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NOVEMBER 2007 INDUSTRY NEWS

 

DHR Completes Acquisition of Tektronix

Danaher Corporation announced it has completed the merger of its indirect wholly owned subsidiary into Tektronix, Inc. and, as a result, Tektronix has become an indirect wholly owned subsidiary of Danaher.

Tektronix's common stock will now cease to be traded on the New York Stock Exchange. Detailed instructions will be mailed to former Tektronix stockholders who did not tender their shares into the offer outlining the steps to be taken to obtain the merger consideration of $38 per share in cash, without interest.

The closing of the merger and the cessation of trading of Tektronix's common stock on the New York Stock Exchange are each a "fundamental change" under the terms of the indenture governing Tektronix's $345 million aggregate principal amount 1.625% Senior Convertible Notes due 2012, which entitles the noteholders to convert their notes into a cash amount based on the value of a certain number of common shares to be determined by a formula set forth in the indenture.

About Danaher
Danaher Corporation is a leading manufacturer of Professional Instrumentation, Medical Technologies, Industrial Technologies and Tools and Components (www.danaher.com).

About Tektronix
Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, consumer electronics, and education industries -- as well as military/aerospace, semiconductor, and a broad range of other industries worldwide. With 60 years of experience, Tektronix enables its customers to design, build, deploy, and manage next-generation global communications networks, computing and advanced technologies. Headquartered in Beaverton, Oregon, Tektronix has operations in 19 countries worldwide. Tektronix's Web address is www.tektronix.com.

 

Calipers and Micrometers Markets Driven by High Demand for Measurement Quality and Technology Improvements

The increasing need for reliable handheld devices in applications that require strict measurement tolerances has contributed to the steady growth of the calipers and micrometers markets. Investments in research and development initiatives have resulted in the overall improvement of such instruments, which in turn allows for a heightened level of measurement accuracy for various end-users. The applicability of calipers and micrometers to many different industry segments provides significant growth potential over the next few years.

New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), World Calipers and Micrometers Markets, reveals that the calipers market earned revenues of $320.0 million in 2007 and estimates this to reach $679.3 million in 2014. Additionally, the analysis reveals that the micrometers market earned revenues of $336.7 million in 2007 and estimates this to reach $725.7 million in 2014.

The relatively low costs associated with calipers and micrometers have significantly contributed to an increased consumption of these products. Furthermore, many devices are manufactured with extreme durability in order to withstand different types of environmental conditions. Despite the development of more-sophisticated computer- and laser-based metrology systems, the affordability, resilience, and portability that accompany calipers and micrometers make them desirable measurement options for many end-users.

"Although the calipers and micrometers markets are approaching a mature state, the constant technological and structural improvements made by manufacturers of such devices will allow these markets to grow further," notes Frost & Sullivan Research Analyst Juan Rosales. "The fact that such small devices can withstand harsh conditions such as moisture and dust while providing a high level of measurement accuracy will further necessitate their role in environments where dimensional reliability is crucial."

While many caliper and micrometer manufacturers have leveraged their R&D expertise to successfully update their product lines with digital-based devices, some vendors have yet to embrace such technology. A large number of consumers still utilize non-digital devices, particularly those who prefer the use of dial indicators for measurement readouts. However, the user-friendly features associated with digital calipers and micrometers, such as an LCD display screen for data acquisition, will provide the manufacturers of such technology with a considerable advantage over competitors who do not develop digital devices.

Vendors can take advantage of recent trends, namely the use of USB interfaces for computer connectivity and extended battery life associated with digital devices, to improve the consumption rates among users who desire accurate measurement equipment.

"The use of digital calipers and micrometers among end-users will continue to grow significantly," explains Rosales. "However, the need for their non-digital counterparts will remain present, due to the fact that they offer a level of sturdiness and robustness that is sometimes lacking in the more sophisticated technology in the market."

World Calipers and Micrometers Market is part of the Test and Measurement Growth Partnership Service, which also includes research services in the following markets: world general purpose test and measurement market, world mechanical tests market, and world manufacturing tests market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews are available to the press.

