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JULY 2001 INDUSTRY NEWS

Keithley Instruments Reports 2001 Third Quarter

Keithley Instruments Reports 2001 Third Quarter Keithley Instruments, Inc., a leader in solutions for emerging measurement needs, announced results for its fiscal 2001 third quarter that ended June 30, 2001, which were in line with the guidance it gave on April 18, 2001.

Net sales of $36.3 million for the quarter of fiscal 2001 decreased 10 percent from $40.5 million in last year's third quarter. Sequentially, sales decreased 16 percent from the second quarter of this year. Net income for the third quarter of fiscal 2001 decreased 29 percent to $4.1 million, or $0.25 per share, compared to $5.8 million, or $0.36 per share, in last year's third quarter.

Orders for the third quarter of $27.9 million decreased 35 percent from the prior year and 23 percent from the second quarter. Geographically, orders were down 36 percent in the United States, 18 percent in the Pacific Basin and 41 percent in Europe when compared to the prior year.

"Conditions in segments of the electronics industry tied to global communications continued to deteriorate," stated Joseph P. Keithley, the company's chairman, president and chief executive officer. "Most notably, orders from our optoelectronics customers, those people supplying the components necessary for the build out of the Internet infrastructure, dropped significantly from the second quarter. Although discouraging in the short- term, we continue to believe broadband holds good growth potential. Our customer list continues to expand beyond established players to include increasing numbers of start-ups, both of which are investing in next- generation technologies. Technology investments will be the key to the long- term growth of broadband.

"There is a lot of uncertainty about how long this downturn will last," added Mr. Keithley. "Although our visibility is limited, based on our current order activity we would expect sales for the fourth quarter to range between $25 and $31 million. Our pretax return on sales would be in the range of low single-digits to 10 percent depending on the level of sales. We think we are at or near the bottom of the downturn, but decline to comment beyond the next quarter until tangible signs of a recovery become evident. This is obviously a very challenging environment. However, we remain confident in our strategy and in our ability to execute it profitably. We have excellent customer relationships, a number of exciting new products for our targeted industries, and a very strong balance sheet. We are committed to remaining profitable at the bottom of the downturn, while making the appropriate investments in key areas of strategic importance that will allow us to emerge from the downturn as a stronger competitor."

Danaher Corporation Announces Second Quarter Results

Danaher Corporation announced that net earnings for its second quarter ended June 29, 2001 were a record $94.2 million, 16% above the corresponding 2000 period earnings of $81.3 million. Diluted earnings per share for the 2001 quarter were $.63, 12.5% above the comparable $.56 for the 2000 second quarter. Sales for the 2001 second quarter were $956.6 million, 7% higher than the $890.8 million for the quarter ended June 30, 2000.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are pleased to report record second quarter financial performance. Although total sales grew over 7%, a worsening domestic economy continued to impact many of our product lines, resulting in a 4.5% core volume decline. Despite this softness, earnings per share grew 12.5%, as cost reduction and containment measures have been aggressively implemented throughout the Company. Cash flow also remains strong, with operating cash flow for the six month period reaching a record $311 million. As a near-term economic recovery appears unlikely, aggressive cost control will remain in place through the balance of the year, but without sacrificing our key strategic initiatives."

National Instruments Reports Revenue of $98M for Second Quarter

National Instruments announced revenue of $98M for Q2 2001, down 2 percent from Q2 2000 and resulting in fully diluted EPS of $0.18. Orders in Q2 2001 were flat with the same quarter last year. Results are in line with preliminary figures released July 2, 2001.

"Despite the unusually severe downturn in the industrial economy, we delivered strong profitability, which allowed us to continue our aggressive investment in R&D and field sales," said James Truchard, NI President and CEO. "We are excited about our current R&D initiatives to expand our opportunities into new application areas next year and beyond."

Geographically, the Q2 2001 breakdown of revenue growth in U.S. dollars as compared to Q2 2000 was as follows: Americas, down 6 percent; Europe flat; and Asia, up 11 percent.

"Compared to the severe declines seen by many of the traditional players in our industry, we had a solid quarter," said Alex Davern, CFO of NI. "We gained market share with the continued growth of our measurement products and managed our expenses effectively, achieving net margins of 10 percent of revenue."

Continuing Education Units

NCSL International is pleased to announce that it will inaugurate Continuing Education Units (CEU) credits beginning in 2001 for your attendance at this year's Conference in Washington, DC. We have surveyed Member Delegates and found that 80% of our Member Organizations want CEUs for their Metrology-related training records.

NCSL International CEU credits will be underwritten in partnership with the Sinclair Community College of Dayton, Ohio Engineering Technologies and Quality Engineering Technology Departments. 3 (three) CEUs will be awarded for the full 4-day Conference attendance. .4 CEUs will be awarded for attendance at each ½ day Tutorial. For further information visit www.ncslinternational.org/met-news/index.cfm.

