LTX Announces Second Quarter Results
Tuesday February 19, 4:05 pm ET
NORWOOD, Mass.--(BUSINESS WIRE)--LTX Corporation (Nasdaq: LTXX - News), 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.
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