MIRA INFORM REPORT

Report Date :

25.10.2013

IDENTIFICATION DETAILS

Name :	TERADYNE, INC.

Registered Office :	600 Riverpark Drive North Reading, MA 01864

Country :	United States

Financials (as on) :	31.12.2012

Date of Incorporation :	23.09.1960

Legal Form :	Public Parent

Line of Business :	Subject is a supplier of automatic test equipment.

No. of Employees :	3,600

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

united states - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.

Source : CIA

Company name and address

TERADYNE, INC.

600 Riverpark Drive North Reading, MA 01864

United States




Tel:	978-370-2700
Fax:	978-370-8630
Toll Free:	(800) 227-1620

www.teradyne.com

Employees:

3,600

Company Type:

Public Parent

Corporate Family:

56 Companies

Traded:

New York Stock Exchange:

TER

Incorporation Date:

23-Sep-1960

Auditor:

PricewaterhouseCoopers LLP

Credit Rating:

A+ (100)

Financials in:
Fiscal Year End:	31-Dec-2012
Reporting Currency:	US Dollar
Annual Sales:	1,656.8 ¹
Net Income:	217.0
Total Assets:	2,429.3 ²
Market Value:	3,205.0
	(11-Oct-2013)

Business Description

TERADYNE, INC. is a supplier of automatic test equipment. The Company designs, develops, manufactures and sells automatic test systems and solutions used to test semiconductors, wireless products, hard disk drives and circuit boards in the consumer electronics, wireless, automotive, industrial, computing, communications and aerospace and defense industries. The Company's automatic test equipment products and services include semiconductor test (Semiconductor Test) systems; wireless test (Wireless Test) systems, and military/aerospace (Mil/Aero) test instrumentation and systems, storage test (Storage Test) systems, and circuit-board test and inspection (Commercial Board Test) systems (Systems Test Group). In April 2013, Giga-tronics Inc completed the sale of its product line known as SCPM to Teradyne, Inc. For the six months ended 30 June 2013, Teradyne, Inc. revenues decreased 25% to $709.3M. Net income decreased 50% to $73.1M. Revenues reflect Semiconductor Test Systems segment decrease of 20% to $503.9M, System Test Group segment decrease of 57% to $72.3M, Taiwan segment decrease of 77% to $42.1M, China segment decrease of 69% to $47.7M. Net income also reflects Restructuring and other increase from $8.1M (income) to $591K (expense).

Industry

Industry	Electromedical and Control Instruments Manufacturing
ANZSIC 2006:	2419 - Other Professional and Scientific Equipment Manufacturing
ISIC Rev 4:	2651 - Manufacture of measuring, testing, navigating and control equipment
NACE Rev 2:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
NAICS 2012:	334515 - Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals
UK SIC 2007:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
US SIC 1987:	3825 - Instruments for Measuring and Testing of Electricity and Electrical Signals

Key Executives (Emails Available)

Name	Title
Michael A. Bradley	Chief Executive Officer, Director
Mark E. Jagiela	President and President - Semiconductor Test
Gregory R. Beecher	Chief Financial Officer, Vice President, Treasurer
Charles J. Gray	Vice President, General Counsel, Secretary
Andrew Blanchard	Vice President - Corporate Relations

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Giga-tronics Inc Announces Sale of SCPM Product Line to Teradyne Inc for Approximately $1,000,000	18-Mar-2013
Negative Earnings Pre-Announcement	3	Teradyne Inc Issues Q3 2013 Guidance Below Analysts' Estimates	24-Jul-2013
Officer Changes	1	Teradyne Inc Announces Management Changes	26-Nov-2012
Other Earnings Pre-Announcement	1	Teradyne Inc Issues Q4 2012 Guidance	24-Oct-2012

* number of significant developments within the last 12 months

News

Title	Date
Boston Semi Equipment Announces Settlement of Litigation With Teradyne Market Wire (226 Words)	22-Oct-2013
BrightScope Names the Top 25 Boston Area-Based Companies With the Best 401k Plans Market Wire (991 Words)	22-Oct-2013
Teradyne (TER) Set to Announce Quarterly Earnings on Wednesday Zolmax News (400 Words)	22-Oct-2013
Teradyne Sets Date to Release 3Q 2013 Results Health & Beauty Close - Up (229 Words)	22-Oct-2013
Profit Expected to Dip for Teradyne Big News Network (103 Words)	21-Oct-2013
Will Teradyne (TER) Disappoint This Earnings Season? - Analyst Blog Zacks.com (379 Words)	21-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.76	3.90
Quick Ratio (MRQ)	2.48	3.02
Debt to Equity (MRQ)	0.10	0.21
Sales 5 Year Growth	8.49	11.04
Net Profit Margin (TTM) %	10.22	19.30
Return on Assets (TTM) %	5.88	15.21
Return on Equity (TTM) %	8.18	21.72

Stock Snapshot

Traded: New York Stock Exchange: TER

As of 11-Oct-2013

Financials in: USD

Recent Price	16.74	EPS	0.92
52 Week High	18.73	Price/Sales	1.93
52 Week Low	13.40	Price/Earnings	22.90
Avg. Volume (mil)	2.36	Price/Book	1.77
Market Value (mil)	3,205.03	Beta	1.80

	Price % Change	Rel S&P 500%
4 Week	3.85%	2.92%
13 Week	-9.71%	-10.93%
52 Week	22.37%	2.94%
Year to Date	-0.89%	-17.01%

ABI Number: 009004847

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
600 Riverpark Drive
North Reading, MA, 01864
Middlesex County
United States

Tel:	978-370-2700
Fax:	978-370-8630
Toll Free Tel:	(800) 227-1620

www.teradyne.com

Quote Symbol - Exchange
TER - New York Stock Exchange

Sales USD(mil):	1,656.8
Assets USD(mil):	2,429.3
Employees:	3,600
Fiscal Year End:	31-Dec-2012

Industry:

Scientific and Technical Instruments

Incorporation Date:	23-Sep-1960
Company Type:	Public Parent
Quoted Status:	Quoted


Chief Executive Officer, Director:	Michael A. Bradley

Industry Codes

ANZSIC 2006 Codes:
2419	-	Other Professional and Scientific Equipment Manufacturing

ISIC Rev 4 Codes:
2651	-	Manufacture of measuring, testing, navigating and control equipment

NACE Rev 2 Codes:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

NAICS 2012 Codes:
334515	-	Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals
334513	-	Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables

US SIC 1987:
3825	-	Instruments for Measuring and Testing of Electricity and Electrical Signals
3823	-	Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

UK SIC 2007:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

Business Description

Teradyne, Inc., incorporated on September 23, 1960, is a supplier of automatic test equipment. The Company designs, develops, manufactures and sells automatic test systems and solutions used to test semiconductors, wireless products, hard disk drives and circuit boards in the consumer electronics, wireless, automotive, industrial, computing, communications and aerospace and defense industries. The Company's automatic test equipment products and services include semiconductor test (Semiconductor Test) systems; wireless test (Wireless Test) systems, and military/aerospace (Mil/Aero) test instrumentation and systems, storage test (Storage Test) systems, and circuit-board test and inspection (Commercial Board Test) systems (Systems Test Group). The Company has a customer base, which includes integrated device manufacturers (IDMs), outsourced semiconductor assembly and test providers (OSATs), wafer foundries, fabless companies that design, but contract with others for the manufacture of integrated circuits (ICs), developers of wireless devices and consumer electronics, manufacturers of circuit boards, automotive suppliers, wireless product manufacturers, storage device manufacturers, aerospace and military contractors. In April 2013, Giga-tronics Inc completed the sale of its product line known as SCPM to Teradyne, Inc.

