Teradyne Inc. (TER, Financial) filed Quarterly Report for the period ended 2009-07-05.
Teradyne Inc. is a manufacturer of automatic test equipment and related software for the electronics and communications industries. Products include systems to test semiconductors circuit-boards telephone lines and networks and software. The company is also a manufacturer of backplanes and associated connectors used in electronic systems. Teradyne Inc. has a market cap of $1.36 billion; its shares were traded at around $7.88 with and P/S ratio of 1.2.
compensation and withholdings and is expected to be paid by the end of the fourth quarter of 2009. The accrual for lease payments on vacated facilities is reflected in other accrued liabilities and other long-term accrued liabilities and is expected to be paid over the lease terms, the latest of which expires in 2013. We expect to pay approximately $2.4 million against the lease accruals over the next twelve months. Our future lease commitments are net of expected sublease income of $6.3 million as of July 5, 2009.
Interest expense and other increased by $7.6 million due primarily to the following: $4.6 million of interest expense related to our convertible senior notes and $2.5 million related to the write off of the remaining revolving credit facility debt issue costs due to the termination of our revolving credit facility agreement.
For the three months ended July 5, 2009, we recorded a tax benefit of $2.2 million primarily due to benefiting operating losses in foreign jurisdictions. For the three months ended June 29, 2008, we recorded tax expense of $6.1 million which consisted primarily of foreign taxes. Due to the continued uncertainty of realization, we have maintained our valuation allowance at July 5, 2009 for deferred tax assets in the U.S. and Singapore. We do not expect to significantly reduce our valuation allowance until sufficient positive evidence exists, including sustained profitability, that realization is more likely than not.
Read the The complete ReportTER is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, George Soros of Soros Fund Management LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Teradyne Inc. is a manufacturer of automatic test equipment and related software for the electronics and communications industries. Products include systems to test semiconductors circuit-boards telephone lines and networks and software. The company is also a manufacturer of backplanes and associated connectors used in electronic systems. Teradyne Inc. has a market cap of $1.36 billion; its shares were traded at around $7.88 with and P/S ratio of 1.2.
Highlight of Business Operations:
The provisions for excess and obsolete inventory were $8.6 million and $1.9 million for the three months ended July 5, 2009 and June 29, 2008, respectively. During the three months ended July 5, 2009 and June 29, 2008, we scrapped $0.9 million and $2.3 million of inventory, respectively. As of July 5, 2009, we have inventory related reserves for amounts which had been written-down or written-off totaling $141.2 million. We have no pre-determined timeline to scrap the remaining inventory.compensation and withholdings and is expected to be paid by the end of the fourth quarter of 2009. The accrual for lease payments on vacated facilities is reflected in other accrued liabilities and other long-term accrued liabilities and is expected to be paid over the lease terms, the latest of which expires in 2013. We expect to pay approximately $2.4 million against the lease accruals over the next twelve months. Our future lease commitments are net of expected sublease income of $6.3 million as of July 5, 2009.
Interest expense and other increased by $7.6 million due primarily to the following: $4.6 million of interest expense related to our convertible senior notes and $2.5 million related to the write off of the remaining revolving credit facility debt issue costs due to the termination of our revolving credit facility agreement.
For the three months ended July 5, 2009, we recorded a tax benefit of $2.2 million primarily due to benefiting operating losses in foreign jurisdictions. For the three months ended June 29, 2008, we recorded tax expense of $6.1 million which consisted primarily of foreign taxes. Due to the continued uncertainty of realization, we have maintained our valuation allowance at July 5, 2009 for deferred tax assets in the U.S. and Singapore. We do not expect to significantly reduce our valuation allowance until sufficient positive evidence exists, including sustained profitability, that realization is more likely than not.
Read the The complete ReportTER is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, George Soros of Soros Fund Management LLC, Kenneth Fisher of Fisher Asset Management, LLC.