A History of Laboratory Accreditation in the United States

Lynne Neumann, the Technical Manager from the Laboratory Accreditation Bureau has written an article for the most recent July-August-September issue of CAL LAB magazine entitled, A History of Laboratory Accreditation in the United States. The article is a compilation of the reminiscences of two of the pioneers in the industry: Joseph O'Neil and John Locke. The article traces the evolution of laboratory accreditation in the U.S. and also discusses the international development of lab accreditation.

The article may be found on www.L-A-B.com's informational resources page and for subscription information to CAL LAG magazine please visit their web site at www.callabmag.com.

Teradyne Posts Second Quarter Loss

Teradyne Inc., the No. 1 semiconductor test equipment maker, reported a second-quarter loss, its first loss in a decade.

After the market closed, Boston-based Teradyne said it lost $20.5 million, or 12 cents a share, before special items. The loss was 2 cents more than the reduced expectations it gave last month. "Based on conversations with a broad cross section of our customers, we see no upturn in the near future," Teradyne Chairman George Chamillard said in a statement. "Indications are that most semiconductor customers may not need to increase their test capacity until well into 2002."

Teradyne's sales fell to $365.8 million, from the $747.5 million posted in the year-ago period.

For more information go to www.teradyne.com

LeCroy Names Conrad Fernandes as Vice President of Worldwide Sales

LeCroy Corporation a leading supplier of high-performance digital oscilloscopes, announced the appointment of Conrad Fernandes to the position of Vice President of Worldwide Sales, elevating him from his former position as Vice President of International Sales.

"Conrad has a comprehensive knowledge of both LeCroy's extensive product line and the complex oscilloscope market," said LeCroy President and Chief Operating Officer Tom Reslewic. "This knowledge, combined with his impressive track record in sales at LeCroy, makes him the ideal individual to assume this important leadership role for the Company."

"During the past decade, Conrad has excelled in positions of increasing responsibility at LeCroy and has helped to drive our Company's successful sales growth in Europe, the Pacific Rim and the United States. I look forward to Conrad's contributions in expanding our worldwide market share as we continue to launch new and innovative products to meet our customers' needs," concluded Reslewic.

A veteran of nearly 20 years in the technology sector, Fernandes began his career as a design engineer in Europe before joining LeCroy in 1990. Prior to that, he worked as a Senior Sales Engineer and Business Unit Marketing Manager with Tektronix UK Ltd. He has an undergraduate degree in electrical engineering and an MBA from City University in London.

PerkinElmer Announces Record Second Quarter 2001 Income

PerkinElmer, Inc. reported second quarter net income from continuing operations of $39 million, up 34% over the second quarter of last year. Second quarter cash earnings per share were $0.38, a 31% increase over the same period in 2000.

"Aggressive actions starting earlier in the year are allowing us to deliver our financial commitments in spite of this difficult economic environment," said Gregory L. Summe, Chairman and Chief Executive Officer.

Revenue for the quarter grew 6% to $391 million on a reported basis. Strong growth in Life Sciences, Digital Imaging, Aerospace and Analytical Instruments offset sharp declines in sales to Semiconductor and Photography markets. The Company announced its intention to sell its Security and Detection Systems business and consequently moved that business to discontinued operations in the quarter.

"In the second quarter, we launched a record number of new products and announced several acquisitions and alliances which further improve the growth and value of our portfolio," noted Summe.

AMETEK Acquires EDAX, Inc. - Strategically Expanding Into New Instrumentation Markets

AMETEK, Inc. announced the acquisition of EDAX, Inc., a leading manufacturer of analytic instrumentation, for a total purchase price of $37 million, from Panta Electronics. EDAX, based in Mahwah, NJ, has approximately 170 employees and recorded sales of $34 million in 2000.

EDAX manufactures and markets energy dispersive X-ray microanalysis instrumentation used in electron microscope systems to identify and quantify the elemental composition and structure of solid materials. Typical markets include surface contamination analysis, rapid material alloy identification, and small component material analysis in the metal, pharmaceutical, chemical and semiconductor industries as well as government laboratories and academic institutions.

"The acquisition of EDAX strategically expands AMETEK's position in differentiated analytical instruments, extending our capabilities into the measurement of physical properties of solid materials. EDAX complements our existing Process and Analytical Instruments business and creates a new growth platform for the company," said Frank S. Hermance, AMETEK chairman and chief executive officer.

AMETEK is a recognized leader in advanced monitoring, testing, calibrating and display instruments. Its Electronic Instruments Group (EIG), which had 2000 sales of $510 million, sells its instruments to the aerospace, power, process and industrial markets worldwide.

Honeywell's Chairman & CEO Michael Bonsignore Announces Retirement - Honeywell Names Lawrence Bossidy new CEO and Chairman of the Board.

The Board of Directors of Honeywell said today that Michael R. Bonsignore has announced his intention to retire from the company, effective immediately. In making the announcement, the Board expressed its appreciation to Bonsignore for his more than 31 years of service with Honeywell.

Speaking for the Board, Robert P. Luciano, said, "The Board would especially like to thank Mike for his leadership and contributions during the AlliedSignal/Honeywell merger through its proposed merger with GE. We wish him and his family all the best as he enters an exciting new stage of his life."

The Board also announced that it has named Lawrence A. Bossidy as Honeywell's Chairman of the Board and Chief Executive Officer. Bossidy, 66, served as Chairman and CEO of AlliedSignal from 1991 to 1999, when he became Chairman of Honeywell following the merger of the two companies. He retired from the company in April 2000. With Bossidy's return, the Board expects that Honeywell will implement a strategy to enhance shareowner value as an independent company.

Bossidy is credited with transforming AlliedSignal into one of the world's most admired companies, whose success was largely shaped by an intense focus on growth and Six Sigma-driven productivity.

"There is tremendous value in Honeywell, from its 120,000 dedicated employees to its world-class technology and products," Bossidy said. "In addition to continuing to improve our cost structure, we will deal decisively with the prevailing business issues.

"We will move quickly and aggressively to improve our performance, further strengthen our management team and rebuild the confidence of our shareowners, customers and employees," Bossidy continued. "We will reenergize and refocus our employees and, with their hard work, Honeywell will create greater shareowner value and resume our journey to become a premier global company."

The company expects second-quarter revenue to be $6 billion, with second-quarter ongoing earnings per share (EPS) expected to range from $0.53 to $0.55. The EPS estimate excludes a charge expected to range from $575 million to $625 million (pre-tax) related primarily to repositioning, customer settlements, asset impairments, merger-related expenses, legal and environmental costs. Second-quarter free-cash-flow is expected to range from $175 million to $200 million.

Lab receives ISO/IEC 17025 Accreditation

Entela, Inc. Engineering and Testing Laboratories has announced its accreditation to ISO/IEC Guide 17025. One of the first labs in the world to comply with the new standard, Entela received its accreditation from the American Association for Laboratory Accreditation. To learn more about Entela, visit www.entela.com.

LeCroy Corporation Named One of "Top 50 Companies to Watch" by Cahners Electronics Group

LeCroy Corporation, a leading supplier of high-performance digital oscilloscopes, has been named as one of the "Top 50 Companies to Watch in 2001" in the electronics industry by Cahners Electronics Group, a leading publisher of business information. The "Top 50 Companies to Watch" list is published in Cahners' June issue of Electronics Industry's Movers & Shakers of 2001.

The publication, which evaluated a broad universe of companies in the electronics industry, described LeCroy as "armed and ready for the future with its core competency in signal analysis, plus a new high-performance focus."

"We are proud to be named by Cahners as one of the 'Top 50 Companies to Watch' in the electronics industry," commented Lutz Henckels, CEO, LeCroy Corporation. "We attribute this recognition to an aggressive new product strategy we initiated in October of 2000, after completing a major two-year technology development program. We are successfully executing this strategy by introducing one significant new product each quarter. Our recently introduced products, including the WavePro(TM) and Waverunner-2(TM) oscilloscopes, have been enthusiastically embraced by customers. As a result, we are well on our way to achieving our goal of capturing an increasing share of the oscilloscope market."

New Division of NIST to Explore Magnetic Technology

NIST has formally organized the Magnetic Technology Division within the Electronics and Electrical Engineering Laboratory. The new division develops and disseminates measurement technology for industries concerned with magnetic information storage and superconductors for power applications. Research areas include magnetic calibration standards, high-density and high-speed magnetic recording, magnetoresistive sensors and memory elements, magneto-optic and inductive magnetometry, recovery of data from damaged or erased recording media, scanned-probe microscopy, microelectromechanical systems and electromechanical properties of and standards for superconductors. The new division can be reached at (303) 497-5477.

Mettler Toledo Announces Appointment of Philip H. Geier, Jr. to Its Board of Directors

Mettler Toledo International Inc. announced that Philip H. Geier, Jr. has been appointed to its Board of Directors. Mr. Geier is Chairman Emeritus of The Interpublic Group of Companies, Inc., and was Chairman of the Board and Chief Executive Officer from 1980 through 2000. The Interpublic Group of Companies, Inc. is one of the world's largest organizations of marketing communications and marketing services companies. Mr. Geier has been named by Advertising Age as one of the "Top 100" most influential people in advertising in the Twentieth Century.

