Consolidated Quarterly Statements of Operations |
The following sets forth
certain unaudited consolidated quarterly statements of operations
data for each of Teradyne’s last eight quarters. In
management’s opinion, this quarterly information reflects all
adjustments, consisting only of normal recurring adjustments,
necessary for a fair statement for the periods presented. Such
quarterly results are not necessarily indicative of future results
of operations and should be read in conjunction with the audited
consolidated financial statements of Teradyne and the notes thereto
included elsewhere herein.
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2012 |
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1st Quarter |
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2nd Quarter |
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3rd Quarter |
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4th Quarter |
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(1) |
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(2) |
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(3) |
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(4)(5)(6) |
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(in thousands, except
per share amounts) |
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Net revenues:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Products
|
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$ |
330,891 |
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|
$ |
480,578 |
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|
$ |
393,037 |
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|
$ |
179,063 |
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Services
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|
|
65,777 |
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|
67,706 |
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|
70,357 |
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|
69,341 |
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|
|
|
|
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Total net
revenues
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|
396,668 |
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|
548,284 |
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463,394 |
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|
248,404 |
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Cost of
revenues:
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|
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Cost of
products
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|
174,001 |
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|
206,498 |
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|
169,782 |
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|
92,599 |
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Cost of
services
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|
31,741 |
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|
32,280 |
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|
33,412 |
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|
30,400 |
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|
|
|
|
|
|
|
|
|
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|
|
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Total cost of
revenues
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|
205,742 |
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|
238,778 |
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|
203,194 |
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122,999 |
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Gross profit
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190,926 |
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309,506 |
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260,200 |
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|
125,405 |
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Operating
expenses:
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Engineering and
development
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60,135 |
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66,532 |
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63,055 |
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|
61,660 |
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Selling and
administrative
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67,777 |
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73,366 |
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69,921 |
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|
70,436 |
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Acquired intangible
assets amortization
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18,429 |
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18,429 |
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18,429 |
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|
18,221 |
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Restructuring and other,
net
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(1,825 |
) |
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(6,262 |
) |
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|
683 |
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(317 |
) |
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Total operating
expenses
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144,516 |
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|
152,065 |
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|
152,088 |
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|
150,000 |
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Income (loss) from
operations
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46,410 |
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157,441 |
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108,112 |
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(24,595 |
) |
Interest
income
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|
893 |
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|
874 |
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|
1,067 |
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|
1,256 |
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Interest expense and
other
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(6,059 |
) |
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(6,323 |
) |
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(6,154 |
) |
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(6,946 |
) |
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Income (loss) from
continuing operations before income taxes
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41,244 |
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151,992 |
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103,025 |
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(30,285 |
) |
Provision (benefit) for
income taxes
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7,680 |
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|
40,605 |
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14,384 |
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(13,742 |
) |
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Income (loss) from
continuing operations
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33,564 |
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111,387 |
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88,641 |
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(16,543 |
) |
Income from discontinued
operations before income taxes
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— |
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— |
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— |
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— |
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(Benefit) provision for
income taxes
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— |
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— |
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— |
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— |
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Income from discontinued
operations
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|
— |
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— |
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— |
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— |
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Net income
(loss)
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$ |
33,564 |
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$ |
111,387 |
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$ |
88,641 |
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$ |
(16,543 |
) |
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Income (loss) per common
share from continuing operations—basic
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$ |
0.18 |
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$ |
0.60 |
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$ |
0.47 |
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$ |
(0.09 |
) |
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Income (loss) per common
share from continuing operations—diluted
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$ |
0.15 |
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$ |
0.49 |
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$ |
0.39 |
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$ |
(0.09 |
) |
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Net income (loss) per
common share—basic
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$ |
0.18 |
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$ |
0.60 |
