Teradyne President and CEO Mike Bradley said: "Our second quarter results reflect strong financial performance, in addition to continued new product momentum across a wide range of end markets. In particular, our FLEX(TM) System-On-a-Chip tester drove four percent growth in overall Semiconductor Test orders from the first quarter. In the third quarter, we are projecting sales of $530 to $560 million, with earnings per share of 39 to 46 cents."
Conference Call/Webcast
Teradyne will be conducting its conference call tomorrow, July 21, 2004, at 10:00 a.m. E.D.T. The call will be webcast at www.teradyne.com (click on "Investors"). A replay will be available via phone starting at Noon E.D.T. and continuing through August 4, 2004. The replay may be accessed by calling 1-800-642-1687 in the US and Canada, or 706-645-9291 outside the US and Canada, and providing conference code 8405020, or by visiting www.teradyne.com and clicking on "Investors" for a link to the replay.
About Teradyne
Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment and interconnection systems. The company's products deliver competitive advantage to the world's leading semiconductor, electronics, automotive and network systems companies. In 2003, Teradyne had sales of $1.4 billion, and currently employs about 6,300 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the US and other countries. All product names are trademarks of Teradyne, Inc. (including its subsidiaries) or their respective owners.
Safe Harbor Statement
This release contains "forward-looking statements" as defined under the Federal Securities Laws, which are based on the assumptions and expectations of Teradyne's management at the time such statements are made. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Teradyne's actual results to differ materially from those projected in the forward-looking statements. These forward-looking statements include statements regarding our revenue, earnings, profit and loss expectations, order growth, future business strategies and market opportunities, improvements in our business, demand for our products, product development, and general economic outlook. Among the risk factors are: adverse changes in general economic or market conditions, including market demand for electronics; war or the threat of terrorist attacks; reductions or delays in capital investment; technological and market changes; disruptions or delays in Teradyne's supply chain; Teradyne's ability to protect its intellectual property; the historically cyclical nature of the markets that Teradyne serves; new product development introductions and transitions and any delays; uncertainty of customer acceptance of new product offerings including the timing, price and mix of new product acceptance; decisions by customers to cancel or defer orders that previously had been accepted; competitive pressures including pricing and gross margin pressures; the effectiveness of our implementation of cost cutting and expense control measures, including facility consolidations, employee reductions, the centralization of certain shared services, seeking lower prices from suppliers and the outsourcing of selected manufacturing and engineering activities; insufficient, excess or obsolete inventory; disruptions, delays and shortages in raw material and component availability, internal and external manufacturing capability, and raw material and component quality; the impact of and our ability to manage the effects of past or future acquisitions or divestitures; the class action securities litigation brought against Teradyne and any other material litigation against Teradyne; 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 in 2001; the availability of additional financing; Teradyne's obligations in the event of a change of control; the impact of being required to account for stock options as an expense; the ability to attract and retain key employees; the risks of potential environmental liability; 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; and other events, factors and risks previously and from time to time disclosed 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.
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2004
----------------------------------------------------------------------
CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
----------------------------------------------------------------------
Quarter Ended: Six Months Ended:
------------------- ----------------------
7/4/04 6/29/03 7/4/04 6/29/03
------------------- ----------------------
Net Revenues $526,463 $331,529 $957,066 $666,105
Cost of Revenues 299,835 242,921 554,463 493,391
--------- --------- ----------- ----------
Gross Profit 226,628 88,608 402,603 172,714
Operating Expenses:
Engineering and
Development 66,914 63,804 131,608 132,389
Selling and
Administrative 69,991 61,512 136,233 128,914
Restructuring and Other
Charges 152 13,378 282 32,864
Gain on Sale of Business (865) - (865) -
--------- --------- ----------- ----------
Operating Expenses 136,192 138,694 267,258 294,167
Income/(Loss) From
Operations 90,436 (50,086) 135,345 (121,453)
Interest Income 3,470 3,299 7,061 7,478
Interest Expense (4,895) (5,402) (9,527) (10,813)
Other Income and Expense,
Net 426 1,400 1,277 (1,299)
--------- --------- ----------- ----------
Income/(Loss) Before Income
Taxes 89,437 (50,789) 134,156 (126,087)
Income Tax Expense 8,944 1,700 13,416 2,900
--------- --------- ----------- ----------
Net Income/(Loss) $80,493 $(52,489) $120,740 $(128,987)
========= ========= =========== ==========
Income/(Loss) per Common
Share - Basic and Diluted:
----------------------------
Net Income/(Loss) per Common
Share - Basic $0.41 $(0.28) $0.62 $(0.70)
========= ========= =========== ==========
Shares used in calculation
of Net Income/(Loss)
per Common Share - Basic 194,015 185,465 193,934 185,177
========= ========= =========== ==========
Net Income/(Loss) per Common
Share - Diluted $0.39 $(0.28) $0.60 $(0.70)
========= ========= =========== ==========
Shares used in calculation
of Net Income/(Loss)
per Common Share -
Diluted 213,486 185,465 214,383 185,177
========= ========= =========== ==========
Gross Orders $557,944 $313,048 $1,109,401 $616,524
========= ========= =========== ==========
Net Orders $557,944 $304,646 $1,109,184 $593,622
========= ========= =========== ==========
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
----------------------------------------------------------------------
7/4/04 12/31/03
----------- -----------
Assets
Cash and Cash Equivalents $224,335 $228,444
Marketable Securities 104,849 60,974
Accounts Receivable 295,453 229,532
Inventories 283,910 214,934
Other Current Assets 34,603 35,393
----------- -----------
943,150 769,277
Net Property, Plant and Equipment 538,469 544,369
Long-term Marketable Securities 320,203 296,618
Goodwill 116,176 118,203
Intangible and Other Assets 49,834 56,895
----------- -----------
$1,967,832 $1,785,362
=========== ===========
Liabilities
Notes Payable - Banks $7,217 $7,272
Current Portion of Long-term Debt 308 310
Accounts Payable 130,942 74,097
Accrued Employees' Compensation and
Withholdings 87,575 91,244
Deferred Revenue and Customer Advances 34,698 25,391
Other Accrued Liabilities 66,553 75,125
Income Taxes Payable 13,179 7,376
----------- -----------
340,472 280,815
Pension Liability 82,573 93,878
Other Long-term Liabilities 47,977 53,441
Convertible Senior Notes 400,000 400,000
Other Long-term Debt 7,486 7,658
----------- -----------
878,508 835,792
Shareholders' Equity 1,089,324 949,570
----------- -----------
$1,967,832 $1,785,362
=========== ===========
For press releases and other information of interest to investors, please visit Teradyne's homepage on the World Wide Web at http://www.teradyne.com.
Facebook
Twitter
LinkedIn
Delicious
Reddit
StumbleUpon
Digg
MySpace
Newsvine
Google Bookmark
Yahoo! Bookmark
Email
Email 