Semiconductor Test

The Company designs, manufactures, sells and supports Semiconductor Test products and services on a worldwide basis. The test systems the Company provides are used both for wafer level and device package testing. These chips are used in automotive, industrial, communications, consumer, computer and electronic game applications, among others. Semiconductor Test products and services are sold to IDMs that integrate the fabrication of silicon wafers into their business, Fabless companies that outsource the manufacturing of silicon wafers, Foundries that cater to the processing and manufacturing of silicon wafers, and OSATs that provide test and assembly services for the final packaged devices to both Fabless companies and IDMs. The FLEX Test Platform is a test solution used at OSATs and test houses. The FLEX Test Platform has an installed base of more than 3,500 systems to date and it continues to grow. The Company's J750 test system shares the IG-XL software environment with the family of FLEX Test Platform systems. The J750 is designed to address semiconductor devices, such as microcontrollers that are central to the functionality of almost every consumer electronics product, from small appliances to automotive engine controllers. J750 test systems combine compact packaging, high throughput and ease of production test. The Company extended the J750 platform technology to create the IP750 Image Sensor test system. The IP750 is focused on testing image sensor devices used in digital cameras and other imaging products. The J750 platform has an installed base of over 3,900 systems.

Wireless Test

The Companyâ€™s LitePoint designs, develops, and supports advanced wireless test solutions for the development and manufacturing of wireless devices, including smart phones, tablets, notebooks/laptops, personal computer peripherals, and other Wi-Fi and cellular enabled devices. LitePoint collaborates with developers, component manufacturers to create agile systems capable of analyzing the entire wireless landscape. LitePoint's products are of two categories: cellular and connectivity. The LitePoint IQxstream is an optimized solution for high-speed testing of global system for mobile communications (GSM), EDGE, wideband code division multiple access (W-CDMA), HSPA+, cdma2000, and LTE technologies used for calibration and verification of smartphones, tablets, and embedded cellular modules. IQxstream is complemented by LitePoint's IQvector solution, a turnkey production-optimized testing package that supports the cellular chipset solutions. LitePoint offers a range of hardware and software solutions for connectivity testing. The IQxel, IQxel80, and new IQxel160 enable testing of the latest Wi-Fi standard-802.11ac-taking wireless data rates beyond the gigabit per second barrier. The IQxel supports multiple bandwidths and channel configurations, MIMO antenna arrangements, Bluetooth 1.0-4.0, as well as legacy 802.11 a/b/g/n/p modes. The LitePoint IQ2015 is a one-box solution for multi-connectivity needs, including Wi-Fi (a/b/g/n), Bluetooth (1.0-4.0), GPS/GLONASS, FM, WiMAX and ZigBee. LitePoint delivers and support its products, including IQflex, IQnxn, IQ2010, IQnav, and IQview. LitePoint IQfactPlus is a turnkey, chipset specific solution, enabling rapid volume manufacturing with a minimum of engineering effort.

Systems Test Group

The Company's Systems Test Group segment is comprised of three business units: Mil/Aero, Storage Test and Commercial Board Test. The Company is a provider of test systems, subsystems, instruments, software solutions and service for the defense and aerospace markets. The Company's solutions are used to ensure the readiness of military and commercial aerospace electronics systems. The Company's solutions are suited to the demands of defense/aerospace electronics manufacturers and repair depots worldwide. The Storage Test business unit addresses the high throughput, automated manufacturing test requirement of hard disk drive (HDD) manufacturers. The Company's products address the 2.5 inch HDD market that is driven by the needs of laptop, ultrabook, and enterprise storage products. The Company is a supplier of test equipment to HDD manufacturers. The Company's Neptune tester addresses customer requirements related to factory density, thermal performance and vibration isolation. The Company's test and inspection systems are used by electronics manufacturers worldwide. The Company's products verify that printed circuit boards are assembled correctly and operational. The Company offers a full range of In-Circuit-Test (ICT) equipment, including handler-ready, in-line test systems for automated boards manufacturing, standalone offline systems and combined ICT/functional test solutions.

The Company competes with Advantest Corporation, LTX-Credence Corporation, Agilent Technologies, Inc, Xyratex Ltd, Aeroflex, Inc., Anritsu Company, National Instruments Corporation and Rohde & Schwarz GmbH & Co. KG.

More Business Descriptions

Teradyne, Inc. is a supplier of automatic test equipment. The Company designs, develops, manufactures and sells automatic test systems and solutions used to test semiconductors, wireless products, hard disk drives and circuit boards in the consumer electronics, wireless, automotive, industrial, computing, communications and aerospace and defense industries. The Company's automatic test equipment products and services include semiconductor test (Semiconductor Test) systems; wireless test (Wireless Test) systems, and military/aerospace (Mil/Aero) test instrumentation and systems, storage test (Storage Test) systems, and circuit-board test and inspection (Commercial Board Test) systems (Systems Test Group). In April 2013, Giga-tronics Inc completed the sale of its product line known as SCPM to Teradyne, Inc. For the six months ended 30 June 2013, Teradyne, Inc. revenues decreased 25% to $709.3M. Net income decreased 50% to $73.1M. Revenues reflect Semiconductor Test Systems segment decrease of 20% to $503.9M, System Test Group segment decrease of 57% to $72.3M, Taiwan segment decrease of 77% to $42.1M, China segment decrease of 69% to $47.7M. Net income also reflects Restructuring and other increase from $8.1M (income) to $591K (expense).

Automatic Test Equipment Designer & Mfr

Establishments primarily engaged in the wholesale distribution of electronic parts and electronic communications equipment, not elsewhere classified, such as telephone and telegraphic equipment; radio and television broadcasting and communications equipment; and intercommunications equipment.

