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Test & Measurement | January 29, 2009

Teradyne to lay off 14% of workforce

Teradyne will be reducing its worldwide staff by about 14% during the 1Q and implement a 10% broad-based temporary pay cut. These actions, along with other cost reductions, will reduce the company’s expenses by approximately $140 million on an annualized basis.
Teradyne reported sales of $195 million for the fourth quarter of 2008. On a non-GAAP basis, the company’s loss from continuing operations in the fourth quarter was $32.5 million, which excludes amortization of acquired intangible assets and special items. These results include $2.5 million of sales as a result of the acquisition of Eagle Test Systems, which was completed on November 14, 2008. The preliminary GAAP loss from continuing operations for the fourth quarter was $55.3 million.

Bookings for the fourth quarter were $169 million, and included a full quarter of Eagle Test bookings of $8 million.

For fiscal year 2008, sales were $1.1 billion. Income from continuing operations for the year was $32.4 million, or $0.19 per diluted share on a non-GAAP basis. The preliminary GAAP loss from continuing operations was $65.3 million, or $0.38 per diluted share. Bookings for the year were $996 million.

Guidance for the first quarter of 2009 is for sales of $125 million to $145 million, with a loss per share between $0.38 and $0.31 on a non-GAAP basis. Non-GAAP guidance excludes special items, as well as acquired intangible asset amortization.

“In 2008, we brought a record number of new products to market, gained market share for the third year in a row and significantly reduced our operating costs,” said Mike Bradley, Teradyne president and CEO. “But worldwide economic conditions require that we reduce our fixed costs even further. We remain focused on our new product development and customer support priorities as we navigate through these very challenging times.

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