LTX Announces Second Quarter Results
February 16, 2006 16:05:04 (ET)
WESTWOOD, Mass., Feb 16, 2006 (BUSINESS WIRE) -- LTX Corporation (LTXX, Trade), a leading provider of semiconductor test solutions, today announced financial results for its second quarter ended January 31, 2006. The results were in line with the Company's guidance provided on November 17, 2005.
Sales for the quarter were $47,803,000, up 6% from prior quarter sales of $44,951,000. Net loss for the quarter was $(1,446,000), or $(0.02) per share on a GAAP basis, which included restructuring and other charges totaling $2,098,000, or $0.03 per share, primarily related to our UK downsizing, compared to a net loss for the 2006 first fiscal quarter of $(8,383,000), or $(0.14) per share on a GAAP basis. Sales were $27,036,000 for the second quarter of fiscal year 2005 and net loss was $(19,183,000), or $(0.31) per share on a GAAP basis. Incoming orders for the second quarter of fiscal 2006 were $60 million yielding a book-to-bill ratio of 1.25 to 1, up 29% from the prior quarter.
Dave Tacelli, chief executive officer and president, commented, "It's clear that our industry is solidly in an up cycle which is driving increasing revenues and orders from a broad range of customers and end markets. Our business model is performing to expectations and we are on plan to achieve our break-even reduction goal for the fiscal year. This is an important objective for LTX and is further validation that our product strategy, market focus and business model are performing well."
THIRD QUARTER FISCAL 2006 OUTLOOK
Revenue is expected to be in the range of $51 million to $54 million, with gross margin of approximately 51%. The earnings per share is projected to be in the range of $0.07 to $0.10 assuming 63 million shares outstanding and a 0% tax rate. This guidance does not include any provisions for restructuring and other special charges.
The Company will conduct a conference call today, February 16, 2006, at 4:30 PM EST to discuss this release. The conference call will be simulcast via the LTX web site (www.ltx.com). Audio replays of the call can be heard through March 2, 2006 via telephone by dialing 888.286.8010; passcode 34076257 or by visiting our web site at www.ltx.com. |
