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Teradyne Reports Strong Order, Earnings Growth In Second Quarter 2012

Stocks in this article: TER

Teradyne, Inc. (NYSE: TER) reported revenue of $548 million for the second quarter of 2012 of which $365 million was in Semiconductor Test, $112 million in LitePoint Wireless Test and $71 million in the Systems Test Group. On a non-GAAP basis, Teradyne’s income from continuing operations in the second quarter was $156 million, or $0.77 per diluted share, which excluded acquired intangible asset amortization, non-cash convertible debt interest, and included income taxes on a cash basis. GAAP income from continuing operations for the second quarter was $111 million, or $0.49 per diluted share.

Bookings in the second quarter of 2012 were $592 million of which $358 million were in Semiconductor Test, $189 million in LitePoint Wireless Test and $45 million in the Systems Test Group.

“Explosive growth in our LitePoint Wireless Test segment and continued strength for the UltraFLEX in high performance System-on-a-Chip test powered Teradyne’s results in the second quarter,” said Mike Bradley, President and CEO. “LitePoint delivered record orders and revenue as customers continue to embrace its time to market and economic advantages in the fast moving mobility market. After recording a very strong first half, our third quarter outlook reflects seasonally slower industry trends.”

Guidance for the third quarter of 2012 is for revenue of $420 million to $460 million, with non-GAAP income from continuing operations per diluted share of $0.41 to $0.51 and GAAP income from continuing operations per diluted share of $0.22 to $0.29. Non-GAAP guidance excludes acquired intangible asset amortization and non-cash convertible debt interest and includes income taxes on a cash basis.

Webcast

A conference call to discuss the second quarter of 2012 results, along with management's business outlook is scheduled at 10 a.m. EDT, Thursday, July 26, 2012. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins.

A replay will be available approximately two hours after the completion of the call. The replay number in the U.S. & Canada is 855-859-2056. The replay number outside the U.S. & Canada is 404-537-3406. The pass code for both numbers is 10287705. A replay will also be available on the Teradyne website at www.teradyne.com. Click on "Investors" for a link to the replay. The replay will be available via phone and website through August 11, 2012.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP income from continuing operations exclude acquired intangible asset amortization, non-cash convertible debt interest, fair value inventory step-up related to LitePoint, pension and post retirement actuarial gains and losses, and restructuring and other net, and include income taxes on a cash basis. GAAP requires that these items be included in determining income from operations and income from continuing operations. Non-GAAP income from operations, non-GAAP income from continuing operations, non-GAAP income from operations and non-GAAP income from continuing operations as a percentage of revenue, and non-GAAP income from continuing operations per share are non-GAAP measures presented to provide meaningful supplemental information regarding Teradyne's baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP gross margin excludes charges related to the fair value inventory step-up recorded as part of acquisition purchase accounting and pension and post retirement actuarial gains and losses. GAAP requires that these items be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP financial measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test semiconductors, wireless products, data storage and complex electronic systems which serve consumer, communications, industrial and government customers. In 2011, Teradyne had sales of $1.4 billion and currently employs approximately 3,400 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release contains forward-looking statements regarding future business prospects, Teradyne’s results of operations and market conditions. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance. You can identify these forward-looking statements based on the context of the statements and by the fact that they use words such as “will,” “anticipate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. There can be no assurance that management’s estimates of Teradyne’s future results or other forward looking statements will be achieved. Important factors that could cause actual results to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand; and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and Quarterly Report on Form 10-Q for the period ended April 1, 2012. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. Teradyne anticipates that subsequent events and developments may cause management's views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne's views as of any date subsequent to the date of this release.

 
TERADYNE, INC. REPORT FOR SECOND FISCAL QUARTER OF 2012
 
CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
                 
Quarter Ended Six Months Ended
July 1, 2012 April 1, 2012 July 3, 2011 July 1, 2012 July 3, 2011
 
Net Revenues $ 548,284 $ 396,668 $ 410,519 $ 944,952 $ 787,680
 
Cost of Revenues (1)   238,778     205,742     195,841     444,520     380,110  
 
Gross Profit 309,506 190,926 214,678 500,432 407,570
 
Operating Expenses:
Engineering and Development 66,532 60,135 48,392 126,667 95,536
Selling and Administrative 73,366 67,777 57,880 141,143 115,611
Acquired Intangible Asset Amortization 18,429 18,429 7,291 36,858 14,582
Restructuring and Other, net (2)   (6,262 )   (1,825 )   1,279     (8,087 )   1,692  
Operating Expenses 152,065 144,516 114,842 296,581 227,421
 
