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LTX-Credence Announces Second Quarter Results

Stocks in this article: LTXC

Second Fiscal Quarter Highlights:

  • Completed acquisition of Multitest and Everett Charles Technologies from Dover Corporation
  • Implemented restructuring plans that are expected to deliver over $15 million of annual cost savings
  • Revenues at $68.4 million delivered ($0.13) non-GAAP net loss per share, $0.08 better than expected
  • Mobility and Automotive markets are seeing strong momentum in multiple business segments

NORWOOD, Mass., Feb. 27, 2014 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), today announced financial results for its second fiscal quarter ended January 31, 2014.

Net sales for the quarter were $68,356,000, compared to the prior quarter net sales of $32,767,000. Net loss for the quarter was $(4,181,000), or $(0.09) per share on a GAAP basis. Excluding the impact of bargain purchase gain of $6,044,000, acquisition related expenses, restructuring, and purchase accounting adjustments of $3,664,000, and amortization of purchased intangible assets of $424,000, non-GAAP net loss for the quarter was $(6,137,000), or $(0.13) per share.

Dave Tacelli, chief executive officer and president, commented, "During the quarter we closed on the acquisition of the Multitest and Everett Charles Technologies businesses from Dover Corporation, implemented restructuring plans that are expected to deliver over $15 million in annual savings, and saw significantly improving business conditions in our SOC tester business.

As we start the new calendar year we are optimistic about our growth prospects for 2014. We are seeing the strongest business conditions in the semiconductor test market in more than two years, and the PCB tester business is also showing strong momentum, especially with our industry leading flying probe test technology.

Our focus now is on growing the business, bringing new products and services to market, providing customers with the highest level of responsiveness and support, and achieving our business model targets."

Third Quarter Fiscal 2014 Outlook

For the fiscal quarter ending April 30, 2014 net sales are expected to be in the range of $100 million to $105 million. Non-GAAP net income is expected to be in the range of $0.00 to $0.06 per share, assuming 48.2 million shares outstanding. The non-GAAP net income guidance excludes restructuring charges and other acquisition related expenses of approximately $4,500,000 and amortization of purchased intangible assets of approximately $600,000.

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