LTX Corporation (Nasdaq: LTXX), a leading provider of semiconductor
test solutions, today announced financial results for its fiscal
year 2008 second quarter ended January 31, 2008. The results were
in line with the Company�s guidance provided on November 20, 2007.
Sales for the quarter were $31,022,000, up 5% from prior quarter
sales of $29,635,000. Net loss for the quarter was $(3,178,000), or
$(0.05) per share on a GAAP basis. In the second quarter of fiscal
year 2007, sales were $34,671,000 and the net loss was
$(3,079,000), or $(0.05) per share on a GAAP basis. Total incoming
orders for the second quarter of fiscal 2008 were $54.5 million
yielding a book-to-bill ratio of 1.76 to 1, and up 82% from the
prior quarter. Incoming product orders were up 65% sequentially.
Dave Tacelli, chief executive officer and president, commented,
�Our second quarter results met the guidance expectations for the
quarter, and the order growth was strong. As a result, our third
quarter revenue guidance is up approximately 25% sequentially with,
most importantly, a return to profitability. The primary source of
the order growth was from new customers that were previously in an
engineering development phase that are now transitioning into
volume production. The secondary source of the order growth was
from capacity expansion at our existing strategic customers.� Among
our accomplishments for our second fiscal quarter were the
following: New accounts won over the past several years produced
two-thirds of the increase in orders, with our largest customer
accounting for the remainder - a direct result of customers moving
new designs into volume production. Two customers represented at
least 10% of orders and revenue in the quarter. Added two new
customers in China, an important and growing market for RF/wireless
companies looking to expand business with the lowest possible cost
of test. Won several new customers, including two new
subcontractors taking delivery of their first MX testers. THIRD
QUARTER FISCAL 2008 OUTLOOK For the quarter ending April 30, 2008,
revenue is expected to be in the range of $37 million to $40
million, with gross margin of approximately 51%. The earnings per
share is projected to be in the range of $0.01 to $0.03, assuming
62.7 million fully diluted shares, and a 0% tax rate. The Company
will conduct a conference call today, February 19, 2008, at 4:30 PM
EST to discuss this release. The conference call will be simulcast
via the LTX web site (www.ltx.com). Audio replays of the call can
be heard through March 13, 2008 via telephone by dialing
888-286-8010; passcode 91831568 or by visiting our web site at
www.ltx.com. "Safe Harbor" Statement: This press release contains
forward-looking statements within the Private Securities Litigation
Reform Act of 1995. Any statements contained in this press release
that relate to prospective events or developments, including,
without limitation, statements regarding our revenue, margin and
earnings guidance, are deemed to be forward-looking statements.
Words such as �believes,� �anticipates,� �plans,� �expects,�
�projects,� �forecasts,� �will� and similar expressions are
intended to identify forward-looking statements. There are a number
of important factors and risks that could cause actual results or
events to differ materially from those indicated by these
forward-looking statements. Such risks and factors include, but are
not limited to, the risk of fluctuations in sales and operating
results, risk related to the timely development of new products,
options and software applications, as well as the other factors
described under "Business Risks" in LTX's most recently filed
annual report on Form 10-K and in our most recently filed quarterly
report on Form 10-Q filed with the Securities and Exchange
Commission. We disclaim any intention or obligation to update any
forward-looking statements. ABOUT LTX LTX Corporation (Nasdaq:
LTXX) is a leading supplier of test solutions for the global
semiconductor industry. LTX�s X-Series, the industry�s most
comprehensive family of production-proven, compatible test systems,
delivers a scalable solution that provides the right test
performance and the right cost of test. Combined with LTX�s
industry-leading applications engineering and customer service
teams, the X-Series enables companies to accelerate their time to
market, optimize test economics and stay ahead of the technology
curve. Additional information can be found at www.ltx.com. LTX and
Fusion are registered trademarks and enVision is a trademark of LTX
Corporation. All other trademarks are the property of their
respective owners. Source LTX Corporation www.ltx.com � � � � � � �
� � LTX CORPORATION � CONSOLIDATED BALANCE SHEET (Unaudited) (In
thousands) � January 31, July 31, � 2008 � 2007 ASSETS Current
assets: Cash and Cash equivalents $ 35,888 $ 63,302 Marketable
Securities 28,531 35,236 Accounts receivable - trade 24,757 22,479
Accounts receivable - other 1,027 1,475 Inventories 24,680 27,102
Prepaid Expense 3,069 3,783 � � � Total current assets 117,952
153,377 � Property and equipment, net 30,645 32,483 Goodwill and
other intangible assets 14,762 14,762 Other assets 504 500 � � $
163,863 $ 201,122 � � � � LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Current portion of long-term debt $ 3,900 $
29,322 Accounts payable 13,660 15,334 Deferred revenues and
customer advances 1,518 1,838 Other accrued expenses 11,677 19,605
� � � Total current liabilities � 30,755 � 66,098 � Long-term debt,
less current portion 15,800 17,900 Long-term liability other 4,173
4,016 Stockholders' equity 113,135 113,108 � � � $ 163,863 $
201,122 � � � � � � � � � � � � LTX CORPORATION � CONSOLIDATED
STATEMENT OF OPERATIONS � (Unaudited) (In thousands, except
earnings per share data) � � � Three Months Six Months Ended Ended
January 31, January 31, � 2008 � � 2007 � � 2008 � � 2007 � � Net
sales $ 31,022 $ 34,671 $ 60,657 $ 84,511 � Cost of sales (includes
stock-based compensation expense of $36 for Q2 FY08; $35 for Q2
FY07; $62 YTD FY08; $57 YTD FY07 ) � 16,194 � � 18,629 � � 31,373 �
� 43,333 � � Gross Margin 14,828 16,042 29,284 41,178 � Engineering
and product development expenses (includes stock-based compensation
expense of $437 for Q2 FY08; $366 for Q2 FY07, $717 YTD FY08; $594
YTD FY07) 11,347 12,922 22,983 25,855 � � Selling, general and
administrative expenses (includes stock-based compensation expense
of $1,005 for Q2 FY08; $939 for Q2 FY07; $1,671 YTD FY08; $1,630
YTD FY07) 6,921 6,433 13,432 13,498 � Reorganization costs � - � �
(377 ) � - � � (377 ) � Income (Loss) from operations (3,440 )
(2,936 ) (7,131 ) 2,202 � Interest income (expense), net � 334 � �
(143 ) � 550 � � (691 ) � Net income (loss) before provision
(benefit) for taxes (3,106 ) (3,079 ) (6,581 ) 1,511 � Provision
(benefit) for taxes � 72 � � � (3,179 ) � � Net income (loss) $
(3,178 ) $ (3,079 ) $ (3,402 ) $ 1,511 � � � Net income (loss) per
share Basic $ (0.05 ) $ (0.05 ) $ (0.05 ) $ 0.02 Diluted $ (0.05 )
$ (0.05 ) $ (0.05 ) $ 0.02 � � Weighted average shares: Basic
62,510 62,031 62,490 62,025 Diluted 62,510 62,031 62,490 62,547
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