Income from Operations 157,441 46,410 99,836 203,851 180,149
 
Interest & Other (3)   (5,449 )   (5,166 )   (3,913 )   (10,615 )   (8,802 )
 
Income from Continuing Operations Before Income Taxes 151,992 41,244 95,923 193,236 171,347
Income Tax Provision   40,605     7,680     7,839     48,285     13,325  
Income from Continuing Operations 111,387 33,564 88,084 144,951 158,022
Income from Discontinued Operations Before Income Taxes (4) - - - - 1,436
Income Tax (Benefit)   -     -     -     -     (267 )
Income from Discontinued Operations - - - - 1,703
(Loss) / Gain on Disposal of Discontinued Operations (net of income tax provision of $0 and $4,578, respectively)   -     -     (832 )   -     24,371  
Net Income $ 111,387   $ 33,564   $ 87,252   $ 144,951   $ 184,096  
 

Income per Common Share from Continuing Operations:

Basic $ 0.60   $ 0.18   $ 0.48   $ 0.78   $ 0.85  
Diluted $ 0.49   $ 0.15   $ 0.38   $ 0.63   $ 0.68  
 

Net Income per Common Share:

Basic $ 0.60   $ 0.18   $ 0.47   $ 0.78   $ 0.99  
Diluted $ 0.49   $ 0.15   $ 0.38   $ 0.63   $ 0.80  
 
 
Weighted Average Common Shares - Basic   186,573     185,838     185,367     186,205     185,044  
 
 
Weighted Average Common Shares - Diluted (5)   229,646     231,153     230,452     230,399     231,266  
 
Net Orders $ 591,703   $ 458,082   $ 333,170   $ 1,049,785   $ 768,247  
 
 
 
(1) Cost of Revenues includes: Quarter Ended Six Months Ended
July 1, 2012 April 1, 2012 July 3, 2011 July 1, 2012 July 3, 2011
Provision for Excess and Obsolete Inventory $ 9,353 $ 1,574 $ 1,716 $ 10,927 $ 6,343
Inventory Step-Up 1,218 4,871 - 6,089 -
Sale of Previously Written Down Inventory   -     (1,272 )   (764 )   (1,272 )   (3,786 )
$ 10,571   $ 5,173   $ 952   $ 15,744   $ 2,557  
 
 
(2) Restructuring and Other, net consists of: Quarter Ended Six Months Ended
July 1, 2012 April 1, 2012 July 3, 2011 July 1, 2012 July 3, 2011
Contingent Consideration Fair Value Adjustment $ (6,548 ) $ (1,825 ) $ - $ (8,373 ) $ -
Employee Severance 286 - 344 286 1,188
Non-U.S. Pension Settlement - - 935 - 935
Facility Related   -     -     -     -     (431 )
$ (6,262 ) $ (1,825 ) $ 1,279   $ (8,087 ) $ 1,692  
 
 
 
(3) Interest & Other includes: Quarter Ended Six Months Ended
July 1, 2012 April 1, 2012 July 3, 2011 July 1, 2012 July 3, 2011
Non-Cash Convertible Debt Interest $ 3,389 $ 3,275 $ 2,957 6,664 $ 5,815
 
 
(4) On March 21, 2011, Teradyne completed the sale of its Diagnostic Solutions business unit to SPX Corporation for a gain of $24.4 million. The results for the discontinued business unit have been included within discontinued operations for all periods presented.
 
 
 
(5) Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarters ended July 1, 2012, April 1, 2012 and July 3, 2011, and six months ended July 1, 2012 and July 3, 2011, 22.3 million, 23.0 million, 22.7 million, 22.7 million and 23.0 million shares, respectively, have been included in diluted shares.
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
         
July 1, 2012 December 31, 2011
 
Assets
Cash and Cash Equivalents $ 589,056 $ 573,736
Marketable Securities 105,947 96,502
Accounts Receivable 346,124 129,330
Inventories (1) 137,898 160,063
Deferred Tax Assets 56,888 53,948
Prepayments and Other Current Assets   80,895   86,308
Total Current Assets 1,316,808 1,099,887
 
Net Property, Plant and Equipment 248,000 232,207
Long-Term Marketable Securities 133,750 84,407
Retirement Plan Assets 7,182 8,840
Intangible Assets 356,117 392,975
Goodwill 352,778 352,778
Other Assets   20,035   17,545
Total Assets $ 2,434,670 $ 2,188,639
 
