Teradyne Reports Third Quarter 2014 Results

• Revenue of $478 million, up 10% year over year led by strong mobility demand in Semiconductor Test
• Year-to-date revenue up 16% compared with 2013
• Expect 15% full year growth in revenue and fifth consecutive year of above model profitability at mid-point of Q4 revenue guidance

NORTH READING, Mass.--(BUSINESS WIRE)-- Teradyne, Inc. (NYSE: TER)

				Q3-14			Q2-14			Q3-13
Orders				$273 million			$627 million			$271 million
Revenue				$478 million			$526 million			$433 million
Non-GAAP EPS				$0.44			$0.54			$0.46
GAAP EPS				$0.38			$0.47			$0.29

Teradyne, Inc. (NYSE: TER) reported revenue of $478 million for the third quarter of 2014 of which $380 million was in Semiconductor Test, $55 million in Wireless Test and $43 million in System Test. On a non-GAAP basis, Teradyne’s net income in the third quarter was $95.8 million, or $0.44 per diluted share, which excluded acquired intangible asset amortization and discrete income tax adjustments. GAAP net income for the third quarter was $82.9 million or $0.38 per diluted share.

Orders in the third quarter of 2014 were $273 million of which $203 million were in Semiconductor Test, $42 million in Wireless Test, and $28 million in System Test.

“The continued strong build out of electronics test capacity, combined with our market share gains, has driven our semiconductor test orders and revenue up over 30% year-to-date when compared with the same period in 2013,” said CEO and President Mark Jagiela. “As we enter the seasonally slower fourth quarter period, we’re encouraged by share gains at LitePoint in cellular and NFC test, broad adoption of new flash, System-on-a-Chip and production board test products, and improving results in analog test. At the mid-point of our Q4 guidance, we’ll end the full year with double digit growth in both revenue and earnings for the company.”

Guidance for the fourth quarter of 2014 is revenue of $305 million to $330 million, with diluted non-GAAP net income of $0.08 to $0.14 per share and diluted GAAP net loss of ($0.16) to ($0.11) per share. Non-GAAP guidance includes stock based compensation, but excludes acquired intangible asset amortization, estimated fourth quarter pension actuarial loss due to updated mortality tables and the related tax impact on non-GAAP adjustments.

Webcast

A conference call to discuss the third quarter 2014 results, along with management's business outlook, will follow at 10 a.m. EDT, Thursday, October 23. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on "Investors" at least five minutes before the call begins. Presentation materials will be available at www.teradyne.com at 10 a.m. EDT.

A replay will be available approximately two hours after the completion of the call. The replay number in the U.S. & Canada is 855-859-2056. The replay number outside the U.S. & Canada is 404-537-3406. The pass code for both numbers is 5850439. A replay will also be available on the Teradyne website at www.teradyne.com. Click on "Investors" for a link to the replay.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP net income exclude acquired intangible asset amortization, retired CEO equity charge, non-cash convertible debt interest, discrete income tax adjustments, pension and post retirement actuarial gains and losses, restructuring and other, and a gain from the sale of an equity investment, and, prior to January 1, 2014, included income taxes on a cash basis [cash taxes reflects the usage of prior year favorable tax attributes (e.g. NOLs and credits) against current year tax liability]. GAAP requires that these items be included in determining income from operations and net income. Non-GAAP income from operations, non-GAAP net income, non-GAAP income from operations and non-GAAP net income as a percentage of revenue, and non-GAAP net income per share are non-GAAP measures presented to provide meaningful supplemental information regarding Teradyne's baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP gross margin excludes pension and post retirement actuarial gains and losses. GAAP requires that this item be included in determining gross margin. Non-GAAP gross margin dollar amount and percentage are non-GAAP measures that management believes provide useful supplemental information for management and the investor. Management uses non-GAAP gross margin as a performance measure for Teradyne’s current core business and future outlook and for comparison with Teradyne’s business plan, historical gross margin results and the gross margin results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP financial measures discussed in this press release may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test semiconductors, wireless products, data storage and complex electronic systems which serve consumer, communications, industrial and government customers. In 2013, Teradyne had revenue of $1.43 billion and currently employs approximately 3,900 people worldwide. For more information, visit www.teradyne.com. Teradyne (R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release contains forward-looking statements regarding future business prospects, Teradyne’s results of operations, market conditions and the payment of a quarterly dividend. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance or future payment of dividends. You can identify these forward-looking statements based on the context of the statements and by the fact that they use words such as “will,” “anticipate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. There can be no assurance that management’s estimates of Teradyne’s future results or other forward looking statements will be achieved or that dividends will be declared in the future. Important factors that could cause actual results or dividend payments to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand; increased research and development spending; deterioration of Teradyne’s financial condition, the business judgment of the board of directors that a declaration of a dividend is not in the company’s best interests and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly Report on Form 10-Q for the period ended June 29, 2014. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. Teradyne anticipates that subsequent events and developments may cause management's views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne's views as of any date subsequent to the date of this release.

TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2014
CONDENSED CONSOLIDATED OPERATING STATEMENTS
(In thousands, except per share amounts)
						Quarter Ended													Nine Months Ended
						September 28, 2014				June 29, 2014				September 29, 2013					September 28, 2014				September 29, 2013
Net revenues						$	478,010			$	525,567			$	433,376				$	1,324,587			$	1,142,632
	Cost of revenues (1) (2)						216,889				235,154				179,082					606,006				493,688
Gross profit							261,121				290,413				254,294					718,581				648,944
Operating expenses:
	Engineering and development (1)						71,953				73,414				68,918					212,452				199,442
	Selling and administrative (1) (3)						73,064				77,489				72,917					228,556				210,037
	Acquired intangible asset amortization						18,271				18,271				18,064					54,813				54,163
	Restructuring and other (4)						(405	)			572				889					167				1,480
			Operating expenses				162,883				169,746				160,788					495,988				465,122
Income from operations							98,238				120,667				93,506					222,593				183,822
	Interest and other (5)						2,432				725				(5,954	)				(2,404	)			(17,339	)
Income before income taxes							100,670				121,392				87,552					220,189				166,483
	Income tax provision						17,721				20,187				18,093					35,106				23,879
Net income						$	82,949			$	101,205			$	69,459				$	185,083			$	142,604
Net income per common share:
Basic						$	0.40			$	0.52			$	0.36				$	0.93			$	0.75
Diluted						$	0.38			$	0.47			$	0.29				$	0.83			$	0.61
Weighted average common shares - basic							207,381				194,408				191,307					198,367				190,521
Weighted average common shares - diluted (6)							218,333				216,568				235,828					223,795				235,165
Cash dividend declared per common share						$	0.06			$	-			$	-				$	0.12			$	-
Net orders						$	273,043			$	627,088			$	270,595				$	1,349,957			$	1,144,492
(1)	In the first quarter of 2012, we changed our accounting method from delayed recognition of actuarial gains and losses for our defined benefit pension plans and other post retirement benefit plans to immediate recognition. We elected to immediately recognize net actuarial gains and losses and the change in the fair value of plan assets in our operating results in the year in which they occur. Below are the pension gains included in our operating results:
						Quarter Ended													Nine Months Ended
						September 28, 2014				June 29, 2014				September 29, 2013					September 28, 2014				September 29, 2013
			Cost of revenues			$	-			$	-			$	-				$	-			$	(335	)
			Engineering and development				-				-				-					-				(659	)
			Selling and administrative				-				-				-					-				(365	)
						$	-			$	-			$	-				$	-			$	(1,359	)
(2)	Cost of revenues includes:					Quarter Ended													Nine Months Ended
						September 28, 2014				June 29, 2014				September 29, 2013					September 28, 2014				September 29, 2013
			Provision for excess and obsolete inventory			$	6,434			$	5,032			$	3,841				$	21,505			$	9,616
			Sale of previously written down inventory				(6,332	)			(2,014	)			(4,093	)				(9,726	)			(8,934	)
						$	102			$	3,018			$	(252	)			$	11,779			$	682
(3)	For the nine months ended September 28, 2014, selling and administrative expenses include an equity charge of $6,598 for the modification of Teradyne's retired CEO's outstanding equity awards to allow continued vesting and maintain the original term in connection with his January 31, 2014 retirement.
(4)	Restructuring and other consists of:					Quarter Ended													Nine Months Ended
						September 28, 2014				June 29, 2014				September 29, 2013					September 28, 2014				September 29, 2013
			Employee severance			$	225			$	572			$	1,337				$	797			$	1,928
			Contingent consideration fair value adjustment				(630	)			-				-					(630	)			-
			Facility related				-				-				(448	)				-				(448	)
						$	(405	)		$	572			$	889				$	167			$	1,480
(5)	Interest and other includes:					Quarter Ended													Nine Months Ended
						September 28, 2014				June 29, 2014				September 29, 2013					September 28, 2014				September 29, 2013
			Non-cash convertible debt interest expense			$	-			$	-			$	4,018				$	4,290			$	11,656
(6)	Under GAAP, when calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Diluted shares assume the conversion of the convertible debt as the effect would be dilutive. Accordingly, for the quarter ended September 29, 2013, and for the nine months ended September 28, 2014 and September 29, 2013, 23.3 million, 6.7 million and 23.3 million shares, respectively, have been included in diluted shares.

