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TEKTRONIX REPORTS THIRD-QUARTER RESULTS

 TEKTRONIX REPORTS THIRD-QUARTER RESULTS
 BEAVERTON, Ore., March 25 /PRNewswire/ -- Tektronix Inc.


(NYSE: TEK) today reported a loss for its third fiscal quarter, which ended on March 7 of $2,886,000, compared with earnings of $13,204,000 in the prior year's third quarter. The loss per share this year was 10 cents, compared with earnings per share of 45 cents a year ago. The loss is in line with the forecasted results announced on March 3.
 This year's results included restructuring charges of $17,298,000 to cover severance costs and asset write-downs. After the impact of taxes and profit share, the restructuring charges reduced earnings by $9,268,000 or 32 cents per share. Before the restructuring charges, earnings were $6,382,000, or 22 cents per share.
 Net sales for the quarter were $394,813,000, down 1 percent from $397,800,000 last year. Customer orders for the quarter were $380 million, or 3 percent below last year's third-quarter orders of $392 million.
 "We are disappointed with our overall order and sales growth, and we are taking steps to reduce our costs further," commented Jerome J. Meyer, chairman and chief executive officer of Tektronix. "Despite good acceptance for our new line of digital oscilloscopes and for telecommunications equipment, orders, sales and earnings in our Test & Measurement business were below last year. Most of the rest of that product line was hurt by continuing economic weakness in world markets. Sales and earnings for the Television Systems business continued to be below last year, but we did see some improvement in orders. Computer Graphics sales and earnings grew for the quarter because of the ongoing excellent marketplace reception for our color printers.
 "The economic environment remains uncertain, and our outlook is cautious. We are continuing to make changes in the company aimed at improved operating efficiency and better returns for our shareholders."
 For the first three quarters of the fiscal year, earnings were $14,799,000, or 50 cents per share, compared with $34,289,000, or $1.18 per share, a year ago. Net sales were $986,580,000, down 2 percent from $1,009,607,000 in the prior year's first three quarters.
 Income statement details and geographic and product sales breakdowns are as follows:
 TEKTRONIX INC.
 (In thousands, except per-share amounts)
 Third Quarter Three Quarters
 (16 weeks) (16 weeks) (41 weeks) (40 weeks)
 Ended: 3/7/92 3/2/91 3/7/92 3/2/91
 Net sales $394,813 $397,800 $986,580 $1,009,607
 Cost of sales 201,105 197,880 493,816 510,990
 Gross profit 193,708 199,920 492,764 498,617
 R & D expense 50,851 49,375 128,606 128,099
 S,G & A expense 122,698 126,742 307,393 304,721
 Restructuring
 expense (income) 17,298 (1,215) 17,298 (830)
 Joint venture
 income (396) 2,618 2,142 5,271
 Operating income 2,465 27,636 41,609 71,898
 Earnings before
 taxes (2,968) 22,007 24,665 57,148
 Net earnings $ (2,886) $ 13,204 $ 14,799 $ 34,289
 Earnings
 per share $ (0.10) $ 0.45 $ 0.50 $ 1.18
 Average shares 29,571 29,161 29,457 29,107
 Sales:
 United States $195,466 $188,449 $501,251 $505,598
 International 199,347 209,351 485,329 504,009
 Test &
 Measurement 212,192 223,730 554,052 569,961
 Television Systems 82,105 89,348 208,092 228,442
 Computer Graphics 100,516 84,722 224,436 211,204
 Employees at
 Quarter-end 11,464 12,001 -- --
 -0- 3/25/92
 /CONTACT: Fletcher Chamberlin of Tektronix, 503-627-7147/
 (TEK) CO: Tektronix Inc. ST: Oregon IN: CPR SU: ERN


SC-JH -- SE007 -- 1643 03/25/92 16:00 EST
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Publication:PR Newswire
Date:Mar 25, 1992
Words:624
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