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It's amazing how quickly kids learn to drive cars, but are unable to understand the functioning of a lawnmower, snowblower or vacuum cleaner." -- Ben BerborAdditional Resources
| Verigy Q1 surges - Q2 outlook disappoints |
| Friday, 26 February 2010 06:24 |
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Revenue rose 56% year over year to $106 million, but fell short of analyst expectations for $111.2 million. For the upcoming Q2 the company expects revenue of $107 million to $117 million. Verigy posted a narrower-than-expected quarterly loss as sales of its products increased sharply, but forecast Q2 results below market expectations, sending its shares down 11 percent in after-hours trade. However the company said it may return to profitability in its third quarter and expects fiscal 2010 revenue to grow more than 50 percent from a year ago. For the second quarter, the company expects net results ranging from a loss of 8 cents a share to a profit of 1 cent a share, on revenue of $107 million to $117 million. Verigy began getting traction in some of its new product segments in Q1. In the quarter it shipped its first 200mm probe card from the Touchdown acquisition, and first 300-millimeter DRAM probe card for DDR3 qualification. In Q1, the V6000 completed an important milestone by achieving wafer-level correlation in high-volume DDR3 production. Another customer in Asia recently took delivery of its first V6000 final test system. Last quarter, the company stated that the V101 was qualified at a Taiwanese test house. In Q1, they received a double-digit system order from this customer and we expect to receive additional orders in Q2 as the customer moves to high-volume production. “First quarter results represented the fourth consecutive quarter of improvement in orders and revenue, and we achieved breakeven on a non-GAAP operating margin basis,” said Bob Nikl, Verigy chief financial officer. “Based on current revenue expectations, we believe that we will return to profitability in our third fiscal quarter.” See transcript of call on Seeking Alpha here. |
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