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JULY 2002 INDUSTRY NEWS

Danaher Corporation Announces Second Quarter Results

Danaher Corporation announced that net earnings for its second quarter ended June 28, 2002 were $103.7 million, 10% above the corresponding 2001 period earnings of $94.2 million. Diluted earnings per share for the 2002 quarter were $0.66, an increase of 5% over the $0.63 reported for the 2001 second quarter. In accordance with the adoption of Statement of Financial Accounting Standards 142 (SFAS 142), the Company stopped amortizing goodwill as of January 1, 2002. Excluding goodwill amortization from the second quarter of 2001, earnings per share would have been $0.71. The second quarter of 2002 included a $1.6 million after-tax gain ($0.01 per share) from the sale of real estate. Sales for the 2002 second quarter were $1,146.3 million, 20% higher than the $956.6 million for the quarter ended June 29, 2001.

For the six month period ended June 28, 2002, net earnings, before the effect of a change in accounting principle in connection with the Company's adoption of SFAS 142, were $186.4 million, up 5% from the $176.8 million reported in 2001. Diluted earnings per share for the 2002 six month period of $1.21 (before the effect of the change in accounting principle related to SFAS 142) increased 2% from the $1.19 in 2001. Excluding goodwill amortization from the 2001 six month period, earnings per share would have been $1.35. Net earnings for the 2002 six month period, after the effect of a first quarter $173.8 million one-time non-cash charge for impairment of goodwill, was $12.7 million. Sales of $2,150.5 million for the 2002 six month period were 10% higher than the $1,961.9 million reported in 2001.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are pleased with our second quarter results. Total sales for the quarter grew 20%, resulting primarily from our first quarter acquisitions of Gilbarco, Videojet and Viridor. Although continued softness in several of our Process/Environmental Controls businesses led to a 7% overall core volume decline for the quarter, our Tools and Components segment reported 5% core volume growth. Our pace to achieve record 2002 cash flow continues, with operating cash flow of $393 million for the six month period 26% higher than in 2001. We are optimistic that our results will show continued improvement throughout 2002, as the markets we serve stabilize and as we fully integrate our recent restructuring initiatives and acquisitions."

 

National Instruments Reports Solid Profitability

National Instruments announced revenue of $94 million for the second quarter of 2002 with diluted earnings per share (EPS) of 14 cents. NI also reported net income of $7.4 million and cash flow from operations of $17 million for Q2 2002.

"We turned in a solid performance in Q2 2002 in the face of a tough economic environment," said James Truchard, NI President and CEO. "Though the climate remains challenging, we were encouraged with the dramatic difference between our performance and that of our industry peers. We were especially pleased with continued record orders for LabVIEW Real-Time software and our PXI modular hardware and with our progress in penetrating new customer applications in product design and high-volume manufacturing."

Q2 2002 Highlights
· Solid profitability with diluted EPS of 14 cents
· Strong cash flow, increasing net cash and short-term investment by $11 million to $160 million
· Expenses at $58 million, down 3 percent as compared to the second quarter of 2001
· Record orders of LabVIEW Real-Time software and modular PXI hardware
· New machine vision development software for LabVIEW Real-Time

"With net margins of 8 percent, we continued to deliver solid profitability and maintained one of the highest net margins in our industry," said Alex Davern, CFO of NI. "We were encouraged to see U.S. industrial production in June return to year-over-year growth for the first time in 16 months. This improvement, combined with our revenue run rate in Q2, leaves us well positioned to return to year-over-year revenue growth in the third quarter."

Geographically, the change of revenue in U.S. dollar terms for Q2 2002 as compared to Q2 2001 was as follows: Asia, up 8 percent; Americas, down 2 percent; Europe, down 12 percent; and down 4 percent worldwide.

Since NI's IPO in 1995, the company's typical seasonal pattern has been for revenue in Q3 to be flat with Q2. While it is difficult in the current environment to predict revenues to within a few million dollars, NI anticipates a return to year-over-year revenue growth in Q3 with gross margins of 73 percent. The company estimates expenses in Q3 2002 will be approximately $60 million, up from $58 million in Q2 2002.

