Printer Friendly

TEKTRONIX THIRD-QUARTER RESULTS MEET COMPANY'S EXPECTATIONS

 WILSONVILLE, Ore., March 17 /PRNewswire/ -- Tektronix Inc. (NYSE: TEK) today reported earnings for its third fiscal quarter were $9,134,000, or 30 cents per share. Net sales for the quarter were $311,233,000.
 For the first three quarters of the fiscal year, Tektronix reported net sales of $949.3 million, a decline of 4 percent over the same period for the prior fiscal year. Net earnings were $27.0 million for the three quarters ended Feb. 27, 1993, or 90 cents per share, compared with net earnings of $14.8 million, or 50 cents per share, in 1992.
 "The third-quarter results were essentially as we expected," said Jerome J. Meyer, chairman and chief executive officer. "We were particularly pleased to be able to achieve the savings levels we targeted and achieve an increase in earnings of 76 percent -- on a comparable basis -- with the same quarter last year."
 Year-to-year comparisons are complicated because the third quarter this year had three fewer weeks. The third fiscal quarter, ending Feb. 27, 1993, reflected results of 13 weeks of operations compared to 16 weeks in the same quarter a year earlier. Net sales for the 16-week third quarter 1992 were $394.8 million. Also in the third quarter of 1992, earnings were reduced by a restructuring charge of $17.3 million.
 On a comparative basis -- that is, if the fiscal 1992 third quarter had been only 13 weeks long, and if the restructuring charge was eliminated -- net sales in the third quarter of 1992 would have been $320.8 million with earnings of $5.2 million. Consequently, a more appropriate comparison of year-to-year third-quarter results would show a net sales decline of $9.6 million, or 3 percent, and an earnings increase of $3.9 million, or 76 percent.
 Orders for the third quarter were $308 million, compared with $380 million in the third quarter of 1992. Adjusted to 13 weeks, orders for last year's third quarter would have been $308.8 million. Hence, orders for this year's third quarter were essentially the same as last year on a comparable basis for the quarter.
 The company's computer graphics sales continued to grow. Color printers and terminals provided $85.4 million in net sales. These products benefit from a trend toward increasing use of color in personal computing applications. Television systems net sales were $61.2 million. Test and measurement net sales were $164.6 million.
 Results by geographic region were also mixed. "We continue to note significant differences in markets around the world," continued Meyer. "Results in the United States reflect improvements in the economy. Our international sales remain weak as the economies of many countries experience some difficulty. Our Japanese business was weak. However, our performance in Europe was good in comparison to the overall performance of European economies in the quarter."
 Tektronix introduced a number of new products in the quarter including two new low-cost color printers that set new price and performance standards and a new low-cost digital oscilloscope.
 At the end of the quarter, the company had 10,191 employees, compared with 10,502 at the beginning of the quarter and 11,464 at the end of last year's third quarter.
 Tektronix is a leading manufacturer of electronics products and systems in areas of test and measurement, computer graphics and television systems. Revenues in fiscal 1992 were $1.3 billion. The company is headquartered in Wilsonville and has operations worldwide.
 The geographic and product sales breakdown is as follows:
 TEKTRONIX INC.
 (Dollars in thousands)
 Third Quarter Three Quarters
 13 Weeks 16 Weeks 39 Weeks 41 Weeks
 Feb. 27, March 7, Feb. 27, March 7,
 Period Ended: 1993 1992 1993 1992
 U.S. $165,227 $195,466 $514,844 $501,251
 International 146,006 199,347 434,498 485,329
 Test & measurement 164,593 212,192 499,257 554,052
 Computer graphics 85,447 100,516 251,640 224,436
 Television systems 61,193 82,105 198,445 208,092
 SUMMARY INCOME STATEMENT
 (Dollars in thousands, except per-share amounts)
 Third Quarter Three Quarters
 13 Weeks 16 Weeks 39 Weeks 41 Weeks
 Feb. 27, March 7, Feb. 27, March 7,
 Period Ended: 1993 1992 1993 1992
 Net sales $311,233 $394,813 $949,342 $986,580
 Cost of sales 160,071 201,105 489,834 493,816
 Gross profit 151,162 193,708 459,508 492,764
 R&D expense 38,269 50,851 116,312 128,606
 S, G & A expense 94,460 122,698 290,769 307,393
 Restructuring charges -- 17,298 -- 17,298
 Joint venture income (loss) (825) (396) (2,376) 2,142
 Operating income 17,608 2,465 50,051 41,609
 Earnings before taxes 13,840 (2,968) 35,946 24,665
 Income taxes 4,706 (82) 12,222 9,866
 SFAS No. 109 tax benefit -- -- 38,100 --
 SFAS No. 106 adjustment -
 net of tax -- -- (34,775) --
 Net earnings 9,134 (2,886) 27,049 14,799
 Earnings per share 0.30 (0.10) 0.90 0.50
 Average shares 30,084 29,571 29,902 29,457
 Employees 10,191 11,464 -- --
 -0- 3/17/93
 /CONTACT: Doug Shafer, investor relations, 503-685-4111, or fax, 503-685-4099, or Jeanine Navarra, public relations, 503-685-4044, or fax, 503-685-4017, both of Tektronix/
 (TEK)


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

LM-SW -- SE007 -- 7131 03/17/93 16:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 17, 1993
Words:893
Previous Article:PHILADELPHIA SUBURBAN CORPORATION FILES FOR PROPOSED PUBLIC OFFERING
Next Article:DELTA AIR LINES OFFERS ALL-MD-11 TRANSPACIFIC SERVICE, YOUNGEST AIRCRAFT FLEET IN MARKET
Topics:


Related Articles
TEKTRONIX EMPLOYEES SHARE NEARLY $4 MILLION; STRONG SECOND-QUARTER FINANCIAL RESULTS MEAN ADDITIONAL MONEY FOR EMPLOYEES
TEKTRONIX REPORTS IMPROVED FIRST QUARTER EARNINGS; EARNINGS UP 21 PERCENT EXCLUDING ACCOUNTING AND TAX GAINS
TEKTRONIX' GROWTH MOMENTUM CONTINUES WITH STRONG SECOND QUARTER RESULTS
Tektronix Reports First Quarter 1999 Results
Tektronix Reports Third Quarter 1999 Results.
Tektronix' Measurement Business Exceeds $1 Billion Revenue Mark.
Tektronix Announces Strong First Quarter, Fiscal 2001 Earnings.
Tektronix Announces Strong Sales and Earnings for the Second Quarter of Its Fiscal Year.
Tektronix Reports Record Results for the Fiscal Year.
Tektronix Reports First Quarter Fiscal 2002 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters