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Executives

Dave Tacelli - CEO & President

Mark Gallenberger - VP, CFO & Treasurer

Analysts

Vernon Essi - Needham & Company

Olga Levinzon - Barclays

Patrick Ho - Stifel Nicolaus

David Dooley - Steelhead Securities

Tom Diffely - D.A. Davidson

LTX-Credence Corporation (LTXC) F4Q12 Earnings Call August 29, 2012 10:00 AM ET

Operator

Good morning and welcome to LTX-Credence Corporation fourth quarter and fiscal year analyst conference call. So in the presentation, all participants will be in a listen-only mode. After the presentation, we will conduct a question-and-answer session. (Operator Instructions) At the request of LTX-Credence, this conference call is being recorded. The speakers for today's call will be David Tacelli, Chief Executive Officer and President; and Mark Gallenberger, Vice President and Chief Financial Officer.

At this time, I would like to turn the conference over to Mark Gallenberger. Sir, you may begin.

Mark Gallenberger

Thank you and welcome to LTX-Credence Corporation's fourth quarter fiscal year 2012 conference call for the period ended July 31, 2012. Joining me on today’s call is Dave Tacelli, CEO and President. After my introductory comments, Dave will discuss the company’s performance for the fourth quarter and discuss the business outlook.

And I'll provide further detail on the company’s financial performance during the fourth quarter as well as provide guidance for the first quarter of fiscal year 2013. We will take your questions after our prepared remarks. A replay of this call will be made available through September 28 by dialing 855-859-2056 and the pass code is 196-297-30 or you can visit our website at ltxc.com. As a reminder, the only authorized spokespeople for the company are Dave Tacelli, Rich Yerganian and myself.

Now for our Safe Harbor statement. During the course of this conference call, we will make forward-looking statements regarding LTX-Credence's business outlook or the future financial performance of the company. We wish to caution you that these statements such as projected revenues, net income or loss, earnings or loss per share, operating expenses, gross margin, cash flow, non-GAAP measures and breakeven targets are management's current predictions and that these statements are subject to know and unknown risks and uncertainties that could cause actual results or events to differ materially from those stated or implied.

The statements provided during this call represent the company's estimates as of this day and the company assumes no obligation to update them after this call. Please refer to our Safe Harbor statement in our earnings release for more information on important factors that could cause actual results to differ.

Now on to the call. Dave?

Dave Tacelli

Thanks, Mark and good morning everyone. During today's call, I'll provide a brief review of the fourth quarter followed by a discussion of our goals and objectives for the new fiscal year. While macroeconomic conditions are impacting the pace of the recovery in the current business cycle, we remain optimistic that our line up of new products and our growing customer base have positioned us for meaning share gains as the cycle picks up steam.

The launch of our new Diamondx product remains on track and we are very confident about the positive impact this new system will have on the top line growth. We expect to recognize initial revenues from Diamondx in the current quarter. Our fourth quarter revenues were at the midpoint of guidance, while EPS was at the high end of the range as our business model continues to perform better than planned.

Our goal was to return to profitability in the fourth fiscal quarter and we met that objective. We also generated $4.3 million of EBITDA recovering in one quarter almost half of what was lost during the three quarter downturn.

As our guidance indicates, we expect the flat first fiscal quarter as macroeconomic headwinds have caused some of our customers to pull back slightly on capacity addition they had originally planned for. As always our visibility remains limited in our industry, but we are prepared to ramp revenues quickly should our customers’ requirements reaccelerate faster than accepted.

Our business model remains solid and has proven its ability to flex with rapidly changing business conditions. We expect to see a steady ramp of new product shipments through the fiscal year, most of which are coming from new business opportunities. The pace of that growth will be determined by the demand for those new devices in the market place.

Our balance sheet remains strong with a $137 million in cash and no debt. Our cash balances remained flat even after repurchasing approximately 3.5 million of stock during the fourth quarter. To date we have repurchased over 1.6 million shares under the repurchase program.

From a financial perspective, the fiscal year was disappointing as the bottom part of the business cycle coincided with three of the four quarters of the year. We were however pleased with our new product introductions and customer wins during the fiscal year. We introduced not only the Diamondx, but also a key new RF instrument called DragonRF.

