SAN DIEGO, Sept. 29 /PRNewswire/ -- ThermoTrex Corporation (Amex: TKN) announced today that its ThermoLase Corporation subsidiary will record aftertax restructuring and other charges totaling approximately $15 million in its fourth fiscal quarter, ending October 3, 1998.
A charge of approximately $8.3 million will be incurred as a result of the company's decision to close three of its domestic Spa Thira locations along with the spa in France. An additional charge of $6.7 million will be incurred to write off certain tax assets, primarily loss carryforwards. These charges will reduce fourth quarter 1998 diluted earnings per share by approximately $.79. The company estimates that these actions will result in fiscal 1999 operating savings of approximately $2 million.
ThermoLase will close its spas in Miami and Palm Beach, Florida, and in La Jolla, California. The remaining 11 domestic spas will be converted into full- service, luxury day spas, under the Greenhouse name.
ThermoTrex Corporation manufactures general-purpose and specialized X-ray equipment as well as minimally invasive breast-biopsy systems. In addition, the company offers personal-care products and laser-based hair-removal services. ThermoTrex also conducts advanced-technology R&D and is currently developing a laser communication system, products for the medical imaging and avionics markets, and is pursuing industrial applications for its advanced- materials technology. ThermoTrex is a public subsidiary of Thermo Electron Corporation. More information is available on the Internet at http://www.thermo.com/subsid/tkn1.html.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include those set forth under the heading "Forward-looking Statements" in Exhibit 13 to the company's annual report for the fiscal year ended September 27, 1997. These include risks and uncertainties relating to: product development and commercialization, market acceptance, government regulation and healthcare reform, patient reimbursement, competition, management of growth, ability to attract qualified personnel, intellectual property rights and litigation, product liability, dependence on significant OEM relationships, risks associated with the company's acquisition and spinout strategies, and the potential impact of the year 2000 on processing date- sensitive information.
Investor: 781-622-1111, or Media Contact: 781-622-1252
David Bowie is set to resurrect his Ziggy Stardust alter-ego. The 'Space Oddity' rocker is in talks with organisers of California's Coachella Valley Music and Arts festival, who want him to perform his classic album 'The Rise and Fall of Ziggy Stardust and The Spiders From Mars' in its entirety. A source said: "Coachella tried to book Bowie last year and he refused, so they got Prince to headline instead. But there's a very strong chance they'll be able to persuade him this year." The 62-year-old singer famously killed off his alter ego on stage in London in 1973, a year after the album's release. Bowie has been in semi-retirement since cancelling a 2004 world tour following a heart scare. He is currently believed to be working on new material in Germany following a comment left under his name on social networking web site Twitter. A user named David Bowie wrote: "Cheers from a snowy Berlin! Working on some new material." David's last studio album 'Reality' was released in 2003. Last year, he sang backing vocals on Scarlett Johansson's album 'Anywhere I lay My Head'.
2009 Al Sidra Media LLC
Provided by Syndigate.info an Albawaba.com company
M2 PRESSWIRE-July 11, 2011-: TalkTalk Launches Two New Mobile Packages; Triple-play offer provides broadband, mobile and landline calls for A[pound sign]27.10(C)1994-2011 M2 COMMUNICATIONS
RDATE:11072011
TalkTalk, the phone, broadband and mobile company, is launching two new mobile packages as part of its great value triple-play 'bundle' of broadband, mobile and landline calls.
The SIM-only mobile packages can be taken in conjunction with TalkTalk's phone and broadband service and its 100 or 500 Mobile Minutes boost to create a triple-play bundle that will include calls from mobiles to landlines, and vice versa.
For as little as [pound sign]27.10 per month, customers will get the fastest broadband their line can handle, free HomeSafe internet security, unlimited evening and weekend UK landline calls, 100 minutes of calls from their landline to mobile numbers, plus 50 minutes of mobile calls and 50 texts. Customers can also make unlimited calls from their TalkTalk SIM to their TalkTalk landline for free.
The first new package, called TalkTalk Mobile 5, offers 50 texts and 50 minutes of calls to UK mobile and landline numbers for just [pound sign]5 a month, making it perfect for budget-conscious customers looking for a low-cost deal.
