LTX Corp. (Nasdaq: LTXX) should race out of the gate Tuesday after announcing fourth quarter profits of 44 cents a share, well above First Call's consensus estimate of 28 cents a share. The company also reported year-end results which showed revenues up almost 100 percent.
Shares in the semiconductor test equipment company closed at 25 11/16 Monday, and the stock was up 13 percent before Tuesday's bell on the Island ECN.
Before recording a benefit of $20.26 million for certain deferred tax assets, net income was $22.04 million, or 44 cents a share. Net income including the gain was $42.30 million, or 84 cents a share, compared to $4.33 million, or 11 cents a share, in the fourth quarter of last year.
Sales were $93.20 million, compared to $53.41 million in the fourth quarter last year.
For the twelve-month period ended July 31 sales were $305.54 million, up over $157.33 million for the same period last year. Net income for fiscal year 2000 was $78.74 million, or $1.70 per share, compared to $375,000, or a penny a share in the prior year. Excluding the tax benefit recorded in the fourth quarter, net income was $58.52 million, or $1.27 per share. First Call had expected a year-end gain of $1.23 a share.
The company said its "Fusion" product continues to win next generation product decisions for system-on-a-chip devices, and it has increased investment in R&D to advance its technological lead in this area.