Tektronix, Inc. reports sales of $326.9 million and net income of $35.5 million, before non-recurring credits, or $0.37 per share for the third quarter of fiscal year 2001. Net income including non-recurring credits was $41.0 million or $0.43 per share for the quarter. This compares to sales of $270.6 million and net income of $20.2 million or $0.21 per share for the measurement segment in the same period a year ago.
Commenting on the strong performance, Tektronix President and CEO Rick Wills said, I am pleased that we delivered another quarter of very strong financial results. We saw particular strength in our optical test products, logic analyzers and high-end scopes. Our new 4GHz scope — the fastest in the world, shipped this quarter and was very well received by the marketplace.
Wills continued, We are beginning to experience the effects of the weakness in the market through a slowing in our order rate. The economic impact on many of our core customers is apparent, and we have traditionally lagged our customers in a slowdown period. At this time, we expect to see orders decline around 10% next quarter. However, our strong backlog supports revenue growth in the fourth quarter.
For the fourth quarter of fiscal 2001 ending May 26, 2001, Tektronix expects to achieve revenue growth in the 10 to 12% range over the same period a year ago resulting in revenue growth of around 20% for the full year ending May 26, 2001 over the measurement business segment results for fiscal 2000. Operating margins for fiscal 2001 are expected to be in the 14 to 15% range.
We are focused on executing on our strategy, which is a strategy for long-term growth. We see an excellent opportunity to strengthen our position in the marketplace by continuing to deliver new capability and products to our customers, identifying opportunities for strategic investment and by aggressively managing our cost structure to deliver value to our shareholders, concluded Wills.