Teradyne Inc. (Teradyne) is leading global supplier of automatic test equipment. The company actively participates in design, develop, manufacture and sell automatic test systems and solutions, which are used to test complex electronics in the consumer electronics, wireless, automotive, computing, telecommunications, and aerospace and defense industries. The company provides its services to integrated device manufacturers (IDMs), outsourced semiconductor assembly and test providers (OSATs), wafer foundries, fabless companies, developers of wireless devices and consumer electronics, and storage device manufacturers. It also serves manufacturers of circuit boards, automotive companies, wireless product manufacturers, aerospace and military contractors as well as the United States Department of Defense. The company, together with its subsidiaries and representative offices, operates in the US, Europe, and East and South East Asia. The company categorizes its business operations into three reportable segments, namely, Semiconductor Test, Systems Test Group and Wireless Test.The Semiconductor Test segment designs, manufactures, sales, and support semiconductor test products and services. These systems are applicable for both wafer level and device package testing. A wide range of systems-on-chip (SOC) semiconductor devices could be tested in the process of manufacturing. The tested Integrated Circuits (ICs) are suitable for various applications in the areas such as computing, communications, consumer, automotive, identification, and Internet applications. The major customers for these test systems include integrated device manufacturers (IDM), fabless companies, foundries and subcontractors (subcons). Flex platform, J750, and IP750 Image Sensor test system are the test products of Teradyne. The automotive and broadband markets are drivers for the volume growth of the FLEX Test Platform. The operations of two of its subsidiaries, namely, Nextest and Eagle Test are included in this segment. The J750 uses IG-XL technology platform. It is applicable in the areas where there is a need to address the highest volume semiconductor devices such as microcontrollers. The noticeable features of this test product are a combination of compact packaging, high throughput, and ease of production test. A highly integrated device, the J750 comprises a platform with more than 3,700 systems in order to expand its capabilities to include high-end microcontrollers and LCD drivers, The IP750 test system is applicable in testing image sensor devices which are used in digital cameras and other imaging products. For the fiscal year ended December 2012, the Semiconductor Test segment reported revenue of $1,127.7m, indicating an increase of 1.9% over revenue in 2011. It accounted for 68.1% of the companyâ€™s total revenue in 2012.The Systems Test Group comprises three business units that include Military/Aerospace (Mil/Aero) Test, Commercial Board Test, and Storage Test. The Military/Aerospace (Mil/Aero) test concentrates on testing and diagnosis of printed circuit boards (PCB) and subsystems in the military and aerospace markets. The major customers of this business unit are the US military service branches and other military services worldwide. The Commercial Board Test offers a wide range of test and inspection systems to original equipment manufacturers (OEMs) and subcons world wide. These tests are suitable for electronics manufacturers of cell phones, servers, computers, Internet switches, automobiles and military avionics. This business unit also manufactures In-Circuit Test Systems and imaging inspection systems. Storage Test business unit include Neptune product line, which focuses on 2.5 inch hard disk drive market. For the fiscal year ended December 2012, the Systems Test Group segment reported revenue of $242.7m, showing a decrease of 17.6% over revenue in 2011. It accounted for 14.6% of the companyâ€™s total revenue in 2012.With the acquisition of LitePoint, the company expanded its product offerings in the wireless test industry. The companyâ€™s Wireless Test segment operates through LitePoint designs, develops, and supports wireless test solutions for the development and manufacturing of wireless devices, including tablets, notebooks/laptops, smart phones, personal computer peripherals, and other Wi-Fi enabled devices. LitePointâ€™s group its product offering into two categories, namely, Cellular and Connectivity. LitePoint IQxstream is a multi-DUT cellular communication solution for verification and calibration of 2G/3G/4G mobile devices including smart phones, tablets and data cards. It also offers a complete range of products for connectivity testing. Its LitePoint IQ2010 provides a comprehensive one-box solution for multi-com connectivity requirements such as WiFi, Bluetooth, WiMax, GPS, FM, and ZigBee. For the fiscal year ended December 2012, the Wireless Test segment reported revenue of $286.4m, indicating an increase of 908.5% from the previous year. This accounted for 17.3% of the companyâ€™s total revenue in 2012.Geographically, the company classifies its business operations into 11 regions, namely, United States, China, Taiwan, Japan, Korea, Malaysia, Philippines, Europe, Singapore, Thailand, and the Rest of the World. For the fiscal year ended December 2012, United States contributed 14% of the companyâ€™s total revenue, followed by China with 21%, Taiwan with 18%, Japan with 6%, Korea with 14%, Malaysia with 4%, Philippines with 6%, Europe with 5%, Singapore with 5%, Thailand with 5%, and the Rest of the World with 2%.In July 2013, the companyâ€™s 20 J750ExHD systems were selected by Acetec, an integrated circuit testing service provider in China. Acetec ordered these systems to configure its digital wafer sort and final test of mobile connectivity devices aimed to reduce its semiconductor test costs. It also announced the launch of J750Ex-HD production test systems, aimed at testing Consumer SoC applications including digital wafer sort, and final test of microcontrollers, image sensors and mobile connectivity devices.

Teradyne Inc. (Teradyne) is a US-based supplier of automatic test equipment. The company designs, develops, manufactures and sells automatic test systems and solutions used to test electronics in the consumer electronics, telecommunications, wireless, automotive, computing, and aerospace and defense industries. Teradyne provides semiconductor test systems, military/aerospace test instrumentation and systems, storage test systems, and circuit-board test and inspection systems. It also offers wireless test solutions for the development and manufacturing of wireless devices, including tablets, notebooks/laptops, smart phones, personal computer peripherals, other Wi-Fi enabled devices. It services integrated device manufacturers, outsourced semiconductor assembly and test providers, wafer foundries, manufacturers of circuit boards, and automotive companies, among others. The company, together with its subsidiaries and offices, operates in the US, Asia and Europe. Teradyne is headquartered in Massachusetts, the US.The companyâ€™s strategic aim focuses on expanding its offering portfolio to meet the changing needs of its customers. In line, the company recently launched the J750Ex-HD test system to extend its portfolio for testing SoC Devices.The company reported revenues of (U.S. Dollars) USD 1,656.75 million during the fiscal year ended December 2012, an increase of 15.93% over 2011. The operating profit of the company was USD 287.37 million during the fiscal year 2012, an increase of 24.13% over 2011. The net profit of the company was USD 217.05 million during the fiscal year 2012, a decrease of 41.32% from 2011.

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test semiconductors wireless products data storage and complex electronic systems which serve consumer communications industrial and government customers. In 2011 Teradyne had sales of $1.4 billion and currently employs over 3500 people worldwide.

Teradyne is a leading supplier of automatic test equipment and interconnection systems to semiconductor, electronics, automotive and network systems companies. The company's divisions, Broadband Test, Assembly Test, Connection Systems, Semiconductor Test, and Vehicle Diagnostic Solutions, are organized by the products they develop and deliver. Broadband Test: Develops state-of-the-art test systems for telephone and cable service providers. These systems improve the efficiency of qualification, provisioning, and customer care operations for voice, broadband DSL and Cable data services. Products include: Celerity, NetFlare and 4TEL II. Assembly Test: A global leader in electronics testing and inspection solutions serving the world's leading original equipment manufacturer and electronics manufacturing services suppliers. TCS products include: GbX, VHDM, VHDM-HSD and NeXLev. Semiconductor Test: The world's largest supplier of semiconductor test equipment for logic, RF, analog, power, mixed-signal, and memory technologies. It delivers test solutions to developers and manufacturers of a broad range of integrated circuits, packaged separately or integrated as cells in system-on-a-chip devices. ICs tested by Teradyne are used in computing, communications, consumer, automotive, identification, and Internet applications. Products include FLEX, J750, Tiger, and Catalyst. Vehicle Diagnostic Solutions: Teradyne Diagnostic Solutions is a global supplier of Manufacturing Configuration and Test, Service Bay Diagnostics and Telematics solutions for transportation and independent service providers.

