Great LTXX earnings:
TX Announces Third Quarter Results
WESTWOOD, Mass.--(BUSINESS WIRE)--May 18, 2000--LTX Corporation (Nasdaq: LTXX), today announced
financial results for its third quarter ended April 30, 2000. Sales were $82,117,000 compared to $43,210,000 in the third
quarter last year. Net income was $17,529,000 or $0.37 per share, compared to net income of $1,794,000, or $0.05 per
share in the third quarter of last year.
For the nine-month period ended April 30, 2000, sales were $212,332,000 compared to $103,919,000 for the same period
last year. The net profit was $36,439,000 or $0.81 per share, compared to a net loss of $(3,959,000), or $(0.11) per share
for the same period last year.
Roger Blethen, President and Chief Executive Officer of LTX, commented, "Our record performance for the fiscal third quarter
was achieved on several fronts. Demand for new technology, system-on-a-chip (SOC) and advanced mixed signal test systems
led to revenues of $82.1 million. Our growing installed base among the top dozen merchant IC producers, and further gains in
the Subcontract Test market in Asia, led to orders of $122.1 million, our highest level ever, and a book-to-bill of 1.5."
Mr. Blethen continued, "Gross margins improved to 48% and we maintained tight control of overall expenses even as we
increased our investment in Fusion R&D, leading to a net income of $17.5 million. During the quarter, LTX's balance sheet,
now the strongest in the Company's history, improved significantly as the result of a successful equity offering, the divestiture of
a non-strategic division, and the conversion of long-standing subordinated debentures into equity."
Mr. Blethen concluded, "We remain confident that our industry-leading, single-platform Fusion test system will continue to best
its competitors for next generation decisions. In turn, LTX will develop new Fusion capabilities and applications, aligned closely
to the needs of the emerging SOC producers."
LTX's conference call to review the quarter's results will be accessible on the Internet. If you are interested, please go to
www.ltx.com, click on the "Investor Relations" link at the top of the page and then follow the link to the "Q3FY00 Conference
Call". The live broadcast will begin at 10:00AM EDT, May 18, 2000 and will be archived on the LTX website for one week.
"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-Q for the quarter ended January 31, 2000 and 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)(1)
(In thousands, except share data)
April 30, July 31,
2000 1999
ASSETS
Current assets:
Cash and equivalents $205,196 $ 19,936
Accounts receivable, net of
allowances of $1,908 and $2,027 73,714 37,043
Accounts receivable - other 7,520 4,324
Inventories 62,972 48,551
Other current assets 8,715 5,795
Total current assets 358,117 115,649
Property and equipment, net 35,704 31,942
Other assets 4,452 402
$398,273 $147,993
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 9,951 $ 5,472
Current portion of long-term debt 2,694 674
Accounts payable 42,688 37,439
Deferred revenues and customer advances 29,121 11,391
Other accrued expenses 14,365 12,758
Total current liabilities 98,819 67,734
Long-term debt, less current portion 11,700 14,023
Other long-term liabilities -- --
Convertible subordinated debentures -- 7,308
Stockholders' equity 287,754 58,928
$398,273 $147,993
LTX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)(1)
(In thousands, except per share amount)
Three Months Nine Months
Ended Ended
April 30, April 30,
2000 1999 2000 1999
Net sales $ 82,117 $ 43,210 $ 212,332 $ 103,919
Cost of sales 42,719 25,012 112,770 63,303
Gross
margin 39,398 18,198 99,562 40,616
Engineering
and product
development expenses 13,237 8,450 36,363 25,027
Selling,
general and
administrative
expenses 9,418 7,781 27,691 22,905
Income
(loss) from
operations 16,743 1,967 35,508 (7,316)
Interest (income)
expense,
net (803) 173 (978) 429
Other (income)
expense, net -- -- -- (3,786)
Income (loss)
before income
taxes 17,546 1,794 36,486 (3,959)
Provision for income
taxes 17 -- 47 --
Net
income
(loss) $ 17,529 $ 1,794 $ 36,439 $ (3,959)
Net income
(loss) per share:
(No Tax)
Basic $ 0.39 $ 0.05 $ 0.88 $ (0.11)
Diluted $ 0.37 $ 0.05 $ 0.81 $ (0.11)
Net income
(loss) per share:
(Tax Adjusted) (1)
Basic $ 0.26 $ 0.03 $ 0.59 $ (0.07)
Diluted $ 0.25 $ 0.03 $ 0.55 $ (0.07)
Weighted average
shares:
Basic 44,526 35,643 41,386 35,532
Diluted 47,835 37,195 44,783 35,532
(1) Earnings Per Share
The company is in a limited tax status since its fiscal year 1998 due to net operating loss carry forward tax benefits. The
proforma after tax earnings per share assumed a 33% tax rate. |
