LTX Announces First Quarter Results
Thursday November 14, 7:05 am ET
WESTWOOD, Mass.--(BUSINESS WIRE)--Nov. 14, 2002--LTX Corporation (Nasdaq: LTXX - News), a leading provider of semiconductor test solutions, today announced financial results for its fiscal quarter ended October 31, 2002. The operating results for the quarter were in line with Company guidance.
Sales were $30,007,000, down from $32,630,000 in the fourth quarter. Net loss was $(22,684,000), or $(0.46) per share, including a restructuring charge of $1,990,000 for a workforce reduction of 94 employees on August 22, 2002. Applying the statutory tax rate of 40% and excluding the restructuring charge, net loss for the first fiscal quarter of this year would have been $(12,416,000) or $(0.25) per share. In the first quarter of last fiscal year, sales were $33,003,000 and net loss, after applying the then-effective tax rate of 30%, was $(9,397,000), or $(0.19) per share.
In order to better align LTX's expense structure with current industry conditions, the Company further reduced its workforce on November 12, 2002. The action affected 195 people worldwide, at all levels and disciplines, and represents approximately 27% of the employee base. The Company expects this reduction to result in annualized savings of approximately $16 million.
Roger W. Blethen, Chairman and Chief Executive Officer, commented, "Although we met our financial guidance for the quarter, industry conditions continue to be challenging. Net orders were $20 million, up 30% year over year, resulting in a book to bill of 0.7 to 1, and were down sequentially from our fourth quarter."
Mr. Blethen continued, "Orders in the current business environment are being driven mainly by technology purchases for wireless ICs, including Bluetooth and 802.11 wireless local area network (WLAN) and for digital signal processing (DSP) chips. Wireless and DSP are the two technologies we see as the early drivers of the next cycle and represent the areas where we are focusing our development efforts for Fusion. Earlier in the quarter, we announced Synad as a new customer. Synad is a European-based fabless company that has developed an 802.11A/B multi-standard solution enabling mobility and interoperability across the various WLAN standards."
Mr. Blethen continued, "As we move forward in the second quarter, I am confident our decisions and activities position the Company to be a leader in the next growth cycle. We will continue to focus on bringing innovative new capabilities for Fusion to market, targeting and winning new customers and tightly managing our expenses. " |
