LTXX Q3 book/bill was 1.28.
WESTWOOD, Mass.--(BUSINESS WIRE)--May 15, 2002--LTX Corporation (Nasdaq: LTXX - News), a leading supplier of semiconductor test solutions, today announced financial results for its third fiscal quarter ended April 30, 2002. The results were in line with analysts' estimates and slightly improved from the Company's performance in the second fiscal quarter.
Sales were $28,055,000, up from $27,585,000 in the preceding quarter. Net loss was $(12,328,000) or $(0.25) per share, compared with $(12,519,000) or $(0.26) per share (excluding an inventory-related charge) in the second quarter. In the third fiscal quarter last year, LTX reported sales of $66,621,000 and net income of $3,792,000, or $0.08 per share.
The Company's loss from operations for the third quarter was $20,206,000, down approximately $800,000 from the preceding quarter (excluding the charge). The gross margin improved to 17% from 16.1%, while selling, general and administrative expenses were reduced to 24.2% of sales from 26.6% in the second quarter. The Company continued its substantial ongoing investments in R&D in support of future growth; engineering and product development expenses totaled $18,182,000 for the quarter--essentially equal to the previous quarter.
Net new orders for the quarter were approximately $36,000,000, up 24% from the second quarter and 140% above their recent low in the first fiscal quarter. The Company's net book-to-bill ratio for the third quarter was 1.28.
Roger Blethen, Chairman of the Board and Chief Executive Officer commented, "In addition to meeting our financial targets, we made significant strategic progress during the quarter. We added three important new customers, achieved a key milestone in our manufacturing relationship with Jabil, and substantially improved our position in the subcontract test market. In addition, our improved incoming orders for the quarter provide further confirmation that the first phase of our industry's recovery, the purchasing of leading next generation test technology, is underway." |