Meanwhile TalkTalk Mobile 15 offers 400 minutes of calls, unlimited texts and 500Mb of data for [pound sign]15 a month - ideal for customers that like to surf the mobile web on their phones.
Tristia Clarke, commercial director, TalkTalk said: "Our new packages ensure that we now have a range of tariffs that suit all of our customers, whatever they're looking for - whether they be budget-conscious customers who just want a basic package of calls and texts, or tech-savvy smartphone users who need lots of data.
"This means that, for just over [pound sign]27.10, our customers can get a fantastic value triple-play deal. And for under [pound sign]40 a month, they can get superfast broadband, unlimited landline calls from their home phone, 500 minutes of free calls to UK mobiles, and now 400 minutes of free calls from their mobile, unlimited texts and half a gig of data. We think that's an unbeatable deal."
Customers who take the 100 or 500 Mobile minutes boost with Mobile 15 will also get a [pound sign]5 discount from their bill each month.
How TalkTalk customers can save money by taking a triple play package and mobile minute boost:
TalkTalk Mobile 5 TalkTalk Mobile 5 TalkTalk mobile TalkTalk mobile
+ 100 mobile minute + 500 mobile minute 15 + 100 mobile 15 + 500 mobile
boost boost minute boost minute boost
Mobile [pound sign]5 [pound sign]5 [pound sign]15 [pound sign]15
Mobile minute boost [pound sign]3 [pound sign]5 [pound sign]3 [pound sign]5
Essentials [pound sign]6.50 [pound sign]6.50 [pound sign]6.50 [pound sign]6.50
Line Rental [pound sign]12.60 [pound sign]12.60 [pound sign]12.60 [pound sign]12.60
Bundle
Discount - - [pound sign]5 [pound sign]5
Monthly Total [pound sign]27.10 [pound sign]29.10 [pound sign]32.10 [pound sign]34.10
Average Yearly Saving: [pound sign]144 [pound sign]600 [pound sign]204 [pound sign]660
TalkTalk's new SIM-only packages:
Package Price Minutes Texts Data
TalkTalk Mobile 5 [pound sign]5 50 50 -
TalkTalk Mobile 15 [pound sign]15 400 Unlimited** 500Mb / month
*All figures per month unless otherwise stated
** Subject to fair usage policy.
For more information
Chris Jarvis
Public Relations for TalkTalk
Citigate Dewe Rogerson
Chris.jarvis@citigatedr.co.uk
0207 282 1088
About TalkTalk
* TalkTalk now has over 4.2 million broadband and phone customers signed up to TalkTalk and AOL Broadband.
* TalkTalk operates a fully unbundled network, which extends to over 2,000 exchanges and covers over 80% of our customers.
* In uSwitch's Customer Satisfaction Report 2010, TalkTalk was voted the best value for money home phone provider. And in Top10.com's Broadband Awards 2010, TalkTalk Essentials was voted the best home broadband. TalkTalk also picked up Top10.com's best broadband and home phone award.
* TalkTalk's site (www.talktalk.co.uk) is the online hub for customers to manage their account, use their webmail, resolve their problems and access a range of information and entertainment content. The site is used by nearly three million users every month.
* TalkTalk is one of seven partners behind YouView (www.youview.com), the new internet-connected TV service, along with the BBC, ITV, BT, Channel 4, Arqiva and Five. YouView is expected to launch to UK homes in 2012.
* Follow TalkTalk on Twitter and on our blog: @TalkTalkTips and www.talktalkblog.co.uk.
((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com)).
A new auction date of May 27 for the "Jewel of Kahana," one of the Hawaiian Islands' most premier residences, invested in by "America's #1 Success Coach" Jack Canfield, the originator of the Chicken Soup for the Soul series, has been announced by Concierge Auctions.
Thus far 4 bidders are registered for the auction, and an opening bid is in place. The property is currently listed for $15.9 million, and bidding will begin at $9.5 million. Originally scheduled for May 12, the adjusted auction date will allow the registered bidders additional time to conduct due diligence on the property and will also enable new bidders to become involved. The sale is being conducted in cooperation with listing agent Mary Anne Fitch of Maui Estates International.
