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LTX-Credence Announces Second Quarter Results

About LTX-Credence Corporation

LTX-Credence is a global provider of ATE solutions designed to deliver value through innovation enabling customers to implement best-in-class test strategies to maximize their profitability.  LTX-Credence addresses the broad, divergent test requirements of the wireless, computing, automotive and entertainment market segments, offering a comprehensive portfolio of technologies, the largest installed base in the Asia-Pacific region, and a global network of strategically deployed applications and support resources.  Additional information can be found at www.ltxc.com .

LTX-Credence and LTXC are trademarks of LTX-Credence Corporation. All other trademarks are the property of their respective owners

LTX-Credence Corporation     
Consolidated Balance Sheets    
 (in thousands)     
     
     
 ASSETS  January 31, 2013 July 31, 2012
   (unaudited)   
 Current assets     
 Cash and cash equivalents   $ 32,358  $ 29,446
 Marketable securities  95,386 107,728
 Accounts receivable - trade, net  23,523 31,182
 Accounts receivable - other  647 740
 Inventories, net  29,350 28,850
 Prepaid expenses and other current assets  3,430 3,440
 Total current assets  184,694 201,386
     
 Property and equipment, net  17,744 18,229
 Intangible assets, net  2,362 3,153
 Goodwill  43,030 43,030
 Other assets  1,248 1,270
 Total assets   $ 249,078  $ 267,068
     
 LIABILITIES AND STOCKHOLDERS' EQUITY     
 Current liabilities     
 Accounts payable   $ 9,082  $ 12,734
 Other accrued expenses  17,382 19,736
 Deferred revenue  5,030 5,347
 Total current liabilities  31,494 37,817
     
 Other long-term liabilities  12,085 13,547
 Stockholders' equity  205,499 215,704
 Total liabilities and stockholders' equity   $ 249,078  $ 267,068
         
LTX-Credence Corporation        
Consolidated Statements of Operations        
(in thousands, except earnings per share data)        
(unaudited)        
  Three Months Ended Six Months Ended
  January 31,  January 31,
  2013 2012 2013 2012
         
Net sales  $ 35,016  $ 24,082  $ 78,204  $ 57,834
Cost of sales 16,457 13,202 36,141 28,917
Gross profit  18,559 10,880 42,063 28,917
         
Engineering and product development expenses 13,203 12,364 25,595 25,280
Selling, general, and administrative expenses 9,183 8,346 19,189 17,667
Amortization of purchased intangible assets  396 791  792  1,582
Restructuring   69  141 300 187
Loss from operations (4,292) (10,762) (3,813) (15,799)
         
Other income, net 282 403  491 654
Loss before benefit from income taxes (4,010) (10,359) (3,322) (15,145)
Benefit from income taxes (734) (671)  (595) (549)
Net loss  $ (3,276)  $ (9,688)  $ (2,727)  $ (14,596)
         
Net loss per share:        
         
Basic and Diluted  $ (0.07)  $ (0.20)  $ (0.06)  $ (0.30)
         
Weighted average shares outstanding:        
         
Basic and Diluted 47,425 48,961 47,864 49,225
         
LTX-Credence Corporation         
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss      
(In thousands, except per share amounts)      
(unaudited)        
         
  Three Months  Basic and Diluted Three Months  Basic and Diluted
  Ended  Earnings  Ended  Earnings 
  January 31, 2013 Per Share  January 31, 2012 Per Share 
         
GAAP net loss  $ (3,276)  $ (0.07)  $ (9,688)  $ (0.20)
Release of income tax liabilities due to lapses in statutes of limitations  (1,058)  (0.02)  (866)  (0.02)
Restructuring  69  0.00  141  0.00
Merger-related (income) expenses  --   --   (49)  (0.00)
Amortization of purchased intangible assets  396  0.01  791  0.02
Non-GAAP net loss   $ (3,869)  $ (0.08)  $ (9,671)  $ (0.20)
         
         
Weighted average shares outstanding:    47,425    48,961
         
         
         
  Six Months  Basic and Diluted Six Months  Basic and Diluted
  Ended  Earnings  Ended  Earnings 
  January 31, 2013 Per Share  January 31, 2012 Per Share 
         
GAAP net loss  $ (2,727)  $ (0.06)  $ (14,596)  $ (0.30)
Release of income tax liabilities due to lapses in statutes of limitations  (1,058)  (0.02)  (866)  (0.02)
Amortization of purchased intangible assets  792  0.02  1,582  0.03
Restructuring  300  0.01  187  0.00
Income tax expense from foreign entity mergers  167  0.00  --   -- 
Merger-related expenses  --   --   66  0.00
Non-GAAP net loss   $ (2,526)  $ (0.05)  $ (13,627)  $ (0.29)
         
         
Weighted average shares outstanding:    47,864    49,225
CONTACT: Rich Yerganian, LTX-Credence Corporation
         Tel. 781.467.5063
         Email rich_yerganian@ltxc.com

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