VERIGY LTD. $8.84 (Nasdaq symbol VRGY; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 60.0 million; Market cap: $530.4 million; Price-to-sales ratio: 1.1; No dividends paid; TSINetwork Rating: Extra Risk; www.verigy.com) designs and makes test systems that are used in the production of computer chips.
The company recently agreed to acquire rival LTXCredence Corp. (Nasdaq symbol LTXC) in an all-stock deal. Verigy shareholders will own 56% of the combined company, which will keep the Verigy name and trading symbol. LTX investors will own the remaining 44%.
The merger will let Verigy offer its customers a wider variety of testing systems, and expand its market share. As well, the company feels that combining manufacturing and other operations will save it $25 million a year.
To put these savings in perspective, Verigy earned $34 million, or $0.57 a share, in its latest fiscal year, which ended on October 31, 2010. It lost $87 million, or $1.49 a share, in the prior year. Sales rose 66.9%, to $539 million from $323 million.
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