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LeCroy Reports Record Sales in Second Quarter Fiscal 2011

CHESTNUT RIDGE, N.Y. Jan. 26, 2011 LeCroy Corporation January 1, 2011

The highlights of the Company’s year-over-year ("YOY") financial performance for the second quarter of fiscal 2011 are as follows:

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

Q2 FY11
GAAP

Q2 FY10
GAAP

Q2 FY11
non-GAAP*

Q2 FY10
non-GAAP*

YOY Change
non-GAAP*

Revenue

$45.0

$31.0

$45.0

$31.0

45.2%

Gross Margin

61.4%

58.6%

61.7%

58.8%

290 bps

Operating Income

$2.5

$1.2

$6.8

$2.3

192%

Operating Margin

5.5%

3.8%

15.0%

7.5%

750 bps

Net Income (Loss)

$0.3

$(0.3)

$4.2

$1.0

306%

Net Income (Loss) Per Diluted Share

$0.02

$(0.02)

$0.28

$0.08

250%

* 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 President Tom Reslewic

"We have continued to execute our strategy to build our reputation at the high end of the oscilloscope market as we saw very favorable adoption of LeCroy’s new high bandwidth scopes launched last fall," said Reslewic. "In addition to seeing continued strength in demand for our high-end oscilloscopes, we are now benefiting from a strong upgrade cycle in mid-range scopes."

$4.8 million

$4.2 million $3.4 million

Outlook and Guidance

"LeCroy’s customers are responding positively to the comprehensive rollout of technology-leading products that we initiated in the first half of fiscal 2011," said Reslewic. "Further, we are excited about the promise of the innovative new oscilloscope platforms that we are preparing to launch in the months ahead."

"Our fiscal third quarter tends to be seasonally softer than our fiscal second quarter, which is typically the strongest of the year," Reslewic said. "Given the robust demand environment and the success of LeCroy’s new products, however, we expect sales for the third quarter of fiscal 2011 to equal and potentially exceed the record high we set in the sequential second quarter."

$45 million to $46 million $175 million to $177 million

Conference Call Information

Wednesday, January 26, 2011 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, New York http://www.lecroy.com

Basis of Presentation

July 3, 2010

July 2, 2010 $0.9 million July 2, 2010

Safe Harbor

$45 million to $46 million $175 million to $177 million

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; 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.  

www.lecroy.com January 1, 2011 February 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. 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, non-cash amortization of debt discount and 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 37.5% and 30% 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).

$0.5 million $0.2 million

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

Two Quarters Ended

Jan 1,

Jan 2,

Jan 1,

Jan 2,

2011

2010

2011

2010

In thousands, except per share data

(13 weeks)

(13 weeks)

(26 weeks)

(27 weeks)

Revenues:

Test and measurement products

$      41,884

$      28,384

$      78,357

$       54,191

   Service and other

3,128

2,614

5,765

4,808

        Total revenues

45,012

30,998

84,122

58,999

Cost of revenues:

         Share-based compensation

127

51

262

116

         Other costs of revenues

17,244

12,769

32,831

25,038

17,371

12,820

33,093

25,154

        Gross profit

27,641

18,178

51,029

33,845

Operating expenses:

   Selling, general and administrative:

         Share-based compensation

3,517

778

7,554

1,357

         Other selling, general and administrative expenses

12,221

9,389

23,533

17,713

15,738

10,167

31,087

19,070

   Research and development:

         Share-based compensation

604

253

1,301

502

         Other research and development expenses

8,826

6,586

16,731

12,456

9,430

6,839

18,032

12,958

        Total operating expenses

25,168

17,006

49,119

32,028

Operating income

2,473

1,172

1,910

1,817

Other income (expense):

  (Loss) gain on extinguishment of convertible debt, net of issue cost write-off

(532)

247

(532)

611

  Interest income

12

18

23

29

  Interest expense

(622)

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