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LTX-Credence Announces Third Quarter Results

Stocks in this article: LTXC

NORWOOD, Mass., May 22, 2013 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of market focused, cost-optimized ATE solutions, today announced financial results for its third quarter ended April 30, 2013.

Net sales for the quarter were $36,257,000, compared to the prior quarter net sales of $35,016,000. Net loss for the quarter was $(4,744,000), or $(0.10) per share on a GAAP basis. Excluding the impact of special items totaling $356,000, and amortization of purchased intangible assets of $395,000, non-GAAP net loss for the quarter was $(3,993,000), or $(0.08) per share.

Dave Tacelli, chief executive officer and president, commented, "The adoption of Diamondx by new and existing customers is ahead of our expectations. We now have sixteen customers and approximately forty applications in either production or development. Changes in the volume ramp of some of our customers' new products have impacted the short term need for additional test capacity. However, we expect sales of Diamondx to accelerate in the back half of the calendar year given current customer forecasts."

Fourth Quarter Fiscal 2013 Outlook

For the fiscal quarter ending July 31, 2013 net sales are expected to be in the range of $36 million to $40 million. Non-GAAP net loss is expected to be in the range of $(0.09) to $(0.05) per share, assuming 48 million shares outstanding. The non-GAAP net loss guidance excludes amortization of purchased intangible assets of approximately $0.4 million.

The Company will conduct a conference call today, May 22, 2013, at 10:00 AM EDT to discuss this release. The conference call may be accessed via telephone by dialing (877) 853-5334. The call will be simulcast via the LTX-Credence web site http://investor.ltxc.com/events.cfm . Audio replays of the call can be heard through May 24, 2013, via telephone, by dialing (855) 859-2056; conference ID number 64739033. A replay of the webcast can be accessed by visiting our web site 90 minutes following the conference call at http://investor.ltxc.com/events.cfm .

Information About Non-GAAP Measures

LTX-Credence supplements its GAAP financial results by providing non-GAAP measures to evaluate the operating performance of the Company. Non-GAAP net loss for the quarter ended April 30, 2013 excludes the amortization of purchased intangible assets, restructuring charges, and other special items. Management finds these non-GAAP measures to be useful for internal comparison to historical operating results as well as to the operating results of its competitors, and believes that this information is useful to investors for the same purposes. A reconciliation between the Company's GAAP and non-GAAP results is provided in the attached tables. Readers are reminded that non-GAAP information is merely a supplement to, and not a replacement for, GAAP financial measures. 

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