NORWOOD, Mass., Nov. 29, 2012 (GLOBE NEWSWIRE) -- 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.
|Consolidated Balance Sheets|
|ASSETS|| October 31, |
| July 31, |
|Cash and cash equivalents||$ 25,290||$ 29,446|
|Accounts receivable - trade, net||34,189||31,182|
|Accounts receivable - other, net||624||740|
|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|
|Total assets||$ 263,483||$ 267,068|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 17,684||$ 12,734|
|Other accrued expenses||20,225||19,736|
|Total current liabilities||42,168||37,817|
|Other long-term liabilities||13,441||13,547|
|Total liabilities and stockholders' equity||$ 263,483||$ 267,068|
|Consolidated Statements of Operations|
|(in thousands, except earnings per share data)|
|Three Months Ended|
|Net sales||$ 43,188||$ 33,752|
|Cost of sales||19,684||15,715|
|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|
|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:|
|Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss)|
|(In thousands, except per share amounts)|
| Three Months |
October 31, 2012
| Basic |
| Diluted |
| Three Months |
October 31, 2011
| Basic |
| Diluted |
|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||--||--||--|
|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 email@example.com