 

Teradyne Announces Second Quarter Results

Teradyne, Inc., reported sales of $309.9 million for the second quarter of 2002, and a net loss of $50.7 million, or $0.28 per share. Gross bookings for the quarter were $272.7 million, and net bookings after cancellations totaled $228.3 million.

"While we are never pleased to report losses, our results were consistent with the guidance we provided early in the quarter. These figures represent improvements in both sales and operating results: sales grew by 25% and we reduced our losses by 30%," said Teradyne chairman and CEO George Chamillard.

"Our gross orders for the quarter totaled $273 million, up 15% from Q1."

"Our guidance for the third quarter is for sales to be between $325 and $350 million, with a loss of 29 cents per share, plus or minus three cents, before any special items," he concluded.

 

Transmation, Inc. Reports Final Fourth Quarter and Fiscal 2002 Results;
Final Fourth Quarter and Year Loss Reduced by $600,000 From Preliminary Results

Transmation, Inc., a leading distributor and marketer of test and measurement instrumentation and calibration and repair services, announced final financial results for the fiscal year and fourth quarter ended March 31, 2002.The Company issued preliminary results on June 5, 2002 pending a determination of whether the Company could recognize certain tax benefits.

For fiscal year 2002, the net loss was $6.6 million, or $1.08 per share. This compares to net income of $0.5 million, or $0.09 per share, on sales of $75.6 million for fiscal year 2001. Excluding the impact of certain one-time charges the net loss for the year would have been $1.6 million or $0.26 per share. For the quarter ended March 31, 2002, the Company reported a net loss of $0.6 million, or $0.10 per share, on sales of $16.9 million. This compares to net income of $0.7 million, or $0.11 per share, on sales of $20.2 million for the quarter ended March 31, 2001. Excluding the impact of certain one-time charges the Company would have had net income of $0.5 million or $0.08 per share.

The Company preliminarily reported a net loss of $7.2 million, or $1.18 per share for the fiscal year and a net loss of $1.2 million, or $0.20 per share for the fourth quarter. This adjustment of $0.6 million to the Company's fiscal 2002 results reflects the Company's ability to recognize recoverable taxes paid on prior period taxable income. This is a result of changes made to the tax code in March, 2002.

Transmation, Inc. sells and markets test and measurement instrumentation and calibration and repair services to a variety of industries including life sciences, communications, aerospace, automotive, petroleum refining, chemical manufacturing, public utility, pharmaceutical, and pulp and paper.

 

Fluke Develops World Class Temperature Measurement Laboratory In UK

Fluke is developing a new precision temperature measurement laboratory, based at the Fluke Precision Measurement facility in Norwich, England. The new laboratory will offer calibration services to producers and users of precision temperature measurement equipment throughout Europe, the Middle East and Africa. The laboratory is planned to be fully operational by late 2002.

This move follows Fluke's acquisition of Hart Scientific, the largest and most well known supplier of precision temperature measurement equipment. "Hart has what is widely reputed to be the world's best temperature measurement laboratory at their Salt Lake City facility in the United States," said Peter Crisp, manager of the new Norwich laboratory. "We aim to replicate that capability here in Norwich."

The laboratory will offer temperature measurement capability from -200 oC to +1000 oC with accuracy better than 0.001 oC. This high level of measurement accuracy is required in a number of process industries including semiconductor manufacturing, biotechnology and petrochemicals.

 

House Panel Approves FDA Budget

The House Appropriations Committee approved a bill that would appropriate $1.39 billion to the FDA in fiscal year 2003. The committee's budget is $7 million more than the president requested and $16 million more than the agency's fiscal year 2002 budget, according to a committee press release.

The bill was adopted on a voice vote with no dissents. The committee's appropriation includes a $4.6 million increase for the generic drug program, which will enable the FDA to review 75 percent of abbreviated new drug applications (ANDAs) within six months after they're filed, the committee report said. The bill, which hasn't been assigned a number yet, now goes to the House Rules Committee.

