LTX-Credence (LTXC) Posts Q4, FY2011 Results; Revenues Shy of Previous Guidance

LTX-Credence Corp., a global provider of ATE solutions, today announced financial results for its fourth quarter and fiscal year ended July 31, 2011.

The company reported fourth quarter 2011 sales of $62.6 million, a decrease compared to sales of $73.1 million for the fourth quarter of 2010, but up from previous quarter sales of $58.6 million. Net income for the 2011 quarter was $12.0 million, or $0.24 per diluted share, a decrease from $14.1 million, or $0.09 per diluted share, reported for the fourth quarter of last year. On a non-GAAP basis, net income for the 2011 quarter was $13.8 million, or $0.27 per diluted share.

For the 12 months ended July 31, 2011, LTX reported sales of $249.5 million, up 14 percent compared to sales of $219.0 million reported for full-year 2010. Net income was $60.0 million, or $1.19 per diluted share, compared to net income of $18.5 million, or $0.13 per share, reported for the comparable 12 months of 2010. On a non-GAAP basis, net income for the year was $56.3 million, or $1.12 per diluted share.

Dave Tacelli, CEO and president of LTX, acknowledged that sales weren’t as high as hoped, but attributed the revenue quarter-over-quarter revenue increase to strong growth in the company’s application specific and power management segments.

“Although revenues were slightly below the low-range of our guidance, net income came in at the mid-point of the guidance,” Tacelli stated in the press release. “Our balance sheet was further strengthened from better than expected cash generation from operations, resulting in an increase in net cash of approximately $16 million during the quarter, and ending the year with no debt and $163 million in cash, cash equivalents, and marketable securities.

For the upcoming fiscal quarter ended Oct. 31, 2011, the company expects revenues between $35 million and $39 million; non-GAAP net loss is expected to be in the range of $(0.10) to $(0.06) per share.

For more information visit www.ltxc.com

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