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

There are a number of reasons that support our position, which include the quantity of new devices that our customers are working on, the number of projects that are not yet in volume production, and the low level of excess test capacity in the supply chain. From an LTX – Credence perspective, the revenue contribution from the additional customers added over the past two years and a business expansion with our existing customers will drive our revenues to peak at a higher level as we move into the next period of growth for the semicap industry.

During this downturn, we will continue running the company as we have in the past while constantly searching for ways to improve the business model while moving full-speed ahead on R&D projects and new business development activities. When we combined LTX and Credence, we put in place a variable business model that flexes with industry conditions. Even with the significant decline in revenues, our gross margin remained industry leading at over 53%, and while our revenues were just below our guidance, our loss per share at $0.08 was in the middle of the range.

We continue to execute against our strategic goals which include developing additional business opportunities in all of our targeted areas while bringing innovative new products to market, helping our customers achieve the lowest overall cost of test. We continue to have success winning new customers and the results of these efforts will show up as we move through the next business cycle. It is our plan to support these wins with the development resources our customers require as we help them get their next generation products into the market.

On the development front, we have a full pipeline of new products that will be introduced throughout the next fiscal year. One of these products will leverage the development efforts of our existing test platforms enhanced with new innovative technology that will drive market share growth for us in the $1 billion application-specific market segment.

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