Liabilities
Accounts Payable $ 117,343 $ 69,842
Accrued Employees' Compensation and Withholdings 80,118 90,427
Deferred Revenue and Customer Advances 83,710 78,670
Contingent Consideration 54,662 68,892
Other Accrued Liabilities 64,298 62,420
Income Taxes Payable 23,218 860
Current Debt   2,522   2,573
Total Current Liabilities 425,871 373,684
 
Long-Term Deferred Revenue and Customer Advances 22,303 33,541
Retirement Plan Liabilities 77,295 76,638
Deferred Tax Liabilities 37,915 16,049
Other Long-Term Liabilities 20,573 23,711
Long-Term Debt   165,283   159,956
Total Liabilities 749,240 683,579
 
Shareholders' Equity 1,685,430 1,505,060
   
Total Liabilities and Shareholders' Equity $ 2,434,670 $ 2,188,639
 
             
 
(1) As of December 31, 2011, Inventories included approximately $6.1 million of LitePoint inventory step-up.
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
                 
Quarter Ended   Six Months Ended
July 1, 2012 July 3, 2011   July 1, 2012 July 3, 2011
Cash flows from operating activities:
Net income $ 111,387 $ 87,252 $ 144,951 $ 184,096
Less: Income from discontinued operations - - - 1,703
Less: (Loss) Gain on disposal of discontinued operations   -     (832 )   -     24,371  
Income from continuing operations 111,387 88,084 144,951 158,022
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation 13,290 12,588 25,578 25,645
Amortization 21,929 10,463 43,744 20,816
Stock-based compensation 10,630 7,218 21,396 14,682
Provision for excess and obsolete inventory 9,353 1,716 10,927 6,343
Deferred taxes 8,238 - 15,937 -
Inventory step-up 1,218 - 6,089 -
Contingent consideration adjustment (6,548 ) - (8,373 ) -
Tax benefit related to stock options and restricted stock units (7,600 ) (3,717 ) (7,600 ) (3,717 )
Other 16 804 (471 ) 1,422
Changes in operating assets and liabilities, net of businesses acquired and sold:
Accounts receivable (124,577 ) (21,569 ) (216,794 ) (39,067 )
Inventories (2,190 ) (4,297 ) 21,446 (15,006 )
Other assets 5,922 (6,894 ) 7,807 (9,158 )
Deferred revenue and customer advances (4,494 ) (3,786 ) (6,198 ) (28,339 )
Accounts payable and accrued expenses 36,673 20,018 27,414 (5,996 )
Retirement plan contributions (1,489 ) (4,069 ) (2,550 ) (5,245 )
Accrued income taxes   30,334     5,406     29,958     5,406  
Net cash provided by continuing operations 102,092 101,965 113,261 125,808
Net cash used for discontinued operations   -     -     -     (4,225 )
Net cash provided by operating activities 102,092 101,965 113,261 121,583
 
Cash flows from investing activities:
Purchases of property, plant and equipment (30,730 ) (22,336 ) (57,804 ) (44,467 )
Purchases of available-for-sale marketable securities (76,676 ) (287,252 ) (156,771 ) (498,541 )
Proceeds from sales and maturities of available-for-sale marketable securities   46,315     232,029     99,120     420,477  
Net cash used for continuing operations (61,091 ) (77,559 ) (115,455 ) (122,531 )
Net cash provided by discontinued operations   -     32     -     39,062  
Net cash used for investing activities (61,091 ) (77,527 ) (115,455 ) (83,469 )
 
Cash flows from financing activities:
Issuance of common stock 7,059 6,976 16,984 17,052
Tax benefit related to stock options and restricted stock units 7,600 3,717 7,600 3,717
Payments of long-term debt - - (1,246 ) (1,222 )
Payments of contingent consideration   -     -     (5,824 )   -  
Net cash provided by financing activities 14,659 10,693 17,514 19,547
 
Increase in cash and cash equivalents 55,660 35,131 15,320 57,661
Cash and cash equivalents at beginning of period   533,396     420,267     573,736     397,737  
Cash and cash equivalents at end of period $ 589,056   $ 455,398   $ 589,056   $ 455,398  
 
