Home | Business News | Browse by Publication | P | PR Newswire

Credence Reports Results for Second Quarter Fiscal Year 2005.

Article Excerpt
MILPITAS, Calif., May 26 /PRNewswire-FirstCall/ -- Credence Systems Corporation , a leading provider of test from design-to- production for the worldwide semiconductor industry, today reported financial results for the second quarter of fiscal 2005.

Net sales for the second quarter were $101.9 million, up 9 percent from prior quarter sales of $93.9 million. Net loss for the quarter was $19.5 million or $0.21 per share on a GAAP basis, versus a net loss of $36.3 million or $0.41 per share in the prior quarter. The net loss this quarter included net special charges of $10.9 million associated with recent restructuring activities and costs related to acquisitions. On a non-GAAP basis, excluding the charges primarily associated with acquisitions and the ongoing integration activities, the net loss was $8.6 million, or $0.09 per share. Net orders for the second quarter of fiscal 2005 were approximately $105.1 million, corresponding to a book to bill ratio of 1.03.

"Although overall market conditions remain challenging, we saw strong growth in our SoC business in the second quarter, driven primarily by Sapphire, with a 27% sequential growth in revenue," said David Ranhoff, president and chief executive officer of Credence Systems Corporation.

"We continue to focus on improving our business model," added John Batty, chief financial officer of Credence Systems Corporation. "During the quarter, we completed the transfer of manufacturing from our Milpitas facility to Hillsboro, Oregon and remain on track to close both our Simi Valley and San Jose facilities during the third fiscal quarter."

Third Quarter Fiscal 2005 Outlook

Revenue in the third quarter is expected to be approximately $104 to $109 million with a net loss per share in the range of $0.27 to $0.30. On a non- GAAP basis, our net loss is expected to be in the range of $0.01 to $0.04 per share. This guidance, for both GAAP and non-GAAP, reflects no taxation on domestic operations due to the effect of tax loss carry forwards from prior years. The non-GAAP guidance excludes any charges or credits related to our acquisition of NPTest and the ongoing restructuring activities.

Conference Call/Webcast

Credence will hold a conference call to discuss these results today, Thursday May 26, 2005, at 5.00 pm ET. The call will be simulcast via the Credence web site at http://www.credence.com/ under the "Investor Relations -- Financial Information...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!