Product Codes

Product Code	Product Description
AUT-AT-C	Telephone line test systems
AUT-AT-DI	Semiconductor test systems
AUT-AT-DI	Printed circuit board test systems
SUB-CL-C	Board connection systems
ZZZ-HC	Parent/Holding company

Brand/Trade Names

Gbx - Electrical equipment

Financial Data

Financials in:	USD(mil)

Revenue:	1,656.8
Net Income:	217.0
Assets:	2,429.3
Long Term Debt:	171.1
Total Liabilities:	651.0
Working Capital:	0.8

Date of Financial Data:	31-Dec-2012

1 Year Growth

15.9%

-36.9%

11.0%

Market Data

Quote Symbol:	TER
Exchange:	New York Stock Exchange
Currency:	USD
Stock Price:	16.7
Stock Price Date:	10-11-2013
52 Week Price Change %:	22.4
Market Value (mil):	3,205,027.0

SEDOL:	2884183
ISIN:	US8807701029

Equity and Dept Distribution:
Common Stock $.125 Par, 04/11, 1B auth., 185,346,619 issd. Insiders & Strategic holders own 0.46%. PO 12/79, 500,000 shares @$35.75byL.F. Rothschild, Unterberg, Towbin et. al. 9/99, 8/95,2-for-1 splits. FY '00 RES for changes in acctg. change.10/01, Co. acq. GenRad, Inc. @ 0.1733 shs. (4,947,999 shs.issd.).

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Bank Of America National Association, Coactiv Capital Partners Inc, Hewlett Packard Financial Services, Netapp Financial Solutions, Wells Fargo Equipment Finance Inc

Auditor:	PricewaterhouseCoopers LLP

Additional information

ABI Number: 009004847

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments

Strategic Initiatives

Key Organizational Changes

For the fiscal year ended December 2012, the Systems Test Group segment reported revenue of $242.7m, showing a decrease of 17.6% over revenue in 2011. It accounted for 14.6% of the companyâ€™s total revenue in 2012. With the acquisition of LitePoint, the company expanded its product offerings in the wireless test industry. The companyâ€™s Wireless Test segment operates through LitePoint designs, develops, and supports wireless test solutions for the development and manufacturing of wireless devices, including tablets, notebooks/laptops, smart phones, personal computer peripherals, and other Wi-Fi enabled devices. LitePointâ€™s group its product offering into two categories, namely, Cellular and Connectivity.

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Substantial Liquidity

· Diversified Geographic Presence

· Comprehensive Offerings

Weaknesses

· High Debt Burden

External Origin
(attributes of the environment)

Opportunities

· Agreements & Contracts

· Positive Outlook for Semiconductor Industry

· Positive Outlook for EMS

Threats

· Regulations from RoHS and WEEE

· Rapid Technological Changes

· Intense Competition

Overview

Teradyne manufactures and supplies automated test equipment. The company has its presence across the US, Europe, and Asia. Teradyne is the one of the ten largest automatic test equipment manufacturing companies in the world. The company maintains a strong market position and customer base which enables it to drive future growth Although, its rising debt is a major cause of concern. The growing market for mobile handsets and the strategic developments could present the company with an opportunity to improve its sales. However, competitive pressure and rapid technological changes could restrict its growth.

Strengths

Substantial Liquidity

Strong liquidity helps the company in meeting its working capital requirements effectively. Teradyne reported an increase in all the liquidity ratios owing to decreased current liabilities, which declined from $373.68m in 2011 to $ 297.83m in 2012. During the fiscal year ended December 2012, the company reported current ratio of 4.150 times as against 2.943 times in 2011, followed by quick ratio of 3.682 times as against 2.515 times, and cash ratio of 2.587 times in 2012 as against 1.794 times in 2011. Growth in current ratio indicates that the company is in a strong position to meet its short-term obligations. Teradyne also reported an increase in its cash and cash equivalents in fiscal year 2012. The company had $770.44m in cash and short term investments as of December 2012, as compared to $670.24m in 2011. The increase in cash reserves was principally due to strong cash flows from operating activities. Increasing cash reserves indicate the companyâ€™s ability to obtain additional debt to finance acquisitions, capture business opportunities and meet capital expenditure or other capital requirements in the future.

Diversified Geographic Presence

Teradyneâ€˜s global presence helps the company minimize risks from any downward fluctuation in any specific region. The company offers its product portfolio in various countries, the company divides its sales operation in 11 regions, namely, United States, China, Taiwan, Japan, Korea, Malaysia, Philippines, Europe, Singapore, Thailand, and the Rest of the World. The company owns regional offices in North America, Asia and Europe. For the fiscal year ended December 2012, United States contributed 14% of the companyâ€™s total revenue, followed by China with 21%, Taiwan with 18%, Japan with 6%, Korea with 14%, Malaysia with 4%, Philippines with 6%, Europe with 5%, Singapore with 5%, Thailand with 5%, and the Rest of the World accounting to 2% of the companyâ€™s total revenue. The company markets its products through its own sales force and channel partners to customers around the world. Diversification of operations worldwide enables the company to mitigate the risks of dependence on any one region. Such a strong global presence enables the company to serve a wide customer base and improve its financial position.

Comprehensive Offerings

Teradyne leverages its comprehensive portfolio of solutions related to automatic test equipment for its revenue growth in turn fueling its future profitability. The companyâ€™s products include semiconductor test products such as Flex platform, J750, and IP750 Image Sensor test system are the test products of Teradyne. The Military/Aerospace (Mil/Aero) test concentrates on testing and diagnosis of printed circuit boards (PCB) and subsystems in the military and aerospace markets. The Commercial Board Test offers a wide range of test and inspection systems to original equipment manufacturers (OEMs) and subcons world wide. The companyâ€™s Wireless Test segment operates through LitePoint designs, develops, and supports wireless test solutions for the development and manufacturing of wireless devices, including tablets, notebooks/laptops, smart phones, personal computer peripherals, and other Wi-Fi enabled devices. Apart for the above products, the company also provides diagnostic instruments and in-circuit board test systems. The electronics components are used in the telecommunications, computing, consumer electronics, automotive and aerospace and defense industries. The comprehensive portfolio of solutions for enables the company to become single point of contact for testing complex electronics components. The company can leverage its portfolio to enhance its financial and operational position.

Weaknesses

High Debt Burden

High debt could have a major impact on the operational performance of the company as a major portion of the company's earnings would be diverted towards servicing of its debt obligations. This could concern the investors as well as make it difficult for the company to raise funds at favorable terms from the market. Teradyneâ€™s total debt component stood at $173.39m in 2012, as compared to $162.53m in 2011. The companyâ€™s debt grew at a CAGR of 12.28% from 2009 until 2012. The company's interest payment stood at $8.60m in 2012, as compared to $8.64m in 2011. Such huge debt increases the debt servicing obligations of the company and impacts its cash flows adversely. It could limit Teradyneâ€™s ability to raise debt in future and pursue other strategic opportunities. It would also increase the companyâ€™s vulnerability to adverse economic and industry conditions.

Opportunities

Agreements & Contracts

The company expands its boundaries of operations and increases its customer base with alliances and agreements with industry players. Strategic relations help the company could further widen its business and also allow it to gain an established customer base. In July 2013, Acetec, an integrated circuit testing service provider in China selected Teradyneâ€™s J750ExHD systems to configure its digital wafer sort and final test of mobile connectivity devices. This was primarily undertaken to reduce its Acetecâ€™s semiconductor test costs. In July 2012, Its Magnum Precision Analog Channel (MPAC) instrument was selected by Lattice Semiconductor to for extending its analog test and measurement capabilities. In May 2012, Teradyne entered into an OEM agreement with Corelis, Inc. to sell and distribute a package of Corelis ScanExpress boundary-scan test execution and diagnostic software and hardware modules. In March 2012, RDA Microelectronics, a fabless semiconductor company, selected Teradyneâ€™s UltraFLEX-HD test system to test mobile SOC devices. It also selected other UltraFLEC-HD system products such as UltraPAC80, UltraPin1600, UltraWave 12G and UltraVI80 instruments.

