Fremont, Calif.--Aug. 21, 1997--Credence Systems Corp. (Fremont, Calif) today reported results for its third quarter and nine months ended July 31, 1997.
Net sales for the quarter of $51.1 million increased 18 percent when compared to net sales for the prior quarter of $43.4 million, and declined 24 percent when compared to net sales of $67.2 million for the comparable quarter of fiscal 1996. Net sales for the first nine months of fiscal 1997 were $134.7 million, a 31 percent decrease as compared to $194.6 million for the same period a year ago.
Results for the third quarter, including a one-time pre-tax charge of $6.0 million for in-process research and development associated with the company's TSSI acquisition completed in mid-July 1997, reflected a net loss of $897,000, or $0.04 per share, a 108 percent decrease when compared to the $11.5 million, or $0.53 per share, net profit for the comparable quarter of the prior year. Without the one-time charge, third quarter of 1997 net income would have been $4.4 million, or $0.20 per share.
Net income for the nine months ended July 31, 1997, declined 90 percent to $3.4 million, or $0.15 per share, compared to $33.4 million, or $1.52 per share, for the same period last year. Without the one-time charge recorded in the third quarter of 1997, the nine months ended July 31, 1997 would have shown net income of $8.8 million, or $0.39 per share.
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