TERADYNE, INC. REPORT FOR FOURTH FISCAL QUARTER OF 2001
CONDENSED CONSOLIDATED OPERATING STATEMENTS (In thousands, except per
share amounts)
Quarter Ended: Year Ended:
12/31/01 12/31/00(1) 12/31/01(1) 12/31/00(1)
Net Sales $ 220,214 $ 821,652 $ 1,440,581 $ 3,043,946
Cost of Sales(2) 257,141 452,369 1,182,397 1,607,374
Engineering and
Development 67,965 92,223 288,570 348,024
Selling and
Administrative(3) 79,801 100,888 322,459 377,783
Other and Interest (3,098) (12,452) (26,692) (28,883)
Net Expenses 401,809 633,028 1,766,734 2,304,298
Income (Loss)
Before Cumulative
Effect of Change
in Accounting
Principles and
Taxes (181,595) 188,624 (326,153) 739,648
Income (Loss)
Before Cumulative
Effect of Change
in Accounting
Principle (112,589) 132,037 (202,215) 517,754
Cumulative effect
on prior years
of the
application of
SAB 101 "Revenue
Recognition in
Financial
Statements," net
of taxes -- -- -- (64,138)
Net (Loss) Income $ (112,589) $ 132,037 $ (202,215) $ 453,616
Earnings per
common share
- diluted:
Income (Loss)
Before Cumulative
Effect of change
in accounting
principle per
common share
- diluted $ (0.63) $ 0.74 $ (1.15) $ 2.86
Cumulative effect
on prior years of
the application
of SAB 101
"Revenue
Recognition in
Financial
Statements", per
common share
- diluted $ -- $ -- $ -- $ (0.35)
Net (Loss) Income
per Common Share
- Diluted $ (0.63) $ 0.74 $ (1.15) $ 2.51
Shares used in
calculation of
Net (Loss) Income
per Common Share
- Diluted 179,294 179,538 175,828 181,011
Net Orders $ 127,472 $ 651,621 $ 808,181 $ 3,320,948
(1) - Certain costs in 2001 and 2000 have been reclassified from Cost
of Sales into Engineering and Development and Selling and
Administrative. These reclassified costs consist of new product
development costs incurred in manufacturing engineering and
applications engineering costs supporting sales. The impact of the
reclassifications are detailed below.
Quarter Ended: Nine Months Ended: Year Ended:
Increase / (Decrease) 12/31/00 9/30/01 12/31/00
Cost of Sales $ (17,341) $ (43,629) $(62,325)
Engineering and
Development $ 12,928 $ 31,221 $ 47,104
Selling and
Administrative $ 4,413 $ 12,408 $ 15,221
(2) - Included in Cost of Sales in the fourth quarter ended December
31, 2001 is a provision of $50.4 million pretax, or $0.18 per share,
related to excess semiconductor test inventory of $40.3 million,
certain impaired manufacturing equipment and vacated space under
operating leases of $7.8 million at Connection Systems, and obsolete
inventory due to duplicate product lines as a result of the GenRad
acquisition of $2.3 million related to Assembly Test.
(3) - Included in Selling and Administrative in the fourth quarter
ended December 31, 2001 is a provision of $9.3 million pretax, or
$0.03 per share, for workforce reduction costs of $7.6 million and
vacated space under operating leases of $1.7 million at Assembly Test.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
12/31/01 12/31/00
Assets
Cash, Cash Equivalents
and Marketable Securities $ 367,687 $ 302,575
Accounts Receivable 169,630 420,040
Inventories 406,989 512,563
Deferred Tax Assets 141,013 93,958
Other Current Assets 121,703 48,698
1,207,022 1,377,834
Net Property, Plant and Equipment 835,566 733,786
Long-term Marketable Securities 218,544 161,848
Long-term Deferred Tax Assets 4,313 -
Goodwill 192,433 56,765
Other Assets 84,513 25,635
$ 2,542,391 $ 2,355,868
Liabilities
Current Liabilities $ 326,325 $ 619,288
Long-term Deferred Tax Liabilities - 21,257
Long-term Liabilities 451,682 8,352
Shareholders' Equity 1,764,384 1,706,971
$ 2,542,391 $ 2,355,868 |
