Key Developments For Verigy Ltd.
Verigy Ltd. (VRGY.O) (Nasdaq)
Verigy Ltd. Issues Q1 2010 Outlook; Earnings Outlook Above Analysts' Estimates
Verigy Ltd. announced that for the first quarter of 2010, it expects revenue to be in the range of $105 to $115 million, loss per share on a GAAP basis to be in the range of ($0.13) to ($0.06). After excluding restructuring and manufacturing transition-related charges, loss per share on a non-GAAP basis is expected to be in the range of ($0.09) to ($0.02). According to Reuters Estimates, analysts on an average were expecting the Company to report non-GAAP loss per share of $0.14 on revenue of $106 million for the same period.
Verigy Ltd. Issues Q4 2009 Guidance In Line With Analysts' Estimates
Verigy Ltd. announced that for fourth quarter of 2009, it expects revenue to be in the range of $90-$100 million, loss per share on a GAAP basis to be in the range of $(0.32)-$(0.24). After excluding restructuring and manufacturing transition-related charges, loss per share on a non-GAAP basis is expected to be in the range of $(0.25)-$(0.17). According to Reuters Estimates, analysts are expecting the Company to report revenue of $94 million and EPS of $(0.18) for the same period.
Verigy Ltd. Announces Pricing of $120 Million Convertible Senior Notes Offering
Verigy Ltd.announced the pricing of its offering of $120 million aggregate principal amount of its 5.25% Convertible Senior Notes due 2014 to qualified institutional buyers. The offering is expected to close on July 15, 2009. Verigy also granted to the initial purchasers of the notes an option to purchase up to an additional $18 million aggregate principal amount of the notes solely to cover over-allotments. The notes will be unsecured and unsubordinated obligations of Verigy and will rank equally in right of payment with all of Verigy`s existing and future unsecured and unsubordinated indebtedness. The notes will mature on July 15, 2014, unless earlier repurchased, redeemed or converted. Interest will be payable semi-annually at a rate of 5.25% per annum on January 15 and July 15 of each year, commencing January 15, 2010. The notes will be convertible into Verigy`s ordinary shares at an initial conversion rate of 76.2631 ordinary shares per $1,000 aggregate principal amount of notes. Verigy expects to use the net proceeds of the offering for general corporate purposes, which may include financing potential acquisitions and strategic transactions, and working capital.
Verigy Ltd. Announces Proposed $110 Million Convertible Senior Notes Offering
Verigy Ltd. announced its intention to offer $110 million aggregate principal amount of convertible senior notes due 2014, subject to market conditions and other factors. Verigy also expects to grant to the initial purchasers of the notes an option to purchase up to an additional $16.5 million aggregate principal amount of the notes solely to cover over-allotments. The notes will be unsecured and unsubordinated obligations of Verigy and will rank equally in right of payment with all of Verigy`s future unsecured and unsubordinated indebtedness. Interest will be payable semi-annually in arrears, and the notes will be convertible into Verigy`s ordinary shares. Verigy expects to have the right to redeem the notes in whole or in part at a specified redemption price at any time on or after July 20, 2012 if certain conditions are met. The interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering based on negotiations with the initial purchasers. Verigy expects to use the net proceeds of the offering for general corporate purposes, which may include financing potential acquisitions and strategic transactions, and working capital.
Verigy Ltd. Reaffirms Q3 2009 Revenue Guidance
Verigy Ltd. announced that for the third quarter of 2009, revenue is expected to increase 10% to 25% from the $71 million reported for the second quarter, which is consistent with prior guidance. According to Reuters Estimates, analysts are expecting the Company to report revenue of $86 million for the third quarter of 2009.
