LTX-Credence Q1 Posts Narrower Than Expected Loss In Q1

(RTTNews) - LTX-Credence Corporation (LTXC), a manufacturer of automated test equipment for the semiconductor industry, Tuesday reported a loss for the first quarter over profit in the same period last year as sales declined. However, the loss came in narrower than analysts' estimates.

The Massachusetts-based manufacturer reported net loss of $6.9 million, or $0.14 per share, compared with a profit of $549.000, or $0.01 per share, a year earlier.

Excluding certain items, loss for the quarter amounted to $5.01 million, or $0.10 per share, compared with a profit of $1.34 million, or $0.03 per share, a year ago. Four analysts polled by Thomson Reuters estimated the company's loss to be $0.12 for the quarter. Analysts' estimates typically exclude one-time items.

Sales declined to $32.78 million from $43.19 million a year earlier. Analysts estimated sales to be $32.02 million for the first quarter.

For the next quarter, the company expects sales of $69 million to $75 million and adjusted loss in a range of $0.21-$0.15 per share.

Analysts estimate second quarter sales to be $33.30 million and adjusted loss to be $0.09 per share.

The company projects stand-alone estimates for sales to be $25 million to $29 million and adjusted loss of $0.20-$0.16 per share.

Monday, the stock closed at $7.22 on the Nasdaq.