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LTX-Credence Announces First Quarter Results

Stocks in this article: LTXC

NORWOOD, Mass., Dec. 3, 2013 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), today announced financial results for its first fiscal quarter ended October 31, 2013.

Net sales for the quarter were $32,767,000, compared to the prior quarter net sales of $37,521,000. Net loss for the quarter was $(6,900,000), or $(0.14) per share on a GAAP basis. Excluding the impact of acquisition related expenses totaling $1,700,000, and amortization of purchased intangible assets of $193,000, non-GAAP net loss for the quarter was $(5,007,000), or $(0.10) per share.

Dave Tacelli, chief executive officer and president, commented, "Our first quarter results included a stronger contribution of Diamondx sales as customers started volume production of their new designs. We expect this ramp to continue in our second fiscal quarter, offsetting some of the seasonality we usually experience during this time of the year.

"Yesterday we announced the closing of the acquisition of Multitest and Everett Charles Technologies (ECT). We are excited to move forward as a new company, offering best-in-class products, as well as integrated test solutions serving the semiconductor and printed circuit board (PCB) markets."

Second Quarter Fiscal 2014 Outlook

Guidance for the fiscal quarter ending January 31, 2014 includes 2 months of Multitest and ECT estimates combined with a full quarter of LTX-Credence estimates. Net sales are expected to be in the range of $69 million to $75 million. Non-GAAP net loss is expected to be in the range of $(0.21) to $(0.15) per share, assuming 48 million shares outstanding. The non-GAAP guidance excludes amortization of purchased intangible assets, and one-time special charges related to the acquisition. Acquisition related fees such as legal, tax, and banking fees are expected to be approximately $2M during the quarter. We expect other charges to be incurred during the quarter related to restructuring, amortization of additional purchased intangible assets, and purchase price accounting adjustments, but these amounts cannot be estimated at this time. LTX-Credence stand-alone estimates for the quarter would have been for net sales to be in the range of $25 million to $29 million, and non-GAAP net loss to be in the range of $(0.20) to $(0.16) per share.

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