6/30/2003 - Tektronix, Inc. (NYSE: TEK) reported net sales of $202.3 million and net earnings from continuing operations of $4.3 million or $0.05 per share, for the fourth quarter ended May 31, 2003. This compares with net sales of $202.2 million and net earnings from continuing operations of $6.7 million or $0.07 per share, for the same period a year ago. Excluding business realignment and one-time items, net earnings from continuing operations were $10.0 million or $0.12 per share for the fourth quarter, as compared with $12.7 million or $0.14 per share for the same period last year.
"We delivered solid results in the quarter," said Rick Wills, Tektronix Chairman and CEO. "There was strong demand across our product portfolio - particularly internationally. We believe that the economic environment and our end markets have started to stabilize."
For fiscal year 2003, the company reported net sales of $791.0 million, compared with sales of $810.3 million in fiscal year 2002. Net earnings from continuing operations were $35.1 million, or $0.40 per share for fiscal year 2003. This compares with net earnings from continuing operations of $33.6 million, or $0.36 per share for fiscal year 2002. Excluding business realignment and one-time items, net earnings from continuing operations for fiscal year 2003 were $48.5 million, or $0.56 per share, as compared with $49.2 million, or $0.53 per share for fiscal year 2002.
"We delivered strong results this year, remaining profitable, growing orders and accomplishing critical strategic objectives in an environment that continued to be challenging - these results differentiate Tektronix," said Wills. "One of these objectives, the acquisition and integration of our joint venture in Japan, exceeded our expectations. By quickly reducing costs, improving sales force effectiveness and leveraging products and technologies for broader market application, we were able to exceed our sales and profitability projections for Japan."
"In addition to increasing our presence in Japan, China was another strategic focus. We opened a new manufacturing facility in Shanghai and began manufacturing our newest value oscilloscopes for worldwide distribution - increasing our sales penetration of these products in China," continued Wills. "Other accomplishments included strengthening our management team - with an emphasis on the sales and marketing area - and strategic divestures of under performing product lines. As we see the environment begin to stabilize, the progress in these areas positions us well as we move into the next fiscal year."
For the first quarter of fiscal 2004, the company expects sales to be approximately flat with the same period a year ago. Earnings per share are expected to be between $0.10 and $0.12, excluding anticipated business realignment and one-time charges of $3.0 - $4.0 million.
"With markets seeming to stabilize in the last several months, we are well positioned to grow our leadership position in our four core product areas and to expand our two emerging product lines. We continue to manage operations to improve profitability and our product and technology engine to drive innovation, which will enable us to see good operating leverage as we see growth," concluded Wills.
Key highlights for the fourth quarter of fiscal 2003 include the following:
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 Thursday, July 10, 2003.
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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