 
GAAP to Non-GAAP Earnings Reconciliation
                             
(In millions, except per share amounts)
Quarter Ended
July 1, 2012  

% of Net Revenues

            April 1, 2012  

% of Net Revenues

        July 3, 2011  

% of Net Revenues

       
 
Net Revenues $ 548.3 $ 396.7 $ 410.5
 
Gross Profit - GAAP $ 309.5 56.4 % $ 190.9 48.1 % $ 214.7 52.3 %
Inventory Step-Up 1.2 0.2 % 4.9 1.2 % - -
Pension Mark-to-Market adjustments (1)   0.8     0.1 %   -   -     1.1   0.3 %
Gross Profit - Non-GAAP $ 311.5 56.8 % $ 195.8 49.4 % $ 215.8 52.6 %
 
Income from Operations - GAAP $ 157.4 28.7 % $ 46.4 11.7 % $ 99.8 24.3 %
Acquired intangible asset amortization 18.4 3.4 % 18.4 4.6 % 7.3 1.8 %
Inventory Step-Up 1.2 0.2 % 4.9 1.2 % - -
Pension Mark-to-Market adjustments (1) 3.1 0.6 % - - 4.2 1.0 %
Restructuring and other, net (2)   (6.3 )   -1.1 %   (1.8 ) -0.5 %   1.3   0.3 %
Income from Operations - non-GAAP $ 173.8     31.7 % $ 67.9   17.1 % $ 112.6   27.4 %
 

Income per Common Share from Continuing Operations

Income per Common Share from Continuing Operations

Income per Common Share from Continuing Operations

July 1, 2012  

% of Net Revenues

      Basic   Diluted April 1, 2012  

% of Net Revenues

  Basic   Diluted July 3, 2011  

% of Net Revenues

  Basic   Diluted
Income from Continuing Operations - GAAP $ 111.4 20.3 % $ 0.60 $ 0.49 $ 33.6 8.5 % $ 0.18 $ 0.15 $ 88.1 21.5 % $ 0.48 $ 0.38
Income Tax adjustment (3) 25.1 4.6 % 0.13 0.12 1.8 0.5 % 0.01 0.01 - - - -
Acquired intangible asset amortization 18.4 3.4 % 0.10 0.09 18.4 4.6 % 0.10 0.09 7.3 1.8 % 0.04 0.04
Interest and other (4) 3.4 0.6 % 0.02 0.02 3.3 0.8 % 0.02 0.02 3.0 0.7 % 0.02 0.01
Pension Mark-to-Market adjustments (1) 3.1 0.6 % 0.02 0.01 - - - - 4.2 1.0 % 0.02 0.02
Inventory Step-Up 1.2 0.2 % 0.01 0.01 4.9 1.2 % 0.03 0.02 - - - -
Restructuring and other, net (2) (6.3 ) -1.1 % (0.03 ) (0.03 ) (1.8 ) -0.5 % (0.01 ) (0.01 ) 1.3 0.3 % 0.01 0.01
Convertible share adjustment (5)   -     -     -     0.06     -   -     -     0.02     -   -     -   0.05
Income from Continuing Operations - non-GAAP $ 156.3     28.5 % $ 0.84   $ 0.77   $ 60.2   15.2 % $ 0.32   $ 0.30   $ 103.9   25.3 % $ 0.56 $ 0.51
 
GAAP and Non-GAAP Weighted Average Common Shares - Basic 186.6 185.8 185.4
GAAP Weighted Average Common Shares - Diluted 229.6 231.2 230.5
Exclude dilutive shares from convertible note   (22.3 )   (23.0 )   (22.7 )
Non-GAAP Weighted Average Common Shares - Diluted (5)   207.3     208.2     207.8  
 
 
(1) Actuarial loss recognized under GAAP in accordance with the Company's mark-to-market pension accounting.
 
(2)

Restructuring and other, net consists of:

Quarter Ended
July 1, 2012 April 1, 2012 July 3, 2011
Contingent Consideration Fair Value Adjustment $ (6.5 ) $ (1.8 ) $ -
Employee Severance 0.3 - 0.3
Non-U.S. Pension Settlement   -     -     0.9  
$ (6.3 ) $ (1.8 ) $ 1.3  
 
 
(3) For the quarters ended July 1, 2012 and April 1, 2012, adjustment to record income tax provision on a cash basis.
 
(4) For the quarters ended July 1, 2012, April 1, 2012 and July 3, 2011, Interest and Other included non-cash convertible debt interest.
 
