LTX sales slip 16.4%, but test orders at highest level in year
Semiconductor Business News
(02/14/02 08:09 a.m. EST)
siliconstrategies.com
WESTWOOD, Mass.--Semiconductor test supplier LTX Corp. today reported a net loss of $37.8 million, including charges for excess inventory, in the company's fiscal second quarter, ended Jan. 31, on sales of $27.6 million. LTX said its sales were 72.4% lower than $99.9 million in the quarter last year and 16.4% less than $33.0 million in the prior three-month period.
"We achieved our revenue, expense and earnings targets for the quarter, despite the continuing difficult market conditions," said Roger Blethen, chairman and chief executive officer of LTX. He said new orders in the quarter grew to $36 million -- "our highest incoming order rate during the past year." The CEO said the growth in bookings and orders for new technology were "signs that the business cycle is moving in a positive direction."
LTX's net loss, excluding the inventory charge and related items, matched estimates by financial analysts at -$0.26 per chare, or a loss of $12.5 million, according to First Call/Thomson Financial. The Westwood-based supplier of automatic test equipment (ATE) said it recorded a reserve for excess inventory and an associated charge of $42.2 million. |
