WESTWOOD, Mass. -- LTX Corp. reported sales of $33.7 million in its fourth fiscal quarter of 2003, up from $28.8 million in the third quarter of 2003 and $32.6 million in the like period a year ago.
The IC-test equipment supplier also reported a loss of $81.5 million, or minus $1.61 per share, on a GAAP basis. The loss includes one-time charges of $17.2 million associated with the acquisition of StepTech and $48.5 million for excess inventory reserves.
This compares to a loss of $90.3 million, or minus $1.84 a share, in the like period a year ago.
New orders for the quarter were $40.3 million, up 25 percent from the prior quarter. The book-to-bill ratio for the fourth quarter was 1.2 to 1.
For the twelve-month period ended July 31, 2003, sales were $119.4 million, compared to $121.3 million in the preceding year. Net loss was $145.1 million, or minus $2.92 per share, on a GAAP basis. This compares to a loss of $149.9 million, or minus $3.08 a share, in 2002.
Roger W. Blethen, chairman and chief executive officer of LTX, remained optimistic in spite of the results. "As we enter fiscal year 2004, LTX believes the new growth cycle is beginning to emerge with several indicators pointing to continued recovery in our industry," he said in a statement.
For the quarter ending October 31, 2003, LTX expects its revenue to be in the range of $37 million to $40 million, with gross margin at approximately 26 percent. The loss per share is projected to be a minus $0.24) to $0.27. This guidance does not include any provisions for one-time charges and does not include any tax benefit.