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
							September 28, 2014				December 31, 2013 (1)
							(unaudited)
Assets
	Cash and cash equivalents						$	211,704			$	341,638
	Marketable securities							594,801				586,882
	Accounts receivable							321,312				157,642
	Inventories							108,377				137,939
	Deferred tax assets							68,791				72,478
	Prepayments							88,732				136,374
	Other current assets							7,304				7,324
			Total current assets					1,401,021				1,440,277
	Net property, plant and equipment							335,805				275,236
	Marketable securities							374,808				271,078
	Deferred tax assets							5,353				5,217
	Other assets							9,853				14,591
	Retirement plans assets							8,871				9,342
	Intangible assets							197,477				252,291
	Goodwill							361,819				361,792
			Total assets				$	2,695,007			$	2,629,824
Liabilities
	Accounts payable						$	60,309			$	62,874
	Accrued employees' compensation and withholdings							91,053				95,619
	Deferred revenue and customer advances							60,178				55,404
	Other accrued liabilities							98,424				63,712
	Accrued income taxes							19,840				11,360
	Current debt							-				186,663
			Total current liabilities					329,804				475,632
	Long-term deferred revenue and customer advances							23,248				13,756
	Retirement plans liabilities							88,670				91,517
	Deferred tax liabilities							35,911				40,686
	Long-term other accrued liabilities							27,466				23,139
			Total liabilities					505,099				644,730
Shareholders' equity								2,189,908				1,985,094
			Total liabilities and shareholders' equity				$	2,695,007			$	2,629,824

(1) The December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
						Quarter Ended									Nine Months Ended
						September 28, 2014				September 29, 2013					September 28, 2014				September 29, 2013
Cash flows from operating activities:
	Net income					$	82,949			$	69,459				$	185,083			$	142,604
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation					19,047				14,321					52,832				41,873
		Amortization					19,132				23,443					62,122				69,495
		Stock-based compensation					8,343				9,150					31,873				27,227
		Provision for excess and obsolete inventory					6,434				3,841					21,505				9,616
		Deferred taxes					(3,050	)			(3,981	)				(8,747	)			(19,211	)
		Contingent consideration fair value adjustment					(630	)			-					(630	)			-
		Tax benefit related to stock options and restricted stock units					(55	)			777					(1,726	)			(807	)
		Retirement plans actuarial gains					-				-					-				(1,359	)
		Other					183				1,207					2,110				2,162
		Changes in operating assets and liabilities:
			Accounts receivable				(20,545	)			18,822					(163,670	)			(55,963	)
			Inventories				19,798				7,821					38,267				34,194
			Prepayments and other assets				20,784				(9,035	)				47,784				(26,312	)
			Accounts payable and accrued expenses				(23,687	)			15,411					29,109				(17	)
			Deferred revenue and customer advances				466				(6,438	)				14,266				(9,249	)
			Retirement plans contributions				(893	)			(1,058	)				(3,281	)			(3,569	)
			Accrued income taxes				4,713				10,786					10,208				13,750
Net cash provided by operating activities							132,989				154,526					317,105				224,434
Cash flows from investing activities:
	Purchases of property, plant and equipment						(54,963	)			(32,127	)				(146,352	)			(82,925	)
	Purchases of marketable securities						(319,348	)			(199,372	)				(844,056	)			(658,564	)
	Proceeds from maturities of marketable securities						118,129				133,355					495,565				401,901
	Proceeds from sales of marketable securities						82,602				282,522					236,060				332,968
	Proceeds from life insurance						-				-					4,391				-
Net cash (used for) provided by investing activities							(173,580	)			184,378					(254,392	)			(6,620	)
Cash flows from financing activities:
	Issuance of common stock under stock option and stock purchase plans						10,387				7,140					21,030				16,778
	Tax benefit related to stock options and restricted stock units						55				(777	)				1,726				807
	Dividend payments						(12,772	)			-					(24,428	)			-
	Payments of long-term debt						-				-					(190,975	)			(1,063	)
	Payments of contingent consideration						-				-					-				(388	)
Net cash (used for) provided by financing activities							(2,330	)			6,363					(192,647	)			16,134
(Decrease) increase in cash and cash equivalents							(42,921	)			345,267					(129,934	)			233,948
Cash and cash equivalents at beginning of period							254,625				227,601					341,638				338,920
Cash and cash equivalents at end of period						$	211,704			$	572,868				$	211,704			$	572,868

