LTX-Credence (LTXC) Cuts Q2 Sales Guidance
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LTX-Credence Corporation (Nasdaq: LTXC) lowers its Q2 sales outlook from $37 million to $30 million, versus the consensus of $40.55 million.
Dave Tacelli, chief executive officer and president, commented, "Overall economic conditions remain weak in an unprecedented downturn for the industry. As we continue to streamline the combined Company and to better position ourselves for the current environment, we have taken the necessary steps inside the quarter to improve the business model and reduce break-even. Since completion of the merger, we now expect to realize over $65 million in annual cost savings by the end of the fiscal year. In addition, during the quarter we introduced several new differentiated products that are expected to drive customer expansion even during this period of industry weakness."
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