newsalert.com 18, 1999 07:16
LTX Announces First Quarter Results
WESTWOOD, Mass.--(BUSINESS WIRE)--Nov. 18, 1999--LTX Corporation (Nasdaq:LTXX), today announced financial results for its first quarter ended October 31, 1999. Sales were $60,005,000 compared to $27,018,000 in the first quarter last year. Net income was $6,874,000 or $0.17 per share, compared to a net loss of $(6,892,000), or $(0.19) per share in the first quarter of last year.
Roger Blethen, President and Chief Executive Officer of LTX commented, "Our strong performance during the quarter was the result of continuing execution of our Fusion(R) product strategy. We met our goal and won three new customers for Fusion. Orders for the quarter of $68 million included a significant amount from Fusion customers gained during the last three quarters. For the first time, Fusion HF orders accounted for the majority of our product orders during the quarter."
Mr. Blethen continued, "Our improved results, coupled with the successful public offering we completed during the quarter, has led to a stronger financial position for the Company. As momentum for Fusion continues to build, this strong financial position will allow us to fund the growth needed to satisfy growing customer demands. We remain focused on the development of Fusion, our single-platform test system designed for testing system-on-a-chip and advanced mixed signal semiconductor devices for the rapidly expanding Internet-based and wireless communications markets."
"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-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.
LTX CORPORATION
CONSOLIDATED BALANCE SHEET
(unaudited)
(In thousands, except share data)
October 31, October 31,
1999 1998
ASSETS
Current assets:
Cash and equivalents $ 93,534 $ 19,636
Accounts receivable,
net of allowances of $1,792 and $2,200 52,579 26,248
Accounts receivable - other 4,129 5,794
Inventories 55,110 39,157
Other current assets 5,726 4,188
Total current assets 211,078 95,023
Property and equipment, net 32,649 33,066
Other assets 745 2,678
$244,472 $130,767
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 11,399 $ 5,296
Current portion of long-term debt 661 4,812
Accounts payable 40,298 22,762
Deferred revenues and customer advances 12,257 14,107
Other accrued expenses 12,463 18,669
Total current liabilities 77,078 65,646
Long-term debt, less current portion 14,080 8,255
Other long-term liabilities -- 500
Convertible subordinated debentures 7,308 7,308
Stockholders' equity 146,006 49,058
$244,472 $130,767
LTX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(In thousands, except per share amount)
Three Months
Ended
October 31,
1999 1998
Net sales $ 60,005 $ 27,018
Cost of sales 36,259 19,847
Gross margin 23,746 7,171
Engineering and product development 7,818 5,996
expenses
Selling, general and administrative expenses 8,698 7,869
Income (loss) from operations 7,230 (6,694)
Interest (income) expense, net 356 198
Other (income) expense, net -- --
Income (loss) before income taxes 6,874 (6,892)
Provision for income taxes -- --
Net income (loss) $ 6,874 $ (6,892)
Net income (loss) per share: (No Tax)
Basic $ 0.19 $ (0.19)
Diluted $ 0.17 $ (0.19)
Net income (loss) per share: (Tax Adjusted) (a)
Basic $ 0.12 n/a
Diluted $ 0.11 n/a
Weighted average shares:
Basic 37,029 35,477
Diluted 40,422 35,477
(a) The company is in a no tax status for the quarter ended
October 31, 1999 due to net operating loss carry forward benefits.
The proforma after tax earnings per share assumed a 35% tax rate.
CONTACT: LTX Corporation
David G. Tacelli, (781) 467-4393
david_tacelli@ltx.com
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