Frost & Sullivan, the Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan’s Growth Partnerships, visit http://www.frost.com.

 

ISA's 54th International Instrumentation Symposium Slated for May in Pensacola Beach

The 54th annual ISA International Instrumentation Symposium, recognized as the leading forum for discussion of new and innovative instrumentation techniques and applications, will be held 5-8 May 2008 at the Hilton Pensacola Beach Gulf Front Hotel in Pensacola Beach, Florida.

The symposium will include paper sessions, short courses, tutorials, and a student presentation competition. The abstract submittal deadline for papers is 15 November, and papers that are presented at the conference will be considered for publication in the ISA technical journal "ISA Transactions." The event is sponsored by the Aerospace, Process Measurement and Control, and Test Measurement divisions of ISA. The event will also include social events, an exhibit, and a technical tour of the area.

Industry experts will present papers on important topics like electronic instrumentation, wireless technology, cyber and homeland security, aerospace systems, process measurement and control, safety instrumented systems, calibration, measurement standards, and power station, radiation, and nuclear instrumentation.

For more information about the symposium, visit www.isa.org/iis or call (919) 549-8411.

 

Agilent Technologies Reports Fourth Quarter 2007 Results

Agilent Technologies Inc. (NYSE: A) today reported orders of $1.48 billion for the fourth fiscal quarter ended Oct. 31, 2007, 6 percent above one year ago. Revenues during the quarter were $1.45 billion, 9 percent above last year. Fourth quarter GAAP net income was $180 million, or $0.46 per diluted share. Last year's fourth quarter GAAP net income from continuing operations was $126 million, or $0.31 per share.

Included in this quarter's GAAP income is $36 million of share-based compensation expense. Excluding this item and $10 million of other net adjustments, Agilent reported fourth quarter adjusted net income of $206 million, or $0.53 per share. On a comparable basis, the company earned $190 million, or $0.45 per share, one year ago.(1)

"Agilent had a good fiscal fourth quarter, especially considering the continued divergent trends of our markets," said Bill Sullivan, Agilent president and chief executive officer. "Bio-analytical markets were strong in both Chemical Analysis and Life Sciences, and across all geographies. Electronic measurement markets were very mixed, with strength in aerospace / defense and wireless R&D, a flat profile for wireless handset and electronic manufacturing test, and weakness in computer and semiconductor markets."

Total fourth quarter revenues were up 9 percent from last year to $1.45 billion. Adjusted net income per share, at $0.53, was 18 percent above last year's results and near the top of the $0.50 - $0.54 guidance range.

Sullivan noted that the Bio-Analytical segment grew at a double-digit pace for the sixth consecutive quarter, and that the segment operating margin was at a record level. "We are seeing sustained strength in our new Liquid Chromatograph, Mass Spectroscopy and Gas Chromatograph platforms, and Stratagene integration activities continue to go well. Last week, we announced the acquisition of Velocity11, adding lab automation to our expanding workflow solutions."

"While the Electronic Measurement segment was flat overall, we saw good growth in those areas where we have invested in specific growth initiatives, such as aerospace / defense and wireless R&D," said Sullivan.

Fourth quarter Return on Invested Capital(2) reached a new high of 30 percent, a point better than last year's strong performance. Both Receivables Days-Sales-Outstanding and Inventory Days-On-Hand reached new historic lows. Cash generated from operating activities was $398 million in the fourth quarter. During the period, the company repurchased $631 million of its common stock, completing its $2 billion buyback program.

Full fiscal 2007 revenues grew 9 percent to $5.4 billion. Adjusted net income per share rose 22 percent to $1.82. Return on Invested Capital reached 27 percent, and cash generated from operating activities during fiscal 2007 was $969 million.

Said Sullivan, "Today, Agilent's Board of Directors authorized a new program to repurchase up to $2 billion of Agilent's common shares, reflecting its confidence in Agilent's ability to create superior shareholder value, leveraging our operating model through higher sustainable growth."

