LTX Announces Record Fourth Quarter and Fiscal Year End Results
WESTWOOD, Mass., August 29, 2000 – LTX Corporation (Nasdaq: LTXX), today announced financial results for its fourth quarter ended July 31, 2000. Sales were $93,203,000 compared to $53,407,000 in the fourth quarter last year. Net income was $42,296,000, or $0.84 per share, compared to $4,334,000, or $0.11 per share, in the fourth quarter of last year. Before recording a benefit of $20,261,000 for certain deferred tax benefits, net income was $22,035,000, or $0.44 per share.
For the twelve-month period ended July 31, 2000, sales were $305,535,000 compared to $157,326,000 for the same period last year. Net income for the fiscal year 2000 was $78,735,000, or $1.70 per share, compared to $375,000, or $0.01 per share in the prior year. Excluding the tax benefit
recorded in the fourth quarter, net income was $58,521,000, or $1.27 per share.
Roger Blethen, President and Chief Executive Officer of LTX, commented, “Fiscal 2000 was a banner year for LTX. Revenues were up nearly 100% over the previous year and earnings reached an all time high. Thirteen new Fusion customers contributed to orders of $422 million, double the previous year’s total, as Fusion continues to win next generation product decisions for system-on-a-chip (SOC) devices. To advance our technological lead, we significantly increased our investment in R&D to provide leading edge system-on-a-chip test technology.”
Mr. Blethen continued, “During our fourth quarter, the expansion of Fusion’s installed base among the top dozen merchant IC producers and gains at subcontract test companies in Asia led to record orders of $131 million. This
resulted in a book-to-bill of 1.4 and included contributions from three new Fusion customers.”
Mr. Blethen concluded, “We look forward to an exciting FY2001. With Fusion’s industry leading system-on-a-chip test technology, LTX is well positioned to test the complex communications devices that continue to drive the market. We began the first quarter engaged in several next generation tester evaluations and are confident we can maintain our pace of winning 2-3 new customers each quarter. We are also encouraged by our progress in the subcontract test market, which played an important role in our record orders for the fourth quarter. With our strong competitive position
and continuing robust business conditions, we are confident that FY2001 will be another record year for LTX.”
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
“Q4FY00 Conference Call”. The live broadcast will begin at 10:00AM EDT, August 29, 2000 and will be archived on the LTX website for one week.
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