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Teradyne Reports Increase in Fourth Quarter 2012 Orders; Expects
Revenue Growth in First Quarter of 2013
Q412 orders increased 18% from Q312
Q412 revenue of $248 million, down 46 percent from Q312 and down 16 percent from Q411
Q412 diluted non-GAAP income from continuing operations of $0.07 per share, down from $0.53 per share in Q312 and down from $0.17 per share in Q411; Q412 diluted GAAP loss from continuing operations of ($0.09) per share
Q113 guidance: Revenue of $260 million to $280 million; Diluted non-GAAP income (loss) from continuing operations of ($0.01) to $0.05 per share; Diluted GAAP loss from continuing operations of ($0.06) to ($0.01) per share
NORTH READING, Mass. January 23, 2013 Teradyne, Inc. (NYSE: TER) reported revenue of $248 million for the fourth quarter of 2012 of which $184 million was in Semiconductor Test, $40 million in Systems Test Group and $24 million in Wireless Test. On a non-GAAP basis, Teradynes income from continuing operations in the fourth quarter was $12.6 million, or $0.07 per diluted share, which excluded acquired intangible asset amortization, pension actuarial losses, non-cash convertible debt interest, and included income taxes on a cash basis. GAAP loss from continuing operations was ($16.5) million or ($0.09) per diluted share.
Bookings in the fourth quarter of 2012 were $273 million of which $183 million were in Semiconductor Test, $64 million in the Systems Test Group and $26 million in Wireless Test.
For fiscal year 2012, revenue was $1.66 billion. Income from continuing operations for the year was $337.5 million or $1.67 per diluted share on a non-GAAP basis. GAAP income from continuing operations was $217.0 million or $0.94 per diluted share. Bookings for the year were $1.6 billion.
2012 was a very good year for Teradyne as we increased sales by 16%, operating profit by 26% and generated $285 million in free cash flow, said CEO, Mike Bradley. While the fourth quarter sales were seasonally slower, orders in the fourth quarter were up 18% sequentially and weve set our first quarter revenue plan to meet that improving demand.
Guidance for the first quarter of 2013 is revenue of $260 million to $280 million, with diluted non-GAAP income (loss) from continuing operations of ($0.01) to $0.05 per share and diluted GAAP loss from continuing operations of ($0.06) to ($0.01) per share. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, and includes income taxes on a cash basis.
A conference call to discuss the fourth quarter of 2012 results, along with managements business outlook is scheduled at 10 a.m. EST, Thursday, January 24, 2013. 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.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 24, 2013 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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