LeCroy Corp. reports strong fiscal Q1
LeCroy Corp. (Nasdaq: LCRY), a supplier of oscilloscopes, reported first fiscal quarter results well above analysts’ estimates today.
For the first three months ended Sept. 30, 2007, the Chestnut Ridge, NY.-based firm recorded earnings per share of $0.17, while two analysts polled by Thomson were on average expecting earnings of $0.07 per share. For the first quarter of 2007, the company recorded per share earnings of $0.16.
Revenues were $38.7 million, compared with revenues of $37 million in the first quarter last year. The consensus of three analysts polled by Thomson was for revenue of $36.19 million.
The small cap attributed its robust results to streamlining operating costs and improving distribution effectiveness. LeCroy said it eliminated layers of management, reduced headcount and terminated unproductive business operations, resulting in a 15% improvement in operating income growth year-over-year and 74% sequentially.
For the full fiscal year 2008, the company is guiding for revenues in the range of $155 million to $165 million. The consensus of three analysts polled by Thomson is for revenue of $158.40 million.
The company noted that it has a pipeline filled with new products and a stronger distribution channel, and as a result said it expects to see continued traction in the oscilloscope market. LeCroy also cautioned about its near-term performance in Japan, but stated that it expects robust sales in the European space.
Shares of LeCroy (LCRY) gained 11.15%, or $0.89, to $8.87 at 1:09 p.m. ET. Shares of LeCroy have been trading in the range of $6.70 to $13.50 for the past 52 weeks.
