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LTX - Credence's CEO Discusses Q1 F2012 Results - Earnings Call Transcript

As a reminder, the only authorized spokespeople for the Company are Dave Tacelli, Rich Yerganian and myself. Also, the Company will be presenting at the Barclays Technology Conference in San Francisco on Thursday, December 8 at 3:30 in the afternoon.

Now for our Safe Harbor statement. During the course of this conference call, we may make projections or other forward-looking statements regarding LTX - Credence’s business outlook for the future financial performance of the Company. We wish to caution you that these statements, such as projected revenues, net income or loss, earnings or loss per share, operating expenses, gross margin, cash flow, non-GAAP measures, and breakeven targets are only predictions and that actual events or results may differ materially. The guidance provided during this call represents the Company’s estimates as of this day and the Company assumes no obligation to update this guidance. Please refer to our Safe Harbor statement in our earnings release for more information on important factors that could cause actual results to differ.

Now onto the call. Dave?

David Tacelli

Thank you, Mark, and good morning everyone. During today’s call, I’ll review our first quarter performance and second quarter business outlook, how we’re managing the current business environment, and I’ll also provide in-depth commentary on one of our target markets, power management.

As expected, the current environment was challenging as weak economic conditions impact our business consistent with the rest of the industry. We don’t expect any short-term growth catalysts until after the calendar year-end as we are now in the most seasonably weak quarter of our fiscal year. We are now beyond the point where customers will add capacity in anticipation of the holiday build. At this point in time, customers tend to wait until after the Chinese New Year before assessing their growth prospects and test capacity needs; however, we’re optimistic that our second fiscal quarter will represent the low point of this cycle.

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