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Technology Stocks : LTX Corp. (LTXX) -- Ignore unavailable to you. Want to Upgrade?

To: John Miz who wrote (1820)	11/18/1999 11:31:00 AM
From: John Miz	Read Replies (2) \| Respond to of 2126

Here's Gruntals' note on LTXX from a couple days ago. Tell's us their thinking... Reiterate 1-1 Investment Rating: Fiscal 1Q00 earnings preview The company is scheduled to release fiscal 1Q00 on Thursday, November 18, before the market opens. Our estimate for the quarter is $0.10 fully taxed versus the I/B/E/S consensus of $0.09. We are looking for revenue of $56.5 million and orders of about $60 million. Gross margin should track around 39% compared to 26.5% year over year. The company continues to receive key endorsements from its major customers, which include nine of the top semiconductor chipmakers. As LTXX ramps its shipments during the next few quarters, we expect further build-up in order momentum ahead. Management continues to witness increases average selling prices (ASPs) as a richer mix of higher functionality testers are being demanded by its customers. Initial ASPs for Fusion were $1.4 million, now exceed $2.0 million with the possibility of further price improvements ahead. --------------------------------------------------------------------------------------------------------------------------------------- Dividend: Nil 2000E P/E Ratio: 36.6x Yield: Nil 2001E P/E Ratio: 23.6x 2000E Bk. Value/Share: $1.65 52-Wk. Range: $20.13-$2.22 1999 ROC: 17.71% 1999 Cash Flow/Share: $0.17 Inst. Hldgs: 50% 5-Yr Est. Annual EPS Growth Rate: 21% Insider Hldgs: 2.0% Shares Outstanding (mil): 39.1 Mil Next Reporting Date: 11/18/99 Market Cap: $787.1 Mil Year-End: July 31 Float: 30.40 Mil --------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------------- EPS 1998A 1999A 2000E 2001E 2002E 1Q $0.05 ($0.19) $0.10 $0.17 NM 2Q $0.02 $0.03 $0.13 $0.20 NM 3Q ($0.17) $0.05 $0.14 $0.22 NM 4Q ($2.09) $0.11 $0.18 $0.25 NM Year 3 ($2.19) 1 $0.00 1 $0.55 2 $0.85 2 $1.10 2 ------------------------------------------------------------------------------------------------------------------------------- Rev. ($ mil) 1998A 1999A 2000E 2001E 2002E 1Q $54.5 $27.0 $56.5 $66.0 NM 2Q $55.1 $33.7 $59.0 $69.0 NM 3Q $54.1 $43.2 $61.5 $72.0 NM 4Q $32.7 $53.4 $64.0 $75.0 NM Year $196.5 $157.3 $241.0 $282.0 $400.0 --------------------------------------------------------------------------------------------------------------------------------------- E = Estimate, A = Actual, NM = Not Meaningful 1 Estimates are on a nontaxed basis. 2 Estimates are on a fully taxed basis. 3 Quarters may not total due to rounding.