DragonRF a general purpose RF instrument offers state-of-the-art RF capability for testing the latest in communication standards like LTE or 802.11AC while allowing customers to achieve the lowest cost of test.

From a customer perspective, we also made significant progress in developing new business opportunities that will serve as the foundation for share gains as we expect to achieve over the next three-year business cycle. These new customer wins were in the ASSP and micro controller market segments and both with Diamondx.

With the introduction of our new Diamondx in March of this year, we now have a product that can serve a $400 million AT market segment for testing application specific devices, many of which are used in high volume mobility and connectivity products. The focus of the Diamondx is to significantly lower the cost of ownership for our customers.

We believe it is a test platform significantly differentiated from the competition. The early adoption by several key customers reinforces that view point. While the Diamondx was a key product launch for us, we also won several new customers on existing products that will drive volume purchases over the next year. These new customers were in the microcontroller, analog and power and automotive market segments. Several of these customers have released devices into production at our test platforms and as demand for these ICs increase, test capacity requirements will ramp accordingly.

As we begin our 2013 fiscal year we have several goals and objectives. First target 20% to 30% of product revenues from our new Diamondx product. Second, continue our strong track record of bringing market innovative new products focused on significantly lowering our customers' cost of test to market. And third, continuously refining our business model to ensure maximum performance, no matter where we are in the business cycle.

With respect to our first goal, we believe that between existing customer wins and new opportunities in development, we are in good position to achieve our goal for the Diamondx. We expect initial revenues for the Diamondx in the current quarter and expect them to ramp as we proceed through the fiscal year.

Over the last two years, we launched several new test systems. The packs for RF power amplifiers, the ASLx for analog and power management devices and of course the Diamondx for the applications specific and microcontroller market.

All of these products are focused on delivering the lowest cost of test to our customer. Our next new product introduction will be at the instrument level with the flexibility to be used with any of our test platforms. Based on the earlier customer feedback we have received this new instrument will have major impact on our business and the industry as a whole.

It is a completely new implementation for RF testing and we're looking forward to the official launch of the product by the end of the calendar year.

With regard to the business model, we're constantly seeking ways to enhance our performance. As an example, during fiscal 2012, we consolidated outsource vendors which will deliver significant savings over the course of the business cycle. We will continue to evaluate opportunities for improving the business model even as we make strategic investments for growing the top line.

Our model is set up to deliver strong profits in cash generation as the industry business conditions improve. Even though we view the pause in the current cycle as temporary driven by global macro economic environment, there continued to be strong signs of strong demand in certain markets.

We continue to experience this in the mobility and conductivity market as well as good upside for our automotive business. Our goal of growing overall revenue 20% cycle-over-cycle is very much on track.

In conclusion, we remain in a good position to gain share and deliver strong financial performance as the business conditions reaccelerate. We remain focused on maintaining a discipline business model and bringing innovative new products to market. Products that are leading to new business opportunities for the company.

I would like to now turn the call over to Mark for his detail comments on the fiscal quarter and year. Mark?

Mark Gallenberger

Thanks, Dave. Revenue for the quarter was $43.5 million which is an increase of 41% from the prior quarter. Gross margin was 54.7% which is an increase of 340 basis points from the prior quarter and is line with our target model at this revenue level.

Total operating expenses increased to approximately $1 million from last quarter due to higher variable expenses that are tied to revenue such as sales commissions.

Amortization of purchase intangible assets associated with Credence merger was $791,000. Net income for the quarter was $1.4 million or $0.03 per diluted share on a GAAP basis.

Excluding the amortization, restructuring expense and a one-time tax benefit of $581,000 or non-GAAP net income for the quarter was $1.7 million or $0.04 per diluted share which is at the high end of our EPS street guidance.

EBITDA for the quarter was $4.3 million or 10% of revenue. This calculation does exclude stock based compensation expense of $1 million and $178,000 over the restructuring expense.

Next, I'll provide a break down of revenue for the quarter. 55% of revenue came from IDM’s well 45% came from subcontract have from test and fabless companies.