4809 Lower Honoapiilani Road offers a private lifestyle with all the elements one would expect from a five-star resort. Designed by architectural team Jim and Karen LeCron of Arri/LeCron Architects, Inc, this 9,700-square-foot residence sleeps up to 16 people in its eight master suites including the detached ohana guest quarters. Each suite features its own sliding glass doors with access to an outdoor lanai or terrace, wet bar, flat-screen television and turquoise water views. Luxurious bathroom appointments include double vanities, custom wood cabinetry, freestanding, oversized soaking tubs and custom-designed tile and glass showers. Every detail of the layout and appointments takes advantage of the estate's magnificent slice of Maui oceanfront property with views of Molokai and Lanai.
Maui meets all the criteria for a tropical paradise including swaying palm trees bordering perfect white-sand coves, free-falling waterfalls etching the faces of mountains, voluptuous jungles bursting with bright color and moonlight sparkling on calm, turquoise seas. Next to Waikiki.
The absolute auction of 4809 Lower Honoapiilani Road will be conducted "live" on May 27. Bidders will be able to participate in person or proxy via telephone or Internet. A 2.5 percent commission is offered to the buyer's representing broker. Additional broker and buyer incentives are offered for opening bids.
Concierge Auctions is the preeminent luxury real estate auction firm.
More Information:
www.MauiLuxuryAuction.com
www.ConciergeAuctions.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Wichita, KS (PRWEB) May 12, 2011
Bold Software, a leading provider of world-class web communication tools, and the e-tailing group, an e-commerce consultancy, today announced the third annual release of the industry's most comprehensive research on the effectiveness of live chat technology.
With a foreword and industry insights on survey methodology from recognized ecommerce consultancy the e-tailing group (who participated in the research for the first time), the 2011 findings include compelling insights for internet retailers, such as the fact that one in five shoppers prefers live chat more than any other communication method. Further, these live chat advocates are a highly desirable population, one that typically has a higher household income than average and spends more online per year than other shoppers.
"We're proud to share these findings with the market for the third year in a row," said Bold Software President and CEO Steve Castro-Miller. "We undertook this for the first time back in 2009 in order to glean shopper insights around the effectiveness of live chat as a tool, and our research has evolved each year. This year, for example, we wanted to better understand shopper perceptions around proactive chat. We uncovered critical information for e-tailers around how to -- and how not to -- implement this valuable tool. Additionally, we've seen growth in the UK market and so the report also takes a closer look at this customer segment for the first time."
Earlier this year, Bold Software and the e-tailing group collaborated on a blind survey of more than 1,000 regular internet shoppers using an opt-in, third party panel. Out of this live chat research, five key conclusions can be drawn:
1) 20% of shoppers prefer live chat. There is an identifiable and significantly-sized population of internet buyers that want -- more than any other communication method for any circumstance or situation -- to engage in a live chat when communicating with an internet retailer.
2) The population that prefers live chat is a highly desirable one. Those that pick live chat as their communication method have a significantly higher positive attitude about the technology's presence on a website. These live chat advocates are more likely to trust websites that have live chat and more likely to buy simply because of its presence. Further, this live chat user is aged 31-50, has considerably higher household income than average, is more likely to be college educated, and spends more money online per year than other groups of shoppers.
3) Receptiveness to proactive chat is on the rise, but care in execution is required. The majority of respondents, even more than the year prior, welcome being invited to chat. That said, a number of survey takers noted that they've left websites because of poor invitation practices.
4) Best practices generally fall into three categories with the "human factor" of chat at the top. Chatters confirmed what many merchants believe -- the people taking the chats, particularly their knowledge and speed, are the key determinants of a successful chat. Visitors also cite the ability for their browser to be directed by an agent, full co-browsing capabilities, and judicious use of canned messages as important.
5) Shoppers in the UK are similar -- and different -- from their US counterparts when it comes to live chat. While UK respondents agree with US shoppers on what makes a live chat session successful, and generally have a positive attitude toward the technology, they are less enthusiastic. For instance, the UK has half as many live chat users as the US does. This poses an interesting opportunity for firms doing business in the UK and wanting to engage with on-site visitors in sales-related situations.
