Exhibit 99.1
LTX Announces First Quarter Financial Results
WESTWOOD, Mass.--(BUSINESS WIRE)--Nov. 13, 2003--LTX Corporation
(Nasdaq: LTXX), a leading provider of semiconductor test solutions,
today announced financial results for its fiscal first quarter ended
October 31, 2003. The results exceeded the Company's guidance and
showed significant improvement from the Company's performance in the
fourth quarter of fiscal year 2003.
Sales for the quarter were $46,619,000, up 39% from prior quarter
sales of $33,654,000. Net loss for the quarter was $(9,806,000), or
$(0.19) per share on a GAAP basis, compared to a net loss for the 2003
fourth fiscal quarter of $(81,531,000), or $(1.61) per share on a GAAP
basis, which included non-recurring charges totaling $65,686,000, or
$1.30 per share. Sales were $30,007,000 for the first quarter of
fiscal year 2003 and net loss was $(22,684,000), or $(0.46) per share
on a GAAP basis. Orders for the first quarter of fiscal 2004 were $52
million yielding a book-to-bill ratio of 1.12 to 1.
Roger W. Blethen, chairman and chief executive officer, said, "The
three main goals we set out to achieve during the last two years of
challenging business conditions--expanding the Fusion platform,
winning new customers, and fully implementing our outsourced
manufacturing strategy--enabled us to exceed our first quarter
financial and operating objectives by a significant margin. Orders
were up 30% from the fourth quarter and were at the highest level in
more than two years. As we progress into our industry's next growth
phase, we are positioned to deliver strong financial results."
Second Quarter 2004 Outlook
Revenue is expected to be in the range of $51 million to $54
million, with gross margin at approximately 35%. The earnings per
share is projected to be a loss in the range of $(0.09) to $(0.11).
This guidance does not include any provisions for one-time charges.
The Company will conduct a conference call today, November 13,
2003, at 10:00 AM EST to discuss this release. The conference call
will be simulcast via the LTX web site (www.ltx.com). Audio replays of
the call can be heard through November 20, 2003 via telephone by
dialing 888.286.8010; passcode 70476316 or by visiting our web site at
www.ltx.com.
"Safe Harbor" Statement: This press release contains
forward-looking statements within the Private Securities Litigation
Reform Act of 1995. Any statements contained in this press release
that relate to prospective events or developments, including, without
limitation, statements regarding our revenue, margin and earnings
guidance, are deemed to be forward-looking statements. Words such as
"believes," "anticipates," "plans," "expects," "projects,"
"forecasts," "will" and similar expressions are intended to identify
forward-looking statements. There are a number of important factors
and risks that could cause actual results or events to differ
materially from those indicated by these forward-looking statements.
Such risks and factors include, but are not limited to, the risk of
fluctuations in sales and operating results, risk related to the
timely development of new products, options and software applications,
as well as the other factors described under "Business Risks" in LTX's
most recently filed annual report on Form 10-K and in our most
recently filed quarterly report on Form 10-Q filed with the Securities
and Exchange Commission. We disclaim any intention or obligation to
update any forward-looking statements.
LTX Corporation (Nasdaq: LTXX) is a leading supplier of test
solutions for the global semiconductor industry. Fusion, LTX's
patented, scalable, single-platform test system, uses innovative
technology to provide high performance, cost-effective testing of
system-on-a-chip, mixed signal, RF, digital and analog integrated
circuits. Fusion addresses semiconductor manufacturers' economic and
performance requirements today, while enabling their technology
roadmap of tomorrow. LTX's web site is www.ltx.com.
LTX and Fusion are registered trademarks of LTX Corporation.
LTX CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(In thousands)
October 31, July 31,
2003 2003
ASSETS
Current assets:
Cash and cash equivalents $ 69,879 $ 73,167
Marketable Securities 59,827 63,416
Accounts receivable - trade 16,553 12,033
Accounts receivable - other 5,495 5,192
Inventories 62,675 66,852
Prepaid Expense 12,074 10,989
Total current assets 226,503 231,649
Property and equipment, net 72,922 73,443
Goodwill and other intangible assets 14,659 14,764
Other assets 4,253 5,040
$ 318,337 $ 324,896
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 19,455 $ 19,459
Current portion of long-term debt 1,301 1,262
Accounts payable 15,512 13,380
Deferred revenues and customer advances 3,858 4,738
Deferred gain on leased equipment 9,172 10,350
Other accrued expenses 28,788 26,555
Total current liabilities 78,086 75,744
Long-term debt, less current portion 150,000 150,064
Stockholders' equity 90,251 99,088
$ 318,337 $ 324,896
LTX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except earnings per share data)
Three Months
Ended
October 31,
2003 2002
Net sales $ 46,619 $ 30,007
Cost of sales 32,523 24,703
Gross margin 14,096 5,304
Engineering and product development 16,579 19,103
expenses
Selling, general and administrative expenses 6,382 6,399
Reorganization costs - 1,990
Loss from operations (8,865) (22,188)
Interest income (expense), net (941) (496)
Net loss $ (9,806) $ (22,684)
Net loss per share
Basic $ (0.19) $ (0.46)
Diluted $ (0.19) $ (0.46)
Weighted average shares:
Basic 51,797 49,199
Diluted 51,797 49,199
CONTACT: LTX Corporation
Mark Gallenberger, 781-467-5417
Mark_Gallenberger@ltx.com
www.ltx.com