GAAP to Non-GAAP Earnings Reconciliation
(In millions, except per share amounts)
						Quarter Ended
						September 28, 2014				% of Net Revenues													June 29, 2014				% of Net Revenues													September 29, 2013				% of Net Revenues
Net revenues						$	478.0																$	525.6																$	433.4
Gross profit - GAAP and non-GAAP						$	261.1			54.6	%												$	290.4			55.3	%												$	254.3			58.7	%
Income from operations - GAAP						$	98.2			20.5	%												$	120.7			23.0	%												$	93.5			21.6	%
	Acquired intangible asset amortization						18.3			3.8	%													18.3			3.5	%													18.1			4.2	%
	Restructuring and other (1)						(0.4	)		-0.1	%													0.6			0.1	%													0.9			0.2	%
Income from operations - non-GAAP						$	116.1			24.3	%												$	139.6			26.6	%												$	112.5			26.0	%
													Net Income per Common Share																	Net Income per Common Share																	Net Income per Common Share
						September 28, 2014				% of Net Revenues			Basic				Diluted						June 29, 2014				% of Net Revenues			Basic				Diluted						September 29, 2013				% of Net Revenues			Basic			Diluted
Net income - GAAP						$	82.9			17.3	%		$	0.40			$	0.38					$	101.2			19.3	%		$	0.52			$	0.47					$	69.5			16.0	%		$	0.36		$	0.29
	Acquired intangible asset amortization						18.3			3.8	%			0.09				0.08						18.3			3.5	%			0.09				0.08						18.1			4.2	%			0.09			0.08
	Restructuring and other (1)						(0.4	)		-0.1	%			(0.00	)			(0.00	)					0.6			0.1	%			0.00				0.00						0.9			0.2	%			0.00			0.00
	Exclude discrete tax adjustments (2)						(1.6	)		-0.3	%			(0.01	)			(0.01	)					(0.5	)		-0.1	%			(0.00	)			(0.00	)					-			-				-			-
	Tax effect of non-GAAP adjustments						(3.4	)		-0.7	%			(0.02	)			(0.02	)					(3.2	)		-0.6	%			(0.02	)			(0.01	)					-			-				-			-
	Income tax adjustment (4)						-			-				-				-						-			-				-				-						2.5			0.6	%			0.01			0.01
	Interest and other (3)						-			-				-				-						-			-				-				-						4.0			0.9	%			0.02			0.02
	Convertible share adjustment (5)						-			-				-				-						-			-				-				-						-			-				-			0.06
Net income - non-GAAP						$	95.8			20.0	%		$	0.46			$	0.44					$	116.4			22.1	%		$	0.60			$	0.54					$	95.0			21.9	%		$	0.50		$	0.46
GAAP and non-GAAP weighted average common shares - basic							207.4																	194.4																	191.3
GAAP weighted average common shares - diluted							218.3																	216.6																	235.8
	Exclude dilutive shares from convertible note						-																	-																	(23.3	)
Non-GAAP weighted average common shares - diluted (5)							218.3																	216.6																	212.5
(1)	Restructuring and other consists of:
						Quarter Ended
						September 28, 2014																	June 29, 2014																	September 29, 2013
		Employee severance				$	0.2																$	0.6																$	1.3
		Contingent consideration fair value adjustment					(0.6	)																-																	-
		Facility related					-																	-																	(0.4	)
						$	(0.4	)															$	0.6																$	0.9

(2) For the quarters ended September 28, 2014 and June 29, 2014, adjustment to exclude discrete income tax items.

(3) For the quarter ended September 29, 2013, Interest and other included non-cash convertible debt interest expense.

(4) For the quarter ended September 29, 2013, adjustment to record income taxes on a cash basis. Cash taxes reflects the usage of prior year favorable tax attributes (e.g. NOLs and credits) against current year tax liability.

(5) For the quarter ended September 29, 2013, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result, 18.7 million shares have been excluded from non-GAAP diluted shares. For the quarter ended September 29, 2013, net interest expense of $2.3 million has been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.

							Nine Months Ended
							September 28, 2014				% of Net Revenues												September 29, 2013				% of Net Revenues
Net Revenues							$	1,324.6															$	1,142.6
Gross profit - GAAP							$	718.6			54.3	%											$	648.9			56.8	%
		Pension mark-to-market adjustments (1)						-			-													(0.3	)		0.0	%
Gross profit - non-GAAP							$	718.6			54.3	%											$	648.6			56.8	%
Income from operations - GAAP							$	222.6			16.8	%											$	183.8			16.1	%
		Acquired intangible asset amortization						54.8			4.1	%												54.2			4.7	%
		Equity modification charge (2)						6.6			0.5	%												-			-
		Restructuring and other (3)						0.2			0.0	%												1.5			0.1	%
		Pension mark-to-market adjustments (1)						-			-													(1.4	)		-0.1	%
Income from operations - non-GAAP							$	284.2			21.5	%											$	238.1			20.8	%
														Net Income per Common Share																	Net Income per Common Share
							September 28, 2014				% of Net Revenues			Basic				Diluted					September 29, 2013				% of Net Revenues				Basic				Diluted
Net income - GAAP							$	185.1			14.0	%		$	0.93			$	0.83				$	142.6			12.5	%			$	0.75			$	0.61
		Acquired intangible asset amortization						54.8			4.1	%			0.28				0.24					54.2			4.7	%				0.28				0.23
		Pension mark-to-market adjustments (1)						-			-				-				-					(1.4	)		-0.1	%				(0.01	)			(0.01	)
		Equity modification charge (2)						6.6			0.5	%			0.03				0.03					-			-					-				-
		Restructuring and other (3)						0.2			0.0	%			0.00				0.00					1.5			0.1	%				0.01				0.01
		Interest and other (4)						4.3			0.3	%			0.02				0.02					11.7			1.0	%				0.06				0.05
		Exclude discrete tax adjustments (5)						(4.5	)		-0.3	%			(0.02	)			(0.02	)				-			-					-				-
		Tax effect of non-GAAP adjustments						(11.9	)		-0.9	%			(0.06	)			(0.05	)				-			-					-				-
		Income tax adjustment (6)						-			-				-				-					(6.3	)		-0.6	%				(0.03	)			(0.03	)
		Convertible share adjustment (7)						-			-				-				0.04					-			-					-				0.13
Net income - non-GAAP							$	234.6			17.7	%		$	1.18			$	1.09				$	202.3			17.7	%			$	1.06			$	0.99
GAAP and non-GAAP weighted average common shares - basic								198.4																190.5
GAAP weighted average common shares - diluted								223.8																235.2
		Exclude dilutive shares from convertible note						(6.7	)															(23.3	)
Non-GAAP weighted average common shares - diluted (7)								217.1																211.9
(1)		Actuarial (gains) losses recognized under GAAP in accordance with the Company's mark-to-market pension accounting.
(2)		For the nine months ended September 28, 2014, selling and administrative expenses include an equity charge for the modification of Teradyne's retired CEO's outstanding equity awards to allow continued vesting and maintain the original term in connection with his January 31, 2014 retirement.
(3)		Restructuring and other consists of:
							Nine Months Ended
							September 28, 2014																September 29, 2013
		Employee severance					$	0.8															$	1.9
		Contingent consideration fair value adjustment						(0.6	)															-
		Facility related						-																(0.4	)
							$	0.2															$	1.5

(4) For the nine months ended September 28, 2014 and September 29, 2013, Interest and other included non-cash convertible debt interest expense.

(5) For the nine months ended September 28, 2014, adjustment to exclude discrete income tax items.

(6) For the nine months ended September 29, 2013, adjustment to record income taxes on a cash basis. Cash taxes reflects the usage of prior year favorable tax attributes (e.g. NOLs and credits) against current year tax liability.

(7) For the nine months ended September 28, 2014 and September 29, 2013, the calculation of non-GAAP diluted earnings per share gives benefit to the Company's call option on its stock for 34.7 million shares at $5.48. As a result 6.7 million and 23.3 million shares, respectively, have been excluded from non-GAAP diluted shares. For the nine months ended September 28, 2014 and September 29, 2013, net interest expense of approximately $2.0 million and $7.0 million, respectively, have been added back to non-GAAP net income for the non-GAAP diluted earnings per share calculation.

GAAP to Non-GAAP Reconciliation of Fourth Quarter 2014 guidance:
GAAP and non-GAAP fourth quarter revenue guidance:						$305 million				to		$330 million
GAAP net loss per diluted share						$	(0.16	)				$	(0.11	)
	Exclude estimated pension actuarial loss from updated mortality tables						0.23						0.23
	Exclude acquired intangible asset amortization						0.07						0.07
	Tax effect of non-GAAP adjustments						(0.05	)					(0.05	)
Non-GAAP net income per diluted share						$	0.08					$	0.14

For press releases and other information of interest to investors, please visit Teradyne's homepage at http://www.teradyne.com.

Teradyne, Inc.
Andy Blanchard 978-370-2425
Vice President of Corporate Relations

Source: Teradyne, Inc.