Lauren Freedman, president of the e-tailing group, commented, "I believe we are at the cusp of live chat's importance, where a range of marketers are now seeing its full potential. Positive consumer experiences and revenue-generating performance results will once again be the impetus to enhanced utilization, and here strategic planning and smart execution are certain to deliver. My own cynicism has faded, and I, too, have fully embraced live chat's potential, recommending that all retailers evaluate the tool for their own brand and customer base."
To learn more, download the full research findings at: http://www.boldchat.com/live_chat_software/landing/2011LiveChat/2011_Live_Chat_Report.jsp?mc=pr
About the e-tailing group
the e-tailing group is a niche e-commerce consultancy that helps merchants deliver the right customer experience on their websites and across all of their channels while adeptly assisting technology companies to create and execute go-to-market strategies that simultaneously educate the retail community and deliver cost-effective thought leadership and lead generation.
About Bold Software:
Bold Software LLC, is a leading provider of world-class web communication tools designed to help businesses improve online support and increase sales. Using Bold Software's live chat, click-to-call, email management, and active co-browsing tools, businesses can quickly and effectively engage visitors on their website. Bold Software sells a wide variety of competitively-priced products under the BoldChat, BoldCall, and BoldCCM brand names. Businesses of all sizes - from small proprietorships to large ecommerce enterprises -- can provide more intelligent online customer interactions and close more sales using Bold Software solutions. The company is headquartered in Wichita, KS, with thousands of customers around the world. For more information about Bold Software, go to http://www.BoldSoftware.com or call 1-866-753-9933.
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Read the full story at http://www.prweb.com/releases/2011/5/prweb8419487.htm
New Products Drive Record Oscilloscope Orders; Revenues of $46.5 Million Increased 38% Year Over Year; Company Reports Non-GAAP Gross Margins of 61.6%
CHESTNUT RIDGE, N.Y., April 27, 2011 /PRNewswire/ -- LeCroy Corporation (NASDAQ: LCRY), a leading supplier of oscilloscopes and serial data test solutions, today announced financial results for its fiscal third quarter ended April 2, 2011.
The highlights of the Company's year-over-year ("YOY") financial performance for the third quarter of fiscal 2011 are as follows:
| (In millions, except per share data, percentages and bps) | Q3 FY11 GAAP | Q3 FY10 GAAP | Q3 FY11 non-GAAP* | Q3 FY10 non-GAAP* | YOY Change non-GAAP* |
| Revenue | $46.5 | $33.6 | $46.5 | $33.6 | 38% |
| Gross Margin | 61.2% | 59.8% | 61.6% | 60.0% | 160 bps |
| Operating Income | $1.5 | $1.0 | $7.2 | $2.9 | 149% |
| Operating Margin | 3.3% | 2.9% | 15.6% | 8.7% | 690 bps |
| Net Income | $0.5 | $0.3 | $5.4 | $1.9 | 179% |
| Net Income Per Diluted Share | $0.03 | $0.03 | $0.32 | $0.15 | 113% |
* A presentation of, and a reconciliation of, non-GAAP financial measures with the most directly comparable GAAP measures, if different, can be found in the financial tables below.
Comments on the Quarter
"LeCroy's momentum continued into the third quarter of fiscal 2011 as we reported our second consecutive quarter of record revenues, orders and non-GAAP operating income," said President and Chief Executive Officer Tom Reslewic. "Revenues of $46.5 million grew by 3% from the seasonally-strong second fiscal quarter, making this our eighth consecutive quarter of sequential revenue growth. On the bottom line, we grew non-GAAP EPS 113% year-over-year to $0.32 primarily as a result of the strong operating leverage in our business."
