First Fiscal Quarter Notables:


Xcerra Corporation (NASDAQ:XCRA) today announced financial results for its first fiscal quarter ended October 31, 2017.

Net sales for the quarter were $120,286,000, compared to the prior quarter’s net sales of $126,926,000.  GAAP net income for the quarter was $17,531,000, or $0.32 per diluted share.  Excluding restructuring charges of $135,000, amortization of purchased intangible assets of $157,000, and deal related expenses of $635,000, non-GAAP net income for the quarter was $18,458,000, or $0.33 per diluted share.   

As a result of the acquisition announcement with Hubei Xinyan Equity Investment Partnership, the Company will not hold a quarterly conference call and webcast, and will not provide an outlook for its future financial results.

Information About Non-GAAP Measures

Xcerra supplements its GAAP financial results by providing non-GAAP measures to evaluate the operating performance of the Company.  Non-GAAP net income for the quarter ended October 31, 2017 excludes the amortization of purchased intangible assets, restructuring charges, and other one-time adjustments.   Management believes these non-GAAP measures are useful for internal comparison to historical operating results as well as to the operating results of its competitors, and believes that this information is useful to investors for the same purposes.  A reconciliation between the Company’s GAAP and non-GAAP results is provided in the attached tables.  Readers are reminded that non-GAAP information is merely a supplement to, and not a replacement for, GAAP financial measures. 

Safe Harbor for Forward-Looking Statements

Certain statements contained in this press release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction involving Xcerra Corporation ("Xcerra") and Hubei Xinyan Equity Investment Partnership (Limited Partnership)  ("Parent") and the ability to consummate the transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risk that the conditions to the closing of the transaction are not satisfied, including the failure to timely or at all obtain stockholder approval for the transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) or from the Committee on Foreign Investment in the United States (CFIUS); uncertainties as to the timing of the consummation of the transaction and the ability of each of Xcerra and Parent to consummate the transaction, including as a result of the failure of Parent to obtain or provide on a timely basis or at all the necessary financing; risks that the transaction disrupts the current plans and operations of Xcerra; the ability of Xcerra to retain and hire key personnel; competitive responses to the transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; and legislative, regulatory, political and economic developments. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in Xcerra's most recent Annual Report on Form 10-K, and Xcerra's more recent Quarterly Report on Form 10-Q and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC"). Xcerra can give no assurance that the conditions to the transaction will be satisfied. Except as required by applicable law, Xcerra undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

About Xcerra

Xcerra Corporation is comprised of four businesses in the semiconductor and electronics manufacturing test markets: atg-Luther & Maelzer, Everett Charles Technologies, LTX-Credence and Multitest. The combination of these businesses creates a company with a broad spectrum of semiconductor and PCB test expertise that drives innovative new products and services, and the ability to deliver to customers fully integrated semiconductor test cell solutions.  The Company addresses the broad, divergent requirements of the mobility, industrial, automotive and consumer end markets, offering a comprehensive portfolio of solutions and technologies, and a global network of strategically deployed applications and support resources.  Additional information can be found at www.xcerra.com or at each product group’s website; www.atg-lm.com, www.ectinfo.com, www.ltxc.com and www.multitest.com

Investor Contact:

Richard Yerganian, Vice President, Investor RelationsXcerra Corporation Tel. 781.467.5063 Email rich.yerganian@xcerra.com

Xcerra is a trademark of Xcerra Corporation. All other trademarks are the property of their respective owners.

Source: Xcerra Corporation.

Xcerra Corporation
Consolidated Balance Sheets
(in thousands)
       
       
 ASSETS  October 31, 2017    July 31, 2017
       
Current assets      
Cash and cash equivalents $ 104,388   $ 103,637
Marketable securities   56,919     57,087
Accounts receivable - trade, net   89,047     92,689
Accounts receivable - other, net   452     274
Inventories, net   86,905     81,509
Prepaid expenses and other current assets   20,455     19,087
Assets held for sale   850     994
Total current assets   359,016     355,277
       
Property and equipment, net   28,556     28,509
Intangible assets, net   8,596     8,752
Goodwill   43,850     43,850
Other assets   2,139     2,225
Total assets $ 442,157   $ 438,613
       
 LIABILITIES AND EQUITY      
Current liabilities      
Current portion of long-term debt $ 4,095   $ 3,779
Accounts payable   25,378     36,249
Other accrued expenses   49,825     50,262
Deferred revenues   4,833     8,085
Total current liabilities   84,131     98,375
       
Term Loan   16,550     17,547
Other long-term liabilities   9,087     9,012
Stockholders' equity   332,311     313,679
Noncontrolling interest   78     -
Total liabilities and equity $ 442,157   $ 438,613
       
Xcerra Corporation
Consolidated Statements of Operations
(in thousands, except earnings per share data)
(unaudited)
  Three Months Ended
  October 31,
  2017 2016
     
Net sales $ 120,286   $ 80,085
Cost of sales   60,871     45,725
Gross profit   59,415     34,360
     
Engineering and product development expenses   17,139     15,296
Selling, general, and administrative expenses   21,285     18,461
Amortization of purchased intangible assets   157     190
Restructuring   135     107
Income from operations   20,699     306
     
Other (expense) income, net   (210 )   320
Income before provision for income taxes   20,489     626
Provision for income taxes   2,788     608
Net income $ 17,701   $ 18
     
Net income attributable to noncontrolling interest $ 170   $ -
     
Net income attributable to Xcerra $ 17,531   $ 18
     
Basic and diluted net income per share attributable to Xcerra:    
Basic net income $ 0.32   $ 0.00
Diluted net income $ 0.32   $ 0.00
     
Weighted-average common shares used in computing net income per share:    
Basic   54,604     53,865
Diluted   55,628     54,025
     
Xcerra Corporation
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share amounts)
(unaudited)
               
  Three Months Basic Diluted   Three Months Basic Diluted
  Ended Earnings Earnings   Ended Earnings Earnings
  October 31, 2017 Per Share Per Share   October 31, 2016 Per Share Per Share
               
GAAP net income attributable to Xcerra $ 17,531 $ 0.32 $ 0.32   $ 18 $ 0.00 $ 0.00
Legal and transaction fees   635   0.01   0.01     -   -   -
Amortization of purchased intangible assets   157   0.00   0.00     190   0.00   0.00
Restructuring   135   0.00   0.00     107   0.00   0.00
Non-GAAP net income $ 18,458 $ 0.34 $ 0.33   $ 315 $ 0.01 $ 0.01
               
Weighted average shares outstanding:     54,604   55,628       53,865   54,025
               
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