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Strong new product demand boosts Tektronix

A Tektronix product story
Edited by the Engineeringtalk editorial team Sep 30, 2002

Tektronix has reported net sales of $206.3 million and net earnings from continuing operations of $13.5 million or $0.15 per share, for the first quarter ending 31st August 2002.

Tektronix has reported net sales of $206.3 million and net earnings from continuing operations, before non-recurring items, of $13.5 million or $0.15 per share, for the first quarter ending 31st August 2002.

This compares with net sales of $216.6 million and net earnings from continuing operations, before non-recurring items, of $12.5 million or $0.13 per share, for the same period last year.

Including non-recurring items, net income from continuing operations for the first quarter of fiscal year 2003 was $19.8 million or $0.22 per share, as compared with $7.3 million or $0.08 per share, for the same period a year ago.

"Our performance for the quarter was exceptional given the current environment", said Rick Wills, Tektronix Chairman and CEO.

"This was largely due to strong demand for the new products we introduced over the last few quarters, an extra week in the quarter to accommodate our fiscal calendar, and continued attention to expense management by our employees around the world".

"Our investment in research and development and our drive to bring new products to market over the last 18 months enabled us to strengthen our competitive position.

Armed with new products in every class of oscilloscope and the fastest logic analyser, we saw particular strength in demand for our core instruments products", said Wills.

Wills continued, "Looking forward, we continue to prepare for the closing of the Sony/Tektronix acquisition next quarter, a long-term strategic investment announced last year which will give us stronger access to the Japanese market and enable us to leverage engineering resources".

For the second quarter of fiscal 2003, the company expects sales to be down approximately 5% compared to the same period a year ago.

Operating margins are expected to be in the mid-single digits, excluding non-recurring items.

The company expects non-recurring costs in the second quarter of around $10 million.

In addition, the acquisition of Sony/Tektronix will add $5 million - $10 million in sales and result in $0.02-0.04 per share dilution in earnings in the next quarter.

"Although we performed well, our overall markets continue to be soft, with particular weakness in telecommunications, primarily in the optical segment.

We have continued to execute well in a very steep downturn, and are positioning the company to emerge stronger by developing industry-leading products, and we remain committed to delivering value to our shareholders", concluded Wills.

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