79% of revenue was for product while 21% was for service. For the quarter and also for the fiscal year we had two customers where each represents greater than 10% of revenue. Now on to the balance sheet, we ended the quarter with net cash of approximately $137 million excluding share repurchases of $3.5 million within the quarter, our cash increased by $3.8 million primarily due to the positive EBITDA performance.

We finished the quarter with trade accounts receivable of $31.2 million an increase of $2.5 million sequentially. DSOs however decreased by 19 days to 65 days primarily driven by more level loaded shipments in the quarter relative to the prior quarter shipments which were more backend loaded.

Inventory was $28.9 million which is up about $300,000 from the prior quarter. Net capital expenditures during the quarter were $1.3 million while depreciation expense was $1.8 million.

We ended the quarter with accounts payable of $12.7 million and stockholders’ equity of $260 million was flat sequentially primarily due to the stock repurchases.

Moving onto guidance for Q1, we expect revenue to be in the range of $42 million to $46 million and non-GAAP earnings per diluted share to be in a range of $0.01 to $0.05 assuming 49.5 million shares outstanding.

The non-GAAP guidance excludes amortization of purchase intangible assets of $396,000 this is down from the prior year of $791,000 and you should use that assumption for each quarter in fiscal year ‘13.

At the midpoint of the guidance range, gross margin is expected to be approximately 55% and EBITDA to be approximately 10% of revenue. In summary, while the current business environment suggest a pause in the cycle, the successful launch of our Diamondx tester the new and existing customer acceptance of the product and the flexible business model we developed have positioned the company for profitable growth as we go through this next business cycle.

This concludes our prepared remarks and at this time we will take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question is from Vernon Essi of Needham & Company.

Vernon Essi - Needham & Company

Dave, I was wondering if you could go into a little more detail around the profile of the Diamondx shipment, congratulations on that by the way and you know you said I think later in your prepared comments that your new customers are in the [MCU], analog, power and automotive but if there is anything more specific you can give us around what sort of program are you addressing with this new shipment?

Dave Tacelli

Hi Vernon let me take you back to the prior conference call, at that time we talked about roughly a half dozen shipments of the Diamondx product that went to different customers, those customers range from microcontroller customers, connectivity customers, mobility customers and there were spread throughout the world there were the Asia shipment, US shipments and European shipments. As of the end of July as an update, we have double that number of shipments and programs now range from a high volume wafer probe applications in the microcontroller space to multi-site complex single chip cell phone SOC type devices that we would consider part of the ASSP market segment. On the automotive side, that is mainly been for the X-Series product and it’s a wide variety of X-Series product both the MX and EX in different configuration.

Vernon Essi - Needham & Company

So it pertains to ASSP, it is certainly right up the fairway in the mobility area?

Dave Tacelli

Absolutely. What we find is that the cost advantages that we have versus the competition and the cost of ownership advantage we have in that connectivity, mobility space is kind of a sweet spot also for high volume microcontroller testing.

Vernon Essi - Needham & Company

Okay, and I also just point of clarification here on, you brought up connectivity a couple of times, specifically what are you referring to in the connectivity market?

Dave Tacelli

Yeah, you're thinking of Bluetooth, the other different standards in 802.11, HC and those type of applications.

Vernon Essi - Needham & Company

So still in the sort of wireless realm.

Dave Tacelli

Yes.

Vernon Essi - Needham & Company

Okay, and then just my last point on question here, Mark, I was wondering, if you could and you may have mentioned this in the prepared comments, but what was the cash flow from operations in the quarter?

Mark Gallenberger

Cash flow from operations in the quarter was about $5 million.

Vernon Essi - Needham & Company

Okay, and then I apologize I know you had given a number, but the guide on amortization going forward, you said I think it drops to 300,000 in the quarter or?

Mark Gallenberger

396,000 to be exact. And that’s going to stay steady, that 396 number will be per quarter for every single quarter through fiscal 13 and if you’re going to do any modeling in to fiscal 14, you can drop that number in half again.

