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LTX-Credence Announces Second Quarter Results

NORWOOD, Mass., Feb. 27, 2013 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of market focused, cost-optimized ATE solutions, today announced financial results for its second quarter ended January 31, 2013.   

Net sales for the quarter were $35,016,000, compared to the prior quarter net sales of $43,188,000. Net loss for the quarter was $(3,276,000), or $(0.07) per share on a GAAP basis. Excluding the impact of special items totaling $(989,000), and amortization of purchased intangible assets of $396,000, non-GAAP net loss for the quarter was $(3,869,000), or $(0.08) per share.   

Dave Tacelli, chief executive officer and president, commented, "Results in the quarter were consistent with our expectations, given the weak seasonal demand typically associated with our second fiscal quarter.  On a relative basis, our top line revenue outperformed the rest of the industry in part due to the revenue contribution from our new products. We expect the business cycle to regain positive momentum starting in our third fiscal quarter based on indications from customers regarding their increasing need for test capacity.

This quarter also saw the launch of our important new product, Nighthawk, which is a low cost, high-performance RF option for testing connectivity devices. Nighthawk, when combined with our Diamondx tester, provides a compelling solution for semiconductor manufacturers looking to lower the cost of test for these types of price-sensitive devices. We believe Nighthawk, several years in development and unique in the industry, addresses the emerging trends in RF testing requirements."

Third Quarter Fiscal 2013 Outlook

For the fiscal quarter ending April 30, 2013, net sales are expected to be in the range of $35 million to $40 million. Non-GAAP net loss is expected to be in the range of $(0.10) to $(0.05) 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.

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