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Teradyne Reports Second Quarter 2011 Results

Dépèche transmise le 27 juillet 2011 par Business Wire

NORTH READING, Mass.--(BUSINESS WIRE)--Teradyne, Inc. (NYSE: TER) reported revenue of $411 million for the second quarter of 2011 of which $343 million was in Semiconductor Test and $68 million in Systems Test Group. On a non-GAAP basis, Teradyne’s income from continuing operations in the second quarter was $101.5 million, or $0.50 per diluted share, which excluded acquired intangible asset amortization, non-cash convertible debt interest and restructuring and other charges. GAAP income from continuing operations for the second quarter was $89.9 million, or $0.39 per diluted share.

“We delivered solid financial results in the second quarter marking the sixth quarter in a row of above model profitability”

Bookings in the second quarter of 2011 were $333 million of which $257 million were in Semiconductor Test and $76 million in the Systems Test Group.

"We delivered solid financial results in the second quarter marking the sixth quarter in a row of above model profitability," said Mike Bradley, Teradyne President and CEO. “We saw continued strength in Hard Disk Drive Test orders as we expand both the performance and customer base of our Neptune product line. While System on a Chip (SOC) test orders slowed substantially in the quarter, the wireless and media processor, power management, and imaging segments were the strongest, driven by both design wins and capacity expansions.”

"With the softening order rate in semiconductor test dictating lower shipments in the third quarter, we're pleased to see increasing HDD test shipments offset some of that decline. While delivering lower gross margins than our other businesses, HDD test is on track to deliver model profitability on record revenues this year.”

Guidance for the third quarter of 2011 is for revenue of $320 million to $340 million, with non-GAAP income from continuing operations per diluted share of $0.22 to $0.26 and GAAP income from continuing operations per diluted share of $0.15 to $0.18. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest and restructuring and other charges.

Webcast

A conference call to discuss the second quarter 2011 results, along with management's business outlook is scheduled at 10 a.m. EDT, Thursday, July 28. 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 800-642-1687. The replay number outside the U.S. & Canada is 706-645-9291. The pass code for both numbers is 82250574. A replay will also be available on the Teradyne website at www.teradyne.com and by phone. The phone replay will be available through August 13, 2011.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP income from continuing operations exclude acquired intangible asset amortization, non-cash convertible debt interest, and restructuring and other, net. GAAP requires that these items be included in determining income from operations and income from continuing operations. Non-GAAP income from operations, non-GAAP income from continuing operations, non-GAAP income from operations and non-GAAP income from continuing operations as a percentage of revenue, and non-GAAP income from continuing operations per share are non-GAAP measures presented to provide meaningful supplemental information regarding Teradyne's baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is the leading supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. Teradyne had 2010 sales of $1.6 billion and employs about 2,900 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release contains forward-looking statements regarding future business prospects, Teradyne’s results of operations and market conditions. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance. You can identify these forward-looking statements based on the context of the statements and by the fact that they use words such as “will,” “anticipate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. There can be no assurance that management’s estimates of Teradyne’s future results or other forward looking statements will be achieved. Important factors that could cause actual results to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand; increased competition in certain markets resulting from the merger of Advantest and Verigy; and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and Quarterly Report on Form 10-Q for the period ended April 3, 2011. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. Teradyne anticipates that subsequent events and developments may cause management's views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne's views as of any date subsequent to the date of this release.


TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2011

CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)

	Quarter Ended									Six Months Ended
	July 3, 2011			April 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010

Net Revenues	$	410,519		$	377,161		$	445,271		$	787,680		$	764,609

Cost of Revenues (1)		195,433			184,752			194,369			380,185			343,831

Gross Profit		215,086			192,409			250,902			407,495			420,778

Operating Expenses:
Engineering and Development		47,393			47,977			49,341			95,370			97,278
Selling and Administrative		57,481			58,229			57,730			115,710			112,417
Acquired Intangible Asset Amortization		7,291			7,291			7,313			14,582			14,668
Restructuring and Other, net (2)		1,279			413			371			1,692			1,274
Operating Expenses		113,444			113,910			114,755			227,354			225,637

Income from Operations		101,642			78,499			136,147			180,141			195,141

Interest & Other (3)		(3,913	)		(4,889	)		(4,074	)		(8,802	)		(9,139	)

Income from Continuing Operations Before Income Taxes		97,729			73,610			132,073			171,339			186,002
Income Tax Provision		7,839			5,486			9,543			13,325			14,373
Income from Continuing Operations		89,890			68,124			122,530			158,014			171,629

