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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 companys 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 $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 companys 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
The following information was filed by Teradyne, Inc (TER) on Thursday, January 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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