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LTX CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 LTX CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
 WESTWOOD, Mass., Dec. 5 /PRNewswire/ -- LTX Corporation (NASDAQ: LTXX), today announced its financial results for the first quarter ended Oct. 31, 1991. Sales were $37,006,000 compared to sales of $46,208,000 in the first quarter of fiscal 1991. The net loss was $(9,886,000) or (50 cents) per share compared to net income of $1,198,000 or 10 cents per share in the prior year. The first quarter results include $3 million of unusual charges relating to severance payments and provisions for excess inventory and manufacturing capacity.
 Graham Miller, president of LTX, commented: "Our order rate in our first fiscal quarter declined sharply and was very disappointing. As a result, our revenues declined 32 percent from the preceding quarter and we operated at a loss for the period. As previously announced, we have instituted cost-cutting measures, including three one-week shut-downs, a layoff of approximately 150 people and a reduction and freezing of the salaries of all of the officers of the company. We remain hopeful that the business climate will improve in calendar 1992 and, with these cost-cutting measures in place, that we can return to profitability by the end of the fiscal year."
 LTX Corporation is a leader in the design, manufacture and marketing of computer-controlled equipment for testing linear, digital, mixed-signal and discrete devices. For integrating the total production environment, from engineering through final test, LTX offers multi-platform networking and information products. Headquartered in Westwood, Mass., LTX has worldwide sales and service facilities to support its customer base.
 LTX CORPORATION
 Consolidated Statement of Operations
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended
 10/31/91 10/31/90
 Net sales $37,006 $46,208
 Cost of sales 28,687 27,639
 Gross profit 8,319 18,569
 Engineering and product
 development expenses 5,792 5,140
 Selling, general and
 administrative expenses 12,432 10,469
 Income (loss) from operations (9,905) 2,960
 Interest expense, net 776 1,578
 Income (loss) before income taxes
 and minority interest (10,681) 1,382
 Provision for income taxes 0 184
 Income (loss) before
 minority interest (10,681) 1,198
 Minority interest in net loss
 of subsidiary 795 0
 Net income (loss) $(9,886) $1,198
 Net income (loss) per share:
 Primary (50 cents) 10 cents
 Fully diluted (50 cents) 8 cents
 Weighted average shares:
 Primary 19,795 12,214
 Fully diluted 19,795 21,214
 -0- 12/5/91
 /CONTACT: R. Scott Higgins of LTX Corporation, 617-461-1000/
 (LTXX) CO: LTX Corporation ST: Massachusetts IN: CPR SU: ERN


KM -- NE002 -- 9506 12/05/91 09:06 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 5, 1991
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