Looking ahead, Sullivan said the company was comfortable with the range of analyst estimates for FY2008 revenues and adjusted net income per share.(3) For the fiscal first quarter of 2008, revenues are expected to be in the range of $1.35 billion to $1.40 billion, up 5 percent to 9 percent from last year.

Comparisons of this year's first quarter adjusted net income will be affected by a change in the timing of Agilent's annual compensation awards program, and by a shift toward more variable compensation. Compared to last year, about $32 million more compensation-related expense will be recognized in Q1FY08. That $0.06 per share cost increase will be offset by a $0.04 reduction in Q2 expense, and by $0.01 reductions in FY08's Q3 and Q4. Reflecting this changed pattern of compensation expense, first quarter adjusted net income is expected to be in the range of $0.38 to $0.43 per share, 15 percent to 30 percent above last year's comparable earnings.(4)

About Agilent
Agilent Technologies Inc. (NYSE: A) is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. Agilent had net revenues of $5.4 billion in fiscal 2007. Information about Agilent is available on the Web at www.agilent.com.

 

Keithley Instruments Reports Fiscal 2007 Results

Keithley Instruments, Inc., a leader in solutions for emerging measurement needs, today announced results for its fourth quarter and year that ended September 30, 2007.

Fourth Quarter Results
Net sales of $36.3 million for the fourth quarter of fiscal 2007 decreased 12 percent from the prior year's fourth quarter sales of $41.3 million. The effect of a weaker U.S. dollar positively impacted sales growth by approximately one percentage point. Sequentially, sales increased eight percent from the third quarter of fiscal 2007. The Company reported a net loss for the fourth quarter of fiscal 2007 of $0.9 million, or $0.05 per share including income tax expense of $1.2 million. Net income for the fourth quarter of fiscal 2006 was $2.7 million, or $0.16 per share. Earnings before income taxes were $0.3 million for the fourth quarter of fiscal 2007 compared to $2.6 million during the fourth quarter of fiscal 2006. The decrease in net earnings was primarily the result of lower sales volume and higher income taxes, partially offset by lower selling, general and administrative costs. Included in the results for the fourth quarter of fiscal 2006 were costs of approximately $0.5 million after-tax, or $0.03 per share, associated with the stock option investigation and litigation, compared to a negligible amount in the current year's fourth quarter. The Company recorded tax expense of $1.2 million in the fourth quarter of fiscal 2007 compared to a tax benefit of $0.1 million during the prior year's fourth quarter.

Orders of $34.2 million for the fourth quarter decreased $2.8 million, or eight percent, compared with orders of $37.0 million last year. Orders decreased 25 percent in the Americas, decreased six percent in Asia, and increased ten percent in Europe. Orders from the Company's semiconductor customers decreased approximately 30 percent, orders from wireless communications customers were flat, orders from precision electronic component/subassembly manufacturers increased approximately ten percent, and orders from research and education customers increased approximately 20 percent as compared to the prior year's fourth quarter. Sequentially, orders decreased five percent from the third quarter of fiscal 2007 primarily due to lower orders from the Company's semiconductor customers. Order backlog decreased $1.6 million during the quarter to $14.5 million at September 30, 2007.

"The results of our fourth quarter continued to reflect a cautious attitude among our semiconductor customers with regard to their capital equipment spending," stated Joseph P. Keithley, the Company's Chairman, President and Chief Executive Officer. "At the same time, we continued to achieve the cost reductions that we previously announced by reducing our discretionary spending."

Keithley added, "During the past few years we have made substantial progress expanding and refreshing our product offering and enhancing our capabilities. Our latest products represent a major milestone in the implementation of our strategy and include capacitance-voltage (C-V) measurement, a refreshed switching platform, new source/measure capabilities, pulse capabilities, and expanded RF solutions. We are excited about our recent product introductions which will provide more complete solutions for our customers for their R&D and production applications."

