Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Pam who wrote (43075)	1/28/2009 7:20:14 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95596

Teradyne Reports Fourth Quarter and Fiscal Year 2008 Results; Announces Further Cost Reduction Actions NORTH READING, Mass.--(BUSINESS WIRE)--Teradyne, Inc (NYSE: TER) reported sales of $195 million for the fourth quarter of 2008. On a non-GAAP basis, the company’s loss from continuing operations in the fourth quarter was $32.5 million, or $0.19 per diluted share, which excludes amortization of acquired intangible assets and special items. These results include $2.5 million of sales and a $0.03 loss per diluted share as a result of the acquisition of Eagle Test Systems, Inc. (Eagle Test), which was completed on November 14, 2008. The preliminary GAAP loss from continuing operations for the fourth quarter was $55.3 million, or $0.33 per diluted share. Bookings for the fourth quarter were $169 million, and included a full quarter of Eagle Test bookings of $8 million. For fiscal year 2008, sales were $1.1 billion. Income from continuing operations for the year was $32.4 million, or $0.19 per diluted share on a non-GAAP basis. The preliminary GAAP loss from continuing operations was $65.3 million, or $0.38 per diluted share. Bookings for the year were $996 million. Guidance for the first quarter of 2009 is for sales of $125 million to $145 million, with a loss per share between $0.38 and $0.31 on a non-GAAP basis. Non-GAAP guidance excludes special items, as well as acquired intangible asset amortization. Teradyne also announced that in the first quarter it will be reducing its worldwide staff by about 14% and implementing a 10% broad-based temporary pay cut. These actions, along with other cost reductions, will reduce the company’s expenses by approximately $140 million on an annualized basis. “In 2008, we brought a record number of new products to market, gained market share for the third year in a row and significantly reduced our operating costs,” said Mike Bradley, Teradyne president and CEO. “But worldwide economic conditions require that we reduce our fixed costs even further. We remain focused on our new product development and customer support priorities as we navigate through these very challenging times. “Strategically, our market coverage has never been greater,” Bradley added. “We remain on schedule to compete in the High-Speed Memory (HSM) test market in 2009 with a highly differentiated offering in next-generation DRAM products. We entered FLASH memory with our Nextest Systems acquisition in early 2008, and their new Magnum II product met its customer penetration and share gain targets with new applications in MultiChip Package testing. Our most recent acquisition, Eagle Test, while facing tough market headwinds, provides us with a very strong analog System-On-a-Chip (SOC) platform. Couple this with our distribution and support muscle in Asia, and we’re well positioned to accelerate Eagle Test’s growth. In summary, our market expansion plans are on schedule, costs are being lowered significantly and we expect to continue our multi-year track record of gaining share in our core businesses.” businesswire.comA1199192400000B1233216978000C4102491599000DgroupByDateJ2N1003012&javax.portlet.prp_bf39e8c7958be5d9b3398e515009983b_newsId=20090128006345&beanID=1631837527&viewID=news_view_popup&javax.portlet.begCacheTok=com.vignette.cachetoken&javax.portlet.endCacheTok=com.vignette.cachetoken