Teradyne beat estimates of $0.38 per share by two cents. Orders of $571 million
are up 29% over the previous quarter's orders of $444.1 million. Here's the
press release:
Teradyne Reports Record Orders of $571 Million
BOSTON, July 20 /PRNewswire/ -- Teradyne, Inc. (NYSE: TER) reported sales
of $400.9 million and net income of $35.8 million ($0.40 per share) for the
Second Quarter of 1999. Orders for the Second Quarter of 1999 totaled $571.0
million.
Quarter Ended July 4, 1999 June 28, 1998
(In thousands, except per share amounts)
Sales $ 400,904 $ 406,236
Net income 35,804 39,360
Earnings per share (diluted) $ 0.40 $ 0.46
Weighted average number of
shares and equivalents 89,031 85,632
Six Months Ended July 4, 1999 June 28, 1998
(In thousands, except per share amounts)
Sales $ 745,358 $ 837,805
Net income 53,799 89,001
Earnings per share (diluted) $ 0.60 $ 1.04
Weighted average number of
shares and equivalents 89,014 85,780
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share amounts)
Quarter Ended: Six Months Ended:
7/4/99 6/28/98 7/4/99 6/28/98
Net Sales $ 400,904 $ 406,236 $ 745,358 $ 837,805
Cost of Sales 236,940 246,457 456,798 498,404
Engineering and
Development 56,829 49,164 104,553 98,086
Selling and
Administrative 59,386 57,549 113,867 116,262
Interest, Net (3,400) (2,605) (6,716) (5,831)
Net Expenses 349,755 350,565 668,502 706,921
Income Before Taxes 51,149 55,671 76,856 130,884
Net Income $ 35,804 $ 39,360 $ 53,799 $ 89,001
Net Income per Common
Share - Diluted $ 0.40 $ 0.46 $ 0.60 $ 1.04
Shares used in calculation
of Net Income per Common
Share - Diluted 89,031 85,632 89,014 85,780
Net Orders $ 571,007 $ 249,800 $ 1,015,088 $ 590,300
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
7/4/99 12/31/98
Assets
Cash, Cash Equivalents and
Marketable Securities $ 246,601 $ 201,428
Accounts Receivable 284,813 219,303
Inventories 257,157 266,347
Other Current Assets 86,190 72,462
874,761 759,540
Net Property, Plant
and Equipment 448,466 434,957
Long-term Marketable Securities 102,405 96,494
Other Assets 24,872 21,823
$ 1,450,504 $ 1,312,814
Liabilities
Current Liabilities $ 336,383 $ 255,690
Long-term Liabilities 20,461 30,754
Shareholders' Equity 1,093,660 1,026,370
$ 1,450,504 $ 1,312,814
For press releases and other information of interest to investors, please
visit Teradyne's homepage on the World Wide Web at teradyne.com.
SOURCE Teradyne, Inc.
Web Site: teradyne.com
Company News On Call:
prnewswire.com or fax, 800-758-5804,
ext. 847750 |