Positive Outlook for Semiconductor Industry

Positive outlook for the semiconductor market could provide greater opportunities to the company. According to The Semiconductor Industry Association, worldwide semiconductor sales for 2012 reached $291.6 billion, the industryâ€™s third-highest yearly total ever but a decrease of 2.7% from the record total of $299.5 billion set in 2011. The semiconductor market witnessed strong demand in several market segments during 2012. Logic was the largest semiconductor category, reaching $81.7 billion in 2012, reflecting 3.7% increase over that in 2011. MOS microprocessors ($60.2 billion) and memory ($57 billion) rounded out the top three segments, but both lagged behind 2011 sales totals. Optoelectronics was the fastest growing market on a yearly basis, which rose 13.4% in 2012 to $26.2 billion. USB flash drives, memory cards and related products for the storage and transfer of data â€“ grew at the second-fastest rate of 4.1% to $25.4 billion in 2012. According to The World Semiconductor Trade Statistics (WSTS), the world semiconductor market is estimated to grow 4.5% to $303 billion in 2013. WSTS also anticipates the world market to grow 5.2% to $319 billion in 2014, with healthy mid single digit growth across most of geographical regions and semiconductor product categories, supported by the healthier economy of the world.

Positive Outlook for EMS

The global electronic manufacturing services (EMS) industry, in which the company operates, has been growing rapidly with improving prospects. According to analysts, the global market for EMS is projected to reach $671.7 billion by 2018. The market is likely to be driven by strong demand for computer applications, recovering demand for electronics assembly services and a shift in manufacturing mix from original equipment manufacturers (OEMs) to the outsourcing of manufacturing. It was forecast that the market would record value in excess of $279.3 billion in 2016 at a CAGR of approximately 5% (2011-2016). The demand for EMS is expected to be high in low-cost countries in Asia-Pacific, Latin America and Eastern Europe. The Asia-Pacific EMS market constitutes the largest and fastest growing market. The company could benefit from such positive outlook for EMS.

Threats

Regulations from RoHS and WEEE

Teradyne operates its principle business in the US and the European regions. The European Union passed the restriction on the use of certain hazardous substances in electrical and electronic equipment directive (RoHS) and the waste electrical and electronic equipment directive (WEEE). These regulatory situations hamper manufacturing of electrical and electronic goods and components with these particular hazardous substances. In these situations, the company is accountable for its specified collection, recycling, treatment and disposal of past and future products. These conditions and regulatory environment can affect the companyâ€™s financial performance and business operations.

Rapid Technological Changes

The technology market is subject to rapid changes, and, to compete effectively, Teradyne must continually introduce new products that achieve market acceptance. The IT enabled communication equipment industry is characterized by fast technological changes, evolving industry standards, changing market conditions and frequent new product and service introductions and enhancements. The company has broad technology coverage by instruments designed to cover the range of test parameters, coupled with a universal slot test head design that allows easy test system reconfiguration to address changing test needs. Teradyne relies upon various technologies including Eagle Testâ€™s proprietary SmartPin technology, patented SafeTest technology among others. The introduction of products using new technologies or the adoption of new industry standards can make the existing products or products under development obsolete or unmarketable. In order to remain competitive and in order to increase its sales, the company needs to adapt to the rapidly changing business environment.

Intense Competition

Teradyne faces intense competition across its operating markets. Teradyne competes with different players in each of its business segment. The companyâ€™s primary competitors include Xyratex Limited, Agilent Technologies, Inc, Advantest Corporation, LTX-Credence Corporation, Verigy Ltd. among others. Its other competitors include internal suppliers at several customer locations. With competitors further establishing their position and introducing new products with some advanced characteristics, the companyâ€™s margins could be adversely affected.

Teradyne Inc

Credit Report as of 02/01/2013

Location
600 Riverpark Dr North Reading, MA 01864-2634 United States

County:	Middlesex
MSA:	Boston, MA

Phone:	978-370-2700
Fax:	978-370-1440
URL:	http://teradyne.com

ABI^©:	009004847

Annual Sales:	$1,656,750,000 (USD)
Employees:	3,600

Facility Size(ft²):	40,000+

Business Type:	Public
Location Type:	Headquarter

Ticker:	TER
Exchange:	NYSE





Primary Line of Business:
SIC:	5065-19 - Electronic Equipment & Supplies-Whls
NAICS:	423690 - Other Electronic Parts Merchant Whols
Secondary Lines of Business:
SICs:	9999-66 - Federal Government Contractors

