Verigy posts smaller-than-expected fiscal 2Q loss
Verigy fiscal 2nd-quarter results top analysts' expectations, shares jump after-hours
* On Thursday May 21, 2009, 6:26 pm EDT
CUPERTINO, Calif. (AP) -- Verigy Inc., which makes test equipment for semiconductor makers, on Thursday reported a fiscal second-quarter loss, reversing a year-ago profit, as demand dropped for its products and services. But the results were better than analysts expected, sending Verigy shares up $1.24, or 11 percent, in after-hours trading.
For the quarter that ended April 30, Verigy reported a loss of $30 million, or 52 cents per share, compared with a profit of $14 million, or 23 cents per share, in the year-ago quarter. Results in the most recent quarter include $4 million in charges related to its restructuring moves, and a $1 million one-time tax adjustment.
Excluding these charges, Verigy's loss totaled 44 cents per share.
Verigy said its revenue sank 56 percent to $71 million, as products revenue fell nearly 66 percent to $42 million and services revenue dropped nearly 28 percent to $29 million.
But the results still beat the average estimates of analysts polled by Thomson Reuters, who forecast a loss of 65 cents per share on $61.6 million in sales.
Looking ahead, the company expects revenue in the third quarter to grow 10 percent to 25 percent from the second quarter, which implies sales between $78.1 million and $88.8 million. That's well above analysts' average estimate of $67.6 million.
Verigy shares closed regular trading down 33 cents at $11.31.
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