LTX Announces Third Quarter Results
(BusinessWire, 05/18/2000 06:04)
WESTWOOD, Mass.--(BUSINESS WIRE)--May 18, 2000--LTX Corporation (NASDAQ:LTXX), today announced financial results for its third quarter ended April 30, 2000. Sales were $82,117,000 compared to $43,210,000 in the third quarter last year. Net income was $17,529,000 or $0.37 per share, compared to net income of $1,794,000, or $0.05 per share in the third quarter of last year.
For the nine-month period ended April 30, 2000, sales were $212,332,000 compared to $103,919,000 for the same period last year. The net profit was $36,439,000 or $0.81 per share, compared to a net loss of $(3,959,000), or $(0.11) per share for the same period last year.
Roger Blethen, President and Chief Executive Officer of LTX, commented, "Our record performance for the fiscal third quarter was achieved on several fronts. Demand for new technology, system-on-a-chip (SOC) and advanced mixed signal test systems led to revenues of $82.1 million. Our growing installed base among the top dozen merchant IC producers, and further gains in the Subcontract Test market in Asia, led to orders of $122.1 million, our highest level ever, and a book-to-bill of 1.5."
Mr. Blethen continued, "Gross margins improved to 48% and we maintained tight control of overall expenses even as we increased our investment in Fusion R&D, leading to a net income of $17.5 million. During the quarter, LTX's balance sheet, now the strongest in the Company's history, improved significantly as the result of a successful equity offering, the divestiture of a non-strategic division, and the conversion of long-standing subordinated debentures into equity."
Mr. Blethen concluded, "We remain confident that our industry-leading, single-platform Fusion test system will continue to best its competitors for next generation decisions. In turn, LTX will develop new Fusion capabilities and applications, aligned closely to the needs of the emerging SOC producers."
LTX's conference call to review the quarter's results will be accessible on the Internet. If you are interested, please go to www.ltx.com, click on the "Investor Relations" link at the top of the page and then follow the link to the "Q3FY00 Conference Call". The live broadcast will begin at 10:00AM EDT, May 18, 2000 and will be archived on the LTX website for one week.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this press release may be forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties 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 Form 10-Q for the quarter ended January 31, 2000 and Form 10-K for the fiscal year ended July 31, 1999 filed with the Securities and Exchange Commission.
LTX Corporation is the only semiconductor test equipment company to offer a "one test platform, zero compromises" solution for testing the full spectrum of system-on-a-chip, mixed signal, digital and analog integrated circuits. Headquartered in Westwood, Mass., the company has additional development facilities in San Jose, Calif., as well as sales and service facilities throughout North America, Europe, the Pacific Rim and Japan. LTX also provides development and manufacturing facilities in Japan through its unique alliance with Ando Electric Co. Ltd. LTX is traded on the Nasdaq National Market under the symbol "LTXX." Further information on LTX can be obtained by calling 1-888-INFOLTX (or 888 463-6589). LTX's web site is located at ltx.com.
LTX and Fusion are registered trademarks of LTX Corporation. *T
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