Teradyne Announces First Quarter Profits
"Our performance in the first quarter was strong, with continued order growth after a great fourth quarter," said George Chamillard, Teradyne Chairman and CEO. "As a result of the strong first quarter orders, we will continue to increase shipments in the second quarter to meet customer demand. We expect sales to be between $500 and $525 million, with earnings per share between 32 and 38 cents."
“As a result of the strong first quarter orders, we will continue to increase shipments in the second quarter to meet customer demand. We expect sales to be between $500 and $525 million, with earnings per share between 32 and 38 cents.”
Conference Call/Webcast
Teradyne will be conducting its conference call tomorrow, April 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 May 5, 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 6603186, 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 6200 people worldwide. For more information, visit www.teradyne.com. Teradyne is a trademark of Teradyne, Inc. in the US and other countries.
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 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; 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; 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 FIRST FISCAL QUARTER OF 2004
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CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
----------------------------------------------------------------------
Quarter Ended:
----------------------
4/4/04 3/30/03
----------------------
Net Revenues $430,603 $334,576
Cost of Revenues 254,628 250,470
Engineering and Development 64,694 68,585
Selling and
Administrative 66,242 67,402
Restructuring and Other
Charges 130 19,486
--------- -----------
$385,694 $405,943
Income/(Loss) From Operations 44,909 (71,367)
Interest Income 3,591 4,179
Interest Expense (4,632) (5,411)
Other Income and Expense, Net 851 (2,699)
Income/(Loss) Before Income
Taxes 44,719 (75,298)
Income Tax Expense 4,472 1,200
--------- -----------
Net Income/(Loss) $40,247 $(76,498)
========= ===========
Income/(Loss) per common share - basic and diluted:
--------------------------------------------------
Net Income/(Loss) per Common
Share - Basic $0.21 $(0.41)
========= ===========
Shares used in calculation of Net
Income/(Loss)
per Common Share -
Basic 193,852 184,889
========= ===========
Net Income/(Loss) per Common
Share - Diluted $0.20 $(0.41)
========= ===========
Shares used in calculation of Net
Income/(Loss)
per Common Share - Diluted 199,893 184,889
========= ===========
Gross Orders $551,457 $303,476
========= ===========
Net Orders $551,240 $288,976
========= ===========
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
--------------------------------------------------------
4/4/04 12/31/03
----------------------
Assets
Cash and Cash Equivalents $222,970 $228,444
Marketable Securities 67,281 60,974
Accounts Receivable 255,246 229,532
Inventories 247,809 214,934
Other Current Assets 33,225 35,393
----------------------
826,531 769,277
Net Property, Plant and Equipment 542,172 544,369
Long-term Marketable Securities 326,401 296,618
Goodwill 116,233 118,203
Intangible and Other Assets 51,973 56,895
----------------------
$1,863,310 $1,785,362
======================
Liabilities
Notes Payable - Banks $7,521 $7,272
Current Portion of Long-term Debt 321 310
Accounts Payable 118,363 74,097
Accrued Employees' Compensation and
Withholdings 68,519 91,244
Deferred Revenue and Customer Advances 29,439 25,391
Other Accrued Liabilities 73,204 75,125
Income Taxes Payable 7,313 7,376
----------------------
304,680 280,815
Pension Liability 86,133 93,878
Long-term Other Liabilities 48,264 53,441
Convertible Senior Notes 400,000 400,000
Other Long-term Debt 7,668 7,658
----------------------
846,745 835,792
----------------------
Shareholders' Equity
Common Stock 27,580 27,329
Additional Paid-In Capital 1,320,726 1,294,661
Treasury Stock (559,027) (557,057)
Accumulated Other Comprehensive Loss (49,444) (51,846)
Retained Earnings 276,730 236,483
----------------------
1,016,565 949,570
----------------------
$1,863,310 $1,785,362
======================
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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.
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