Operator

Thank you. Our next question is from CJ Muse of Barclays. Your line is open.

Olga Levinzon - Barclays

Hi, this is Olga. Thank you for taking the question. I know that disability is obviously is very limited, but I was wondering given the sub-seasonal trends into October you know because of macro overhang and you know some weakness at your customers. What are your preliminarily thoughts about the direction into January. Do you think that you could -- it would follow normal seasonal patterns where you would see another pull back or are there reasons to think that some of the, I guess pushouts that you saw in the October quarter would actually materialize and how about the direction for January?

Dave Tacelli

Olga, I believe is that we'll see more seasonal buying consistent with past practice in let's call December-to-January quarter depending on when you report. I don't see any indication today for that the buys that were pushed out are going to immediately come back. But you know this is the test industry and things change on a week-to-week basis. So it could happen, we're positioned for it to happen and if it does we'll response it to, but if I were to plan out through the December-January quarter I think more seasonality is in play.

Olga Levinzon - Barclays

Got you. And then I guess on the financial side, you talked about some additional efforts to consolidate, you know outsource vendors and you know tweak the business model. Any changes to your targeted model, you know I guess as we look into the next cycle if you are running or you know at the current 44 million in revenues. Any reason to think or could we see some upside to the 54% to 55% gross margins or any sense of modifications to your target model.

Dave Tacelli

Yeah, for example last year we consolidated outsourced manufacturing and that actually helped lower the breakeven, but we actually did not reset those breakeven targets if you remember correctly. And the reason why we didn’t do that is because once take those savings and plough that back into the business so that we could actually help grow the top line without increasing the breakeven.

So that's sort of our mentality Olga, is to really find ways to maintain the breakeven while still being able to grow that top line without having to see that breakeven creep up.

And so right now we are going to keep the breakeven targets where they are. If we do find something that can be materially drop it further, we will certainly let the street know what our plans are. But for now we are going to stick to the current breakeven model, continue to find ways to lower it, but take those dollars and reinvest it into the top line for growth.

Olga Levinzon - Barclays

And just a final question. What are your current thoughts regarding the size of the SOC test market I guess with or without service included?

Dave Tacelli

Yeah if I were to not include service Olga, I would think it’s somewhere in the $1.9 billion to $2 billion range for this calendar year.

Operator

Thank you. Our question is from Patrick Ho of Stifel Nicolaus. Your line is open.

Patrick Ho - Stifel Nicolaus

Dave, in terms of the Diamondx you mentioned you got a doubling of shipments I guess this current quarter. Can you give a little color in terms of whether that’s coming from "existing customers" that you have had with different products. I think you mentioned that that was your first penetration or are they also coming from new customers that you haven’t had previously with your current products suite?

Dave Tacelli

Combination, it’s I would say right now it’s probably 60:40 new opportunities and 40% existing accounts.

Patrick Ho - Stifel Nicolaus

The second question related to your R&D as well as some of the instrumentation development that you talked about going forward. I guess without getting specific in terms of the market places you will targeting, are those going to be like the Diamondx where you are going to see a $400 million kind of market expansion. Are these going to be I guess more targeted towards niche type of segments and may be not as big a market expansion. Can you give a little color in terms of what kind of areas you are targeting in terms of the issue in the [patient] development you are doing today?

Dave Tacelli

That is a really good question, Patrick. I don’t think it expands the market, what I think it does inside the RF specific or ASSP market where we would use this instrumentation. We talk a lot of mobility and connectivity, this is next generation for RF testing. So I think it gives us another leg up in the cost competitive nature of testing those devices.

We test them today with our RF instrumentation. This would give us another competitive advantage to lower the cost for our customers and improve our penetration into those markets.

Patrick Ho - Stifel Nicolaus

Okay great and final question for me for Mark. In terms of the buyback, can you refresh us first in terms of how opportunistic you are, whether these are program type of buys or you have a flexibility of when you come in out of market place depending on the stock price?