"We are delighted to have someone with Philip's expertise in marketing and communications join our Board of Directors," said Robert F. Spoerry, Chairman, President and CEO of Mettler Toledo. "One of the strengths of Mettler Toledo has been our excellent brand and our ability to continue to distinguish our marketing messages. Philip's impressive experience in these areas is very complementary to the skills of our Board, and positions us well for continued success in the future."

Mettler Toledo is a leading global manufacturer of precision instruments. The Company is the world's largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development. Additional information about Mettler Toledo can be found at www.mt.com.

Work Well Under Way on World's Premier Measurement Lab

A drive past NIST headquarters in Gaithersburg, MD., these days might have you looking twice. There's an ever-growing stockpile of dirt on the campus' southern side from excavations, five (and soon to be six) cranes poised high above a construction site and the sight of people and machines busily at work on a very special building.

When it is ready for occupancy in 2004, the 47,480-square-meter (511,070-square-foot), $235.2 million Advanced Measurement Laboratory will give NIST and its partners in U.S. industry and science access to research and development capabilities not available anywhere else in the world. The laboratory will have state-of-the-art controls for humidity, temperature, vibration, and air quality. Two of the AML's five wings will be built underground with special active and passive vibration isolation systems. The unique characteristics will help its occupants achieve higher quality reference materials, improved measurements and standards, and more rapidly developed research advances.

The AML construction project recently reached a number of milestones. Seventy-five percent of the concrete and 15 percent of the structural steel work on the facility's Class 100 clean room, which will maintain a constant purity level of fewer than 3.5 particles per liter of air, was completed this month. Excavations for the Metrology East and West wings are nearing completion. On the Instrument East wing, 40 percent of the concrete work has been done.

Instrument East, currently scheduled to wrap up in mid-2003, will be the first portion of the AML finished. Other target completion dates are mid-to-late 2003 for the cleanroom and the Metrology East wing, and late 2003 for the Instrument West and Metrology West wings.

For more information on the AML, along with an artist's rendition of the finished facility and a live webcam view of the construction site, go to http://aml.nist.gov.

Emerson Process Management Unveils e-fficiency Service Providing Web-Based Equipment Performance Monitoring

Emerson Process Management unveiled e-fficiency (www.e-fficiency.com), a proven Internet-based service that delivers information about performance of process plant equipment directly to a Web browser for easy and secure access by process manufacturing customers.

This innovation makes Emerson the first company to apply the latest Internet technologies to equipment performance monitoring in the process industries. Emerson Process Management is an Emerson (NYSE:EMR) business.

Designed specifically for personnel involved with maintenance, reliability or rotating equipment, e-fficiency service provides easy access to a comprehensive set of performance results, customized reports and graphical representations for monitoring plant equipment performance, all within a secure Web-based environment. The service supports all major process plant equipment, including compressors, gas and steam turbines, heat exchangers, furnaces and pumps.

The e-fficiency service addresses the growing demand for reliable plant equipment performance monitoring to meet the needs of customers switching from routine to targeted maintenance programs, thereby maximizing the utilization of their process assets.

The key to e-fficiency equipment monitoring service lies in its rapid deployment and ease-of-use, allowing customers to:

  • Track equipment degradation and cost
  • Compare equipment performance across multiple plants A
  • Access equipment performance data remotely over the Internet
  • Produce accurate reports against performance targets
  • React quickly to changes in equipment performance
  • Optimize cleaning and maintenance cycles
  • Increase operating performance at plant level

The e-fficiency vision is for all process manufacturing companies to have quick and easy access to equipment performance data anywhere in the world. A full tour and online demonstration is available at www.e-fficiency.com/tour/tour1:master.asp

NACLA Will Sponsor Lab Accreditation Forum in April, 2002, in DC Area

The inaugural U.S. Forum on Laboratory Accreditation will be held in the Washington, DC area, on April 8 and 9, 2002. The event will be sponsored by NACLA and will conclude with this organization's Annual General Meeting.

The Forum will be of special interest to all. accreditation bodies, the laboratories they accredit, and the clients they serve.

The following are some of the subjects that will be addressed in the course of the two days:

  • Latest developments in ILAC
  • Implementation of 17025
  • ISO Guide 58/ISO-IEC 17011
  • Assessor training and requirements
  • Measurement uncertainty
  • An update on NACLA
  • Labs' perspective on accreditation
  • Latest in proficiency testing

The Planning Committee for the Forum is composed of three members of the NACLA Operations Council: Mary Saunders, of NIST, Chair; Mike Olson, of the U.S. FDA; and Bill Wagner, of the Performance Review Institute.

The Laboratory Accreditation Forum will be held in the Washington-Baltimore area. More details about the Forum's location and program will be announced this summer.

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