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LTX-Credence beats estimates
9/1/2010 7:29 PM EDT
SAN FRANCISCO—Automated test equipment vendor LTX-Credence Corp. posted a net income of $14.1 million on sales of $73.2 million for the quarter ended July 31, narrowly beating consensus analyst expectations.
Sales for the quarter improved by 30 percent compared to the previous quarter and up 108 percent compared with the year-ago quarter. Net income, which equated to 9 cents per diluted share, compares to a loss in accordance with generally accepted accounting principles (GAAP) of $9.6 million in the year-ago quarter, LTX-Credence (Milpitas, Calif.) said.
On a non-GAAP basis, excluding charges, LTX-Credence posted a net income of $17.2 million, or 11 cents per diluted share, the company said.
Analysts had been expecting LTX-Credence to report quarterly sales of about $71.9 million and non-GAAP earnings of 11 cents per share, according to Yahoo Finance.
For the fiscal year, also ended July 31, LTX-Credence reported sales of $219 million, up about 60 percent from the prior fiscal year. The company posted GAAP net income for the fiscal year of $18.6 million, or 13 cents per diluted share, compared to a loss of $137.3 million, or $1.13 per diluted share, in the previous fiscal year.
For the current quarter, which closes Oct. 31, LTX-Credence said it expects revenue of between $75 million and $80 million and a non-GAAP net income of 11 to 13 cents per share.
Sales for the quarter improved by 30 percent compared to the previous quarter and up 108 percent compared with the year-ago quarter. Net income, which equated to 9 cents per diluted share, compares to a loss in accordance with generally accepted accounting principles (GAAP) of $9.6 million in the year-ago quarter, LTX-Credence (Milpitas, Calif.) said.
On a non-GAAP basis, excluding charges, LTX-Credence posted a net income of $17.2 million, or 11 cents per diluted share, the company said.
Analysts had been expecting LTX-Credence to report quarterly sales of about $71.9 million and non-GAAP earnings of 11 cents per share, according to Yahoo Finance.
For the fiscal year, also ended July 31, LTX-Credence reported sales of $219 million, up about 60 percent from the prior fiscal year. The company posted GAAP net income for the fiscal year of $18.6 million, or 13 cents per diluted share, compared to a loss of $137.3 million, or $1.13 per diluted share, in the previous fiscal year.
For the current quarter, which closes Oct. 31, LTX-Credence said it expects revenue of between $75 million and $80 million and a non-GAAP net income of 11 to 13 cents per share.
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