 

ASI and DataMyte Proposed Merger

In May 2002, a group of private investors who are the principal owners of Applied Statistics, Inc., acquired the DataMyte business of Rockwell Automation, Inc. The investor group proposes to merge the Applied Statistics and DataMyte operations, subject to approval of the transaction by Applied Statistics shareholders. The transaction is expected to be submitted to the ASI shareholders in July, 2002.

Applied Statistics is a leading developer of statistical process control (SPC) software solutions for the manufacturing industry. DataMyte manufactures data collection devices, quality control software, gauge management software and precision measurement solutions.

The combined companies, which will be known as ASI DataMyte, Inc., will continue to support and develop both the Applied Statistics and the DataMyte products, providing a wide range of quality information solutions for their customers.

"Applied Statistics and DataMyte are an excellent strategic match," said Frank Voigt, President of ASI DataMyte, Inc. "Both are based in the Twin Cities and complement each other well. The merged companies will benefit from Applied Statistics strength in software development and DataMyte's large and successful direct sales force, significant international distribution, and dominant position in the market for data collection hardware."

For more information visit the ASI DataMyte web site at www.datamyte.com/index.html

 

Newport Corporation Completes Sale Of U.S. Based Metrology Assets

Newport Corporation has completed the sale of its U.S.-based non-contact metrology business to an affiliate of Optical Gaging Products (OGP) of Rochester, New York, a privately held designer and manufacturer of precision non-contact and multi-sensor coordinate-measuring systems used for dimensional inspection.

The transaction is the second part of an earlier announced two-step plan by Newport to sell the majority of its Industrial Metrology Systems Division. On May 13, 2002, Newport announced that it had completed the first step in this plan by selling its contact measurement metrology business, primarily relating to its CEJohansson subsidiary in Sweden, to Hexagon AB, also based in Sweden.

Hexagon is a multinational engineering company and parent of Brown and Sharpe, a metrology company headquartered in North Kingstown, Rhode Island. Total cash proceeds from both transactions, as announced earlier, are expected to be approximately $11 million. The transactions will be accretive to Newport's operating results as the divestitures eliminate continuing losses in the company's metrology business. Newport's combined metrology operations generated sales of approximately $24 million in 2001 and incurred operating losses of approximately $9 million. The business represented approximately $32 million of Newport's total assets of $544 million as of December 31, 2001.

Newport Corporation is a global leader in the design, manufacture and marketing of high precision components, instruments and integrated systems to the fiber optic communications, semiconductor equipment, aerospace and research markets. The company's innovative products are designed to enhance productivity and capabilities of test and measurement and automated assembly for precision manufacturing, engineering and research applications. Customers include Fortune 500 corporations, technology companies and research laboratories in commercial, academic and government sectors worldwide.

 

LeCroy Enters Into Agreement With IBM For Next Generation Silicon Germanium (SiGe) Technology

LeCroy Corporation, a leading supplier of high-performance digital oscilloscopes, announced that it has entered into an agreement with IBM Corporation to deploy their next generation 0.18um silicon germanium (SiGe) technology into LeCroy's WaveShape Analysis Oscilloscope products.

This agreement gives LeCroy access to IBM's newest SiGe process, which will be used to develop the next generation of SiGe components. LeCroy expects that these SiGe components will deliver higher digital oscilloscopes with specifications that exceed anything available in the market today.

"We have had a long and very succesful technology relationship with IBM," stated LeCroy President and CEO Tom Reslewic. "Our previous decision to incorporate IBM's 0.5um SiGe technology in our WaveMaster product line has propelled us into the highest end of the real-time oscilloscope market. LeCroy's proprietary chip designs, combined with IBM's SiGe process, have produced an industry-first combination of high bandwidth, high sample rate and long memory."

 

American Physical Society Presents Joseph F. Keithley Award For Advances in Measurement Science

The American Physical Society (APS) named Robert J. Soulen, Jr., of the U.S. Naval Research Laboratory as the 2002 winner of the Joseph F. Keithley Award for his work developing low temperature noise thermometry to achieve an absolute thermometer, which now defines part of the year 2000 International Temperature Scale.

