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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (3608)	10/16/2002 5:36:46 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Teradyne cuts 472 jobs amid ATE slowdown, says report Semiconductor Business News (10/16/02 12:55 p.m. EST) BOSTON--Test-equipment giant Teradyne Inc. here has reduced its workforce by some 472 jobs in the third quarter in an effort to cut costs, according to a report from the Boston Herald here today. All but 31 of the jobs lost were U.S.-based, according to the report. Teradyne has cut about 4,000 jobs in the past 18 months. On Tuesday, Teradyne reported sales of $330.7 million for the third quarter of 2002, compared to $249.4 million in the like period a year ago. The company reported a net loss of $49.9 million or $0.27 per share before special charges, and a net loss of $166.8 million or $0.91 per share including special charges. This compares to a net loss of $103.4 million, or $0.59 per share, a year ago. "Based on orders expected in the fourth quarter and our existing shippable backlog, we expect fourth quarter shipments to be about flat with third quarter's, although we expect our losses to be reduced due to the cost cutting actions we are taking," stated Teradyne chairman and CEO George Chamillard, in a statement. "Our guidance for the fourth quarter is for sales of between $310 and $340 million with losses of 22 cents per share, plus or minus 3 cents," he said. "Although we believe our sales will be flat, our short-term future is uncertain. We therefore feel it's necessary to downsize our business to break-even assuming little or no growth in sales. Consequently, our target is to achieve break-even at sales of about $350 million per quarter by the middle of next year. If that level of sales is too high, we'll do what we must to adjust to a break-even level that reflects business reality," he concluded.