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FEBRUARY 2002 INDUSTRY NEWS

New President Elected to Lead IEC

Sei-Ichi Takayanagi began his three-year term as President of the (IEC), an international standards and conformity assessment body for all fields of electrotechnology in which ANSI is a member via the U.S. National Committee (USNC), on January 1, 2002.

The IEC announced Mr. Takayanagi's new position in a recent press release and reinforced his commitment to putting into action the Masterplan 2000, a document that outlines the long-range strategic objectives of the IEC. He also emphasized the organization's need to address four work areas in the coming years, including consumers, regional issues, the World Standards Cooperation (WSC) initiative between IEC, the International Organization for Standardization (ISO) and the International Telecommunications Union (ITU) and electronic tools.

IEC cited the new president's belief that the consumer is gaining more influence in global trade as the impetus for his intention to focus IEC resources on encouraging consumer groups to become more active in IEC work. In addition, Mr. Tanayanagi believes an increased focus on getting developing nations in Asia, Latin America and Africa more involved in IEC work is important, because as they develop and use more electronics, their input will be valuable to establishing future areas of standardization in this field. The new president also indicated his belief that ISO, IEC and ITU collaboration under the WSC, scheduled for launch in Spring 2002, will be focused on information and communication technologies and, in his new capacity, will "encourage WSC activities to fulfill industry's wishes and expectations throughout the world."

Mr. Takayanagi also pointed out that the use of electronic tools in advance of meetings would be very valuable, especially to non-English speaking participants. To increase their participation, he recommends the use of an electronic bulletin board or discussion forum to allow these individuals the opportunity to contribute their ideas at their own pace prior to a meeting.

Currently, technology advisor for Toshiba Corporation in Japan, Mr. Takayanagi was named IEC President-elect during the organization's General Meeting in Stockholm in 2000.

"Dr. Takayanagi will bring a new perspective to IEC," said Steve A. Seeker, president of the USNC/IEC. "I think it is great that he is from Japan, since the previous two Presidents were from the United States and Europe. His industry experience and strong technical background will serve him well in this position. His stated focus areas are right on track and will continue and extend the strategies and plans of Mathias Funfschilling and Bernie Falk, the previous two presidents. I look forward to working with him."

Founded in 1906, the IEC is the global organization that prepares and publishes international standards for all electrical, electronic and related technologies. The IEC was founded as a result of a resolution passed at the International Electrical Congress held in St. Louis, MO in 1904. Its membership consists of more than 60 participating countries, including all the world's major trading nations and a growing number of industrializing countries.

 

Transmation Reports Third Quarter Results

Transmation, Inc., a leading distributor and marketer of test and measurement instrumentation and calibration and repair services, announced financial results for its third quarter and nine months ended December 31, 2001.

The net loss for the fiscal 2002 third quarter was $3.6 million, or $0.59 per basic and diluted share, on sales of $16.3 million compared to net income for the fiscal 2001 third quarter of $84,692, or $0.01 per basic and diluted share, on sales of $19.4 million. For the first nine months of fiscal 2002, the net loss was $4.3 million, or $0.69 per basic and diluted share, on sales of $49.7 million compared to a net loss of $141,950, or $0.02 per basic and diluted share, on sales of $55.4 million in the first nine months of fiscal 2001.

The fiscal 2002 third quarter results include the impact of a one-time non-recurring asset impairment charge of $2.4 million related to the sale of the assets of the Measurement and Control ("MAC") division. Excluding this charge the net loss for the quarter would have been $1.2 million, or $0.20 per basic and diluted share. The nine month results also includes the proceeds from a life insurance policy in the amount of $206,800, in addition to the asset impairment charge. Excluding these items, the net loss would have been $2.1 million, or $0.34 per basic and diluted share.

The operating results for the quarter and the nine months reflect the slower sales in foreign and domestic markets as a result of the general economic slowdown as well as strategic investments made in establishing Transcat Calibration Services CalLabs in new key markets and expanding the capabilities of existing labs to meet new customer requirements. The Company continues to control costs by scaling the cost structure according to market demand.

Commenting on the fiscal 2002 third quarter results, Mr. Klimasewski stated: "As evidence in our declining sales, we continue to see weakness in our core markets. However, we are optimistic about the prospect of seeing increased activity in our CalLabs as a result of the investments we have made in broadening our footprint through new operations and the broadening of our capabilities in certain existing locations in response to market demand. While we continue to be vigilant on costs in the face of a challenging market environment, we are being prudent in our investing in select sales and marketing and other initiatives to position for the future.

