LTX-Credence Announces First Quarter Results
November 29 2012 - 6:55AM
LTX-Credence Corporation (Nasdaq:LTXC), a global provider of market
focused, cost-optimized ATE solutions, today announced financial
results for its first quarter ended October 31, 2012.
Net sales for the quarter were $43,188,000, compared to the
prior quarter net sales of $43,462,000. Net income for the quarter
was $549,000, or $0.01 per share on a GAAP basis. Excluding the
impact of special items totaling $398,000, and amortization of
purchased intangible assets of $396,000, non-GAAP net income for
the quarter was $1,343,000, or $0.03 per
share.
Dave Tacelli, chief executive officer and president, commented,
"The mobility space remained particularly strong in the quarter
leading to high demand for our PAx test solution. The PAx is used
by certain customers to test the RF front-end devices that are
designed into the most popular smartphones in the market.
"We are also very encouraged by the fast adoption rate of our
new Diamondx product by several top tier IDM and fabless
semiconductor companies. Diamondx has now been established as an
approved test platform by some of the largest semiconductor
suppliers in North America, Europe, Japan, Taiwan and China. These
customers quickly recognized the significant impact the Diamondx
provides in reducing their cost of test in three key areas: capital
cost, throughput and operating costs. With initial Diamondx
revenues recognized in the first fiscal quarter, we expect the
Diamondx revenue ramp to continue throughout the fiscal year."
Second Quarter Fiscal 2013 Outlook
For the fiscal quarter ending January 31, 2013, net sales are
expected to be in the range of $35 million to $39
million. Non-GAAP net loss is expected to be in the range of
$(0.08) to $(0.04) per share, assuming 47.5 million shares
outstanding. The non-GAAP net loss guidance excludes
amortization of purchased intangible assets of approximately $0.4
million.
The Company will conduct a conference call today, November 29,
2012, at 10:00 AM EST to discuss this release. The conference
call may be accessed via telephone by dialing 877.853.5334. The
call will be simulcast via the LTX-Credence web site
http://investor.ltxc.com/events.cfm. Audio replays of the call can
be heard through December 1, 2012, via telephone, by dialing
855.859.2056; conference ID number 69875060. A replay of the
webcast can be accessed by visiting our web site 90 minutes
following the conference call at
http://investor.ltxc.com/events.cfm.
Information About Non-GAAP Measures
LTX-Credence supplements its GAAP financial results by providing
non-GAAP measures to evaluate the operating performance of the
Company. Non-GAAP net income for the quarter ended October 31,
2012 excludes the amortization of purchased intangible assets,
restructuring charges, and other special items. Management
finds these non-GAAP measures to be useful for internal comparison
to historical operating results as well as to the operating results
of its competitors, and believes that this information is useful to
investors for the same purposes. A reconciliation between the
Company's GAAP and non-GAAP results is provided in the attached
tables. Readers are reminded that non-GAAP information is
merely a supplement to, and not a replacement for, GAAP financial
measures.
Safe Harbor for Forward-Looking Statements
Statements in this release regarding guidance for LTX-Credence's
second fiscal quarter 2013, including the financial guidance on
revenue and earnings or loss per share, financial operating results
including net income or loss and earnings or loss per share,
management's expectations as to the future condition of
LTX-Credence's industry and the overall economic environment, and
any other statements about management's future expectations,
beliefs, goals, plans or prospects constitute forward‑looking
statements within the meaning of the United States securities laws,
including the Private Securities Litigation Reform Act of
1995. Any statements that are not statements of historical
fact (including statements containing the words "believes,"
"targets", "anticipates," "plans," "expects," "may," "will,"
"would," "intends," "estimates" and similar expressions) should
also be considered to be forward‑looking statements. These
statements are subject to known and unknown risks and uncertainties
that could cause actual results or events to differ materially from
those stated or implied, including but not limited
to: uncertain global economic and industry conditions which
impact capital spending; fluctuations in business and consumer
spending; fluctuations in our product and service demand;
sole or limited sources of supply; risks related to the
development, timely delivery, and market acceptance of new
products, options and software applications by us and our
competitors; as well as the other risks described in our filings
with the U.S. Securities and Exchange Commission, including those
included under the heading "Business Risks" in our Annual Report on
Form 10-K for the fiscal year ended July 31, 2012. LTX-Credence
disclaims any intention or obligation to update any forward‑looking
statements as a result of developments occurring after the date of
this press release.
