SAN JOSE, Calif. Two ATE vendors -- Credence and LTX -- moved in opposite directions, based on their respective financial results.
Credence Systems Corp. said sales for the third quarter were $123.5 million, up 2.0 percent from prior quarter net sales of $121.1 million and up 7.9 percent from the third quarter of fiscal year 2006 revenue of $114.5 million.
Net income for the quarter was $10.3 million, or $0.09 per share, versus a net loss of $3.5 million, or minus $0.03 net loss per share, in the prior quarter. Net loss from third quarter fiscal 2006 was $461.4 million, or minus $4.61 net loss per share.
"We achieved our revenue plan for the quarter and significantly exceeded our gross margin, cost cutting and net profit goals while strengthening our balance sheet," said Lavi Lev, chief executive of Credence, in a statement.
Net sales in the fourth quarter of fiscal 2007 are expected to be in the range of $101.0 million to $105.0 million, with per share results at approximately breakeven.
Meanwhile, rival LTX Corp. said sales for the 2007 fourth fiscal quarter were $30.1 million, down 9 percent from the prior quarter and down 55 percent from a year ago.
Net loss for the quarter was $4.2 million, or minus $0.07 per share, on a GAAP basis. Prior quarter net loss was $8 million, or minus $0.13 per share, on a GAAP basis.
Net income was $13.9 million, or $0.22 per diluted share on a GAAP basis, in the fourth fiscal quarter of 2006.
For the twelve-month period ended July 31, sales were $147.6 million, compared to $216.5 million a year ago. Net loss was $10.7 million, or minus $0.17 per share on a GAAP basis, which included inventory and restructuring charges totaling $3.8 million.
For the prior fiscal year, net income was $12.2 million, or $0.20 per diluted share on a GAAP basis.
David G. Tacelli, chief executive and president of LTX, painted a mixed picture. "Our fourth quarter results reflect continued weakness in the SOC test market,'' he said in a statement.
''While it's disappointing to see a longer than expected downturn, we are encouraged by the strong pipeline of new products that many of our customers are planning to release to production over the next several quarters," he said.
For the quarter ending Oct. 31, revenue is expected to be in the range of $28 million to $32 million. The loss per share is projected to be in the range of $0.05 to $0.08.