VERIGY LTD. $7.61 (Nasdaq symbol VRGY; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 58.2 million; Market cap: $442.9 million; Price-to-sales ratio: 0.8; WSSF Rating: Extra Risk) designs and makes test systems that are used in computer-chip production.
Because of slowing computer sales brought on by the recession, Verigy lost $41 million, or $0.70 a share, in its first fiscal quarter, which ended January 31, 2009. It earned $33 million, or $0.53 a share, a year earlier. These figures exclude unusual charges, including severance costs related to an 18% cut in Verigy’s workforce. The plan should reduce Verigy’s costs by around $100 million a year, and help it break even on $110 million in quarterly revenue. Sales during the quarter fell 66%, to $68 million from $200 million. Verigy holds cash of $300 million, or $5.16 a share, and has no debt.
Verigy’s research costs were unchanged at $25 million, but were a high 36.8% of sales. This was mainly because of a sharp drop in new orders. The company’s restructuring should help it maintain its high research spending. This will let it develop new products that will fuel future sales.
Verigy is a buy.
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