LTXCredence Corp. (LTXC, Financial) filed Quarterly Report for the period ended 2012-10-31.
Ltx-credence Corporation has a market cap of $270.5 million; its shares were traded at around $6.3 with and P/S ratio of 2.1.
Service revenue, included in net sales, accounted for $8.9 million, or 20.5% of net sales, and $9.8 million, or 28.9% of net sales, for the three months ended October 31, 2012 and 2011, respectively. The decrease in service revenue is primarily a result of increased reliability of our products.
Gross profit. Gross profit was $23.5 million or 54.4% of net sales in the three months ended October 31, 2012, as compared to $18.0 million or 53.4% of net sales in the same quarter of the prior year. The increase in gross profit for the three months ended October 31, 2012 as compared to October 31, 2011 was primarily driven by the increase in total revenue of 27.9%.
Selling, general and administrative expenses. Selling, general and administrative expenses were $10.0 million, or 23.2% of net sales, in the three months ended October 31, 2012, as compared to $9.3 million, or 27.6% of net sales, in the same quarter of the prior year. This increase is due to higher commissions and employee profit share expense associated with higher sales in the three months ended October 31, 2012.
We had $2.8 million in net cash provided by investing activities for the three months ended October 31, 2012 as compared to net cash used in investing activities of $55.4 million for the three months ended October 31, 2011. The net cash provided by investing activities for the three months ended October 31, 2012 was primarily related to $13.3 million of proceeds from sales and maturities of available-for-sale securities, $9.8 million of purchases of available-for-sale securities, $2.8 million in proceeds from sales of held-to-maturity securities, and $2.5 million in purchases of held-to-maturity securities, offset by $1.0 million of purchases of property and equipment. The net cash used in investing activities for the three months ended October 31, 2011 was primarily related to $56.9 million of purchases of available-for-sale securities, $5.5 million in purchases of held-to-maturity securities, and $0.5 million of purchases of property and equipment, offset by $4.5 million of proceeds from sales and maturities of available-for-sale securities and $3.0 million in proceeds from sales of held-to-maturity securities.
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Ltx-credence Corporation has a market cap of $270.5 million; its shares were traded at around $6.3 with and P/S ratio of 2.1.
Highlight of Business Operations:
Net sales. Net sales for the three months ended October 31, 2012 increased 27.9% to $43.2 million as compared to $33.8 million in the same quarter of the prior year. Sales of semiconductor test equipment, or product revenue, was $34.3 million for the three months ended October 31, 2012 as compared to $24.0 million for the same quarter of the prior year. Net product sales increased due to increased sales of specific product platforms within our portfolio, primarily Diamond Series and X-Series testers.Service revenue, included in net sales, accounted for $8.9 million, or 20.5% of net sales, and $9.8 million, or 28.9% of net sales, for the three months ended October 31, 2012 and 2011, respectively. The decrease in service revenue is primarily a result of increased reliability of our products.
Gross profit. Gross profit was $23.5 million or 54.4% of net sales in the three months ended October 31, 2012, as compared to $18.0 million or 53.4% of net sales in the same quarter of the prior year. The increase in gross profit for the three months ended October 31, 2012 as compared to October 31, 2011 was primarily driven by the increase in total revenue of 27.9%.
Selling, general and administrative expenses. Selling, general and administrative expenses were $10.0 million, or 23.2% of net sales, in the three months ended October 31, 2012, as compared to $9.3 million, or 27.6% of net sales, in the same quarter of the prior year. This increase is due to higher commissions and employee profit share expense associated with higher sales in the three months ended October 31, 2012.
We had $2.8 million in net cash provided by investing activities for the three months ended October 31, 2012 as compared to net cash used in investing activities of $55.4 million for the three months ended October 31, 2011. The net cash provided by investing activities for the three months ended October 31, 2012 was primarily related to $13.3 million of proceeds from sales and maturities of available-for-sale securities, $9.8 million of purchases of available-for-sale securities, $2.8 million in proceeds from sales of held-to-maturity securities, and $2.5 million in purchases of held-to-maturity securities, offset by $1.0 million of purchases of property and equipment. The net cash used in investing activities for the three months ended October 31, 2011 was primarily related to $56.9 million of purchases of available-for-sale securities, $5.5 million in purchases of held-to-maturity securities, and $0.5 million of purchases of property and equipment, offset by $4.5 million of proceeds from sales and maturities of available-for-sale securities and $3.0 million in proceeds from sales of held-to-maturity securities.
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