"We continue to believe that the core of our franchise is in our unique ability to deliver a high level of industry experience, product and process knowledge, broad product availability and highly accredited calibration services."

The Company has completed the planned divestiture of the assets of the MAC business unit and the Transmation Products Group ("TPG"). Under the terms of the sale of TPG, Transmation will be the world-wide distributor of TPG products for the next five years; as a result of this agreement the Company will not recognize the transaction as a sale for accounting purposes. The cash proceeds of $10.5 million of the $11 million sales price and the net assets transferred of $8.8 million will remain on the Company's balance sheet until such time as the purchase agreement expires or is modified.

Commenting on the business unit sales, Mr. Klimasewski commented: "As previously stated, our long-term focus is on our core Calibration Services and Distribution Products businesses. The successful completion of our plan to divest ourselves of certain non-core businesses will allow us to significantly reduce our debt, enhance our working capital and increase our gross margins by focusing on our strategic core competencies. In fact, we successfully paid down over $13.2 million of indebtedness, or approximately $525,000 in quarterly debt service, which should significantly improve quarterly operating cash flow."

 

2002 Woodington Award Winner Announced At 2002 MSC

Mr. Xumo Li has received the distinguished "Andrew Woodington Award" for professionalism in metrology presented by the 2002 Measurement Science Conference.

The Woodington Award is presented each year to an individual who represents the highest level of professionalism and dedication to the science of measurement. The 2002 Woodington Award was presented to Mr. Li at the Measurement Science Conference held this January in Anaheim, California. Mr Li's career is detailed at www.msc-conf.com.

Xumo Li was born in Shanghai, China on 11 June 1937. In 1956 he entered the Department of Physics of Nankai University in Tianjin majoring in physics. In 1961 he completed regular five-year studies with all courses passed and graduated from Nankai University. In 1971 he married Ms. Xeuqin Dong.

As he graduated from the university in August 1961, he became a member of the Heat Division of National Institute of Metrology (NIM) in Beijing where he worked until March 1994, when he came to work for Hart Scientific. From 1961 to 1964 he was engaged in the investigation of calibration of high-temperature thermocouples up to 1800°C. As a designer, he constructed a blackbody furnace used specially for the calibration of thermocouples up to 1800°C. He presented a paper "Investigation of Calibration of the Pt30Rh/Pt6Rh Thermocouple up to 1800°C" at the Symposium on Temperature held in Shanghai in 1963.

In 1965 he was in charge of realization of fixed points for the International Practical Temperature Scale of 1948, as the national temperature standard for P.R. China. The reproducibility of the triple point of water was better than 0.1mK. In 1996 he developed a method for calibrating standard platinum resistance thermometers in a simple way.

In 1972 he was responsible for the introduction of the International Practical Temperature Scale of 1968 into P.R. China. He gave lots of technical lectures at institutes and universities and taught and trained many young engineers to understand the International Temperature Scale and to make temperature calibrations. He wrote a booklet "Temperature Scale" and published a number of papers about the temperature scale in Chinese technical magazines.

In 1974 he was responsible for drawing up a document "Verification Regulation of Standard Platinum Resistance Thermometer". From 1975 to 1976 he was engaged in investigation of a technique of temperature measurement for industrial processes. From 1977 to 1980 he was mainly engaged in developing a new high-temperature platinum resistance thermometer (HTPRT) for the future International Temperature Scale and solved a number of difficult problems, such as thermometer stability and devitrification of fused silica sheath. The HTPRTs he developed were provided to seven national laboratories in the world and won praise from scientists in these laboratories for their excellent stability. His paper " A New High-Temperature Platinum Resistance Thermometer" was published in the international magazine (vol. 18, 203-208).

In 1984 he accomplished a project "Realization of the freezing points of aluminum, silver and gold" and establish a new temperature standard as the national standard in P.R. China. He also developed a completely sealed cell for the high-temperature freezing points. This design of fixed- point cell is widely used in the world now. Because of his outstanding contributions to develop national temperature standards, he obtained many honors in China, including some from the department of state, P.R. China.

In 1985 a graduate student came to study in his laboratory and he was the graduate student's instructor. As a member of the Chinese Measurement Society he organized many temperature symposiums and workshops, including the International Temperature Symposium held in Beijing in 1986 and he was one of the editors of "Temperature Measurement -- ISTMIS Symposium Proceedings".

In 1986 he was promoted to an associate professor and in 1988 he was again promoted to a professor. From 1978 to March 1994 he served as director of the Temperature Laboratory at NIM.

