Summary
Teradyne, Inc. (TER) announced on April 8, 2005, a decision to implement a real estate consolidation plan. This plan involves the sale of two unoccupied buildings located in North Reading, Massachusetts, and Nashua, New Hampshire. As a result of this strategic move, the company anticipates recording a non-cash impairment charge of approximately $10.6 million in the second quarter of fiscal year 2005. Investors should note that this charge is non-cash and relates to the consolidation of facilities. The company expects the property sales to be completed by the end of the first quarter of fiscal year 2006. While the impairment charge is expected, the company also includes a safe harbor statement highlighting potential risks and uncertainties that could affect the actual outcomes of the consolidation plan and property sales.
Key Highlights
- 1Teradyne committed to a real estate consolidation plan on April 8, 2005.
- 2The plan includes the sale of two unoccupied buildings in North Reading, MA, and Nashua, NH.
- 3An estimated non-cash impairment charge of approximately $10.6 million will be recorded.
- 4The impairment charge is expected in the second quarter of fiscal year 2005.
- 5The sales of the properties are anticipated to be completed by the end of fiscal year 2006 (April 2, 2006).
- 6The filing includes a safe harbor statement outlining risks associated with the consolidation and sales.