Xcerra Announces First Quarter Results
29 Noviembre 2017 - 6:00AM
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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