In the 1980s he took active part in the international cooperative research for preparing the new ITS-90. Some members from other national laboratories visited and worked in his laboratory and he visited and worked in other national laboratories, such as PTB, Germany, NRLM, Japan and IMGC, Italy. The inter-comparison of fixed points between these national laboratories made a excellent contribution to the new ITS-90. Specifically in 1988, he took part in an important project " Accurate Determination of the Relationship between the Resistance Ratio of High Temperature Platinum Resistance Thermometer and Thermodynamic Temperature in the range from 903 K to 1263 K by infrared Pyrometry". Dr. H. J. Jung, Dr. J. Fisher and Xumo Li obtained important results, which made the foundation for the interpolation of standard platinum resistance thermometers in ITS-90.

From March 1994 to date he is employed by Hart Scientific as Director of Metrology. He helped to establish a primary temperature standard laboratory at Hart. The level of the new laboratory is as high as many advanced national laboratories in the world. He set up a number of production lines to manufacture high-level temperature standards, including various standard platinum resistance thermometers, water triple point cells, gallium melting point cells and metal freezing point cells. Some of these products are only manufactured at Hart and nowhere else in the World. He continues the research work at Hart and presents many papers at the National Conference of Standards Laboratories (NCSL), Measurement Science Conference (MSC) and IMEKO International Symposium on Temperature. He also published several papers in scientific magazines. Since 1995 he has been a member of Committee E -20 on Temperature Measurement of American Society for Testing and Materials (ASTM). He was promoted to V.P. of Technology Development, at Hart in the spring of 1995.

 

Transmation's Board of Directors Elects Carl E. Sassano President and Chief Executive Officer; Robert G. Klimasewski Returns to Retirement

Transmation, Inc., a leading distributor and marketer of test and measurement instrumentation and calibration and repair services, announced that the Board of Directors has elected Carl E. Sassano, a Director, as President and Chief Executive Officer succeeding Robert G. Klimasewski who has resigned effective March 31, 2002. Both Messrs. Sassano and Klimasewski will remain as Directors of the Company. Mr. Klimasewski returned to Transmation as President and Chief Executive Officer in December, 1999 to reset the corporate strategy.

Mr. Klimasewski stated: "I am delighted to turn over the reins of Transmation to Carl, whose election as President and Chief Executive Officer is consistent with the management requirements associated with the next stage of our strategic plan. I have largely accomplished the objectives I set out to achieve despite the challenging economic times and it is now time for me to return to retirement. Carl is an accomplished executive and I have great confidence that he has the ability and vision to lead Transmation into the next stage of its growth. I am looking forward with enthusiasm to working closely with him as a member of the Board of Directors."

Mr. Sassano, 52, who joined Transmation's Board of Directors in October 2000, brings considerable experience to Transmation and a proven track record of growth in technology companies over his 27 years' experience as a corporate executive. He was President and Chief Operating Officer of Bausch & Lomb, Inc. in 1999 and 2000. He also held positions in Bausch & Lomb, Inc. as President, Global Vision Care (1996-1999), President, Contact Lens Division (1994-1996), Group President (1993-1994) and President, Polymer Technology (1983-1992), a high growth subsidiary of Bausch & Lomb, Inc. He earned a B.A. in political science from Eisenhower College and an M.B.A. in marketing from the University of Rochester. He is a member of the Board of Directors of the Rochester Institute of Technology, Strong Memorial Hospital, WXXI (the PBS affiliate for the Greater Rochester area), and the Eastman Dental Center Foundation.

 

Transmation Completes Divestiture of Final Non-Core Business

Transmation, Inc. a leading business-to-business distributor, servicer and manufacturer of test, measurement and calibration instrumentation used in industrial markets, announced that it has completed the sale of the assets of its Measurement and Control division ("MAC") to Hughes Corporation for $2.9 million. Substantially all of the proceeds will go to pay down the Company's indebtedness to Key Bank, N.A. The sale involved the purchase of all of Transmation's assets in its meter and measurement controls and assembly and meter modification business located in Hunt Valley, Maryland.

Mr. Robert G. Klimasewski, President and Chief Executive Officer of Transmation, Inc., stated: "The strategic core of Transmation's future is in our ability to satisfy our customers' test and measurement product and calibration service requirements from one source. The sale of the MAC Division, together with the previously announced sale of the Transmation Products Group to Fluke Corporation, a subsidiary of Danaher Corporation, marks the completion of our strategy to divest non-core businesses.

"Going forward, we intend to fully focus our resources on our strategic Calibration Services and Distribution Products businesses. We believe this should allow us to further penetrate high growth markets such as process, communications, pharmaceutical manufacturing, automotive and aerospace markets."

