"While we are never pleased to report losses, our results were consistent with the guidance we provided early in the quarter. These figures represent improvements in both sales and operating results: sales grew by 25% and we reduced our losses by 30%," said Teradyne chairman and CEO George Chamillard. "Our gross orders for the quarter totaled $273 million, up 15% from Q1."
"Our guidance for the third quarter is for sales to be between $325 and $350 million, with a loss of 29 cents per share, plus or minus three cents, before any special items," he concluded.
Teradyne will be conducting its conference call tomorrow, July 17, 2002, at 10:00 a.m. EDT. The call will be webcast at www.teradyne.com
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2002
CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
Quarter Ended: Six Months Ended:
6/30/02 7/01/01 6/30/02 7/01/01
Net Sales $309,898 $365,823 $557,906 $971,012
Cost of Sales 239,194 297,422 456,746 666,436
Engineering and Development 72,371 71,029 141,624 154,599
Selling and Administrative 75,609 69,264 155,700 148,255
Other and Interest 1,988 (17,771) 3,631 (21,241)
Net Expenses 389,162 419,944 757,701 948,049
(Loss) Income Before Taxes (79,264) (54,121) (199,795) 22,963
Net (Loss) Income $(50,729) $(40,181) $(127,869) $13,778
Earnings per common
share - diluted:
Net (Loss) Income per
Common Share - Diluted $(0.28) $(0.23) $(0.70) $0.08
Shares used in calculation
of Net (Loss) Income
per Common Share - Diluted 182,934 174,538 182,633 180,151
Net Orders $228,310 $210,183 $438,656 $567,247
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
06/30/02 12/31/01
Assets
Cash, Cash Equivalents and
Marketable Securities $341,233 $367,687
Accounts Receivable 207,167 169,630
Income Tax Receivable and Prepaid Amounts 9,318 97,000
Inventories 342,453 406,989
Deferred Tax Assets 116,148 141,013
Other Current Assets 27,629 24,703
1,043,948 1,207,022
Net Property, Plant and Equipment 785,057 835,566
Long-term Marketable Securities 239,319 218,544
Long-term Deferred Tax Assets 116,780 4,313
Goodwill 194,972 190,276
Intangible and Other Assets 78,487 86,670
$2,458,563 $2,542,391
Liabilities
Current Liabilities $287,207 $296,131
Long-term Liabilities 490,194 481,876
Shareholders' Equity 1,681,162 1,764,384
$2,458,563 $2,542,391
ABOUT TERADYNE
Teradyne (NYSE: TER) delivers solutions for testing and connecting electronics. It is the world's leading supplier of automatic test equipment for testing semiconductors, circuit boards and modules, and voice and broadband telephone networks. Teradyne is also the technology leader in high performance interconnection systems, providing vertically integrated products and services, including high-speed, high-density connectors, circuit boards, backplanes and complete systems integration. The company had sales of $1.4 billion in 2001 and currently employs about 8600 people worldwide. For more information visit www.teradyne.com.
SAFE HARBOR STATEMENT
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties, both known and unknown, that could cause Teradyne's financial results to differ materially from our expectations. These forward-looking statements include statements regarding our revenue and profit expectations, our future business strategies and market opportunities, improvements in our business, backlog and design-ins, demand for our products and the general economic outlook. Among the factors that could cause results to differ from expectations are the following: the downturn in market demand for electronics (including especially the markets for semiconductor and telecommunications equipment) which has been affected by the economic slowdown that began in 2000; uncertainty regarding the future growth rate of worldwide economies, which has caused may companies to reduce capital investment; the historically cyclical nature of the markets that Teradyne serves; decisions by customers to cancel or defer orders that previously had been accepted; our ability to develop and ship new and sometimes complex products to address changing customer needs; the presence of intense competition throughout the world in each of our operating segments from substantial competitors; the possibility of intense price competition and the resulting prospect of having to lower our prices and therefore possibly our revenue; the risks of operating internationally which include political and economic instability and unexpected changes in legal and regulatory requirements and in policy changes affecting international markets; our ability to manage the effects of past or future acquisitions or divestitures; the increase in our debt service obligations and debt to capital ratio resulting from our issuance of $400 million aggregate principal amount of senior convertible notes and $45 million in mortgage financing that we obtained in 2001; and the implementation and effects of the expense control measures we have instituted; and other risks we have detailed in our filings with the Securities and Exchange Commission including, but not limited to, Teradyne's annual report on Form 10-K and quarterly reports on Form 10-Q. Teradyne assumes no obligation to update the information in this press release.
“Our gross orders for the quarter totaled $273 million, up 15% from Q1.”
Facebook
Twitter
LinkedIn
Delicious
Reddit
StumbleUpon
Digg
MySpace
Newsvine
Google Bookmark
Yahoo! Bookmark
Email
Email 
