TEKTRONIX REPORTS SECOND-QUARTER RESULTS
TEKTRONIX REPORTS SECOND-QUARTER RESULTS BEAVERTON, Ore., Dec. 5 /PRNewswire/ -- Tektronix Inc.
(NYSE: TEK) reported earnings for its second fiscal quarter, which ended on Nov. 16, 1991, of $8,060,000 or 27 cents per share. This compares with earnings of $11,693,000 or 41 cents per share in the prior year's second quarter.
Net sales for the quarter were $303,203,000, down 2 percent from $309,357,000 last year. Sales from continuing operations were up 1 percent from last year's comparable total. Customer orders for the quarter were $299 million, or 4 percent below last year's second quarter orders of $313 million. Orders from continuing operations were 3 percent below last year's second quarter total. "These results are in line with the forecast we made on Nov. 11," commented Jerome J. Meyer, chairman and chief executive officer of Tektronix. "While we are not pleased that earnings are below last year's levels, we believe we are continuing to make progress in improving Tektronix' operations, despite a difficult economic environment. "Orders for several key new products continue to be ahead of their targets. Demand for color printers, paced by the Phaser III plain- paper printer, remained especially strong in the quarter, and we are ramping up production to meet that demand," Meyer continued. "Orders for our new digital oscilloscopes are also exceeding their targets, and we announced further additions to that line at the end of the quarter. Sales from continuing operations for both Test & Measurement and Computer Graphics were ahead of last year's second quarter. "As we announced earlier, we saw a decline in the quarter in demand for television equipment, impacting both sales and earnings. In the television business, as well as across the entire company, we are pushing new product development aggressively and taking steps to achieve cost reductions." For the first half of the fiscal year, earnings were $17,685,000 or 60 cents per share, compared with $21,085,000 or 73 cents per share a year ago. Net sales were $591,767,000 down 3 percent from $611,807,000 in the prior year's first half. Sales from continuing operations were about equal to last year's sales level. The significant operations which were included in least year's results and have been discontinued are: the workstation unit, which was closed; and TriQuint Semiconductor, where Tektronix' investment moved from 100 percent ownership to a minority position. Income statement details and geographic and product sales breakdowns are as follows: TEKTRONIX INC. (In thousands, except per share) Second Quarter Ended First Half Ended (12 weeks) (12 weeks) (25 weeks) (24 weeks) 11/16/91 11/10/90 11/16/91 11/10/90 Net sales $303,203 $309,357 $591,767 $611,807 Cost of sales 153,390 154,695 292,711 313,110 Gross profit 149,813 154,662 299,056 298,697 R & D Expense 38,497 41,096 77,755 78,724 S,G & A Expense 94,232 92,460 184,695 177,979 Joint venture income 1,596 1,905 2,538 2,653 Operating Income 18,680 22,876 39,144 44,262 Earnings before taxes 12,593 18,369 27,635 35,141 Net earnings $ 8,060 $11,693 $17,685 $21,085 Earnings per share $ 0.27 $ 0.41 $ 0.60 $ 0.73 Average shares 29,482 29,091 29,388 29,075 United States $156,297 $157,114 $305,784 $317,149 International 146,906 152,243 285,983 294,658 Test & Measurement 177,763 174,194 341,860 346,231 Television Systems 60,909 70,662 125,987 139,094 Computer Graphics 64,531 64,501 123,920 126,482 Employees at Quarter-end 11,528 12,392 -0- 12/5/91 /CONTACT: Fletcher Chamberlin of Tektronix Inc., 503-627-7147/ (TEK) CO: Tektronix Inc. ST: Oregon IN: CPR SU: ERN
JH-LM -- SE006 -- 9806 12/05/91 16:00 EST
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|Date:||Dec 5, 1991|
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