LTX Corp. Posts 1st-Quarter Loss

For the quarter ended Oct. 31, the company posted a loss of $224,000, or breakeven results per share, compared with a profit of $4.6 million, or 7 cents per share, in the same period a year earlier.

Excluding a one-time tax gain, the company's net loss was $3.5 million, or 6 cents per share, for the latest quarter.

Sales fell 41 percent to $29.6 million from $49.8 million.

Analysts, on average, were expecting a loss of 7 cents per share on sales of $30.3 million, according to a poll by Thomson Financial. Analysts typically exclude one-time items from their estimates.

"Our first quarter results met our revenue guidance and the business model performed better than expected primarily due to improved gross margins and tight cost controls," said Dave Tacelli, chief executive, in a statement.

Shares fell 21 cents, or 7.6 percent, to $2.54 in after-hours electronic trading. The stock had closed up 24 cents, or 9.6 percent, at $2.75 in the regular session.