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Now for our Safe Harbor statement. During the course of this conference call, we will make forward-looking statements regarding LTX-Credence's business outlook or the future financial performance of the company. We wish to caution you that these statements such as projected revenues, net income or loss, earnings or loss per share, operating expenses, gross margin, cash flow, non-GAAP measures and breakeven targets are management's current predictions and that these statements are subject to know and unknown risks and uncertainties that could cause actual results or events to differ materially from those stated or implied.The statements provided during this call represent the company's estimates as of this day and the company assumes no obligation to update them after this call. Please refer to our Safe Harbor statement in our earnings release for more information on important factors that could cause actual results to differ. Now on to the call. Dave? Dave Tacelli Thanks, Mark and good morning everyone. During today's call, I'll provide a brief review of the fourth quarter followed by a discussion of our goals and objectives for the new fiscal year. While macroeconomic conditions are impacting the pace of the recovery in the current business cycle, we remain optimistic that our line up of new products and our growing customer base have positioned us for meaning share gains as the cycle picks up steam. The launch of our new Diamondx product remains on track and we are very confident about the positive impact this new system will have on the top line growth. We expect to recognize initial revenues from Diamondx in the current quarter. Our fourth quarter revenues were at the midpoint of guidance, while EPS was at the high end of the range as our business model continues to perform better than planned. Our goal was to return to profitability in the fourth fiscal quarter and we met that objective. We also generated $4.3 million of EBITDA recovering in one quarter almost half of what was lost during the three quarter downturn.
As our guidance indicates, we expect the flat first fiscal quarter as macroeconomic headwinds have caused some of our customers to pull back slightly on capacity addition they had originally planned for. As always our visibility remains limited in our industry, but we are prepared to ramp revenues quickly should our customers’ requirements reaccelerate faster than accepted.Our business model remains solid and has proven its ability to flex with rapidly changing business conditions. We expect to see a steady ramp of new product shipments through the fiscal year, most of which are coming from new business opportunities. The pace of that growth will be determined by the demand for those new devices in the market place. Our balance sheet remains strong with a $137 million in cash and no debt. Our cash balances remained flat even after repurchasing approximately 3.5 million of stock during the fourth quarter. To date we have repurchased over 1.6 million shares under the repurchase program. From a financial perspective, the fiscal year was disappointing as the bottom part of the business cycle coincided with three of the four quarters of the year. We were however pleased with our new product introductions and customer wins during the fiscal year. We introduced not only the Diamondx, but also a key new RF instrument called DragonRF. DragonRF a general purpose RF instrument offers state-of-the-art RF capability for testing the latest in communication standards like LTE or 802.11AC while allowing customers to achieve the lowest cost of test. From a customer perspective, we also made significant progress in developing new business opportunities that will serve as the foundation for share gains as we expect to achieve over the next three-year business cycle. These new customer wins were in the ASSP and micro controller market segments and both with Diamondx. Read the rest of this transcript for free on seekingalpha.com