Please wait while we load the requested 10-K report or click the link below:
Teradyne Reports Strong Increase in Fourth Quarter 2011 Orders; Raises
Outlook for First Quarter of 2012
Q411 orders increased 57% from Q311, 49% excluding LitePoint which was acquired in Q411
Q411 revenue of $297 million, down 14 percent from Q311 and down 4 percent from Q410
Q411 diluted non-GAAP income from continuing operations of $0.16 per share, down from $0.34 per share in Q311 and down from $0.35 per share in Q410; preliminary Q411 diluted GAAP income from continuing operations of $0.56 per share
Q112 guidance: Revenue of $360 million to $400 million; Diluted non-GAAP income from continuing operations of $0.22 to $0.33 per share; Diluted GAAP income from continuing operations of $0.05 to $0.13 per share
NORTH READING, Mass. January 25, 2012 Teradyne, Inc. (NYSE: TER) reported revenue of $297 million for the fourth quarter of 2011 of which $202 million was in Semiconductor Test, $66 million in Systems Test Group and $28 million in Wireless Test. On a non-GAAP basis, Teradynes income from continuing operations in the fourth quarter was $30.3 million, or $0.16 per diluted share, which excluded acquired intangible asset and inventory fair value amortization, non-cash convertible debt interest, and restructuring and other charges. Preliminary GAAP income from continuing operations for the fourth quarter was $125.1 million, or $0.56 per diluted share.
Bookings in the fourth quarter of 2011 were $376 million of which $233 million were in Semiconductor Test, $123 million in the Systems Test Group and $19 million in Wireless Test.
For fiscal year 2011, revenue was $1.4 billion. Income from continuing operations for the year was $276.4 million or $1.39 per diluted share on a non-GAAP basis. The preliminary GAAP income from continuing operations was $337.8 million or $1.49 per diluted share. Bookings for the year were $1.4 billion.
We saw an upturn in customer orders in our System-on-a-Chip (SOC) business and in all lines of our Systems Test Group in the fourth quarter, said Mike Bradley, President and CEO. The new order increase was driven by very strong demand for leading-edge semiconductor testers for new mobile products and by a broadened storage test customer base. As a result were increasing our first quarter revenue guidance. We closed 2011 with very solid operating results in both Semiconductor Test and Systems Test, and we added an exciting growth engine late in the year with the acquisition of LitePoint.
Guidance for the first quarter of 2012 is revenue of $360 million to $400 million, with non-GAAP income from continuing operations per diluted share of $0.22 to $0.33 and GAAP income from continuing operations per diluted share of $0.05 to $0.13. Non-GAAP guidance excludes acquired intangible asset and inventory fair value amortization, non-cash convertible debt interest, and restructuring and other charges.
Deferred Tax Valuation Allowance Release
As of December 31, 2011, Teradyne has determined that it is more likely than not that a significant portion of its deferred tax assets are realizable. Teradyne, accordingly, has recorded a preliminary estimate of its tax benefit for the quarter and year ended December 31, 2011. The final tax benefit could increase or decrease Teradynes reported preliminary GAAP income from continuing operations, income from continuing operations per share, net income and net income per share for the fourth quarter and for the fiscal year 2011. The final tax benefit and its impact will be reported in Teradynes Annual Report on Form 10K for the fiscal year ended December 31, 2011. The final tax benefit will not impact the non-GAAP financial results presented in this press release.
A conference call to discuss the fourth quarter and fiscal year 2011 results, along with managements business outlook is scheduled at 10 a.m. EST, Thursday, January 26, 2012. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on Investors at least five minutes before the call begins.
A replay will be available approximately two hours after the completion of the call. The replay number in the U.S. & Canada is 855-859-2056. The replay number outside the U.S. & Canada is 404-537-3406. The pass code for both numbers is 42033031. A replay will also be available on the Teradyne website www.teradyne.com. Click on Investors for a link to the replay. The replay will be available via phone and website through February 11, 2012.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 26, 2012 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.
View differences made from one year to another to evaluate Teradyne, Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Teradyne, Inc.