8/29....LTXX CORP beats 4Q estimates
WESTWOOD, Mass.--(BUSINESS WIRE)--Aug. 29, 2000--LTX Corporation (Nasdaq: LTXX - news), 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 assets, 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 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.
``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 April 30, 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.
Email New Service Signup:
In an effort to provide more efficient distribution of information to our investors we will be transitioning our ``blast fax'' distribution method of LTX news to an email based system. To insure that all interested investors have the opportunity to sign-up for our email service, we will continue to ``blast fax'' our news up to and including our first quarter results for fiscal year 2001. Following the first quarter announcement (November 16, 2000), future communications from the Company will be distributed to interested investors only via email. For general distribution we will continue to use the wire services, provide a news service accessible by telephone (888-463-6589) and will continue to post company news on our web site.
To sign up for our email service please go to the ``Investor Info'' section of www.ltx.com and select the link for ``Email News Service Signup''. We will begin transmitting Company announcements via email commencing with our next news release. During the transition period, if you have already been receiving a fax of our news, and you sign up for the email service, you will receive both a fax and email of each news release.
If you have any questions or concerns please contact LTX's Investor Relations Department at 781-467-5123.
LTX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amount)
(Audited)
Three Months Twelve Months
Ended Ended
July 31, July 31,
2000 1999 2000 1999
Net sales $ 93,203 $ 53,407 $ 305,535 $ 157,326
Cost of sales 48,308 30,148 161,078 93,451
Gross margin 44,895 23,259 144,457 63,875
Engineering and
product development
expenses 14,219 9,801 50,582 34,828
Selling, general
and administrative
expenses 10,786 8,612 38,477 31,517
Income (loss)
from operations 19,890 4,846 55,398 (2,470)
Interest income
(expense), net 2,145 (512) 3,123 (941)
Other income, net -- -- -- 3,786
Income before
income taxes 22,035 4,334 58,521 375
Benefit from
income taxes (20,261) -- (20,214) --
Net income $ 42,296 $ 4,334 $ 78,735 $ 375
Net income
per share:
Basic $ 0.89 $ 0.12 $ 1.84 $ 0.01
Diluted $ 0.84 $ 0.11 $ 1.70 $ 0.01
Weighted average
shares:
Basic 47,429 36,185 42,897 35,696
Diluted 50,454 39,029 46,201 36,958
LTX CORPORATION
CONSOLIDATED BALANCE SHEET
(Audited)
(In thousands, except share data)
July 31, July 31,
2000 1999
ASSETS
Current assets:
Cash and equivalents $206,973 $ 19,936
Accounts receivable, net
of allowances
of $3,648 and $2,027 74,940 37,043
Accounts receivable - other 6,875 4,324
Inventories 75,671 48,551
Deferred Tax Asset 38,795 --
Other current assets 10,222 5,795
Total current assets 413,476 115,649
Property and equipment, net 38,125 31,942
Other assets 4,903 402
$456,504 $ 147,993
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 9,725 $ 5,472
Current portion of long-term debt 5,144 674
Accounts payable 43,042 37,439
Deferred revenues and
customer advances 23,096 11,391
Other accrued expenses 24,582 12,758
Total current liabilities 105,589 67,734
Long-term debt, less current portion 11,239 14,023
Other long-term liabilities -- --
Convertible subordinated debentures -- 7,308
Stockholders' equity 339,676 58,928
$456,504 $147,993
--------------------------------------------------------------------------------
Contact:
LTX Corporation
David G. Tacelli, (781) 467-4393
david_tacelli@ltx.com |