"Non-GAAP gross margins for the quarter increased 160 basis points to 61.6%," added Reslewic. "This is especially impressive given the number of new products we launched during the quarter, which creates a temporary increase in cost of goods sold. We launched a mid-range oscilloscope, the WaveRunner 6 Zi, which surpassed industry benchmarks for performance and price and is rapidly gaining traction in the market. On the high end, we launched the WaveMaster 845 Zi, the world's highest bandwidth oscilloscope that received top honors at DesignCon 2011. We also began producing demo units for LabMaster 9 Zi-A Multi-channel Oscilloscope System, the industry's highest bandwidth multi-channel oscilloscope system, in preparation for its launch in the current quarter."
GAAP operating income for the third quarter of 2011 includes a $5.7 million non-cash share-based compensation charge of which $5.4 million is attributable to stock appreciation rights ("SARs"). Accounting for SARs requires the recording of an expense or income to the consolidated statements of operations depending on whether the Company's stock price increased or decreased, respectively. Because of the continued rise in LeCroy's stock price during the third quarter of fiscal 2011, the Company recorded a significant, primarily non-cash, mark-to-market share-based compensation expense for the SARs.
Outlook and Guidance
"Our new products continue to be extremely well received by the market and we believe the demand environment will continue to remain solid for the foreseeable future," said Reslewic. "LeCroy is well-prepared to capitalize on that demand with a strong pipeline of industry-leading products that will be introduced in the coming quarters. Going forward, our goal is to build on our strong momentum to explore and pursue opportunities for continued solid growth. We expect fiscal 2011 will close as a record year in the Company's history."
"For the fourth quarter of fiscal 2011, we currently expect to report revenues of approximately $47 million and non-GAAP operating margin of approximately 16%," concluded Reslewic.
Conference Call Information
LeCroy will broadcast its quarterly conference call for investors live over the Internet today, Wednesday, April 27, 2011 at 10:00 a.m. ET. To access the webcast, visit the "Events Calendar" in the "Investors" section of LeCroy's website at www.lecroy.com. The call also may be accessed by dialing (877) 709-8155 or (201) 689-8881. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for approximately one year.
About LeCroy Corporation
LeCroy Corporation is a worldwide leader in serial data test solutions, creating advanced instruments that drive product innovation by quickly measuring, analyzing and verifying complex electronic signals. The Company offers high-performance oscilloscopes, serial data analyzers and global communications protocol test solutions used by design engineers in the computer, semiconductor and consumer electronics, data storage, automotive and industrial, and military and aerospace markets. LeCroy's 45-year heritage of technical innovation is the foundation for its recognized leadership in "WaveShape Analysis" - capturing, viewing and measuring the high-speed signals that drive today's information and communications technologies. LeCroy is headquartered in Chestnut Ridge, New York. Company information is available at http://www.lecroy.com.
Basis of Presentation
The Company's fiscal years end on the Saturday closest to June 30, resulting in an additional week of results every five or six years. The fiscal year ended July 3, 2010 represented a 53-week period, while the fiscal year ending July 2, 2011 will represent a 52-week period. Therefore, the first three quarters of fiscal 2011 was a 39-week period compared with a 40-week period for the first three quarters of fiscal 2010.
The consolidated balance sheet as of July 3, 2010 reflects a correction of approximately $0.9 million to properly classify the deferred tax asset related to the Company's stock appreciation rights ("SARs"). The Company's SARs are liability classified awards and are reflected on the consolidated balance sheet as current liabilities. Therefore, the deferred tax asset associated with these awards, which was previously classified as non-current as of July 3, 2010, has been reclassified from Other non-current assets to Other current assets to follow the current classification of the underlying award.
Safe Harbor
This release contains forward-looking statements, including those pertaining, but not limited to expectations regarding: LeCroy's expectation that its new products will continue to be extremely well received by the market and the belief that the demand environment will continue to remain solid for the foreseeable future; LeCroy being well-prepared to capitalize on that demand with a strong pipeline of industry-leading products that will be introduced in the coming quarters; the goal to build on LeCroy's strong momentum and to explore and pursue opportunities for continued solid growth; and LeCroy's expectation that fiscal 2011 will close as a record year in the Company's history; and LeCroy's anticipation to report revenue of approximately $47 million, and non-GAAP operating margin of approximately 16% for the fourth quarter of fiscal 2011.
Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties including, without limitation, adverse changes in general economic or political conditions in any of the major countries in which LeCroy does business; volume and timing of orders received; changes in the mix of products sold; competitive pricing pressure; the availability and timing of funding for the Company's current products; delays in development or shipment of LeCroy's new products or existing products; introduction of new products by existing and new competitors; failure to successfully manage transitions to new markets; failure to anticipate and develop new products and services in response to changes in demand; failure to obtain and maintain cost reductions; difficulty in predicting revenue from new products; disputes and litigation; inability to protect LeCroy's intellectual property from third-party infringers; failure to manage LeCroy's sales and distribution channels effectively; disruption of LeCroy's business due to catastrophic events such as the earthquake and tsunami in Japan and other collateral events; risks associated with international operations; fluctuations in foreign currency exchange rates; changes in, or interpretations of, accounting principles; inventory write-down; impairment of long-lived assets; valuation of deferred tax assets; unanticipated changes in, or interpretations of, tax rules and regulations; LeCroy's inability to attract and retain key personnel; LeCroy's inability to purchase its convertible debt; and interruptions or terminations in LeCroy's relationships with turnkey assemblers.
For further discussion of these and other risks and uncertainties, individuals should refer to LeCroy's SEC filings, which are available at the Company's website www.lecroy.com. The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in LeCroy's Quarterly Report on Form 10-Q for the quarter ended April 2, 2011, which the Company expects to file in May 2011.
LeCroy undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. Further information on potential factors that could affect LeCroy Corporation's business is described in the Company's reports on file with the SEC.
Use of Non-GAAP Financial Measures
Certain disclosures in this press release include "non-GAAP financial measures." A non-GAAP financial measure is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the Consolidated Balance Sheets, Consolidated Statements of Operations or Cash Flows of the Company.
The non-GAAP results are a supplement to the financial statements based on generally accepted accounting principles ("GAAP"). The Company believes this presentation provides investors and LeCroy management with additional insight into its underlying results because of the materiality of certain non-cash charges. The Company excludes these expenses when evaluating core operating activities and for strategic decision making, forecasting future results and evaluating current performance.
We define non-GAAP gross profit as gross profit as reported under GAAP plus non-cash charges for share-based compensation costs included in cost of revenues. Non-GAAP gross margin is computed as non-GAAP gross profit as a percentage of total revenues. Non-GAAP gross profit and non-GAAP gross margin are not substitutes for comparable GAAP measures.
We define non-GAAP operating income as operating income reported under GAAP plus primarily non-cash charges for share-based compensation costs and business realignment charges. A portion of our stock-based compensation expense was the result of SAR exercises for cash. Non-GAAP operating income is not a substitute for GAAP operating income.
GAAP net income for the three quarters ended April 2, 2011 includes an approximate $0.5 million loss on the extinguishment of convertible notes. Accounting for the extinguishment of convertible notes requires the application of derecognition guidance where upon repurchase, the fair value of the liability component immediately prior to extinguishment is measured first and the difference between the fair value of the aggregate consideration paid and the fair value of the liability component is attributed to the reacquisition of the equity component. The derecognition guidance results in a loss or gain in the consolidated statement of operations that differs from the cash loss or gain, which is measured as the difference between the cash paid and the principal amount repurchased. The after-tax impact resulting from the difference between the cash loss and the accounting loss is approximately $0.2 million.
We define non-GAAP net income as net income (loss) reported under GAAP plus primarily non-cash charges for share-based compensation costs, business realignment charges, non-cash amortization of debt discount and non-cash loss on extinguishment of convertible notes, each net of applicable income taxes, such that the effective blended statutory rate, for non-GAAP net income is approximately 38% and 28% on a year-to-date basis, adjusted for tax return filing true-ups and reserve adjustments, for each of the full fiscal 2010 and 2011 years, respectively. Non-GAAP net income is not a substitute for GAAP net income (loss).
