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$1.29 0.01 (0.78%)
7/3/2008 1:00 PM

Credence Systems Corp. (CMOS)

CAPS Rating:
**

Designs, manufactures, sells and services automatic test equipment used for testing semiconductor integrated circuits. It also develops, licenses and distributes related software products.

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Recs

8

Avatar TMFPlatoish (29.28) Submitted: 8/29/06 5:58 PM : Outperform Start Price: $2.05 CMOS Score: -34.18

This company is a turnaround story in progress. When they got down to the $2 range, I decided it was worth a speculative CAPS investment. They have about $1.30 per share of cash which should cover them until they can get their costs in line with revenue. Credence just announced a restructuring plan including laying off 14% of their staff and reducing controllable expenses. This should put them on the road to break even or small profitability. They need to differentiate their small footprint tester in the marketplace and clearly define the value proposition to their customers. This company needs better focus, but early indications indicate to me that they may be starting to get it. This one will take a year or so to play out and see if a turnaround is indeed in the cards.

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