Hughes Corporation, through its Weschler Instruments division, manufactures measuring, display, control and protection instrumentation for utility and process control applications. Customers worldwide use its products in generating plants, steel mills, chemical plants, paper mills, automobile factories and other industrial applications. Weschler was chosen to design and manufacture instruments for US nuclear submarines -- an application where reliability is truly critical. Weschler is also an authorized distributor for Yokogawa, Beede, Triplett, Extech, Instrument Transformers and other specialty equipment manufacturers.

 

NIST Leads Development of Broadband Standard

The first broadband wireless access standard from an accredited standards body was published recently by the Institute of Electrical and Electronic Engineers (IEEE) as IEEE Standard 802.16, "Air Interface for Fixed Broadband Wireless Access Systems." This global standard for 10- to 66-gigahertz wireless networks will foster the use of microwaves as an economic alternative to cable or fiber optics for connecting users to the Internet and other high-speed public networks.

"The new WirelessMAN standard is a groundbreaking development that changes the landscape for providers and customers of high-speed networks," said NIST's Roger Marks, chair of the IEEE 802.16 Working Group. "The standard makes highly efficient use of bandwidth and supports voice, video and data applications with the quality that customers demand."

The standard creates a platform on which to build a broadband wireless industry using high-rate systems that install rapidly without extensive metropolitan cable infrastructures. It was created in a two-year, open-consensus process that involved hundreds of engineers from the world's leading operators and vendors. The standard enables interoperability among devices from manufacturers around the globe. The published IEEE Standard 802.16 may be obtained at http://WirelessMAN.org/published.html. For technical details, contact Roger Marks at (303) 497-3037.

 

MKSI Reports 4th Quarter 2001 and 2001 Full Year Results

MKS Instruments, Inc., a leading supplier of gas measurement, control and analysis products, reactive gas generator and power delivery products used in semiconductor and other advanced manufacturing processes, reported financial results for the fourth quarter and fiscal year ended December 31, 2001. The Company's 2000 results reported in this release reflect the January 26, 2001 acquisition of Applied Science and Technology (ASTeX) using the pooling of interests method of accounting for combining the results of operations for the same reported calendar quarters.

Fourth quarter 2001 sales were $50.1 million, a decline of approximately 6 percent compared to third quarter 2001 sales of $53.2 million, and a decrease of approximately 65 percent compared to fourth quarter 2000 sales of $143.8 million.

John Bertucci, Chairman, Chief Executive Officer and President, stated, "As expected, worldwide demand for technology products continued to decline in the fourth quarter, although our revenues were somewhat better than anticipated. The rate of revenue decline has slowed, so we may be nearing the bottom of a very deep cycle. However, we remain cautious about the outlook for revenue growth, particularly in the first half of 2002."

In the fourth quarter, as reduced demand continued to put pressure on operating margins, the Company continued to lower its cost structure. In addition, MKS continued to solidify its market position by introducing new products across all of its product lines.

For the calendar year ended December 31, 2001, net sales were $286.8 million, a decrease of approximately 42 percent compared to $494.2 million for combined calendar year 2000. "In 2001 we strengthened our market position and doubled our market opportunity through the products we developed and the businesses we acquired," said Mr. Bertucci. "We have acquired technologies that leverage our process knowledge and introduced new products. And we continue to make progress in supporting our customers' transition from 200 to 300 mm wafer manufacturing and the ongoing reduction of device feature dimensions."

On January 31, 2002, the Company acquired Emerson's ENI division, a leading supplier of RF and DC power supplies, to complement MKS' strength in reactive gas and plasma generation. "Although we face a very challenging environment, we remain committed to offering the broadest range of technologically advanced instruments, components and subsystems to our customers. This acquisition is another step in our strategy to surround the process chamber with products that enhance our customers' productivity and integrated solutions that can add value for our customers and shareholders," said Mr. Bertucci.

 

ILAC/IAF Conference 2002 on Accreditation in Global Trade

For the first time ILAC (International Laboratory Accreditation Cooperation) and IAF (International Accreditation Forum) will hold a joint Conference 2002 September 23-25 in Berlin. It will focus on conformity assessment which is gaining ever greater importance internationally thus having a great impact on global trade.

The objective of this ILAC/IAF Conference is to discuss all issues of mutual interest among the conformity assessment community and to provide a forum with topics addressing representatives from: testing and calibration laboratories, e.g. analytical, clinical, private and public laboratories certification bodies for persons, quality systems and environmental management systems product certification bodies inspection bodies authorities and politicians industry international standardization international accreditation

The first day of the conference will focus on political accreditation issues, e.g. the economic impact of accreditation, different approaches for confidence building like accreditation and certification, peer assessment and multilateral agreements in the voluntary and regulated field. On the second day technical aspects will be addressed concerning laboratories, certification and inspection bodies. In addition, the "human element" such as assessors' and personnel competence, will be discussed. The conference will be held in plenary and parallel sessions. Besides introductory lectures and short statements presenting different views on controversial topics there will be plenty of time for discussions with the aim of passing resolutions as results of the conference.

