6/21/2002 - Tektronix, Inc. (NYSE: TEK) today reported net sales of $208.5 million and net earnings from continuing operations, before non-recurring items, of $12.2 million or $0.13 per share, for the fourth quarter of fiscal year 2002 ending May 25, 2002. This compares with sales of $305.1 million and net earnings from continuing operations, before non-recurring items, of $34.6 million or $0.37 per share, for the same period last year. Including non-recurring items, net income from continuing operations for the fourth quarter of fiscal year 2002 was $4.8 million or $0.05 per share, as compared with $35.0 million or $0.37 per share, for the same period a year ago.
For the fiscal year 2002, the company reported sales of $843.3 million, compared to sales of $1.235 billion in fiscal 2001. Net earnings from continuing operations, before non-recurring items, were $47.5 million, or $0.51 per share, compared to net earnings from continuing operations of $132.3 million, or $1.38 per share, excluding non-recurring items for fiscal 2001. Tektronix' consolidated net earnings from continuing operations for fiscal 2002, including non-recurring items, were $30.5 million, or $0.33 per share, compared to $140.1 million, or $1.46 per share for fiscal year 2001.
"Our ability to deliver profits this year given the extreme difficulties in the technology marketplace differentiates Tektronix," said Rick Wills, Tektronix Chairman and CEO. "We developed a strategy for navigating through the downturn that emphasized the preservation of key investments, and a surgical approach to cost management that allowed us to execute new product introduction plans and deliver profits every quarter. We delivered on each of our objectives and are well positioned in our market to emerge stronger."
"In the fourth quarter, we introduced a number of major new products that have been well received in the marketplace, including the TDS1000 and TDS2000 Series, a new benchmark for performance and ease-of-use for low-cost, color oscilloscopes. We also introduced the first Silicon Germanium logic analyzer, the TLA7Axx, which is not only the world's fastest logic analyzer but also incorporates a breakthrough connectorless probing system that enables engineers to test analog and digital designs with unprecedented speed, increased accuracy and reduced cost," continued Wills.
"We reinforced our commitment to expand our presence in the optical communications test market with the introduction of several new optical products and the acquisition of Profile Optische Systeme GmbH, a technology leader in optical parametric test."
For the first quarter of fiscal 2003, the company expects sales to be down 10% - 12% over the same period a year ago. Operating margins are expected to be in the low-single digits.
"The markets remain challenging and we are not expecting significant market improvements in this calendar year. However, we are well positioned with new category-leading products, the strongest distribution network in the industry and continued strategic investments. As a management team, we have demonstrated diligence in managing operations to deliver results while maintaining and enhancing our investments in our future," concluded Wills.
During the fourth quarter of fiscal 2002, the company announced the following:
Tektronix will be discussing its fourth quarter results and future guidance on a conference call today, beginning at 1:30 p.m. Pacific Daylight Time (PDT). A live Webcast of the conference call will be available at www.tektronix.com/ir. A replay of the Webcast will be available at the same Web site through Friday, July 12, 2002.
The financial results tables for the quarter are available in the Fourth Quarter Fiscal 2002 Financial Report. The complete printable version of the press release and financial results are available in the Fourth Quarter Fiscal 2002 Report.
Tektronix, Inc. is a test, measurement, and monitoring company providing measurement solutions to the communications, computer, and semiconductor industries worldwide. With more than 55 years of experience, Tektronix enables its customers to design, build, deploy, and manage next-generation global communications networks and advanced technologies. Headquartered in Beaverton, Oregon, Tektronix has operations in more than 20 countries worldwide. Tektronix' Web address is www.tektronix.com
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