We define non-GAAP net income per diluted common share as non-GAAP net income divided by the weighted average number of shares outstanding plus the dilutive effect of stock options, restricted stock and the convertible notes, calculated consistent with GAAP, as applicable. Non-GAAP net income per diluted common share is not a substitute for GAAP net income (loss) per diluted common share.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per diluted common share, as we defined them, may differ from similarly named measures used by other entities and, consequently, could be misleading unless all entities calculate and define such non-GAAP measures in the same manner. A presentation of, and a reconciliation of, our non-GAAP financial measures with the most directly comparable GAAP measures are included in the accompanying financial data. By definition, non-GAAP measures do not give a full understanding of LeCroy; therefore, to be truly valuable, they must be used in conjunction with the GAAP measures. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
| LeCROY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| Quarter Ended | Three Quarters Ended | |||||||
| April 2, | April 3, | April 2, | April 3, | |||||
| 2011 | 2010 | 2011 | 2010 | |||||
| In thousands, except per share data | (13 weeks) | (13 weeks) | (39 weeks) | (40 weeks) | ||||
| Revenues: | ||||||||
| Test and measurement products | $ 43,699 | $ 31,150 | $ 122,056 | $ 85,341 | ||||
| Service and other | 2,762 | 2,433 | 8,527 | 7,241 | ||||
| Total revenues | 46,461 | 33,583 | 130,583 | 92,582 | ||||
| Cost of revenues: | ||||||||
| Share-based compensation | 194 | 75 | 456 | 191 | ||||
| Other costs of revenues | 17,825 | 13,427 | 50,656 | 38,465 | ||||
| 18,019 | 13,502 | 51,112 | 38,656 | |||||
| Gross profit | 28,442 | 20,081 | 79,471 | 53,926 | ||||
| Operating expenses: | ||||||||
| Selling, general and administrative: | ||||||||
| Share-based compensation | 4,746 | 1,338 | 12,300 | 2,695 | ||||
| Other selling, general and administrative expenses | 12,742 | 10,551 | 36,275 | 28,264 | ||||
| 17,488 | 11,889 | 48,575 | 30,959 | |||||
| Research and development: | ||||||||
| Share-based compensation | 772 | 347 | 2,073 | 849 | ||||
| Other research and development expenses | 8,655 | 6,885 | 25,386 | 19,341 | ||||
| 9,427 | 7,232 | 27,459 | 20,190 | |||||
| Total operating expenses | 26,915 | 19,121 | 76,034 | 51,149 | ||||
| Operating income | 1,527 | 960 | 3,437 | 2,777 | ||||
| Other income (expense): | ||||||||
| Gain (loss) on extinguishment of convertible debt, net of issue cost write-off | - | 150 | (532) | 761 | ||||
| Interest income | 12 | 2 | 35 | 31 | ||||
| Interest expense | (489) | (780) | (1,901) | (2,423) | ||||
| Amortization of debt discount on convertible notes | (441) | (543) | (1,513) | (1,753) | ||||
| Other, net | (23) | 109 | (641) | (161) | ||||
| Other expense, net | (941) | (1,062) | (4,552) | (3,545) | ||||
| Income (loss) before income taxes | 586 | (102) | (1,115) | (768) | ||||
| Provision (benefit) for income taxes | 92 | (432) | (645) | (335) | ||||
| Net income (loss) | $ 494 | $ 330 | $ (470) | $ (433) | ||||
| Net income (loss) per common share | ||||||||
| Basic | $ 0.03 | $ 0.03 | $ (0.03) | $ (0.03) | ||||
| Diluted | $ 0.03 | $ 0.03 | $ (0.03) | $ (0.03) | ||||
| Weighted average number of common shares: | ||||||||
| Basic | 16,064 | 12,476 | 14,436 | 12,373 | ||||
| Diluted | 16,906 | 12,678 | 14,436 | 12,373 | ||||
| LeCROY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
| April 2, | July 3, | ||