A preliminary program is available at www.ilac-iaf-2002.de. A final program will be available in March.

 

Administration Seeks $577.5 Million for NIST in FY 2003

President Bush has submitted to Congress a fiscal year budget for the Commerce Department's NIST of $577.5 million.

Included in the FY 2003 request are three separate appropriations: $402.2 million for Scientific and Technical Research and Services (including $396.4 million for the NIST Laboratories and $5.8 million for the Baldridge National Quality Program; $120.8 million for Industrial Technology Services (including $107.9 million for the Advanced Technology Program (ATP) and $12.9 million for the Manufacturing Extension Partnership (MEP); and $54.5 million for Construction of Research Facilities to begin highest priority construction at NIST's Boulder, CO laboratories, provide the final funding needed to complete the Advanced Measurement Laboratory (AML) now under construction at NIST's Gaithersburg, Md., headquarters, and maintain and improve existing facilities at both facilities.

The FY 2003 request for the NIST Laboratories also includes a $75.5 million increase from the FY 2002 appropriation. Among the initiatives the increase would fund are: $35 million to equip the AML; $6 million to upgrade the NIST Center for Neutron Research; $4.7 million for NIST's intramural program to speed the development of cutting-edge measurement capabilities; $4 million for NIST programs in nanotechnology measurements and standards; $3 million for support of health care measurements and standards; $2 million to develop standards, technology and practices to improve the safety of buildings, occupants and emergency first responders; $2 million to strengthen the security of critical information infrastructures; and $1 million for the Computer Security Expert Assist Team to help federal agencies identify and fix information technology vulnerabilities.

More data on the proposed FY 2003 budget may be obtained at www.nist.gov (click on "Budget"). Advanced Measurement Laboratory (AML) construction progress can be viewed at http://aml.nist.gov.

 

Ametek Announces Full Year and Fourth Quarter Results

AMETEK achieved 2001 sales of $1.02 billion, unchanged from year 2000 results. Operating income of $132.8 million was down 2% from $135.9 million for 2000. Income grew to $70.8 million, up 3% from the $68.5 million earned in 2000, and diluted earnings per share of $2.12 were up from $2.11 per share in 2000. All comparisons, unless otherwise noted, are before unusual items in the fourth quarter of 2001. Including these unusual items, net income for 2001 was $66.1 million or $1.98 per diluted share compared with net income in 2000 of $68.5 million or $2.11 per diluted share.

"In a very difficult economic environment, AMETEK posted strong 2001 results. For the full year, before unusual items, we established records for income and diluted earnings per share. We have taken the necessary steps to size our business to the current economic environment and are poised to significantly grow earnings when the economy recovers," commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

Fourth Quarter Unusual Items

"As a result of our budgeting process for 2002 and our outlook for the general economy, we have undertaken another round of significant cost reductions. Our fourth quarter and full-year results include expenses associated with this realignment of our cost structure. In addition we recorded a significant tax benefit," said Mr. Hermance.

In the fourth quarter the Company recorded expenses totaling $15 million after tax, or $.46 per diluted share, to cover the costs of employee reductions, facility closures, the continued migration to low-cost locales, and asset writedowns necessary to reflect the difficulties the economic environment has had on a number of our customers. We expect annualized savings from our cost reduction actions to be approximately $25 million.

Fourth Quarter Results

AMETEK's fourth quarter 2001 sales of $237.3 million were an 8% decrease over the same period of 2000 caused by weak economic conditions which impacted many of our businesses. Our aerospace and power instrument businesses continued to perform well. Operating income for the fourth quarter of 2001 was $28.6 million, a 16% decrease from the $34.1 million recorded in the same period of 2000. Income in the fourth quarter of 2001 totaled $16.2 million, or $.48 per diluted share, down from fourth quarter 2000 levels of $17.2 million, or $.53 per diluted share. After unusual items, net income for the fourth quarter of 2001 was $11.5 million, or $.34 per diluted share, as compared with $17.2 million, or $.53 per diluted share, in the same period of 2000.

