NORTH READING, Mass.---Teradyne, Inc. reported sales of $263 million for the fourth quarter of 2006. Net income in the fourth quarter was $10.9 million, or $0.06 per diluted share, and $11.6 million or $0.06 per diluted share on a non-GAAP basis. Bookings for the fourth quarter were $287.5 million.
For fiscal 2006, sales were $1.38 billion. Net income for the year was $198.8 million or $1.01 per diluted share. Net income for the year from continuing operations was $202.6 million, or $1.03 per diluted share and $171.6 million, or $0.88 per diluted share on a non-GAAP basis. Bookings for the year were $1.29 billion.
“Despite continued low demand in the semiconductor test market in the fourth quarter, our results for the year as a whole were very solid,” said Michael Bradley, Teradyne president and CEO. “Our 2006 semiconductor test revenues grew significantly faster than the market, our Systems Test Group had very good performance and we achieved record free cash flow for the year. However, System On a Chip (SOC) test customers remain very cautious in the near-term as they digest their 2006 capacity additions.”
Sales in the first quarter of 2007 are expected to be between $245 million and $260 million, with earnings per diluted share between $0.00 and $0.03.
During the fourth quarter of 2006, Teradyne repurchased 2.1 million shares of its common stock for $28 million under its previously announced Stock Repurchase Program, bringing the total number of shares of common stock repurchased in fiscal 2006 to 10.6 million, for a total of $138 million.
A webcast to discuss fourth quarter and fiscal year 2006 results, along with management's outlook, will be held at 10 a.m. EST, Thursday, January 25, 2007. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. The webcast replay will be available on www.teradyne.com. In addition, a conference call replay will be available approximately two hours after the call. The replay number in the U.S. & Canada is 1-800-642-1687. The replay number outside the U.S. & Canada is 1-706-645-9291. The pass code for both numbers is 6116387. The replay will be available via phone and website through February 8, 2007.