"During October, we announced the availability of C-V measurement capability for our Model 4200 Semiconductor Characterization System. With the addition of this capability, we now satisfy the widest range of applications served by a single semiconductor test instrument, supporting a broad array of probers, device types, process technologies, and measurement methodologies including pulse I-V (current-voltage). The Model 4200's flexibility and powerful test capability can replace a variety of electrical test tools with a single, tightly integrated characterization solution," stated Keithley.

"In October, we announced two second generation RF instruments, the Model 2820 Vector Signal Analyzer, which provides a frequency range to 6GHz and includes support for all 802.11 WiFi signal formats, and the Model 2920 Vector Signal Generator, which provides a frequency range from 10MHz to 6GHz. These products are used in a wide range of wireless and cellular test applications for both R&D and production," noted Keithley.

Keithley added, "We also announced the addition of our 4X4 MIMO RF test system to our RF product family. MIMO is a technology that uses multiple radios for both transmitting and receiving data. In RF communication devices, MIMO increases data throughput rates without the need for additional bandwidth and accordingly its adoption is growing quickly. Our new test system uses multiple Model 2820s and Model 2920s, depending on the number of input and output channels required by the customer. The system also uses the new Model 2895 MIMO Synchronization Unit to create the precise synchronization required between MIMO channels and uses our new Signal Analysis Software which supports 802.11n MIMO signals."

"During the quarter, we also introduced SignalMeister(TM) Waveform Creation Software for use on our RF Vector Signal Generators, which allows users to create and modify complex wireless waveforms and supports the Chinese TD-SCDMA wireless communication standard," added Keithley.

Keithley stated, "In September, we announced the introduction of the Series 3700 System Switch/Multimeter and Plug-in Card Family, our next- generation platform of switching and integrated digital multimeter test solutions. The Series 3700 is ideal for multi-point test applications, as part of a functional test system, or in stand-alone data acquisition and measurement applications for R&D and production testing of electronic devices, modules, and end products. The Series 3700 is the second instrument family to include the Company's unique Test Script Processor (TSP(TM)) communication and control capability and therefore is a powerful combination when used with the Series 2600 SourceMeter(R) Instrument family. TSP is our proprietary technology that simplifies programming and speeds system operation. The availability of this technology in both of our product families significantly eases the effort of programming and integrating these two important product lines into test systems for various production and research applications."

"During September, we announced two additions to our Series 2600 SourceMeter Instrument family, the Models 2635 and 2636. These models represent a new and unique way of doing parametric analysis at resolutions as fine as 1fA (femto-amp), which is often required for many semiconductor, optoelectronic, and nanotechnology devices. With their embedded TSP capability, these new instruments enable engineers to quickly create fast test systems that are ideal for research, characterization, wafer sort, reliability, production monitoring, and a multitude of other test applications," added Keithley.

Fiscal Year Results
Net sales for fiscal 2007 were $143.7 million, a decrease of seven percent from the $155.2 million in fiscal 2006. The effect of a weaker U.S. dollar positively impacted sales growth by approximately one percentage point. Net loss for the year was $0.3 million, or $0.02 per share, which included costs associated with the stock option investigation and litigation of approximately $0.9 million after-tax, or $0.06 per share. This compared with net income of $8.4 million, or $0.50 per share, in fiscal 2006, which included costs associated with the stock option investigation and litigation of approximately $0.5 million after-tax, or $0.03 per share. The decrease in earnings was primarily the result of lower sales volumes, lower gross margins, and higher product development costs. The Company's investment in new products increased $2.2 million, or nine percent, year-over-year. Partially offsetting the decrease in earnings for fiscal 2007 was a tax benefit of $0.9 million, or $0.05 per share, associated with the retroactive application of research tax credits that expired on December 31, 2005, as well as an overall favorable effective tax rate. Including the research tax credit, the Company recorded a tax benefit of $1.3 million, resulting in an effective tax benefit rate of 79.3 percent for fiscal 2007. For fiscal 2006, the Company recorded an effective tax expense rate of 15.7 percent.

