MILPITAS, Calif., Feb. 11, 2009 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced that it is lowering its financial guidance for the Company's second fiscal quarter ended January 31, 2009 due to continued weakness in the semiconductor capital equipment industry.
The Company now expects revenue to be approximately $30 million, down from the previous guidance of $37 million to $42 million provided on December 9, 2008. As would be expected with the revenue shortfall, the Company will report losses for its second fiscal quarter that are greater than the previous guidance provided on December 9, 2008.
Dave Tacelli, chief executive officer and president, commented, "Overall economic conditions remain weak in an unprecedented downturn for the industry. As we continue to streamline the combined Company and to better position ourselves for the current environment, we have taken the necessary steps inside the quarter to improve the business model and reduce break-even. Since completion of the merger, we now expect to realize over $65 million in annual cost savings by the end of the fiscal year. In addition, during the quarter we introduced several new differentiated products that are expected to drive customer expansion even during this period of industry weakness."
The Company plans to announce its results for the second fiscal quarter on Wednesday, March 4, 2009. A conference call will be held on that day at 4:30PM EST and will be simulcast via the LTX-Credence web site (www.ltx-credence.com).
Safe Harbor for Forward-Looking Statements
Statements in this release regarding guidance for LTX-Credence's second fiscal quarter and the merger between LTX Corporation and Credence Systems Corporation completed on August 29, 2008, including the financial guidance on revenue, net loss and loss per share, improvement of the business model, reduction of break-even, the status of merger integration activities, the $65 million in annual cost savings, product developments, potential customer expansion and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing "believes," "anticipates," "plans," "expects," "may," "will," "would," "intends," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to successfully integrate LTX's and Credence's operations and employees; current weak worldwide economic conditions; the ability to realize anticipated synergies and cost savings; the risk of fluctuations in sales and operating results; risks related to the timely development of new products, options and software applications and the other factors described in LTX's Annual Report on Form 10-K for the fiscal year ended July 31, 2008 and Credence's Annual Report on Form 10-K for the fiscal year ended November 3, 2007 and their most recent Quarterly Reports on Form 10-Q each filed with the SEC. LTX-Credence disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About LTX-Credence Corporation
Formed by the 2008 merger of LTX Corporation and Credence Systems Corporation, LTX-Credence is a global provider of focused, cost-optimized ATE solutions designed to enable customers to implement best-in-class test strategies to maximize their profitability. LTX-Credence addresses the broad, divergent test requirements of the wireless, computing, automotive and entertainment market segments, offering a comprehensive portfolio of technologies, the largest installed base in the Asia-Pacific region, and a global network of strategically deployed applications and support resources. Additional information can be found at www.LTX-Credence.com.
LTX-Credence is a trademark of LTX-Credence Corporation. All other trademarks are the property of their respective owners.