2002 Outlook

Mr. Hermance commented, "Due to the continuing weak economic conditions in many of our businesses we expect revenues to be up only slightly this year. The significant cost reductions taken in 2001 and planned for 2002 should enable AMETEK to deliver record earnings of approximately $2.50 per diluted share, up 18% from 2001. This estimate includes $.30 from the elimination of amortization of goodwill in accordance with SFAS 142. The impact of our cost reduction activities should make the second half of 2002 stronger than the first half. Our forecast does not include an economic rebound, which could provide upside to our expectations."

Acquisition of Instruments for Research and Applied Science (IRAS)

On December 28, 2001 AMETEK completed the acquisition of Instruments for Research and Applied Science (IRAS), a leading developer and manufacturer of analytic instrumentation, from PerkinElmer, Inc. IRAS manufactures and markets technologically advanced analytical instrumentation that is used in a number of applications including nuclear spectroscopy, research electrochemistry, and electronic signal processing. IRAS, based in Oak Ridge, TN, has 275 employees and is expected to report sales of approximately $50 million for 2001. The purchase price was approximately $63 million in cash.

"Our acquisition of IRAS further expands AMETEK's position in differentiated analytical instruments," notes AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "IRAS significantly extends our capabilities in the measurement of physical properties. It brings new technologies, applications and end market opportunities to AMETEK and also provides an additional platform for growth," he adds. IRAS will operate as a new division of our Electronic Instruments Group - Advanced Measurement Technology and will continue to market its products under the ORTEC, Princeton Applied Research and Signal Recovery brand names.

ISA Announces The Second Conference Of Its 2002 Technical Conference Series

ISA-The Instrumentation, Systems, and Automation Society will continue its 2002 Technical Conference Series with the second conference called "Fugitive Emissions-LDAR Symposium." The conference will take place 12-14 March in Houston, Texas at the Houston Marriott West Loop.

The event will span three days with one day dedicated to training and two to conference speakers. The training course is specifically designed to assist industrial environmental personnel with the review, selection, operation, calibration, and field application of field portable volatile organic compound (VOC) monitors and hazardous air pollutants (HAP) monitors. The training course will be lead by Jerry Winberry, a principal environmental scientist with EnviroTech Solutions.

A product showcase will also be held during the last two days of the conference. Representatives from leak detection and repair companies (LDAR) will be on hand to discuss their products and answers questions.

Some of the topics to be covered during the conference include recent advances in instrumentation for LDAR compliance, what to do if an EPA inspector drops in for an unannounced inspection, using infrared imaging to detect gas leaks, tagless LDAR, quality control and how to use technology to improve LDAR compliance.

Among the speakers that will present are Grant Jenkins, vice president of sales and marketing for Proactive Environmental Service; Buddy Joyner, environmental specialist for Ticona Polymers; Brent Pruet, vice president of sales and marketing for Environmental Monitoring Service; Rex Moses, president and CEO of Environmental Analytics; and Jack Medellin, enforcement officer with the Environmental Protection Agency.

For more information visit www.isa.org.

FDA New Compliance Manual for FDA Staff Available For Review

The Food and Drug Administration's (FDA) Center for Drug Evaluation and Research (CDER) has published a Compliance Program Guidance Manual for FDA Staff: Drug Manufacturing Inspections. This program provides guidance in evaluating compliance with CGMP requirements. The FDA districts are requested to use this revised compliance program for all drug manufacturing inspections.

To view this guidance visit www.fda.gov/cder/dmpq/compliance_guide.htm.

Ruska Achieves Accreditation

Ruska is pleased to announce that they have formally received NVLAP Accreditation to the requirements of ISO/IEC 17025:1999 and ISO 9002:1994.

NVLAP (National Voluntary Laboratory Accreditation Program) is administrated by the National Institute of Standards and Technology (NIST) in Gaithersburg, Maryland and has assigned Ruska laboratory code #200491-0.

Please visit http://www.ruska.com/nvlap.html for additional information. This page includes a link to a PDF document that can be viewed and downloaded which provides the NVLAP Certificate along with the full Scope of Accreditation. As noted in their Scope of Accreditation, Ruska can provide accredited pressure calibrations to 10 parts per million (0.0010% of reading).

As a result, Ruska now offers NVLAP accredited calibrations as an option for both new and existing instruments. Also, their calibration service laboratory can calibrate virtually any pressure device from fractions of an inch of water to 72,500 psi (5000 bar). You can send any pressure device or instrument to Ruska and they can provide a NVLAP accredited calibration. Please visit http://www.ruska.com/service.html for complete information covering their calibration service capabilities.

