Product category: Stand-Alone Instruments
News Release from: Credence Systems Corp
Edited by the Electronicstalk Editorial Team on 5 March 2007
Credence cuts its losses
Semiconductor test specialist Credence Systems Corp has reported financial results for the first quarter of fiscal 2007 ended 3rd February 2007
Net sales for the first quarter were US $118.8 million, representing a decrease of 6.6% from prior quarter net sales of $127.1 million and a decrease of 2.5% from a year ago first quarter net sales of $121.8 million. Net loss for the quarter was $11.0 thousand or $0.00 net loss per share, versus a net loss of $1.9 million or $0.02 net loss per share in the prior quarter.
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Net loss from a year-ago first quarter was $4.0 million or $0.04 net loss per share.
The net loss in the first quarter of fiscal 2007 included restructuring charges of $0.5 million resulting primarily from previously announced headcount reduction actions taken during the quarter and a loss of $0.9 million on the sale of the Oregon land, which were offset by a $3.0 million gain associated with the exchange of $72.5 million principal amount of convertible notes.
'On balance, I'm encouraged that our business held up this past quarter during what is normally a seasonally soft period for the ATE industry', said Lavi Lev, President and Chief Executive Officer.
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'During my first two months as Chief Executive Officer, I completed customer and employee surveys that have affirmed the strong position of our products in the marketplace and our employees' alignment with our customers' interests'.
'We have launched accelerated processes, assisted in part by our engagement of McKinsey and Co, to drive the improvement of our product development, market introduction, organisation and cost structure'.
'Our focus is to deliver improved operating margins and to set the industry standard for meeting the changing requirements of our customers'.
'I look forward to sharing my plans with you in the coming months'.
Commenting on the balance sheet, Chief Financial Officer John Batty said: 'We executed our plan this quarter to reshape our balance sheet by completing our convertible note refinancing that raised an additional $50 million, and we exchanged $72.5 million principal amount of convertible notes due May 2008 with $72.5 million principal amount of new notes due in May 2010'.
'This transaction, together with a $30 million sale lease-back that closed in February, raises our cash balance substantially and strengthens the company's financial position'.
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