 24, 2007). "Cascade Microtech reports lower profits on higher sales". Portland Business Journal. 
  20. ↑ LaPedus, Mark (December 2, 2009). "Cascade Microtech's CEO resigns". EE Times. 
  21. ↑ 21.0 21.1 Rogoway, Mike (December 2, 2009). "Cascade Microtech's CEO quits". The Oregonian. 
  22. ↑ Rogoway, Mike (June 17, 2010). "Merix's ex-CEO is Cascade Microtech's new chief". The Oregonian. 
  23. ↑ 23.0 23.1 Siemers, Erik (June 27, 2010). "Cascade seeks end to small-time status". Portland Business Journal. 
  24. ↑ 24.0 24.1 Stevens, Suzanne (November 2, 2010). "Cascade Microtech posts record revenue". Portland Business Journal. 
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