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 56

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Teradyne, Inc.	Parent	North Reading, MA	United States	Electromedical and Control Instruments Manufacturing	1,656.8	3,600
Teradyne, Inc.-Assembly Test Division	Division	North Reading, MA	United States	Electromedical and Control Instruments Manufacturing		1,000
Teradyne, Inc.-Telecommunications Division	Division	Cheswick, PA	United States	Semiconductor and Other Electronic Component Manufacturing		420
Teradyne Phils. Ltd.	Subsidiary	Lapu-Lapu City, Cebu	Philippines	Electromedical and Control Instruments Manufacturing		400
Eagle Test Systems, Inc.	Subsidiary	Buffalo Grove, IL	United States	Machinery and Equipment Manufacturing	124.7	351
Eagle Test Systems Inc	Branch	Framingham, MA	United States	Semiconductor and Other Electronic Component Manufacturing	3.5	8
Eagle Test Systems Inc	Branch	Bedford, NH	United States	Electromedical and Control Instruments Manufacturing	1.5	8
Eagle Test Systems Inc	Branch	Aurora, IL	United States	Semiconductor and Other Electronic Component Manufacturing	4.0	7
Eagle Test Systems Inc	Branch	Tempe, AZ	United States	Semiconductor and Other Electronic Component Manufacturing	3.4	7
Eagle Test Systems Pte Ltd.	Subsidiary	Singapore	Singapore	Machinery and Equipment Manufacturing
Teradyne, Inc	Division	Agoura Hills, CA	United States	Electromedical and Control Instruments Manufacturing	6.8	325
Nextest Systems Corp.	Subsidiary	San Jose, CA	United States	Electromedical and Control Instruments Manufacturing	87.7	229
Teradyne Inc	Branch	San Jose, CA	United States	Electromedical and Control Instruments Manufacturing	20.4	75
Teradyne Sas	Subsidiary	St Denis	France	Machinery Wholesale	13.2	74
Teradyne, Inc.-Integra Test Division	Division	North Reading, MA	United States	Semiconductor and Other Electronic Component Manufacturing		50
Teradyne Inc	Branch	Richardson, TX	United States	Electromedical and Control Instruments Manufacturing	21.3	40
Teradyne Inc	Branch	Fridley, MN	United States	Semiconductor and Other Electronic Component Manufacturing	8.3	18
Teradyne Inc	Branch	Tualatin, OR	United States	Architecture and Engineering	2.5	15
LitePoint Corp.	Subsidiary	Sunnyvale, CA	United States	Architecture and Engineering		10
Teradyne Inc	Branch	Plano, TX	United States	Electronics Wholesale	15.6	6
Teradyne Inc	Branch	Milpitas, CA	United States	Electronics Wholesale	15.4	6
Teradyne Inc	Branch	Tempe, AZ	United States	Electronics Wholesale	14.7	6
Teradyne Inc	Branch	Boston, MA	United States	Electronics Wholesale	14.0	6
LitePoint Japan K.K.	Subsidiary	Tokyo	Japan	Machinery Wholesale		6
Teradyne Inc	Branch	Irvine, CA	United States	Electronics Wholesale	6.8	5
Teradyne Inc	Branch	Andover, MA	United States	Electronics Wholesale	6.1	5
Teradyne Inc	Branch	Waltham, MA	United States	Electronics Wholesale	6.1	5
Teradyne Inc	Branch	Williston, VT	United States	Electronics Wholesale	5.8	5
LitePoint Europe A/S	Subsidiary	Copenhagen	Denmark	Electromedical and Control Instruments Manufacturing	0.7	5
Teradyne Inc	Branch	Austin, TX	United States	Electronics Wholesale	10.4	4
Teradyne Inc	Branch	Anaheim, CA	United States	Electronics Wholesale	10.3	4
Teradyne Inc	Branch	Agoura Hills, CA	United States	Electronics Wholesale	10.3	4
Teradyne Inc	Branch	Arlington Hts, IL	United States	Electronics Wholesale	9.9	4
Teradyne Inc	Branch	Arlington Hts, IL	United States	Electronics Wholesale	9.9	4
Teradyne Automated Test Equipment	Branch	Alpharetta, GA	United States	Electronics Wholesale	9.4	4
Teradyne International Holdings B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Banking		4
Teradyne Diagnostic Solutions Ltd.	Subsidiary	Southampton	United Kingdom	Computer System Design Services	35.7	129
Teradyne (Asia) Pte Ltd	Subsidiary	Singapore	Singapore	Electromedical and Control Instruments Manufacturing	249.4	100
Teradyne GmbH	Subsidiary	MÃ¼nchen, Bayern	Germany	Electromedical and Control Instruments Manufacturing	18.7	54
Teradyne Italia SRL	Subsidiary	Cernusco Sul Naviglio, Milano	Italy	Miscellaneous Manufacturing	7.0	35
Teradyne Diagnostic Solutions GmbH	Subsidiary	Berlin, Berlin	Germany	Machinery and Equipment Manufacturing
Teradyne Hong Kong Limited	Subsidiary	Kowloon	Hong Kong	Architecture and Engineering		4
Teradyne Inc	Branch	Universal City, TX	United States	Electronics Wholesale	5.2	2
Teradyne Inc	Branch	Levelland, TX	United States	Electronics Wholesale	5.2	2
Teradyne Inc	Branch	Walnut Creek, CA	United States	Electronics Wholesale	5.1	2
Teradyne Inc	Branch	Chandler, AZ	United States	Electronics Wholesale	4.9	2
Teradyne Inc	Branch	Madison, AL	United States	Electronics Wholesale	4.6	2
Teradyne Inc	Branch	Huntsville, AL	United States	Electronics Wholesale	1.2	1
Teradyne Inc	Branch	Des Plaines, IL	United States	Electrical Equipment and Appliances Manufacturing	0.4	1
Teradyne K.K.	Subsidiary	Yokohama, Kanagawa	Japan	Electromedical and Control Instruments Manufacturing	217.1
Teradyne Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Electromedical and Control Instruments Manufacturing
Teradyne, K.K.	Subsidiary	Kumamoto	Japan	Architecture and Engineering
Teradyne Taiwan Ltd.	Subsidiary	Hsin-chu	Taiwan	Electromedical and Control Instruments Manufacturing
Teradyne, Inc.-Memory Test Division	Division	Agoura Hills, CA	United States	Communications Equipment Manufacturing
Teradyne (Shanghai) Co., Ltd	Subsidiary	Shanghai	China	Electromedical and Control Instruments Manufacturing
LitePoint Technology (Shanghai) Company Ltd.	Subsidiary	Shenzhen	China	Machinery Wholesale

Competitors Report

CompanyName	Location	Employees	Ownership
Advantest Corp	Chiyoda-Ku, Japan	4,575	Public
Aeroflex Incorporated	Plainview, New York, United States	2,950	Private
Agilent Technologies Inc.	Santa Clara, California, United States	20,500	Public
ANRITSU CORPORATION	Atsugi-Shi, Japan	3,771	Public
LTX-Credence Corp	Norwood, Massachusetts, United States	620	Public
National Instruments Corp	Austin, Texas, United States	6,869	Public
Xyratex Ltd.	Havant, United Kingdom	1,931	Public

Executives Report

Board of Directors

Name

Title

Function

Albert Carnesale

Independent Chairman of the Board

Chairman

Biography:

Mr. Albert Carnesale is Independent Chairman of the Board of Teradyne, Inc. He has been Chancellor Emeritus and Professor of the University of California, Los Angeles since July 2006 and served as Chancellor from July 1997 to July 2006. He held the position of Provost of Harvard University from October 1994 until June 1997 and the Dean of The John F. Kennedy School of Government from November 1991 through December 1995 where he also was a Professor of Public Policy from 1974 through 1997. From August 2005 to October 2008, Mr. Carnesale served as a director of Westwood One, Inc.; since May 2009, as a director of Nano Pacific Holdings, Inc.; and since February 2011, as a director of Amicrobe, Inc.

Age: 76

Education:

Drexel University, MS (Mechanical Engineering)

James W. Bagley

Independent Director

Director/Board Member

Biography:

Mr. James W. Bagley is Independent Director of Teradyne, Inc. He served as Executive Chairman of the Board of Directors of Lam Research Corporation from June 2005 to November 2012. He was Lam Research Corporationâ€™s Chief Executive Officer and Chairman of the Board of Directors from September 1998 to June 2005 and the Chief Executive Officer and a director from August 1997 to September 1998. He also was Chairman and Chief Executive Officer of OnTrak Systems, Inc. from May 1996 until July 1997. From November 1981 until May 1996, Mr. Bagley held various positions at Applied Materials, Inc., including President and Chief Operating Officer from 1987 through 1993, Vice Chairman and Chief Operating Officer from January 1994 until October 1995, and Vice Chairman from October 1995 until May 1996. Mr. Bagley also served as a director of Micron Technology, Inc. from 1997 to January 2012.

Age: 74

Education:

Mississippi State University, MS (Electrical Engineering)
Mississippi State University, BS (Electrical Engineering)

Michael A. Bradley

Chief Executive Officer, Director

Director/Board Member

Biography:

Mr. Michael A. Bradley is Chief Executive Officer, Director of Teradyne, Inc. He has served as a director since April 2004 and as Chief Executive Officer since May 2004. He was President of Teradyne from May 2003 until January 2013, President of the Semiconductor Test Division from April 2001 until May 2003 and Chief Financial Officer from July 1999 until April 2001. From 1992 until 2001, he held various Vice President positions at Teradyne. Mr. Bradley has been a director of Entegris, Inc., and its predecessor company Mykrolis Corporation, since 2001 and of Avnet, Inc. since November 2012.