The Keithley Award, established in 1997, presents $5000 annually to a physicist who has been instrumental in the development of measurement techniques or equipment that have an impact on the physics community by providing better measurements. The award honors Joseph F. Keithley, founder of Keithley Instruments, for his contributions in the area of sensitive and precision instrument development and measurement techniques.

The APS selection committee for this award honored Soulen for helping to advance thermometry during his distinguished career, and cited in particular his development of a thermometer so accurate that it defines the standard for the International Temperature Scale from 1mK and 1K.

 

NIST Develops Two New Wavelength Calibration Standards

NIST has developed two new wavelength calibration transfer standards for the new L-band of wavelength division multiplexed optical fiber communication systems. These standards, based on the absorption spectrum of carbon monoxide, are now available from the National Institute of Standards and Technology (NIST) as Standard Reference Materials (SRM) 2514 and 2515.

Wavelength division multiplexing in optical fiber communication systems increases bandwidth by using many wavelength channels. Current systems typically employ 50 or 100 gigahertz channel spacing in the 1530 to 1560 nanometer C-Band; wavelength division multiplexing expands into the L-band region (1565 to 1625 nanometers). Wavelength references are needed in this region to calibrate instruments such as optical spectrum analyzers, tunable lasers and wavelength meters used to characterize system components and measure the channel wavelengths.

SRM 2514 can be used to calibrate the wavelength scale of measurement equipment in the 1560 to 1595 nanometer region while SRM 2515 can be used in the 1595 to 1630 nanometer region. Since they are based on the quantized vibrational and rotational motion of molecules, these SRMs provide wavelength references that are very stable under changing environmental conditions.

The SRMs may be purchased from the NIST Standard Reference Materials Program, NIST, 100 Bureau Dr., Stop 2322, Gaithersburg, Md. 20899-2322; (301) 975-6776; fax: (301) 948-3730; srminfo@nist.gov or online at http://ts.nist.gov/ts/htdocs/230/232/232.htm. More information about the development of the SRMs may be obtained from Sarah Gilbert of the NIST Optoelectronics Division.

 

Siemens USA names Martin Energy & Automation CEO

Siemens Corp. has named Aubert Martin, 59, previously global president of its Automation & Drives motion controls division, president and CEO of Siemens Energy & Automation, Inc. (SE&A), effective immediately. He succeeds Richard C. Buzun, who Siemens said is retiring.

Buzun has been president and CEO of SE&A since October 2000.

Martin began his career with Siemens in 1967. He has held various positions in engineering, sales and marketing, and business development in the company's Automation & Drives business units. Prior to his last assignment, Martin led the high-speed trains division of Siemens Transportation Systems headquartered in Erlangen, Germany.

"Under the leadership of Aubert Martin, Siemens' motion controls business captured the number-one position worldwide," said Klaus Kleinfeld, Siemens Corp. president and CEO. "He brings to our U.S. organization the proven leadership and business acumen needed to drive SE&A to the top of the increasingly competitive industrial and construction sectors."

In his new position, Martin will be responsible for all of SE&A's staff functions, subsidiaries and business operations in the United States. Headquartered in Alpharetta, Ga., the company manufactures and markets a wide variety of electrical and electronic equipment and systems in the industrial and construction market segments. Martin is a native of Austria. He holds a master's degree in electrical engineering from the Technical University of Vienna.

 

Carl Zeiss, Inc. Offers Courses

Carl Zeiss is offering some courses that may interest the calibration professional.

A Gage R&R one-day course will help anyone to better understand Gage Repeatability and Reproducibility (GR&R) studies. Emphasis is placed on the practical application for CMMs. Dates: August 5, 2002 in Brighton, MI and October 29, 2002 in Minneapolis, MN.

The Introduction to Coordinate Metrology is a one-day course to help a new CMM user to understand the fundamental concepts of coordinate metrology. Dates July 11, 2002 in Brighton, MI; September 26, 2002 in Minneapolis, MN; November 21, 2002 in Minneapolis, MN.

For more information visit www.zeiss.de/us/imt/home.nsf

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