Mark Gallenberger

Yeah, we are opportunistic. We have you know a great deal of flexibility to turn it on, turn it off and so that's kind of been our practice over the past year is to be as flexible as we possibly can be and basically you know adapt and react to whether it is business cycle or stock indications that gives us a lot of flexibility to be opportunistic and up through this fiscal year, I think we’re close to approaching $10 million in total in terms of share buybacks for the year.

Operator

Thank you. Next question is from David (inaudible) of (inaudible) Global Research. Your line is open.

Unidentified Analyst

Good morning, two quick questions. Number one is can you give us an idea about how much Diamondx was going to contribute to your guidance for Q1 and I have is actually if I look at the SOC test business, the seasonality tend to bottom in either the fourth calendar quarter to first calendar quarter of the year and I forgot whether seasonally or Q2 is the [trough] in a normal year or is it Q3?

Dave Tacelli

Hi, David. This is Dave. Let me answer each one on the SOC trough question first. For us, it’s our second fiscal quarter. So because that quarter crosses the December and January time period, that is usually our lowest quarter of the year as well and on the Diamondx question, can you repeat that Diamondx question?

Unidentified Analyst

Year, your guidance for Q1 looks fairly good given the current demand condition of your customers and I was wondering how much of that was because of Diamondx revenue recognition end of the quarter?

Dave Tacelli

Yeah, let me just say that what we laid out for all investors is kind of a profile on the year to talk about the success of the Diamondx product and we’re very comfortable with kind of what we talked about being 20% of product revenues kind of for the entire year. I would really not want to get into breaking out on it any quarter basis how much or what percent has been Diamondx.

As we go through the year, I'll talk about wins, I'll talk about market segmentation but for the sake a kind of open conference call I rather leave it as you know we are going to make the first shipments, we're going to have the first recognition of revenue and that will ramp through the year and leave it.

Operator

Your next question is from David Dooley of Steelhead Securities. Your line is open.

David Dooley - Steelhead Securities

Could you just talk about you mentioned the couple of sectors that may have pulled back. Could you just kind of review all of your (inaudible) and what you are seeing in each [cash] flow positive or negative for the quarter and maybe the outlook.

Dave Tacelli

Well, I think the biggest section for us Dave that we saw customers now they control some of their spending they originally planned was with some of our microcontroller customers. We talked about that in the July quarter, we had expected to see some rebound and we have not seen that rebound yet, that's more likely to be in the first part of calendar ‘13. I think that was the number one sector that we saw some pull back.

David Dooley - Steelhead Securities

And could you just talk about what you could see in the other sector?

Dave Tacelli

We've continue to see very, very good strength. We talk about more mobility and connectivity to be a little bit more specific in the RFPA space. We've also seen very good business for us and the automotive space in and as I talk in a couple conference calls we've spent last couple of years winning some new account and that’s translated into good volume for us. So and those have been two very good areas of opportunity. Another area is as Diamondx to starting to gain momentum, we're starting to see and we will continue to see additional volume from that product with new account wins kind of the conductivity space.

Operator

Thank you. Our next question is from Tom Diffely of D.A. Davidson. Your line is open.

Tom Diffely - D.A. Davidson

So you talked a bit about the Diamondx and how you think it’s going to be 20%, 30% of revenues, is this all new opportunity versus a little of cannibalization or how do you view that versus (inaudible) did not have this product?

Dave Tacelli

Yeah and again to stick with what I have said in prior conference calls. Tom, I think it’s like a three quarter, one quarter so 75% will be new opportunity and 25% will be cannibalization of our existing sales whether they would be accessories or Diamond.

Tom Diffely - D.A. Davidson

Okay. So if you look at say fiscal ‘11 when you had [$250] (inaudible) do you had the Diamondx back then you would have been somewhere in the $300 million range and a $1.50?

Dave Tacelli

It’s kind of reset the goals what we continually talk about is we think cycle-over-cycle and we kind of look at a cycle being a three year window. We expect our growth to be about 20% of the top line. If you look at our overall shares that 20% should be about 2.5 points a share in about a $2 billion market, so yeah your $300 million fits at the high point we would expect to be 20% higher than the $250 million to $260 million. So yeah I just wanted to make sure that you understand how we get to the 20% and when we talk about cycle what do we mean do we mean in a quarter really look at it as a three year window.

