| Westford,
Massachusetts -- April 11, 2000 -- GenRad, Inc.
(NYSE: GEN) today announced it anticipates a 20 percent
growth in revenue compared to the first quarter of 1999,
but is expected to report first quarter earnings in the
range of $0.06 to $0.08 per share, lower than its analyst
estimate of $0.15.
"Revenue growth was solid," said Walter A.
Shephard, vice president and chief financial officer.
"However, earnings are expected to be affected
by a number of factors including increased component
prices and logistics costs for the OEM WDS diagnostic
product, customer-driven engineering development for
the recently introduced Versa functional test product,
and unanticipated delays in major account commitments
for the Enterprise Production Management software product."
"While disappointed the company will fall short
of its earnings estimate for the quarter, we are successfully
meeting the challenges of the OEM WDS business. The
Mastertech and the announced acquisition of Autodiagnos,
with their superior technologies, distribution, databases,
and brand recognition, positions GenRad to take full
advantage of the automotive aftermarket, and to diversify
beyond the OEM business," Mr. Shephard concluded.
GenRad will discuss the estimate in a conference call
this morning (Tuesday, April 11) at 9:00 AM EDT.
The company will announce final results for the first
quarter on Wednesday, April 19, followed by a conference
call at 10:30 AM EDT.
GenRad Background
GenRad, Inc. provides electronics OEMs and their customers
with the hardware, software and services to increase
productivity by optimizing product design, manufacturing
and after-market service. GenRad, headquartered in Westford,
MA, offers products and services through three business
units: Advanced Diagnostic Solutions (ADS), Electronic
Manufacturing Solutions (EMS), and GR Software (GRS).
GenRad's web site address is http://www.genrad.com.
GenRad’s most current shareholder information
is available by visiting our Website at http://www.genrad.com
or calling our Fax on Demand Service at (800) 469-1261.
Statements made in this press release which are not
historical, including statements regarding future performance,
product capabilities and markets are forward looking
statements and as such are subject to a number of risks.
Factors that may cause results to differ materially
from those projected are discussed in GenRad’s
1998 Annual Report on Form 10-K for the fiscal year
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