For international customers, NVLAP has Mutual Recognition Arrangements (MRA's) with many international accrediting bodies around the world which recognize NVLAP accredited calibration laboratories and therefore will accept Ruska NVLAP accredited calibrations. These MRA's are a co-operative effort to enhance free trade throughout the world. More information on the MRA program can be found at http://ts.nist.gov/ts/htdocs/210/214/docs/mra.htm.

Please contact the Ruska sales or customer service department if you have any questions or would like to arrange for a NVLAP accredited calibration via phone at 713-975-0547 or via email at sales@ruska.com.

Sypris Announces Earnings

"We are pleased with the financial results for the quarter and the full year 2001," said Jeffrey T. Gill, president and chief executive officer. "Net bookings for the fourth quarter increased 51% to a record $95.3 million compared to $63.2 million during the prior year quarter. This increase in new business helped push our backlog at year end to $162.3 million even with sales in the fourth quarter that set a new quarterly record."

"The fourth quarter represented the tenth consecutive quarter in which the Company has reported revenue growth on a comparable period basis. This trend encourages us about the prospects of achieving higher sales and earnings for 2002. We believe that the investments we have made during this past year, which included expenditures in excess of $39 million to increase our manufacturing capabilities and capacity to support new long-term contracts, will also play an important role in maintaining this growth trend in the future."

Sypris Solutions, Inc. reported fourth quarter earnings increased 44% to $0.23 per diluted share compared to $0.16 per diluted share for the same quarter in 2000. Net income for the fourth quarter increased 54% to $2.4 million compared to $1.5 million for the same quarter in 2000. Revenue increased 14% to $68.2 million from $59.9 million for the prior year period.

For the full year, earnings increased 97% to $0.63 per diluted share compared to $0.32 per diluted share for 2000. Net income for 2001 increased 100% to $6.4 million compared to $3.2 million for 2000, which included special charges of $2.1 million after tax. Revenue for the year increased 18% to $254.6 million, up from $216.6 million for the year-earlier period.

PerkinElmer Posts Q4 Loss After Charges

PerkinElmer Inc. a maker of scientific instruments, reported on a fourth quarter loss after charges from selling three businesses and a write-off tied to an acquisition.

The Boston-based company posted a net loss of $55.2 million, or 49 cents per share, compared with a profit of $29.5 million or 28 cents per share, in the prior year.

The loss included $76.4 million of pretax charges, including $70.5 million from the write-off of in-process research and development from the acquisition of Packard Bioscience and some telecommunications inventory.

On a proforma basis that excludes the amortization of goodwill and charges, fourth quarter net income from continuing operations rose to $34.5 million or 30 cents a share, versus $32.2 million, or 31 cents per share, in the year ago quarter. The number of shares outstanding rose in the 2001 quarter from the prior year.

 

Varian first-quarter earnings up 17 percent

Scientific instrument maker Varian Inc. said its fiscal first-quarter earnings rose 17 percent on strong shipments of its nuclear magnetic resonance products and on solid operating margins.

The company posted net income of $12.5 million, or 36 cents a share, for the first quarter ended Dec. 28, up from $10.7 million, or 31 cents a share, a year earlier, before the effect of an accounting change. Analysts polled by Thomson Financial/First Call were targeting a range of 32 cents to 34 cents a share, with a mean estimate of 33 cents.

Varian said it sees earnings of 33 cents to 34 cents a share for the second quarter and $1.42 to $1.45 for the full year, within the range of analysts' forecasts. It said it will "continue to be cautious" until it sees some improvement in capital spending that should drive growth in its vacuum technologies and electronics manufacturing businesses.

First-quarter sales increased to $184.2 million from $182.3 million a year earlier, helped by a 20 percent jump in sales at the company's key scientific instrument unit.

 

Keithley First Quarter Fiscal 2002 Results

Net sales of $20.4 million for the first quarter of fiscal 2002 decreased 54 percent from record sales of $44.5 million in last year's first quarter. Sequentially, sales decreased 21 percent from the fourth quarter of fiscal 2001. The Company reported a net loss for the first quarter of fiscal 2002 of $1.6 million, or $0.10 per share, versus record income of $6.9 million, or $0.42 per share, in last year's first quarter. Orders of $20.1 million for the first quarter decreased 60 percent from last year's record orders of $49.8 million. Geographically, orders were down 66 percent in the United States, 62 percent in the Pacific Basin, and 49 percent in Europe when compared to the prior year. Compared to the fourth quarter of fiscal 2001, orders decreased 7 percent: semiconductor industry orders declined 46 percent, optoelectronics industry orders declined 34 percent, telecommunications industry orders were down 5 percent, while orders from the company's research and education customers increased 30 percent. For the first quarter, semiconductor and telecommunications orders each comprised approximately 15 percent of the total $20.1 million, optoelectronics orders made up 5 percent, while research and education made up about 25 percent. Order backlog remained virtually unchanged at $12.0 million at December 31, 2001.

