MTSC » Topics » Three Months Ended December 31, 2005 (First Quarter of Fiscal 2006) Compared to Three Months Ended January 1, 2005 (First Quarter of Fiscal 2005)

This excerpt taken from the MTSC 10-Q filed Feb 7, 2006.

Three Months Ended December 31, 2005 (“First Quarter of Fiscal 2006”) Compared to Three Months Ended January 1, 2005 (“First Quarter of Fiscal 2005”)

Orders for the First Quarter of Fiscal 2006 increased 7.1% to $96.9 million compared to $90.5 million for the First Quarter of Fiscal 2005, primarily driven by increased volume in the Test segment in North America and in the Industrial segment across all geographies, partially offset by decreased Test segment volume in Europe and Asia and unfavorable currency translation. Backlog of undelivered orders at December 31, 2005 was approximately $216 million, a decrease of 1.8% from backlog of approximately $220 million at October 1, 2005, primarily due to the unfavorable impact of currency translation, partially offset by increased order volume. Backlog at the end of the First Quarter of Fiscal 2005 was approximately $190 million. Revenue of $91.8 million for the First Quarter of Fiscal 2006 decreased 1.4% compared to revenue of $93.1 million for the First Quarter of Fiscal 2005, primarily due to an estimated $5.2 million unfavorable impact from currency translation, partially offset by increased short-cycle and service business in the Test segment and continued growth in the Sensors business in the Industrial segment. Income from operations for the First Quarter of Fiscal 2006 was $12.3 million, a decrease of 11.5% compared to $13.9 million for the First Quarter of Fiscal 2005, primarily due to increased expenditures in operating initiatives, stock-based compensation expense of $0.9 million, and an estimated $0.7 million unfavorable impact of currency translation. Net income for the First Quarter of Fiscal 2006 was $8.0 million, or $0.40 per diluted share, a decrease of 2.4% compared to $8.2 million, or $0.40 per diluted share, for the First Quarter of Fiscal 2005, primarily due to decreased income from operations.

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