Tom Diffely - D.A. Davidson

And then if you look at cycle-over-cycle too what do you think the impact is the improvement has been on the operating margin side when you are factoring that 20% plus year good cost control over the last several quarters.

Dave Tacelli

Well it kind of follows but the models follows all the way through, so the introduction of the Diamondx product you know is consistent with our drop through rates for the business. So as we stated in the past, continue use that 60, 50 type of model where you get 60% of incremental revenue dropping through the gross margin and about 50% to 55% of the revenue will drop through to the bottom line and that of course assumes paying no taxes or minimal amount of taxes so that model that we’ve talked about or several years now that continues with no change even with the introduction of the Diamondx product.

Tom Diffely - D.A. Davidson

And when did taxes come back is there is a certain level that?

Mark Gallenberger

No we got a fair amount of NOLs we’ve got well over $300 million in NOL that were not on the balance here right now like what we will do is as we make money we just bring back on to the balance sheet and then flow that through the P&L so that there is basically a zero net affect that you will see on the P&L. So you know right now you would know I say for your modeling purposes which is the foreseeable future I won’t worry too much about it.

Tom Diffely - D.A. Davidson

And then cash flow basically reflect quarter-over-quarter similar cash flow dynamics this quarter?

Mark Gallenberger

You know that’s a good question on cash flow I would say the EBITDA is consistent with what we just did in Q4, we are talking about 10% of revenues for EBITDA. However, I would be conservative on modeling cash balance growing for the quarter, when I look at the timing of our shipments it is a little bit more backend loaded relative to what we saw in our July quarter. So we are not going to have a lot of ship collect and that’s going to put a little more pressure on timing of collections and so I am modeling an increase in working capital.

So it's really just the timing of collection. So, right now I would estimate cash to be about flattish quarter-over-quarter but then of course in the January quarter, you will see a lot of those collections come in.

Tom Diffely - D.A. Davidson

And then, Mark, also you ramped up the inventories, you know, a few quarters ago with the shift in manufacturing. When do you expect that to come back down to pre-ship levels?

Mark Gallenberger

Yeah, that’s a very good question, Tom. We had talked several quarters ago about getting that back down to the pre-consolidation levels. However, that did not materialize for a couple of reasons. One, you know, the three-quarter downturn exacerbated our ability to drive down the inventory and then two; we did see some ramp in product this year. However, it was more X-series driven than we saw versus Diamond and ASL.

Now, Diamond ASL are picking up again which is good to see but its taking a little bit longer than what we expected, and then I guess the other layering effect of the launch of the Diamondx products. So, I think as we go through this fiscal year, you are going to continue to see that number going down to the low 20s versus where it is right now which is in the high 20s.

Tom Diffely - D.A. Davidson

You don’t see the inventory as being getting up or anything?

Mark Gallenberger

Not at all, not at all. It’s a little slower moving right now just because of what we did with the consolidation of outsourcing manufacturer last year but we do not see any issues whatsoever with you know, its just a little bit slower moving than what we had originally planned for.

Operator

(Operator Instructions) Next question is from Jeff [Miles] of Wachovia Capital. Your line is open.

Unidentified Analyst

So you know Teradyne, I guess their guidance for the next quarter was down pretty significantly. You know if you look at your own guidance versus theirs, is there a difference mostly in mix of business or you think you know you are gaining share or what you attribute that to?

Dave Tacelli

Well I think it is too early to call it a share gain. Jeff I think you have to look at it like I said over a longer period of time and then measure your performance based on the customers you are doing business with, who are new customers, what have you added, whether the products or divisions of customers. I think in the short term it is really who you do business with. Some customers that they had they did a little bit better a couple of quarters. Some of the customers we had, we are doing a little bit better now.

I think the real like I said the share gain measurement is over a longer window.

Operator

Thank you. I am showing no further questions at this time. I would like to turn the call over to management for any closing remarks.

Dave Tacelli

Okay, well we just want to thank you very much for your time today and for joining the call and have a very good day. We will talk to you soon.

Operator

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Have a wonderful day.

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