Age: 64

Education:

Amherst College, AB
Harvard University, MBA

Compensation/Salary:$720,000

Compensation Currency: USD

Daniel W. Christman

Independent Director

Director/Board Member

Biography:

Mr. Daniel W. Christman is Independent Director of Teradyne Inc. He has served as Senior Counselor to the President of the U.S. Chamber of Commerce since 2009 and as Senior Vice President of International Affairs at the Chamber from 2003 until 2009. In 2001, he retired in the grade of Lieutenant General after a career in the United States Army that spanned more than 36 years. Immediately prior to his retirement, Mr. Christman was the Superintendent of the United States Military Academy at West Point from 1996 to 2001. From 1994 to 1996, he served as Assistant to the Chairman of the Joint Chiefs of Staff of the United States. Mr. Christman has been a director of Entegris, Inc., and its predecessor company Mykrolis Corporation, since 2001. Mr. Christman was a director of the United Services Automobile Association from 1995 to November 2010 and a director of Ultralife Batteries, Inc. from 2001 to March 2010 where he also was the Chairman from September 2009 to March 2010.

Age: 69

Education:

George Washington University, JD
Princeton University, MS (Civil Engineering)
Princeton University, MPA (Public Affairs)

Pankaj Desai

Director

Director/Board Member

Edwin J. Gillis

Independent Director

Director/Board Member

Biography:

Mr. Edwin J. Gillis is Independent Director of Teradyne, Inc. He has worked as a business consultant and private investor since January 2006. From July 2005 to December 2005, he was the Senior Vice President of Administration and Integration of Symantec Corporation, following the merger of Veritas Software Corporation and Symantec Corporation. He served as Executive Vice President and Chief Financial Officer of Veritas Software Corporation from November 2002 to June 2005, as the Executive Vice President and Chief Financial Officer of Parametric Technology Corporation from September 1995 to November 2002, and as the Chief Financial Officer of Lotus Development Corporation from 1991 to September 1995. Prior to joining Lotus, Mr. Gillis was a Certified Public Accountant and partner at Coopers & Lybrand L.L.P. Mr. Gillis has been a director of LogMeIn, Inc. since November 2007, a director of Sophos Plc. since November 2009 and a director of Responsys Inc. since March 2011. Mr. Gillis was also a director of BladeLogic, Inc. from 2007 to its acquisition by BMC Software in 2008 and a director of EqualLogic, Inc. from 2006 to its acquisition by Dell Computer in 2008.

Age: 64

Education:

Harvard Business School, MBA
University of Southern California, MA (International Relations)
Clark University, BA (Government)

Timothy E. Guertin

Independent Director

Director/Board Member

Biography:

Mr. Timothy E. Guertin is Independent Director of Teradyne Inc. He has been the Vice Chairman of the Board of Directors of Varian Medical Systems, Inc. since September 2012 and a director of Varian since 2005. He served as Chief Executive Officer of Varian from February 2006 to September 2012 and as President from August 2005 to September 2012. He served as Chief Operating Officer from October 2004 to February 2006 and as Corporate Executive Vice President from October 2002 to August 2006. Prior to that time, he was President of Varianâ€™s Oncology Systems business unit from 1992 to January 2005 and a Corporate Vice President from 1992 to 2002.

Age: 63

Education:

University of California, Berkeley, BS (Electrical Engineering and Computer Science)

Paul J. Tufano

Independent Director

Director/Board Member

Biography:

Mr. Paul J. Tufano is Independent Director of Teradyne, Inc. He has been the Chief Operating Officer of Alcatel-Lucent since January 2013 and Chief Financial Officer since December 2008. He was Executive Vice President of Alcatel-Lucent from December 2008 to January 2013. Mr. Tufano was the Executive Vice President and Chief Financial Officer of Solectron Corporation from January 2006 to October 2007 and Interim Chief Executive Officer from February 2007 to October 2007. Prior to joining Solectron, Mr. Tufano worked at Maxtor Corporation where he was President and Chief Executive Officer from February 2003 to November 2004, Executive Vice President and Chief Operating Officer from April 2001 to February 2003 and Chief Financial Officer from July 1996 to April 2001. From 1979 until he joined Maxtor Corporation in 1996, Mr. Tufano held a variety of management positions in finance and operations at International Business Machines Corporation.

Age: 59

Education:

Columbia University, MBA (Finance and Accounting)
St. John's University, BS (Economics)

Roy A. Vallee

Independent Director

Director/Board Member

Biography:

Mr. Roy A. Vallee is Independent Director of Teradyne, Inc. He served as Executive Chairman of the Board of Directors of Avnet, Inc. from July 2011 to November 2012 and as a director of Avnet, Inc. from 1991 to 2012. From July 1998 to July 2011, he was Chairman of the Board of Directors and Chief Executive Officer of Avnet, Inc. He also was Vice Chairman of the Board of Directors from November 1992 to July 1998 and President and Chief Operating Officer from March 1992 until July 1998. Since 2003, Mr. Vallee has been a director of Synopsys, Inc. He is currently a member of both the Federal Reserveâ€™s 12th District Advisory Council and the Board of the National Association of Wholesalers.

Age: 60

Education:

Don Bosco Technical Institute, Associate of Science (Electronics Technology)

Patricia S Wolpert

Director

Director/Board Member

Biography:

Ms. Wolpert died on June 1 2010. On August 27 2010 the Board of Directors approved the payment of cash compensation to Ms. Wolpert for the full 2010-2011 Board term. Therefore Ms. Wolperts estate received $90000 in cash for the period covering Q3 and Q4 2010.

Source: OneSourceWeb

Joseph F Wrinn

Board Member

Director/Board Member

Biography:

Joseph F. Wrinn Joseph F. Wrinn has been a director of the Company since 1999. Mr. Wrinn is a Vice President at Teradyne Inc and he has held general management and engineering management positions during his 30+ year career with Teradyne. Mr. Wrinn holds a Bachelors Degree from MIT and an MBA from Boston University.

Education:

Boston University, MBA
MIT, Bachelors

Executives

Name

Title

Function

Michael A. Bradley

Chief Executive Officer, Director

Chief Executive Officer

Biography:

Age: 64

Education:

Amherst College, AB
Harvard University, MBA

Compensation/Salary:$720,000

Compensation Currency: USD

Mark E. Jagiela

President and President - Semiconductor Test

President

Biography:

Mr. Mark E. Jagiela is President and President - Semiconductor Test of Teradyne Inc. He has served as President of Teradyne since January 2013; President of Semiconductor Test since 2003; Vice President of Teradyne since 2001.

Age: 52

Education:

University of Michigan, BS (Electrical Engineering)

Compensation/Salary:$405,000

Compensation Currency: USD

Walter G. Vahey

President - Systems Test Group

Division Head Executive

Biography:

Mr. Walter G. Vahey is President - Systems Test Group of Teradyne, Inc. He has served as Vice President of Teradyne since 2008; General Manager of Storage Test since 2008; General Manager of Mil/Aero from 2004 to July 2012.

