Eden Prairie, Minn., December 1, 2003 - MTS Systems Corporation (NASDAQ: MTSC) today announced two large orders together totaling in excess of $45 million. The orders are both multi-year, international contracts for test equipment, test software and test support.
Revenue and earnings from these orders were anticipated in the guidance for fiscal year 2004 which was communicated in the company's fourth quarter conference call on November 20, 2003. At that time, the company projected fiscal 2004 revenue in the $345 million to $350 million range and fully diluted earnings per share of $1.00 to $1.03. First half projections for revenue were in the range of $165 million to $175 million and earnings per share of $0.46 to $0.48.
"As timing of large orders is always difficult to predict, having these two in our first quarter backlog gives us increased confidence in our ability to deliver the forecasted earnings increases," said Sidney W. Emery, Jr., MTS chairman and CEO.
A webcast replay of the company's November 20, 2003 conference call can be accessed by clicking on the Vcall webcast image at http://www.mts.com/news/financial_news.htm. The call will be archived through 6:00 p.m. (CDT), February 20, 2004.
About MTS Systems Corporation
MTS Systems Corporation is a global supplier of testing products that help customers accelerate and improve their design, development, and manufacturing processes. MTS products are used for determining the mechanical behavior of materials, products, and structures and include computer-based testing and simulation systems, modeling and testing software, and consulting services. The company is also a leading manufacturer of industrial position sensors. MTS had 1,630 employees and revenue of $340 million for the fiscal year ended September 27, 2003. Additional information about MTS can be found on the worldwide web at www.mts.com.
This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. In addition to any factors discussed above, other important risk factors are delineated in the company's SEC reports, including Form 10-K for the year ended September 28, 2002.