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TEKTRONIX REPORTS FOURTH-QUARTER, FISCAL YEAR RESULTS

 TEKTRONIX REPORTS FOURTH-QUARTER, FISCAL YEAR RESULTS
 WILSONVILLE, Ore., June 25 /PRNewswire/ -- Tektronix Inc. (NYSE: TEK) today reported earnings for its fourth fiscal quarter, which ended on May 30, 1992, of $4,946,000, or 17 cents per share. This compares with earnings of $14,056,000, or 48 cents per share, in the prior year's fourth quarter. Earnings for the full fiscal year were $19,745,000, or 67 cents per share, compared with $48,345,000, or $1.66 per share, a year ago.
 Net sales for the fourth quarter were $310,663,000, down 3 percent from $321,328,000 last year. Net sales for the year were $1,297,243,000, also down 3 percent from the prior year's $1,330,935,000.
 Customer orders for the quarter were $295 million, or 2 percent below last year's fourth-quarter orders of $302 million. Orders for the year were $1,269 million, down 3 percent from last year's $1,304 million. The backlog of unfilled orders declined by $16 million during the quarter and by $28 million during the year.
 "The year's earnings were disappointing for Tektronix," commented Jerome J. Meyer, chairman and chief executive officer. "We made good progress with a number of new products and with steps to streamline the company's operations and processes. U.S. orders were above last year's levels for the quarter and the year. However, weakness in demand from several important end-markets, and from Japan and Europe, contributed to an overall decline in sales and earnings.
 "Computer Graphics sales and orders grew for the quarter and the year, because of the continued excellent marketplace reception for our color printers.
 "We saw modest growth in orders for Television Systems in the fourth quarter, even though sales were still below last year. The broadcast television market remains sluggish, but shipments of several key new products will be ramping up in the first half of the coming year.
 "The Test & Measurement business was hurt by continuing economic weakness in world markets. Good order growth in some areas, including our new digital oscilloscopes and telecommunications test equipment, was more than offset by weakness in the remainder of the product line.
 "While we are looking for improvement as the new fiscal year progresses, our near-term outlook remains cautious. We expect first- quarter earnings to be below last year's levels," Meyer concluded.
 Income statement details and geographic and product sales breakdowns are as follows:
 TEKTRONIX INC.
 (In thousands, except per-share amounts)
 Fourth Quarter Fiscal Year
 (12 weeks) (12 weeks) (53 weeks) (52 weeks)
 Ended: 5/30/92 5/25/91 5/30/92 5/25/91
 Net sales $310,663 $321,328 $1,297,243 $1,330,935
 Cost of sales 159,477 148,389 653,293 659,379
 Gross profit 151,186 172,939 643,950 671,556
 R & D expense 40,577 44,254 169,183 172,353
 S,G & A expense 100,568 103,920 407,961 408,641
 Restructuring
 expense (income) -- 194 17,298 (636)
 Joint venture
 income 272 1,521 2,414 6,792
 Operating income 10,313 26,092 51,922 97,990
 Earnings before
 taxes 5,028 20,829 29,693 77,977
 Net earnings $ 4,946 $ 14,056 $ 19,745 $ 48,345
 Earnings
 per share $ 0.17 $ 0.48 $ 0.67 $ 1.66
 Average shares 29,599 29,203 29,488 29,130
 Sales:
 United States $169,041 $163,214 $670,291 $668,812
 International 141,622 158,114 626,952 662,123
 Test &
 Measurement 170,750 184,828 724,802 754,789
 Television Systems 62,843 65,137 270,935 293,579
 Computer Graphics 77,070 71,363 301,506 282,567
 Employees at
 Quarter-end 11,334 11,947 -- --
 -0- 6/25/92
 /CONTACT: Fletcher Chamberlin of Tektronix, 503-685-4140/
 (TEK) CO: Tektronix Inc. ST: Oregon IN: CPR SU: ERN


SC-LM -- SE006 -- 3922 06/25/92 16:00 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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