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TEKTRONIX REPORTS IMPROVED FIRST QUARTER EARNINGS; EARNINGS UP 21 PERCENT EXCLUDING ACCOUNTING AND TAX GAINS

 WILSONVILLE, Ore., Sept. 15 /PRNewswire/ -- Tektronix Inc. (NYSE: TEK) today reported first quarter fiscal 1994 net earnings excluding accounting and tax gains were up 21 percent compared to last year's first quarter, despite selling into difficult worldwide market conditions.
 Net earnings for the period were $9.7 million or 32 cents per share, compared with $9.5 million or 32 cents per share in first quarter 1993. However, first quarter fiscal 1993 results include a gain of $3.3 million or 11 cents per share, representing the net impact of accounting changes, while current quarter results include a gain of $2.2 million or 7 cents per share from one-time tax-related gains. Excluding these one-time gains, earnings for the current quarter would have been $7.5 millio5? cents per share, compared with first quarter 1993 earnings of $6.2 million or 21 cents per share.
 Net sales for the first quarter were $290.1 million, compared with $304.6 million in the prior year's quarter.
 "We are pleased that our earnings are improving despite moderately lower revenues. While we continue to see the impact of recessionary conditions in Europe and Japan, sales were within our range of expectations," said Jerome J. Meyer, Tektronix chairman and chief executive officer. Various measures to control expenses, which are part of the company's ongoing program to deliver greater shareholder value, had a positive impact on earnings, Meyer said.
 "Looking inside the company, our sales in Computer Graphics were up 15 percent over last year, with printers continuing strong growth performance and good growth in X-terminals. Test and Measurement faced increased weakness in recessionary economies overseas and some of its major industrial markets. Television sales also were affected by difficult economic conditions, as well as the fact that last year's quarter reflected high initial shipments of the Model 3000 digital switcher," Meyer said.
 In addition, Meyer said the company completed refinancing its debt structure during the period, lowering the interest rate it pays on its long-term debt.
 At the end of the quarter (Aug. 28), the company employed 9,663 people, compared with 9,840 at the beginning of the quarter.
 Tektronix is a leading manufacturer of electronics products in the areas of test and measurement, computer graphics and television systems. Revenues in fiscal 1993 were $1.3 billion. Tektronix is headquartered in Wilsonville and has operations worldwide.
 TEKTRONIX INC.
 The geographic and product sales breakdown is as follows:
 (000)
 First Quarter Ended
 13 weeks 13 weeks
 8/28/93 8/29/92
 U.S. $168,401 $169,109
 International 121,669 135,515
 Test & Measurement 140,764 157,493
 Computer Graphics 87,006 75,707
 Television Systems 62,300 71,424
 Income Statement
 (000)
 First Quarter Ended
 13 weeks 13 weeks
 Net sales $290,070 $304,624
 Cost of sales 154,201 160,118
 Gross profit 135,869 144,506
 R&D expense 36,132 38,045
 S,G, & A expense 83,932 91,693
 Joint venture income (loss) (1,117) (1,453)
 Operating income 14,688 13,315
 Other (income) and expense 3,393 3,986
 Earnings before taxes 11,295 9,329
 Income taxes 1,564 3,172
 SFAS No.109 tax benefit - 38,100
 SFAS No.106 adjustment--net of tax - (34,775)
 Net earnings 9,731 9,482
 Earnings per share 0.32 0.32
 Average shares 30,518 29,698
 Employees 9,663 10,708
 TEKTRONIX INC.
 BALANCE SHEET
 (000)
 8/28/93 5/29/93
 Cash and cash equivalents $ 29,634 $ 30,004
 Accounts receivable--net 211,052 248,514
 Inventories 187,097 171,416
 Other current assets 59,278 65,778
 Total current assets 487,061 515,712
 Property, plant and equipment--net 232,320 235,834
 Property held for sale 39,125 38,489
 Long-term deferred tax assets 90,934 88,629
 Other long-term assets 110,511 105,841
 Total assets 959,951 984,505
 Short-term debt 51,041 69,481
 Accounts payable 141,499 157,555
 Accrued compensation 78,978 106,464
 Income taxes payable--
 Total current liabilities 271,518 333,500
 Long-term debt 100,073 70,073
 Other long-term liabilities 146,271 145,988
 Common stock 194,057 190,984
 Retained earnings 198,403 193,221
 Currency adjustment 49,629 50,739
 Total shareholders' equity 442,089 434,944
 Total liabilities and
 shareholders' equity 959,951 984,505
 -0- 9/15/93
 /CONTACT: Shelley Potter, media contact, 503-685-4086, or Carl Neun, 503-685-4155, or Doug Shafer, 503-685-4111, analyst contacts, all of Tektronix/
 (TEK)


CO: Tektronix Inc. ST: Oregon IN: CPR SU: ERN

937

JH -- SE014 -- 2375 09/15/93 15:57 EDT
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Date:Sep 15, 1993
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