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BOSTON, Jan. 20 /PRNewswire/ -- Teradyne, Inc. (NYSE: TER) reported sales
of $391.7 million and net income of $46.2 million ($0.54 per share) for the
Fourth Quarter of 1997, reflecting a 62% increase in sales over the Fourth
Quarter of 1996. Orders for the Fourth Quarter of 1997 totaled
$458.2 million. For 1997, sales increased 8% over 1996, income increased
36% and orders increased 54%.
Quarter Ended December 31, 1997 December 31, 1996
(In thousands, except per share amounts)
Sales $391,684 $241,287
Net income 46,249 2,948
Earnings per share (diluted):
Before nonrecurring charges $0.54 $0.12
After nonrecurring charges $0.54 $0.03
Weighted average number of shares
and equivalents 86,239 85,321
Year Ended December 31, 1997 December 31, 1996
(In thousands, except per share amounts)
Sales $1,266,274 $1,171,615
Net income 127,608 93,574
Earnings per share (diluted):
Before nonrecurring charges $1.52 $1.48
After nonrecurring charges $1.48 $1.10
Weighted average number of
shares and equivalents 86,319 85,058
TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 1997
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share amounts)
Quarter Ended: Year Ended:
12/31/97 12/31/96 12/31/97 12/31/96
Net Sales $391,684 $241,287 $1,266,274 $1,171,615
Cost of Products Sold 226,136 159,522 734,370 724,624
Engineering and
Development 44,894 33,743 162,500 143,931
Selling and
Administrative 54,186 38,435 194,103 169,455
Workforce Reduction
Provision --- 10,810 --- 10,810
Interest, Net (3,606) (5,623) (18,044) (16,868)
Net Expenses 321,610 236,887 1,072,929 1,031,952
Income Before Taxes 70,074 4,400 193,345 139,663
Net Income $46,249 $2,948 $127,608 $93,574
Net Income per Common
Share - Basic $0.55 $0.04 $1.53 $1.12
Net Income per Common
Share - Diluted $0.54 $0.03 $1.48 $1.10
Shares used in calculation
of Net Income
per Common Share -
Basic 83,418 82,910 83,434 83,262
Shares used in calculation
of Net Income per
Common Share -
Diluted 86,239 85,321 86,319 85,058
ORDERS $458,200 $303,400 $1,612,400 $1,045,100
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
12/31/97 12/31/96
Assets
Cash, Cash Equivalents and
Marketable Securities $93,361 $249,718
Accounts Receivable 300,933 178,430
Inventories 272,357 138,954
Other Current Assets 50,175 50,006
716,826 617,108
Net Property, Plant and
Equipment 343,125 273,497
Long-term Marketable
Securities 156,574 181,776
Other Assets 23,826 24,435
$1,240,351 $1,096,816
Liabilities
Current Liabilities $263,651 $225,257
Long-term Liabilities 39,569 29,548
Shareholders' Equity 937,131 842,011
$1,240,351 $1,096,816
SOURCE Teradyne, Inc.
CONTACT: Tom Newman of Teradyne, 617-422-2425
Company News On Call: prnewswire.com or fax,
800-758-5804, ext. 847750
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