$TER
TERADYNE, INC

2014 Q1 Form 10-Q Financial Statement

#000119312514187349 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $321.0M $280.4M
YoY Change 14.5% -29.32%
Cost Of Revenue $154.0M $127.0M
YoY Change 21.28% -38.3%
Gross Profit $167.0M $153.4M
YoY Change 8.88% -19.65%
Gross Profit Margin 52.04% 54.72%
Selling, General & Admin $78.00M $67.89M
YoY Change 14.9% 1.89%
% of Gross Profit 46.7% 44.25%
Research & Development $67.09M $62.75M
YoY Change 6.91% 2.4%
% of Gross Profit 40.16% 40.9%
Depreciation & Amortization $15.26M $14.12M
YoY Change 8.1%
% of Gross Profit 9.13% 9.2%
Operating Expenses $163.4M $149.0M
YoY Change 9.63% 3.11%
Operating Profit $3.688M $4.408M
YoY Change -16.33% -90.5%
Interest Expense $6.417M $6.403M
YoY Change 0.22% 5.68%
% of Operating Profit 174.0% 145.26%
Other Income/Expense, Net -$180.0K -$503.0K
YoY Change -64.21%
Pretax Income -$1.873M -$1.426M
YoY Change 31.35% -103.46%
Income Tax -$2.802M -$8.015M
% Of Pretax Income
Net Earnings $929.0K $6.589M
YoY Change -85.9% -80.37%
Net Earnings / Revenue 0.29% 2.35%
Basic Earnings Per Share $0.00 $0.03
Diluted Earnings Per Share $0.00 $0.03
COMMON SHARES
Basic Shares Outstanding 193.3M shares 189.7M shares
Diluted Shares Outstanding 236.5M shares 234.8M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $694.8M $710.0M
YoY Change -2.14%
Cash & Equivalents $232.6M $305.2M
Short-Term Investments $462.2M $404.8M
Other Short-Term Assets $12.25M $181.8M
YoY Change -93.26%
Inventory $137.4M $149.1M
Prepaid Expenses $131.5M
Receivables $216.5M $166.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.261B $1.207B
YoY Change 4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $278.7M $264.0M
YoY Change 5.56%
Goodwill $361.8M $349.3M
YoY Change 3.59%
Intangibles $234.0M $300.8M
YoY Change -22.21%
Long-Term Investments $272.1M $246.3M
YoY Change 10.48%
Other Assets $10.57M $18.58M
YoY Change -43.1%
Total Long-Term Assets $1.172B $1.182B
YoY Change -0.84%
TOTAL ASSETS
Total Short-Term Assets $1.261B $1.207B
Total Long-Term Assets $1.172B $1.182B
Total Assets $2.433B $2.390B
YoY Change 1.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.60M $59.10M
YoY Change 19.45%
Accrued Expenses $124.2M $106.5M
YoY Change 16.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $176.8M
YoY Change -100.0%
Total Short-Term Liabilities $273.1M $417.4M
YoY Change -34.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $120.0M $130.6M
YoY Change -8.12%
Total Long-Term Liabilities $120.0M $130.6M
YoY Change -8.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $273.1M $417.4M
Total Long-Term Liabilities $120.0M $130.6M
Total Liabilities $443.6M $598.3M
YoY Change -25.85%
SHAREHOLDERS EQUITY
Retained Earnings $555.5M $407.9M
YoY Change 36.2%
Common Stock $24.25M $23.80M
YoY Change 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.990B $1.791B
YoY Change
Total Liabilities & Shareholders Equity $2.433B $2.390B
YoY Change 1.84%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $929.0K $6.589M
YoY Change -85.9% -80.37%
Depreciation, Depletion And Amortization $15.26M $14.12M
YoY Change 8.1%
Cash From Operating Activities -$25.80M -$36.49M
YoY Change -29.3%
INVESTING ACTIVITIES
Capital Expenditures $31.20M $22.55M
YoY Change 38.36%
Acquisitions
YoY Change
Other Investing Activities $128.8M $16.70M
YoY Change 671.26%
Cash From Investing Activities $97.60M -$5.815M
YoY Change -1778.42%
FINANCING ACTIVITIES
Cash Dividend Paid $11.70M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $191.0M
YoY Change
Cash From Financing Activities -180.8M 8.608M
YoY Change -2200.37%
NET CHANGE
Cash From Operating Activities -25.80M -36.49M
Cash From Investing Activities 97.60M -5.815M
Cash From Financing Activities -180.8M 8.608M
Net Change In Cash -109.0M -33.70M
YoY Change 223.43%
FREE CASH FLOW
Cash From Operating Activities -$25.80M -$36.49M
Capital Expenditures $31.20M $22.55M
Free Cash Flow -$57.00M -$59.04M
YoY Change -3.46%

Facts In Submission

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TER
CY2014Q1 dei Entity Registrant Name
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TERADYNE, INC
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>A. The Company</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Teradyne, Inc. (the &#x201C;Company&#x201D; or &#x201C;Teradyne&#x201D;) is a leading global supplier of automatic test equipment. Teradyne&#x2019;s automatic test equipment products and services include:</font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">semiconductor test (&#x201C;Semiconductor Test&#x201D;) systems;</font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">wireless test (&#x201C;Wireless Test&#x201D;) systems; and</font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">military/aerospace (&#x201C;Mil/Aero&#x201D;) test instrumentation and systems, storage test (&#x201C;Storage Test&#x201D;) systems, and circuit-board test and inspection (&#x201C;Commercial Board Test&#x201D;) systems (collectively these products represent &#x201C;System Test&#x201D;).</font></p> </td> </tr> </table> </div>
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>C. Recently Issued Accounting Pronouncements</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">On July&#xA0;18, 2013, the FASB issued&#xA0;ASU 2013-11,&#xA0;<i>&#x201C;Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.&#x201D;</i> Under this ASU, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by unrecognized tax benefits. The provisions of this ASU are effective for interim and annual periods beginning on or after December&#xA0;15, 2013. Teradyne&#x2019;s implementation during the three months ended March&#xA0;30, 2014 of this ASU did not have a material impact on Teradyne&#x2019;s financial position or results of operations.</font></p> </div>
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InterestExpenseAndOther
6906000
CY2013Q1 ter Stock Issued During Period Shares Sale Of Stock And Exercise Of Stock Options
StockIssuedDuringPeriodSharesSaleOfStockAndExerciseOfStockOptions
400000 shares
CY2013Q1 ter Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
1070000
CY2013Q3 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
1000000

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