This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LTX-Credence Announces Second Quarter Results

Stocks in this article: LTXC

MILPITAS, Calif., Feb. 24, 2011 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced financial results for its fiscal quarter ended January 31, 2011.

Sales for the quarter were $52,549,000, compared to the prior quarter sales of $75,647,000. Net income for the quarter was $4,705,000, or $0.09 per diluted share on a GAAP basis. Excluding the impact of expenses related to the proposed merger with Verigy, Ltd. (Nasdaq:VRGY) totaling approximately $2,800,000, and amortization of purchased intangible assets of $1,490,000, net income for the quarter was $8,995,000, or $0.18 per diluted share on a non-GAAP basis.   

Dave Tacelli, chief executive officer and president, commented, "As predicted, revenues declined sequentially, and were slightly below guidance, while our earnings exceeded the high end of guidance of $0.11 to $0.16 per share by $0.02 as the business model continues to deliver strong results during this mid-cycle correction.

"During the quarter, we introduced two new products. PAx, an X-Series based tester, is focused on the RF power amplifier and front end module market. We expect PAx to strengthen our position as the leading supplier of commercial test equipment for RF power amplifier and front end module devices and already have multiple customers using it for volume production testing. We also introduced the ASLx, the first product to combine technology from LTX and Credence into a new test solution that provides more functionality and enhanced multi-site test capability for the analog/power semiconductor market. The ASLx also preserves our customers' investments by maintaining compatibility with the approximately 3,500 ASL test systems currently being used around the world for production testing of analog/power devices.

"Our guidance for the third fiscal quarter confirms what many have been predicting, that our industry would experience a mid-cycle correction through the first calendar quarter of 2011, but would return to growth following that correction."

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs