Product category: Stand-Alone Instruments
News Release from: Tektronix
Edited by the Electronicstalk Editorial Team on 23 December 2003
Tektronix reports strongest
orders for years
Tektronix has reported net sales of $217.9 million and net earnings from continuing operations of $36.5 million or $0.42 per share, for the second quarter ended 29th November 2003
This compares with net sales of $203.6 million and net earnings from continuing operations of $8.4 million or $0.10 per share, for the same period a year ago. Excluding business realignment and one-time items, net earnings from continuing operations were $19.3 million or $0.22 per share for the second quarter, as compared with $11.7 million or $0.13 per share for the same period last year.
This article was originally published on Electronicstalk on 23 December 2003 at 8.00am (UK)
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Included in one-time items is a non-cash gain resulting from the settlement of the historical defined benefit pension plan at the company's recently acquired Japanese subsidiary.
"At 25% growth, this was our strongest order level in more than two and a half years, due primarily to strengthening in the overall market and good response to new products", said Rick Wills, Tektronix Chairman and CEO.
"During our first quarter, we saw pockets of stronger demand in selected sectors and regions, and this quarter the improvement continued with growth across all of our core product areas and regions.
Finally, earnings outpaced sales growth as expected, due in part to the leverage we have built into our business model during the past two years".
"There was strength across all of our major product categories.
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Software has scope for ultrawideband testing
Package extends the debug and analysis capabilities of DPO/DSA70000 oscilloscopes to include real-time analysis of ultrawideband RF and electrical signals
Software simplifies RF waveform generation
Advanced software package provides a user interface that makes creation and management of general purpose digital RF waveforms far more intuitive
HDMI compliance tests come up to date
Tektronix reckons it now offers the most complete and cost effective test suite for performing HDMI 1.3b compliance testing
We saw very good demand for our entire line of oscilloscope products, including the TDS7704B, the world's fastest digital oscilloscope, which we announced this quarter.
Our signal source products have been well received in our key markets, and our industry-leading video products continued to provide broadcasters and system integrators with the tools to support the digital evolution", continued Wills.
"In addition, we made excellent progress on new products which will be introduced in the second half of this fiscal year".
"We believe Tektronix is well positioned to benefit from a recovery.
We have a strong market position in our four core product areas, and our two developing product categories, signal sources and RF test, represent good opportunities for growth.
We have structured our business model to enable us to grow earnings faster than revenues as orders strengthen.
And, as the markets recover, we remain diligently focused on managing the business - deliberately managing operations, carefully investing in future products and technology, and remaining attentive to the changes in our customer needs", concluded Wills.
For the third quarter of fiscal 2004, the company expects sales to be approximately $220 to $230 million.
Earnings per share from continuing operations are expected to be between $0.23 and $0.25, excluding a net credit of $15-$20 million from business realignment costs and one-time items.
The projected credit includes an estimated gain on the sale of real estate in Japan.
The company has declared a quarterly cash dividend of 4c per share on the outstanding common shares of the company, payable on 26th January 2004 to shareholders of record as of the close of market on 9th January 2004.
Tektronix also announced a mid-year payout in connection with its employee results share programme.
"Our employees helped to differentiate Tektronix during the difficult technology market over the last few years", said Wills.
"We are delighted to be able to provide our employees with a way to share in the success of the company, especially during the holiday season".
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