Test measurement and monitoring company reports another profitable quarter, but foresees a short-term sales drop in a 'challenging market'
Tektronix has reported net sales of $208.5 million and net
earnings from continuing operations, before non-recurring items,
of $12.2 million or $0.13 per share, for the fourth quarter of
fiscal year 2002, ending 25 May 2002.
This compares with sales of
$305.1 million and net earnings from continuing operations,
before non-recurring items, of $34.6 million or $0.37 per share,
for the same period last year.
Including non-recurring items, net
income from continuing operations for the fourth quarter of
fiscal year 2002 was $4.8 million or $0.05 per share, as compared
with $35.0 million or $0.37 per share, for the same period a year
For the fiscal year 2002, the company reported sales of
$843.3 million, compared to sales of $1.235 billion in fiscal
Net earnings from continuing operations, before
non-recurring items, were $47.5 million, or $0.51 per share,
compared to net earnings from continuing operations of $132.3
million, or $1.38 per share, excluding non-recurring items for
Tektronix' consolidated net earnings from
continuing operations for fiscal 2002, including non-recurring
items, were $30.5 million, or $0.33 per share, compared to $140.1
million, or $1.46 per share for fiscal year 2001.
ability to deliver profits this year given the extreme
difficulties in the technology marketplace differentiates
Tektronix", said Rick Wills, Tektronix's chairman and
"We developed a strategy for navigating through the
downturn that emphasised the preservation of key investments, and
a surgical approach to cost management that allowed us to execute
new product introduction plans and deliver profits every quarter.
We delivered on each of our objectives, and are well positioned
in our market to emerge stronger." "In the fourth
quarter, we introduced a number of major new products that have
been well received in the marketplace, including the TDS1000 and
TDS2000 Series, a new benchmark for performance and ease of use
for low-cost, colour oscilloscopes.
We also introduced the first
silicon-germanium logic analyser, the TLA7Axx, which is not only
the world's fastest logic analyser but also incorporates a
breakthrough connectorless probing system that enables engineers
to test analogue and digital designs with unprecedented speed,
increased accuracy and reduced cost", continued Wills.
"We reinforced our commitment to expand our presence in the
optical communications test market with the introduction of
several new optical products and the acquisition of Profile
Optische Systeme GmbH, a technology leader in optical parametric
test." For the first quarter of fiscal 2003, the company
expects sales to be down 10%-12% over the same period a year ago.
Operating margins are expected to be in the low-single digits.
"The markets remain challenging and we are not expecting
significant market improvements in this calendar year.
we are well positioned with new category-leading products, the
strongest distribution network in the industry and continued
As a management team, we have demonstrated
diligence in managing operations to deliver results while
maintaining and enhancing our investments in our future",