Income (Loss) from Discontinued Operations Before Income Taxes (4)		-			1,278			(381	)		1,278			620
Income Tax Benefit		-			(267	)		-			(267	)		-
Income (Loss) from Discontinued Operations		-			1,545			(381	)		1,545			620

(Loss) Gain on Disposal of Discontinued Operations (net of income tax provision of $0, $4,578, $0, $4,578, and $0, respectively)		(832	)		25,203			-			24,371			-

Net Income	$	89,058		$	94,872		$	122,149		$	183,930		$	172,249

Income per Common Share from Continuing Operations:
Basic	$	0.48		$	0.37		$	0.68		$	0.85		$	0.97
Diluted	$	0.39		$	0.29		$	0.55		$	0.68		$	0.79

Net Income per Common Share:
Basic	$	0.48		$	0.51		$	0.68		$	0.99		$	0.97
Diluted	$	0.39		$	0.41		$	0.55		$	0.80		$	0.79


Weighted Average Common Shares - Basic		185,367			184,720			179,990			185,044			178,429


Weighted Average Common Shares - Diluted (5)		230,452			232,080			231,541			231,266			228,909

Net Orders	$	333,170		$	435,077		$	505,755		$	768,247		$	1,028,567


(1) Cost of Revenues includes:	Quarter Ended									Six Months Ended
	July 3, 2011			April 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010
Sale of Previously Written Down Inventory	$	(764	)	$	(3,022	)	$	(5,232	)	$	(3,786	)	$	(5,232	)
Provision for Excess and Obsolete Inventory		1,716			4,627			276			6,343			1,454
	$	952		$	1,605		$	(4,956	)	$	2,557		$	(3,778	)


(2) Restructuring and Other, net consists of:	Quarter Ended									Six Months Ended
	July 3, 2011			April 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010
Employee Severance	$	344		$	844		$	371		$	1,188		$	1,274
Non-U.S. Pension Settlement		935			-			-			935			-
Facility Related		-			(431	)		-			(431	)		-
	$	1,279		$	413		$	371		$	1,692		$	1,274


(3) Interest & Other includes:	Quarter Ended									Six Months Ended
	July 3, 2011			April 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010
Non-Cash Convertible Debt Interest	$	2,957		$	2,858		$	2,580		$	5,815		$	5,074

(4) On March 21, 2011, Teradyne completed the sale of its Diagnostic Solutions business unit to SPX Corporation for a gain of $24.4 million. The results for the discontinued business unit have been included within discontinued operations for all periods presented.

(5) Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended July 3, 2011, April 3, 2011, and July 4, 2010, 22.7 million, 23.4 million and 34.7 million shares, respectively, have been included in diluted shares and net interest expense of $0, $0 and $4.4 million, respectively, has been added back to income from continuing operations and net income for the diluted earnings per share calculations. For the six months ended July 3, 2011 and July 4, 2010, 23.0 million and 34.7 million shares, respectively, have been included in diluted shares and net interest expense of $0 and $8.8 million, respectively, has been added back to income from continuing operations and net income for the diluted earnings per share calculations.

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CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

	July 3, 2011		December 31, 2010

Assets
Cash and Cash Equivalents	$	455,398	$	397,737
Marketable Securities		453,942		409,061
Accounts Receivable		207,823		168,756
Inventories		141,518		116,841
Deferred Tax Assets		22,801		22,730
Prepayments and Other Current Assets		61,946		52,780
Current Assets from Discontinued Operations (1)		-		8,713
Total Current Assets		1,343,428		1,176,618

Net Property, Plant and Equipment		233,432		231,108
Long-Term Marketable Securities		281,978		248,696
Retirement Plan Assets		14,456		13,981
Intangible Assets		108,357		122,941
Other Assets		16,644		16,542
Long-Term Assets from Discontinued Operations (1)		-		469
Total Assets	$	1,998,295	$	1,810,355

Liabilities
Accounts Payable	$	106,993	$	81,142
Accrued Employees' Compensation and Withholdings		75,018		105,374
Deferred Revenue and Customer Advances		98,723		105,568
Other Accrued Liabilities		59,889		57,145
Accrued Income Taxes		9,888		8,465
Current Debt		2,475		2,450
Current Liabilities from Discontinued Operations (1)		-		3,560
Total Current Liabilities		352,986		363,704

Long-Term Deferred Revenue and Customer Advances		50,064		71,558
Retirement Plan Liabilities		77,154		72,071
Deferred Tax Liabilities		9,973		9,849
Other Long-Term Liabilities