Teradyne posts $103 million loss, warns of unfavorable results ahead
Semiconductor Business News
(10/17/01 09:23 a.m. EST)
BOSTON--Clobbered the semiconductor recession and a drop in IC tester demand, Teradyne Inc. here posted a net loss of $103 million on third-quarter sales of $249 million, including charges for laying off 1,000 workers and inventory write-downs.
Gross bookings for Teradyne products were $212 million in the third quarter, with $82 million in cancellations for connection systems and $16 million in cancellations for semiconductor testers. That left the company a net order level of just $114 million in the quarter, ending Sept. 30, said Teradyne, which posted its Q3 results late on Tuesday.
Teradyne's net loss of $53.8 million, excluding the special charges, was within its guidance to investors, but cancellations and weaker-than-expected orders in Q3 pushed revenue below its forecast of $275-to-$325 million in the quarter, said George Chamillard, chairman and chief executive officer of the Boston company.
"It appears to us that we will be dealing with low shipments and unfavorable financial results for the next several quarters," lamented the CEO. |
