LeCroy Corp., the Chestnut Ridge company that makes oscilloscopes, earned $2 million, or 17 cents a share, during its third quarter, boosted by a one-time gain of $8.6 million.
The company, which has been cutting workers and benefits in response to the weak economy, said revenues dropped to $26.9 million from the $40.6 million recorded in the third quarter of last year. The company had a profit of $653,000, or 5 cents a share, last year.
LeCroy said the results for this year’s quarter, which ended March 28, included a gain on the extinguishment of convertible debt.
Tom Reslewic, the company’s president and chief executive, said LeCroy has cut its operating expenses by more than $6 million a quarter since December.
“Like our industry peers, we experienced a sharp decline in market demand in the first three months of the 2009 calendar year,” he said. “Anticipating this decline, we took steps at the beginning of the quarter to bring expenses in line with reduced sales levels. As demand further deteriorated, we made additional adjustments to our cost structure later in the quarter.”
Reslewic said that as a result of the cuts, the company is “poised for profit and cash generation” this quarter.
LeCroy announced last month it would eliminate 24 jobs, including 10 at its headquarters. The company also said some workers would put in shorter work weeks.
In January, LeCroy said it would cut 45 jobs, or 10 percent of its global work force. Just a fraction of those cuts would be at headquarters, it said. LeCroy also cut management and employee base salaries and suspended its matching contributions to 401(k) programs.
Oscilloscopes are used in the design and testing of computer chips.
LeCroy shares were trading at $4.40, up 85 cents, or 24 percent, at 10 a.m.