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Technology Stocks : Verigy, Ltd. (VRGY) -- Ignore unavailable to you. Want to Upgrade?

To: etchmeister who wrote (10)	11/19/2009 4:52:37 PM
From: Kirk ©	Read Replies (1) \| Respond to of 22

Verigy Reports Financial Results for its Fourth Quarter and Fiscal Year 2009 * Press Release * Source: Verigy Ltd. * On 4:05 pm EST, Thursday November 19, 2009 CUPERTINO, Calif.--(BUSINESS WIRE)--Verigy Ltd. (NASDAQ:VRGY - News), a premier semiconductor test company, today reported financial results for its fourth quarter and fiscal year ended Oct. 31, 2009. Related Quotes Symbol Price Change VRGY 9.00 -0.40 After Hour Chart shows $9.70, a nice turn from the close at $9.00 Total revenue for the fourth quarter was $97 million, a sequential increase of 11 percent from $87 million in the previous quarter. For fiscal year 2009, total revenue was $323 million, a year-over-year decrease of 53 percent from $691 million in 2008. Net loss for the fourth quarter was $12 million, or ($0.20) per share, compared to a net loss of $21 million, or ($0.36) per share, in the prior quarter, and a net loss of $36 million, or ($0.60) per share, in last year’s comparable quarter. The results for the fourth quarter included approximately $3 million of charges related to the company’s restructuring and manufacturing transition actions and $1.6 million of impairment charges on its investments. After excluding the impact of these charges, Verigy reported a non-GAAP net loss of $7 million, or ($0.12) per share, for its fourth quarter of fiscal 2009. For fiscal year 2009, net loss was $127 million, or ($2.17) per share, compared to last year’s net income of $28 million, or $0.47 per share. On a non-GAAP basis, the company reported full year net loss of $87 million, or ($1.49) per share, compared to last year’s non-GAAP net income of $71 million, or $1.18 per share. A reconciliation of the company’s GAAP to non-GAAP results is included in the tables accompanying this press release. Orders for the fourth quarter were $109 million, a sequential increase of approximately 17 percent and represented a book-to-bill ratio of 1.12. For fiscal year 2009, orders totaled $323 million, a decrease of approximately 48 percent from last year, and represented a book-to-bill ratio of 1.00 for the year. “We ended the fiscal year with a clearly improving business environment,” said Keith Barnes, Verigy’s chairman, chief executive officer and president. “We are feeling increasingly optimistic about both the SOC and memory markets and we expect to see significant revenue growth in 2010. After a very challenging 2009 we believe that our investments in new and innovative products will enable continued share gain.” “While we are coming off a low base, we are encouraged by the improved demand that we are seeing from customers with revenue increasing for the third consecutive quarter,” said Bob Nikl, Verigy’s chief financial officer. “As we enter the new fiscal year, we can expect improvements in our operating leverage as a result of the significant benefits from our restructuring programs.” Outlook for Q1 2010 For the first quarter ending Jan. 31, 2010, the company is providing the following guidance: * Revenue is expected to be in the range of $105 million to $115 million. * Loss per share on a GAAP basis is expected to be in the range of ($0.13) to ($0.06). * After excluding restructuring and manufacturing transition-related charges, loss per share on a non-GAAP basis is expected to be in the range of ($0.09) to ($0.02). * Share based compensation expense is expected to be between $5 million to $5.2 million. * Weighted average shares outstanding is expected to be approximately 59.4 million.