Age: 48

Compensation/Salary:$255,256

Compensation Currency: USD

Kim Bauer

Us Service Operations Manager

Operations Executive

John Burke

Operations

Operations Executive

Ward Chartier

Asia Operations Manager

Operations Executive

Ken Degan

Engineering Manager, Semiconductor Test Operations

Operations Executive

Tony Demambro

Director of Operations

Operations Executive

Fred Entezami

Operations Support Manager

Operations Executive

Andrew Hutchison

Manager Business Operations, Marketing Manager Military, Functional Business Unit

Operations Executive

Jim Kender

Data Center Operations

Operations Executive

Benjamin Laplante

Operations Manager

Operations Executive

Geoffrey Mee

Software Operations Manager

Operations Executive

Jonathan Meltzer

Operations Project Manager

Operations Executive

John Moniz

Operations Manager, Stg

Operations Executive

Williams Peyton

Operations Director

Operations Executive

Brian Quirk

Operation Engineer

Operations Executive

Dennis Sudberg

Operations Manager

Operations Executive

Damien Tufts

Controller - Operations and Supply Line Management

Operations Executive

Luis Villalta

Operations Executive

Mike Blackler

Commercial Business Manager

Administration Executive

Manny Centeio

Administrator

Administration Executive

Katie Karytko

Administrator

Administration Executive

Craig Levy

Administrator

Administration Executive

Leeza Mariano

Administrator

Administration Executive

Bryan Medirios

Vice President Administrative Business Systems

Administration Executive

Barb Vercande

Office Manager

Administration Executive

Cindy Yum

Strategic Sourcing Contracts Admin

Administration Executive

Melinda Palmer

Senior Security Engineer

Security

Charles J. Gray

Vice President, General Counsel, Secretary

Company Secretary

Biography:

Mr. Charles J. Gray is Vice President, General Counsel, Secretary of Teradyne, Inc. He has been Vice President and General Counsel of Sonus Networks, Inc. from 2002 to 2008.

Age: 51

Education:

Boalt Hall School of Law at the University of California , Berkeley
Georgetown University

Compensation/Salary:$322,202

Compensation Currency: USD

Sean Alton

Financial Controller

Finance Executive

Gregory R. Beecher

Chief Financial Officer, Vice President, Treasurer

Finance Executive

Biography:

Mr. Gregory R. Beecher is Chief Financial Officer, Vice President, Treasurer of Teradyne Inc. He is Vice President and Chief Financial Officer of Teradyne since 2001 and Treasurer of Teradyne from 2003 to 2005 and since 2006.

Age: 55

Education:

Northeastern University, MS (Accounting)
University of Hartford, BS

Compensation/Salary:$415,000

Compensation Currency: USD

Richard Dereynard

Finance Manager

Finance Executive

Don Hamman

Experienced Finance Executive

Finance Executive

Betty Mazzarella

Financial Manager

Finance Executive

William McIsaac

Finance

Finance Executive

Susan Richardson

Finance Manager

Finance Executive

Paul Smith

Manager of Financial Systems

Finance Executive

Kevin Walsh

Finance Executive

Jeff Hopp

Accounting Systems Manager

Accounting Executive

Jill Irvin

Cash Manager

Cash Management Executive

Lindsey Chou

Tax Manager

Corporate Tax Executive

William Maloney

Corporate Tax Manager

Corporate Tax Executive

Rathernak Ly

Material Controller

Controller

Richard Macdonald

Controller

Ruth Patterson

Business Unit Controller

Controller

Sue Blair

Human Resources Manager

Human Resources Executive

Bill Burns

Director, Human Resources

Human Resources Executive

Lisa Chantz

Human Resources Manager

Human Resources Executive

Steve Fagerquist

Human Resources Executive

Kristen Giovanniello

Senior Technical Recruiter

Human Resources Executive

Wayne Grout

Human Resources Site Manager

Human Resources Executive

Margaret Hames

Human Resources Manager

Human Resources Executive

Jennifer Stannard

Human Resources Administrator

Human Resources Executive

Beth Wood

Director of Human Resources

Human Resources Executive

Ralph Herbst

Vice President Customer Service

Customer Service Executive

Naresh Mysore

Customer Support Engineer

Customer Service Executive

Jeffrey Benagh

Sales & Marketing Manager

Sales Executive

Keith Fairchild

Regional Sales Manager

Sales Executive

Donna Hill

Sales Engineer

Sales Executive

Siegmund Hornig

European Sales Manager

Sales Executive

Sue Jackson

Sales Representative

Sales Executive

Ken Kuai

S. China Account Manager

Sales Executive

Mark Myers

Sales Manager

Sales Executive

Brad Nelson

Sales Executive

Robert Penny

Account Manager

Sales Executive

Kathleen Ritson

Sales Engineer

Sales Executive

Craig Staub

Senior Account Manager

Sales Executive

Karl Witthoefft

Americas Sales Manager and Global Server Business Development

International Sales Executive

Michael Luttati

Vice President, Global Services

International Executive

Jason Zee

Director - Global Services, Us Region

International Executive

Paul Altimonte

Design Services Manager Enabling Technology

Marketing Executive

Brian Anderson

Marketing

Marketing Executive

Johnathan Arena

Marketing Manager Process Inspection & Test

Marketing Executive

Chris Barton

Director Marketing

Marketing Executive

Lindsey Drummey

Marketing Communications Specialist

Marketing Executive

Jessica Faulkner

Chief Marketing Officer

Marketing Executive

Eric Kaled

Vice President of Marketing

Marketing Executive

Gretchen Ludwig

New Products Manager Design For Serviceability

Marketing Executive

David Martin

Marketing Manager

Marketing Executive

Kevin Nary

Director of Analog, Mixed Signal Ic Design

Marketing Executive

Robert Paguio

Marketing & Business Development Director

Marketing Executive

Gregory Smith

Marketing Manager

Marketing Executive

Mike Taylor

Marketing Manager

Marketing Executive

Karen Kramer

Public Relations

Public Relations Executive

Pete Predella

Press Contact

Public Relations Executive

Andrew Blanchard

Vice President - Corporate Relations

Investor Relations Executive

Nancy Adleman

Information Technology Manager

Information Executive

Dinis Anselmo

Front End Engineering Manager - Teradyne Connection Systems

Information Executive

Mark Boman

Information Technology Systems Manager

Information Executive

Nigel Bright

Knowledge Manager

Information Executive

Stacy Campbell

Information Technology Director, Enterprise Applications Engineering

Information Executive

Joe Carbone

Manager Systems Engineering

Information Executive

Chuck Ciali

Chief Information Officer

Information Executive

Cathy Comerford

Manager Enterprise Data Architecture

Information Executive

Jeff Electricr

Information Technology Manager

Information Executive

Gopal Hariharan

Database Administrator

Information Executive

John Jeffrey

Database Administrator

Information Executive

Sukesh Kantesaria

Manager, Applications Engineering, Data Analysis

Information Executive

Bill Kotzky

Quality Systems Manager

Information Executive

Cathy Lantigua

Web Developer

Information Executive

Mike Mcgoldrick

Software Developer

Information Executive

Girish Nair

Information Systems Architect

Information Executive

Bob Ostiguy

Application Service Delivery

Information Executive

Marraquinn Porsick

Information Technology Manager

Information Executive

John Rowe

Professional E G Attorney, Information Technology Developer, Etc

Information Executive

Michael Spychala

Manager Data Center Boston

Information Executive

Trish Sullivan

Information Technology Manager

Information Executive

Lois Zawrotny

Information Technology Manager

Information Executive

Neil Adams

Network Engineering Manager

Network Management Executive

Dan Coffey

System Administrator

Network Management Executive

Paul Glavin

Network Administrator

Network Management Executive

Warren Nguyen

Systems Engineer

Network Management Executive

Stefen Pearson

Systems Manager

Network Management Executive

Steve Underwood

Systems Engineer

Network Management Executive

Warren Adam

Manager Engineering