Keithley announces financial results

Keithley Instruments has announced results for its fourth quarter and the year ending 30 September 2008.

The company had net sales of USD33.1m for the fourth quarter of fiscal 2008, down nine per cent from the previous year's fourth quarter sales of USD36.3m.

The weaker dollar positively impacted sales growth by approximately three percentage points, but sales decreased 19 per cent from the third quarter of fiscal 2008.

The company reported a net loss of USD4.6m, or USD0.29 per share, for the fourth quarter of fiscal 2008, compared to a net loss of USD0.9m, or USD0.05 per share, during last year's fourth quarter.

Results for the fourth quarter of fiscal 2008 included: unusual excess and obsolete inventory reserve charges, USD0.5m after-tax, USD0.03 per share; severance and related charges associated with the company's announced global reduction in workforce, USD0.9m after-tax, USD0.06 per share; and impairment of long-term investments in a company, USD1.3 million after-tax, USD0.08 per share.

Earnings were also reduced by lower sales volumes, decreased gross margins and an increase in selling, general and administrative costs, caused by the weaker dollar.

The company recorded a tax benefit of USD2.2m in the fourth quarter of fiscal 2008 compared to a tax expense of USD1.2m during the previous year's fourth quarter.

Orders of USD35.1m for the fourth quarter represented an increase of USD1.0m, or three per cent, compared with the previous year.

Orders increased eight per cent in the Americas and in Asia and decreased by six per cent in Europe.

Compared to the previous year's fourth quarter, orders from the company's semiconductor customers decreased by approximately 15 per cent, orders from wireless communications customers decreased by approximately 50 per cent, orders from precision electronic component/subassembly manufacturers increased by approximately 20 per cent and orders from research and education customers increased by approximately 50 per cent.

Sequentially, orders decreased 13 per cent from the third quarter of fiscal 2008.

Order backlog increased USD2.3m during the quarter to USD18.4m at September 30, 2008.

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