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LeCroy Reports 9th Consecutive Quarter of Year-Over-Year Revenue Growth in Third Quarter of Fiscal 2012

CHESTNUT RIDGE, N.Y. April 25, 2012 LeCroy Corporation oscilloscopes protocol analyzers March 31, 2012

The highlights of the Company’s year-over-year ("YOY") financial performance for the third quarter of fiscal 2012 are as follows:   

(In millions, except per share data, percentages and bps)

 

Q3 FY12

GAAP

 

Q3 FY11

GAAP

 

Q3 FY12

non-GAAP*

 

Q3 FY11

non-GAAP*

 

YOY Change

non-GAAP*

 

Revenue

$48.8

$46.5

$48.8

$46.5

5.1%

Gross Margin

58.7%

61.2%

59.5%

61.6%

(210) bps

Operating Income

$1.9

$1.5

$6.9

$7.2

(4.3)%

Operating Margin

3.8%

3.3%

14.2%

15.6%

(140) bps

Net Income

$1.3

$0.5

$4.7

$5.4

(12.0)%

Net Income Per Diluted Share

$0.08

$0.03

$0.27

$0.32

(15.6)%

* 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.


LeCroy President Tom Reslewic $48.8 million $0.27 $7.3 million $11.2 million

Europe China

$4.7 million $4.2 million $0.5 million

Outlook and Guidance

$49 to $51 million $0.27 to $0.29 $200 million $1.10 to $1.12

Conference Call Information

Wednesday, April 25, 2012 10:00 a.m. ET Events Calendar Investors www.lecroy.com

About LeCroy Corporation

LeCroy Corporation high-performance oscilloscopes serial data analyzers protocol test solutions Chestnut Ridge http://www.lecroy.com

Safe Harbor

This release contains forward-looking statements, including those pertaining, but not limited, to: the expectation to increase penetration at the mid- and low-end of the market, where LeCroy’s strategic partnerships contribute to steady sales growth; the expectation to maintain LeCroy’s technology advantage by continuing to invest in R&D, as the Company prepares to launch several new products later this calendar year; and LeCroy’s expectations for fourth-quarter and full-year fiscal 2012 revenues, non-GAAP operating margin and non-GAAP diluted earnings per share.

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; risks associated with international operations, including fluctuations in foreign currency exchange rates; fluctuations in interest rates applicable to our variable rate bank debt; 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; and interruptions or terminations in LeCroy’s relationships with turnkey assemblers.

www.lecroy.com March 31, 2012 May 2012

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 are 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 primarily non-cash charges for share-based compensation costs and business realignment charges 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, business realignment charges, acquisition costs and amortization of intangible assets acquired through the Bogatin Enterprises, L.L.C. transaction. A significant portion of our stock-based compensation cost was the result of the change in the fair value of our SARs, driven primarily by our stock price. Non-GAAP operating income is not a substitute for GAAP operating income.

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, acquisition costs and amortization of intangible assets acquired through the Bogatin Enterprises, L.L.C. transaction, write-off of debt issue costs, non-cash amortization of debt discount on convertible notes, and non-cash loss on extinguishment of convertible notes, each net of applicable income taxes, such that the effective tax rate, for non-GAAP net income is approximately 28% on a year-to-date basis, adjusted for tax return filing true-ups and reserve adjustments, for both the 2012 and 2011 periods. 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 and restricted stock, 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. We define net debt as bank and convertible notes less cash and cash equivalents.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted common share and net debt, 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.

 


(UNAUDITED)

Quarter Ended

Three Quarters Ended

March 31,

April 2,

March 31,

April 2,

In thousands, except per share data

2012

2011

2012

2011

Revenues:

Test and measurement products

$      45,141

$      43,699

$    138,667

$     122,056

    Service and other

3,671

2,762

10,308

8,527

         Total revenues

48,812

46,461

148,975

130,583

Cost of revenues:

          Share-based compensation

235

194

98

456

          Other costs of revenues

19,927

17,825

59,856

50,656

20,162

18,019

59,954

51,112

         Gross profit 

28,650

28,442

89,021

79,471

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