Teradyne Reports Second-Quarter 2003 Results

July 15, 2003 by Jeff Shepard

Teradyne Inc. (Boston, MA) reported sales of $331.5 million for the second quarter of 2003, and a net loss on generally accepted accounting principles (GAAP) basis of $52.5 million, or $0.28 per share. The pro-forma net loss for the second quarter of 2003 was $35.4 million, or $0.19 per share, before asset impairments, workforce reductions, facility closures and the impact of accelerated depreciation. Net orders increased 5% from the previous quarter, to $305 million.

"Orders in our semiconductor test business strengthened significantly and were at their highest level in 10 quarters," said George Chamillard, Teradyne chairman and CEO. "That increased order level is being driven by demand for high-end, system-on-a-chip applications. In our cost-reduction program, we made good progress in the quarter toward our goal of returning to profitability. For the third quarter, we expect sales to be between $310 and $340 million, and that our loss per share will be reduced to between $0.11 and $0.19, on a pro-forma basis."