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LTX-Credence Announces Fourth Quarter And Fiscal Year Results

Stocks in this article: LTXC

NORWOOD, Mass., Aug. 28, 2013 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of market focused, cost-optimized ATE solutions, today announced financial results for its fourth quarter and fiscal year ended July 31, 2013.

Net sales for the quarter were $37,521,000, compared to the prior quarter net sales of $36,257,000. Net loss for the quarter was $(4,656,000), or $(0.10) per share on a GAAP basis. Excluding the impact of special items totaling $1,121,000, and amortization of purchased intangible assets of $396,000, non-GAAP net loss for the quarter was $(3,139,000), or $(0.07) per share.   

For the twelve-month period ended July 31, 2013, sales were $151,982,000. Net loss was $(12,127,000), or $(0.25) per share on a GAAP basis. Excluding the net impact of special items totaling $1,776,000, and amortization of purchased intangible assets of $1,582,000, net loss for the year was $(8,769,000), or $(0.18) per share on a non-GAAP basis.

Dave Tacelli, chief executive officer and president, commented, "Our fourth quarter results were in line with our expectations. While there are specific market segments showing increasing business levels, a broad based recovery in our industry has yet to materialize. However, if the trends we see in certain market segments continue, we expect calendar year 2014 to be a growth year for the industry and our test business."

First Quarter Fiscal 2014 Outlook

For the fiscal quarter ending October 31, 2013 net sales are expected to be in the range of $31 million to $35 million. Non-GAAP net loss is expected to be in the range of $(0.14) to $(0.09) per share, assuming 48 million shares outstanding. The non-GAAP net loss guidance excludes amortization of purchased intangible assets of approximately $192,000.

The Company will conduct a conference call today, August 28, 2013, at 08:00 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 August 30, 2013, via telephone, by dialing (855) 859-2056; conference ID number 28666472. 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 July 31, 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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