"Although orders and sales declined for the quarter, our sales and losses were within our November 1st guidance," stated Joseph P. Keithley, the company's Chairman, President and Chief Executive Officer. "Even though conditions are very difficult in the industries we serve, we continue to believe in their long-term growth potential. Our conviction in the growth and opportunities that exist in our target markets compels us to maintain our spending levels for our new product development. We recently introduced software upgrades for our Model 4200-SCS semiconductor characterization system, RF capabilities for our Model S630 parametric tester family, as well as a new picoammeter that can serve applications for the research community, optoelectronics industry, as well as OEMs and system integrators. Successful new products are a key element of our growth strategy. We were pleased to learn that, after a customer nomination, the Model 4200-SCS semiconductor characterization system received Semiconductor International Magazine's "Editor's Choice" award. Our research and education customers continue to be important to us as leading indicators of trends in our target industries, and we are pleased with our ability to increase business from them."

The company's financial position remained strong during the quarter. Cash and short-term investments totaled $48 million, while debt was $3 million at December 31, 2001.

Business Outlook
"We are seeing industry conditions beginning to stabilize," stated Keithley. "While orders from our semiconductor and optoelectronics customers continued to decline, there were essentially no order cancellations. We believe we are beginning to see early signs of a recovery with regard to the semiconductor business. However, it is unclear when our order levels will begin to show significant increases. Based on what we are seeing now, we expect results for the second quarter to be in a similar range as to the guidance we gave for the first quarter. We expect sales for the second quarter to range between $19 and $23 million. Based on these sales levels, we would expect a pretax loss as a percentage of sales for the second quarter to range between upper single digits to upper teens." "Despite weak industry conditions, our company has never been stronger. We have a solid balance sheet, and have significantly upgraded our product offerings over the last few years. During 2001, we added RF and optical capabilities to our product solutions. During the coming year, we will continue to add new solutions for RF and optical applications to expand the breadth and depth of our product lines. These new products will allow us to offer our customers complete system solutions for their measurement needs, and allow us to continue to gain market share in the test and measurement industry," added Keithley.

 

Danaher Fourth Quarter Earnings Drop

Danaher Corporation, a maker of tools and environmental and motion controls, said its fourth-quarter earnings before unusual items fell as the recession dampened orders.

The Washington-based company said earnings were $76.6 million, or 52 cents a share, compared with $87.8 million, or 60 cents a share, a year earlier. Sales dropped 11 percent to $918.9 million from $1.03 billion.

Analysts had expected earnings of 52 cents to 53 cents a share, with a mean estimate of 52 cents, according to market tracker Thomson Financial/First Call. On Dec. 13, when Danaher announced a restructuring, it said it expected to earn 51 cents to 53 cents a share. Danaher also took a previously announced charge of $43.5 million, or 29 cents a share, to shut 16 facilities and cut 1,100 jobs. After the charge, its net earnings were $33.1 million, or 23 cents a share.

 

Teradyne Announces Fourth Quarter Results

Teradyne, Inc. reported sales of $220.2 million for the fourth quarter of 2001, and a net loss of $75.6 million, or $0.42 per share, excluding special charges. Including special charges, the net loss was $112.6 million ($0.63 per share). Gross bookings for the quarter were $212 million, and net bookings after cancellations totaled $127 million.

Teradyne Chairman George Chamillard stated that while Teradyne's fourth quarter results were in line with earlier guidance, 2001 was sobering, and that the challenges faced by Teradyne are likely to continue. He noted that "in view of the mixed messages we are receiving from the market place, we don't see an imminent upturn." Chamillard stated that in the face of this situation, Teradyne anticipates that revenue and earnings for the first quarter of 2002 will be between $200 million and $250 million and losses will be in the range of $0.40 to $0.50 per share, excluding special charges.

"Our focus in recent months", said Chamillard, " has been on cost control, cash management and positioning our businesses for the upturn. We will continue to focus on those areas. We will also continue to lower our time to market and our costs to produce the new products that we believe our customers will demand."

 

ISWM EXPO 2002 Planned

The International Society of Weighing and Measurement (ISWM) has posted the details of their 82nd Technical Conference and 2002 Exhibition. The conference is scheduled for May 29-31, 2002 at the Gaylord Palms Resort and Convention Center near Orlando, Florida. Visit their web site at www.iswm.org for more details outlining the educational sessions being offered, hotel registration information and exhibitor details.

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