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LeCroy Expects Record Sales Of $51.1 Million For Second Quarter Of Fiscal 2012

Stocks in this article: LCRY


CHESTNUT RIDGE, N.Y., Jan. 9, 2012 /PRNewswire/ -- LeCroy Corporation (NASDAQ: LCRY), a leading supplier of oscilloscopes, protocol analyzers and serial data test solutions, today announced preliminary financial results for its fiscal second quarter ended December 31, 2011. 

For the second quarter of fiscal 2012, LeCroy expects to report a 13.5% year-over-year increase in revenues to approximately $51.1 million. Non-GAAP operating margin for the second quarter of fiscal 2012 is expected to be approximately 14% and non-GAAP net income per diluted common share is expected to be approximately 30 cents.  Cash from operations for the second quarter is expected to be approximately $4 million and the Company reduced debt by approximately $7 million

"Our top-line results for the quarter continued to be strong and were in line with our expectations," said LeCroy President and Chief Executive Officer Tom Reslewic.  "With approximately 13.5% year-over-year growth, we expect the second quarter of 2012 to be our eleventh consecutive quarter of sequential sales growth.  Despite significant uncertainty in the global economic outlook and tumultuous financial markets in Europe, LeCroy booked record orders for the December quarter. However, the significant decline in the value of the Euro had a slightly negative effect on our margins."

"The second half of our fiscal year began with the launch of some very exciting new products that further extend our technology lead at the high end of the oscilloscope market," said Reslewic. "We continue to closely monitor the economic conditions and have modestly trimmed our expenses consistent with the moderating growth in the global economy.  We will be watching the early quarter order rate very carefully and we expect to provide guidance for our third quarter and fiscal year on our earnings call later this month."

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