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$ |
0.47 |
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$ |
(0.09 |
) |
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Net income (loss) per
common share—diluted
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$ |
0.15 |
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$ |
0.49 |
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$ |
0.39 |
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$ |
(0.09 |
) |
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|
(1) |
Restructuring and other,
net includes a ($1.8) million fair value adjustment to decrease the
LitePoint acquisition contingent consideration. |
(2) |
Restructuring and other,
net includes $0.3 million of severance charges related to headcount
reductions of 10 people in Semiconductor Test and ($6.5) million
fair value adjustment to decrease the LitePoint acquisition
contingent consideration. |
(3) |
Restructuring and other,
net includes $0.7 million of severance charges related to the
headcount reductions of 9 people, of which $0.5 million and 7
people were in Systems Test Group, $0.2 million and 2 people were
in Wireless Test. |
(4) |
Restructuring and other,
net includes a ($0.4) million fair value adjustment to decrease
LitePoint acquisition contingent consideration. |
(5) |
In the fourth quarter
ended December 31, 2012, we corrected prior period income tax
provision (benefit) errors that resulted in a $0.2 million income
tax provision. These errors were not individually or in aggregate
material to the fourth quarter of 2012 or any prior
period. |
(6) |
In the fourth quarter
ended December 31, 2012, the change in recognizing pension and
postretirement benefit plans expense, as a result of the
mark-to-market adjustments, decreased gross profit and net income
by $8.1 million and $18.3 million, respectively. See Note B:
“Accounting Policies” for a discussion of our
accounting policy. |
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|
2011 |
|
|
|
1st Quarter |
|
|
2nd Quarter |
|
|
3rd Quarter |
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|
4th Quarter |
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|
|
(1) |
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|
(2) |
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(3) |
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|
(4)(5) |
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(in thousands, except
per share amounts) |
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Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$ |
315,719 |
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$ |
341,316 |
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$ |
274,944 |
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$ |
228,212 |
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Services
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|
61,442 |
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|
69,203 |
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|
69,445 |
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|
68,780 |
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Total net
revenues
|
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|
377,161 |
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|
|
410,519 |
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|
|
344,389 |
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|
296,992 |
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Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products
|
|
|
152,880 |
|
|
|
160,491 |
|
|
|
138,088 |
|
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|
127,477 |
|
Cost of
services
|
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|
31,389 |
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|
35,438 |
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|
35,927 |
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|
35,548 |
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|
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|
|
|
|
|
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|
|
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Total cost of
revenues
|
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|
184,269 |
|
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|
195,929 |
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|
174,015 |
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|
163,025 |
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Gross profit
|
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|
192,892 |
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|
214,590 |
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|
170,374 |
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|
133,967 |
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Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and
development
|
|
|
47,144 |
|
|
|
48,394 |
|
|
|
45,896 |
|
|
|
56,364 |
|
Selling and
administrative
|
|
|
57,573 |
|
|
|
58,028 |
|
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|
54,775 |
|
|
|
64,943 |
|
Acquired intangible
assets amortization
|
|
|
7,291 |
|
|
|
7,291 |
|
|
|
6,754 |
|
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|
19,129 |
|
Restructuring and other,
net
|
|
|
413 |
|
|
|
1,041 |
|
|
|
1,465 |
|
|
|
3,824 |
|
|
|
|
|
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|
|
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|
|
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|
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|
Total operating
expenses
|
|
|
112,421 |
|
|
|
114,754 |
|
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|
108,890 |
|
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|
144,260 |
|
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|
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|
|
|
|
|
|
|
|
|
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|
Income (loss) from
operations
|
|
|
80,471 |
|
|
|
99,836 |
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|
61,484 |
|
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|
(10,293 |
) |
Interest
income
|
|
|
1,287 |
|
|
|
1,403 |
|
|
|
3,049 |
|
|
|
878 |
|
Interest expense and
other
|
|
|
(6,176 |
) |
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|
(5,316 |
) |
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|
(6,068 |
) |
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|
(6,134 |
) |
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Income (loss) from
continuing operations before taxes
|
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|
75,582 |
|
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|
95,923 |
|
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|
58,465 |
|
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|
(15,549 |
) |
Provision (benefit) for
income taxes
|
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|
5,486 |
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|
7,839 |
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|
1,759 |
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|
(144,620 |
) |
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Income from continuing
operations
|
|
|
70,096 |
|
|
|
88,084 |
|
|
|
56,706 |
|
|
|
129,071 |
|
Income (loss) from
discontinued operations before income taxes
|
|
|
1,278 |
|
|
|
— |
|
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|
— |
|
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|
— |
|
Income tax
provision
|
|
|
(267 |
) |
|
|
— |
|
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|
— |
|
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|
— |
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Income from discontinued
operations
|
|
|
1,545 |
|
|
|
— |
|
|
|
— |
|
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|
— |
|
Gain (loss) on disposal
of discontinued operations (net of income tax provision of
$4,578)
|
|
|
25,203 |
|
|
|
(832 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income
|
|
$ |
96,844 |
|
|
$ |
87,252 |
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|
$ |
56,706 |
|
|
$ |
129,071 |
|
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Income per common share
from continuing operations—basic
|
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
$ |
0.31 |
|
|
$ |
0.70 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share
from continuing operations—diluted
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.26 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share—basic
|
|
$ |
0.52 |
|
|
$ |
0.47 |
|
|
$ |
0.31 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share—diluted
|
|
$ |
0.42 |
|
|
$ |
0.38 |
|
|
$ |
0.26 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Restructuring and other,
net includes $0.8 million of severance charges related to headcount
reductions of approximately 5 people in Semiconductor Test and
$(0.4) million credit related to early exit of previously impaired
leased facilities in Westford and North Reading,
Massachusetts. |
(2) |
Restructuring and other,
net includes $0.3 million of severance charges related to headcount
reductions of approximately 2 people in Semiconductor Test and $0.7
million related to pension settlement charges. |
(3) |
Restructuring and other,
net includes $1.4 million of charges related to the acquisition of
LitePoint. |
(4) |
Restructuring and other,
net includes $0.5 million of charges related to pension settlement
and $3.3 million to the acquisition of LitePoint. |
(5) |
In the fourth quarter
ended December 31, 2011, the change in recognizing pension and
postretirement benefit plans expense, as a result of the
mark-to-market adjustments, decreased gross profit and net income
by $2.4 million and $6.1 million, respectively. See Note B:
“Accounting Policies” for a discussion of our
accounting policy. |
|