(5) For the quarters ended July 1, 2012, April 1, 2012 and July 3, 2011, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result, 17.3 million, 18.3 million and 17.9 million shares, respectively, have been included in non-GAAP diluted shares and net interest expense of $2.3 million has been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.
 
 
Six Months Ended
July 1, 2012

% of Net Revenues

July 3, 2011

% of Net Revenues

 
Net Revenues $ 945.0 $ 787.7
 
Gross Profit - GAAP $ 500.4 53.0 % $ 407.6 51.7 %
Inventory Step-Up 6.1 0.6 % - -
Pension Mark-to-Market adjustments (1)   0.8     0.1 %   1.1   0.1 %
Gross Profit - Non-GAAP $ 507.3 53.7 % $ 408.7 51.9 %
 
Income from Operations - GAAP $ 203.9 21.6 % $ 180.1 22.9 %
Acquired intangible asset amortization 36.9 3.9 % 14.6 1.9 %
Inventory Step-Up 6.1 0.6 % - -
Pension Mark-to-Market adjustments (1) 3.1 0.3 % 4.2 0.5 %
Restructuring and other, net (2)   (8.1 )   -0.9 %   1.7   0.2 %
Income from Operations - non-GAAP $ 241.9     25.6 % $ 200.6   25.5 %
 

Income per Common Share from Continuing Operations

Income per Common Share from Continuing Operations

July 1, 2012

% of Net Revenues

Basic   Diluted July 3, 2011

% of Net Revenues

Basic Diluted
Income from Continuing Operations - GAAP $ 145.0 15.3 % $ 0.78 $ 0.63 $ 158.0 20.1 % $ 0.85 $ 0.68
Acquired intangible asset amortization 36.9 3.9 % 0.20 0.18 14.6 1.9 % 0.08 0.07
Income Tax adjustment (3) 26.9 2.8 % 0.14 0.13 - - - -
Interest and other (4) 6.7 0.7 % 0.04 0.03 5.8 0.7 % 0.03 0.03
Inventory Step-Up 6.1 0.6 % 0.03 0.03 - - - -
Pension Mark-to-Market adjustments (1) 3.1 0.3 % 0.02 0.01 4.2 0.5 % 0.02 0.02
Restructuring and other, net (2) (8.1 ) -0.9 % (0.04 ) (0.04 ) 1.7 0.2 % 0.01 0.01
Convertible share adjustment (5)   -     -     -     0.10     -   -     -     0.10  
Income from Continuing Operations - non-GAAP $ 216.6     22.9 % $ 1.16   $ 1.07   $ 184.3   23.4 % $ 1.00   $ 0.91  
 
GAAP and Non-GAAP Weighted Average Common Shares - Basic 186.2 185.0
GAAP Weighted Average Common Shares - Diluted 230.4 231.3
Exclude dilutive shares from convertible note   (22.7 )   (23.0 )
Non-GAAP Weighted Average Common Shares - Diluted (5)   207.7     208.3  
 
 
(1) Actuarial loss recognized under GAAP in accordance with the Company's mark-to-market pension accounting.
 
(2) Restructuring and other, net consists of:
Six Months Ended
July 1, 2012 July 3, 2011
Contingent Consideration Fair Value Adjustment $ (8.4 ) $ -
Employee Severance 0.3 1.2
Non-U.S. Pension Settlement - 0.9
Facility Related   -     (0.4 )
$ (8.1 ) $ 1.7  
 
(3) For the six months ended July 1, 2012 adjustment to record income tax provision on a cash basis.
 
(4)

For the six months ended July 1, 2012 and July 3, 2011, Interest and Other included non-cash convertible debt interest.

 
(5) For the six months ended July 1, 2012 and July 3, 2011, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result, 17.8 million and 18.4 million shares, respectively, have been included in non-GAAP diluted shares and net interest expense of approximately $4.7 million has been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.
 
 
GAAP to Non-GAAP Reconciliation of Third Quarter 2012 guidance:
 
GAAP and Non-GAAP third quarter revenue guidance: $420 million to $460 million
GAAP income from continuing operations per diluted share $ 0.22 $ 0.29
Exclude acquired intangible asset amortization 0.09 0.09
Exclude non-cash convertible debt interest 0.02 0.02
Include income tax adjustment 0.05 0.05
Exclude dilutive shares from convertible note   0.03     0.06  
Non-GAAP income from continuing operations per diluted share $ 0.41 $ 0.51
 

For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.

Copyright Business Wire 2010

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