About LTX-Credence Corporation
LTX-Credence is a global provider of ATE solutions designed to
deliver value through innovation enabling customers to implement
best-in-class test strategies to maximize their profitability.
LTX-Credence addresses the broad, divergent test requirements
of the wireless, computing, automotive and entertainment market
segments, offering a comprehensive portfolio of technologies, the
largest installed base in the Asia-Pacific region, and a global
network of strategically deployed applications and support
resources. Additional information can be found at
www.ltxc.com.
LTX-Credence
Corporation |
|
|
Consolidated
Balance Sheets |
|
|
(in
thousands) |
|
|
(unaudited) |
|
|
|
|
|
ASSETS |
October 31, 2012 |
July 31, 2012 |
Current assets |
|
|
Cash and cash equivalents |
$ 25,290 |
$ 29,446 |
Marketable securities |
103,550 |
107,728 |
Accounts receivable - trade, net |
34,189 |
31,182 |
Accounts receivable - other, net |
624 |
740 |
Inventories, net |
31,477 |
28,850 |
Prepaid expenses and other current
assets |
3,044 |
3,440 |
Total current assets |
198,174 |
201,386 |
|
|
|
Property and equipment, net |
18,236 |
18,229 |
Intangible assets, net |
2,758 |
3,153 |
Goodwill |
43,030 |
43,030 |
Other assets |
1,285 |
1,270 |
Total assets |
$ 263,483 |
$ 267,068 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities |
|
|
Accounts payable |
$ 17,684 |
$ 12,734 |
Other accrued expenses |
20,225 |
19,736 |
Deferred revenues |
4,259 |
5,347 |
Total current
liabilities |
42,168 |
37,817 |
|
|
|
Other long-term liabilities |
13,441 |
13,547 |
Stockholders' equity |
207,874 |
215,704 |
Total liabilities and
stockholders' equity |
$ 263,483 |
$ 267,068 |
|
|
|
LTX-Credence
Corporation |
|
|
Consolidated
Statements of Operations |
|
(in
thousands, except earnings per share data) |
(unaudited) |
|
|
|
Three Months
Ended |
|
October
31, |
|
2012 |
2011 |
|
|
|
Net sales |
$ 43,188 |
$ 33,752 |
Cost of sales |
19,684 |
15,715 |
Gross profit |
23,504 |
18,037 |
|
|
|
Engineering and product development
expenses |
12,392 |
12,916 |
Selling, general, and administrative
expenses |
10,006 |
9,321 |
Amortization of purchased intangible
assets |
396 |
791 |
Restructuring |
231 |
46 |
Income (loss) from operations |
479 |
(5,037) |
|
|
|
Other income, net |
209 |
250 |
Income (loss) before provision for income
taxes |
688 |
(4,787) |
Provision for income taxes |
139 |
122 |
Net income (loss) |
$ 549 |
$ (4,909) |
|
|
|
Net income (loss) per share: |
|
|
|
|
|
Basic |
$ 0.01 |
$ (0.10) |
Diluted |
$ 0.01 |
$ (0.10) |
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
48,303 |
49,487 |
Diluted |
48,711 |
49,487 |
|
|
|
|
|
|
|
LTX-Credence
Corporation |
|
|
|
|
|
|
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net
Income (Loss) |
|
|
|
(In
thousands, except per share amounts) |
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October
31, 2012 |
Basic Earnings Per
Share |
Diluted Earnings Per
Share |
Three Months Ended October 31,
2011 |
Basic Earnings Per
Share |
Diluted Earnings Per
Share |
|
|
|
|
|
|
|
GAAP net income (loss) |
$ 549 |
$ 0.01 |
$ 0.01 |
$ (4,909) |
$ (0.10) |
$ (0.10) |
Amortization of purchased intangible
assets |
396 |
0.01 |
0.01 |
791 |
0.02 |
0.02 |
Income tax expense from foreign entity
mergers |
167 |
0.01 |
0.01 |
-- |
-- |
-- |
Restructuring |
231 |
0.00 |
0.00 |
46 |
0.00 |
0.00 |
Merger-related expense |
-- |
-- |
-- |
115 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Non-GAAP net income (loss) |
$ 1,343 |
$ 0.03 |
$ 0.03 |
$ (3,957) |
$ (0.08) |
$ (0.08) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
48,303 |
48,711 |
|
49,487 |
49,487 |
CONTACT: Rich Yerganian, LTX-Credence Corporation
Tel. 781.467.5063
Email rich_yerganian@ltxc.com
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