| In thousands | 2011 | 2010 * | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $ 7,888 | $ 7,822 | |
| Accounts receivable, net | 29,474 | 26,840 | |
| Inventories, net | 45,173 | 30,308 | |
| Other current assets | 13,575 | 9,654 | |
| Total current assets | 96,110 | 74,624 | |
| Property and equipment, net | 24,126 | 20,806 | |
| Intangible assets, net | 539 | 409 | |
| Other non-current assets | 5,776 | 6,815 | |
| TOTAL ASSETS | $ 126,551 | $ 102,654 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $ 20,279 | $ 13,649 | |
| Accrued expenses and other current liabilities | 25,937 | 12,327 | |
| Convertible notes, net of unamortized discount | |||
| of $986 and $0 respectively | 28,664 | - | |
| 74,880 | 25,976 | ||
| Long-term bank debt | - | 17,000 | |
| Convertible notes, net of unamortized discount | |||
| of $0 and $3,044 respectively | - | 36,606 | |
| Deferred revenue and other non-current liabilities | 3,552 | 3,296 | |
| Total liabilities | 78,432 | 82,878 | |
| Stockholders' equity | 48,119 | 19,776 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 126,551 | $ 102,654 | |
| * Certain reclassifications have been made to conform to the current year presentation. | |||
| LeCROY CORPORATION RECONCILIATION OF REPORTED GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) | |||||||
| Quarter Ended | Three Quarters Ended | ||||||
| April 2, | April 3, | April 2, | April 3, | ||||
| 2011 | 2010 | 2011 | 2010 | ||||
| In thousands | (13 weeks) | (13 weeks) | (39 weeks) | (40 weeks) | |||
| GAAP gross profit, as reported | $ 28,442 | $ 20,081 | $ 79,471 | $ 53,926 | |||
| Share-based compensation | 194 | 75 | 456 | 191 | |||
| Non GAAP gross profit | $ 28,636 | $ 20,156 | $ 79,927 | $ 54,117 | |||
| Quarter Ended | Three Quarters Ended | ||||||
| April 2, | April 3, | April 2, | April 3, | ||||
| 2011 | 2010 | 2011 | 2010 | ||||
| In thousands | (13 weeks) | (13 weeks) | (39 weeks) | (40 weeks) | |||
| GAAP operating income, as reported | $ 1,527 | $ 960 | $ 3,437 | $ 2,777 | |||
| Share-based compensation | 5,712 | 1,760 | 14,829 | 3,735 | |||
| Business realignment charges | 7 | 192 | 56 | 321 | |||
| Non GAAP operating income | $ 7,246 | $ 2,912 | $ 18,322 | $ 6,833 | |||
| Quarter Ended | Three Quarters Ended | ||||||
| April 2, | April 3, | April 2, | April 3, | ||||
| 2011 | 2010 | 2011 | 2010 | ||||
| In thousands | (13 weeks) | (13 weeks) | (39 weeks) | (40 weeks) | |||
| GAAP net income (loss), as reported | $ 494 | $ 330 | $ (470) | $ (433) | |||
| After-tax effect of Non GAAP adjustments: | |||||||
| Share-based compensation | 4,493 | 1,174 | 10,975 | 2,727 | |||
| Business realignment charges | 3 | 121 | 38 | 207 | |||
| Non-cash amortization of debt discount on convertible notes | 360 | 293 | 1,111 | 1,103 | |||
| Non-cash loss on extinguishment of convertible notes | - | - | 201 | - | |||
| Non GAAP net income | $ 5,350 | $ 1,918 | $ 11,855 | $ 3,604 | |||
| Quarter Ended | Three Quarters Ended | ||||||
| April 2, | April 3, | April 2, | April 3, | ||||
| 2011 | 2010 | 2011 | 2010 | ||||
| In thousands, except per share data | (13 weeks) | (13 weeks) | (39 weeks) | (40 weeks) | |||
| Net income (loss) per common share | |||||||
| Diluted, as reported | $ 0.03 | $ 0.03 | $ (0.03) | $ (0.03) | |||
| Diluted, non GAAP | $ 0.32 | $ 0.15 | $ 0.79 | $ 0.29 | |||
| Weighted average number of common shares: | |||||||
| Diluted, as reported | 16,906 | 12,678 | 14,436 | 12,373 | |||
| Diluted, non GAAP | 16,906 | 12,678 | 15,043 | 12,572 | |||
Contact: Sean B. O'Connor Vice President, Finance and Chief Financial Officer LeCroy Corporation Tel: 845-425-2000
SOURCE LeCroy Corporation