Orders for fiscal 2007 were $140.4 million, a decrease of nine percent from the prior year. Geographically, orders decreased 25 percent in the Americas, increased 13 percent in Asia, and decreased 15 percent in Europe. Orders from the Company's semiconductor customers decreased approximately 30 percent, orders from wireless communications customers and precision electronic components/subassembly manufacturers were flat, and orders from research and education customers increased approximately 15 compared to fiscal 2006. For fiscal year 2007, semiconductor orders comprised approximately 35 percent of the total, wireless communications orders were about 10 percent, precision electronic components/subassembly manufacturers were approximately 25 percent, and research and education orders were about 20 percent.

The Company generated $0.6 million in cash from operations during the fourth quarter of fiscal 2007, and $6.0 million during the full fiscal year. The balance sheet remains solid with cash and short-term investments totaling $45.2 million at September 30, 2007 and debt levels at $0.8 million. Inventory of $14.7 million approximates year ago levels. Inventory turns were 4.6 at both September 30, 2007 and 2006. Trade receivables were $18.3 million, down $7.9 million from year ago levels and down $0.3 million from June 30, 2007. Days sales outstanding improved to 50 at September 30, 2007, versus 53 a year ago. During the fourth quarter of fiscal 2007, the Company used cash to repurchase shares for $1.6 million and contributed $1.0 million to its pension plan.

http://www.keithley.com/

 

NCSL 2008 Conference Call for Papers

Abstracts can be submitted for the 2008 NSCL Conference. The theme is Metrology's Impact on Business. Abstracts must be non-commercial and objective. They are required for all proposed Workshops, Panels, and Papers. The due date for Proposed Abstracts is January 11, 2008. For more information, visit http://www.ncsli.org/conference/2008/cfp.cfm.

 

October 2007 Issue of NVLAP News Available

The October 2007 issue of NVLAP News is now available on our web site. Click here to read the latest news. This newsletter is e-mailed to laboratories enrolled in the NVLAP program and to NVLAP assessors and technical experts. For back issues of NVLAP News, please visit our Publications page.

 

Extech Instruments Corporation News

Jerry Blakeley, President and owner of Extech Instruments Corporation announces he has entered into an agreement whereby the stock of the company is to be acquired by FLIR Systems Inc. The transaction, which is subject to various standard closing conditions, is expected to close within the fourth quarter. Extech Instruments Corporation, based in Waltham, Massachusetts, is a leading supplier of test and measurement instruments and portable receipt printers with distribution in over 90 countries.

The acquisition will create opportunities in distribution, product development and in branding to further Extech’s position in competitive markets. Extech’s product portfolio will increase, adding thermal imagers and Infrared (IR) cameras to the current 15 product categories.

Extech, known for an innovative approach to product development, has made extensive use of Infrared technology for both measurement and for communication. Extech holds five patents incorporating IR in measurement instruments. It was the first company to introduce a portable printer with IrDA wireless communication.

Jerry Blakeley notes: “This is an exciting opportunity for Extech, for our customers, our distributors, and our employees. I am looking forward with vigor to both enhancing and improving not only our product line but also the service we provide our customers. The Extech Brand will be stronger as a result of this acquisition.”

About FLIR Systems:
FLIR Systems, Inc. located in Portland Oregon, is a world leader in the design, manufacturing, and marketing of thermal imaging and stabilized camera systems. The products are used for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and land-based security.

About Extech Instruments
Extech Instruments Corporation is a privately held corporation whose high-value, handheld test instruments are sold through a network of national catalog houses, regional stocking distributors, and international master distributors. The company has become one of the largest manufacturers and suppliers of test equipment and portable printers and the Extech Instruments brand is highly regarded in many industries where we are the brand of choice. The company has built an enviable reputation for providing innovative products offering unique and patented designs with features, functions, and reliability at an affordable price.

For further information about Extech Instruments and its products, call 781-890-7440 or visit www.extech.com.

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