Tektronix (TEK) 8-K Tektronix Reports Results for the Fourth Quarter and Full Year of Fiscal 2007

EXHIBIT 99.1

For Immediate Release	Media Contact:	Alisha Goff
		503/627-7075
		alisha.goff@tektronix.com
	Analyst Contact:	Paul Oldham
		503/627-4027
		paul.r.oldham@tektronix.com

Tektronix Reports Results for the
Fourth Quarter and Full Year of Fiscal 2007

Sales for Fiscal Year Top $1.1B

BEAVERTON, Ore., Jun. 21, 2007 — Tektronix, Inc. (NYSE: TEK) today reported net sales of $298.5 million and net earnings from continuing operations of $28.0 million or $0.35 per share for the fourth quarter ended May 26, 2007. This compares with net sales of $289.3 million and net earnings from continuing operations of $31.9 million or $0.37 per share for the same period last year. Excluding acquisition-related costs, business realignment costs, share-based compensation, and one-time items, non-GAAP net earnings from continuing operations were $35.6 million or $0.45 per share for the fourth quarter as compared with $36.4 million or $0.43 per share for the same period last year.

“Sales were up 3% over last year and were our highest in six years. Gross margins were strong and drove our best earnings per share this year,” said Rick Wills, Tektronix Chairman and CEO. “Orders were down 7% impacted by a very difficult comparison to last year’s fourth quarter.”

Instruments business orders were up 3% and sales were up 10% from last year. Orders were strong in all geographies except Japan which declined in the quarter. “Orders were especially good in our two newer product categories — signal sources, where we successfully launched our new AWG5000 and in spectrum analyzers where demand continues to be exceptionally strong,” continued Wills.

Orders in the Communications business were down 26% year-over-year although they improved 17% sequentially. “Orders were again impacted by continued weakness in the overall market and by a difficult comparison to this quarter last year where we had several large strategic network management wins,” commented Wills. Sales were down 17% over last year on lower orders and a sequential increase in backlog.

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“This was another great quarter for new products in the Instruments business with the introduction of the MSO4000, a new family of mixed signal oscilloscopes which represents an expansion of our leading oscilloscope offering and sets a new performance benchmark for this class of product. In addition, we introduced the AWG5000 — an extension of our recently introduced arbitrary waveform generator platform that uniquely addresses digital RF technologies,” said Wills. “In the Communications business, we expanded our VoIP monitoring solution to offer active test capability and the ability for service providers and cable companies to extend VoIP management services to their enterprise customers. In addition, we continued to execute our strategy with the addition of several new customers.”

Full Year Results

For the fiscal year ended May 26, 2007, Tektronix reported net sales of $1.105 billion and net earnings from continuing operations of $87.3 million or $1.07 per share. This compares with net sales of $1.040 billion and net earnings from continuing operations of $90.9 million or $1.08 per share for the prior fiscal year. Excluding acquisition-related costs, business realignment costs, share-based compensation, and one-time items, non-GAAP net earnings from continuing operations were $124.9 million or $1.53 per share for the fiscal year, as compared with $114.6 million or $1.36 per share for the prior fiscal year.

“This was a strong year for Tektronix in many ways. Our orders and sales were the highest in six years. Excluding share-based compensation, we saw very good earnings per share growth in fiscal 2007,” said Wills. “Orders in our Instruments business were especially strong driven by our general purpose test products which grew over 15% year-over-year, and we introduced an unprecedented number of major products. In our Communications business, we grew sales 4% in a difficult market environment and continued to deliver market-leading solutions. Overall, we continued to take market share in virtually all of our product categories according to preliminary external market data.”

“Looking forward, we believe we have the strongest portfolio of products in our history and a pipeline of future products that will continue to build our product leadership position. In spite of continuing challenges in the communications market we are also encouraged by the continued success we are having with communications customers and the market-leading solutions we offer to support the technology transition to next-generation, converged networks. And, we have a balanced focus on growth and on delivering value to our shareholders as we continue to execute on our proven business strategy,” concluded Wills.

First Quarter Guidance

For the first quarter of fiscal 2008, the company expects net sales to be approximately $280-$290 million. Earnings per share from continuing operations are expected to be between $0.36

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and $0.40 before mostly non-cash acquisition-related costs, business realignment costs, one-time items and share-based compensation expense.

Recent highlights include the following:

New product introductions, including:

• The availability of the new MSO4000, an all-in-one tool for embedded design debug which sets a new benchmark for performance and usability for mixed signal oscilloscopes. This new product family combines the capabilities of an advanced real-time oscilloscope and logic analyzer with the breakthrough Wave Inspector waveform search engine into one small and lightweight portable device.

• The introduction of the new AWG5000 Series of Arbitrary Waveform Generators — the performance leading generator for testing mixed signal devices — providing engineers with a signal generator for both baseband and IF test needs of digital RF technologies in a single instrument.

• The introduction of the PQA500 Picture Quality Analyzer, a new generation picture quality analysis tool for digital video test. Incorporating eight new Tektronix patents, the PQA500 provides the most complete suite of measurement and diagnostic tools for picture quality analysis including full support of high definition formats.

• The introduction of new capabilities for the MTS400 Series MPEG Test Systems, including enhanced support for IPTV, Video over IP and DTV which will significantly advance the development and deployment of next-generation video networks and services.

• The expansion of the Active Assurance active test solutions to include new active test probes and capabilities that enable service providers and cable companies to deploy, monitor and maintain VoIP services for their enterprise customers.

• The availability of the newest release of the Spectra2 diagnostic test solution with new IMS and converged network enhancements for network operators and equipment manufacturers developing platforms and service offerings for VoIP, IMS and converged networks.

• The enhancement of the RF Scout Interference Hunter tool’s applications to include a radio frequency benchmarking capability, enabling competitive measurements of carrier network quality and coverage.

Key customer wins, including:

• The decision by Telkomsel to extend its existing Tektronix test infrastructure to include a test platform comprising Tektronix’ K1297-G35 and Spectra2 equipment to address mobile network element simulation and load testing before live network deployment.

• The expansion of Tektronix’ association with Vodafone Italia to provide the Beamer customer experience management product for the network operator’s 2.5G/3G mobile data services.

• The announcement that the China Academy of Broadcasting Science (ABS) standardized on new Tektronix instruments for its Digital TV and high definition standards development, compliance testing and certification. ABS is the broadcasting R&D institution of the Chinese government that defines and develops the nation’s technical standards for FM radio, Digital Audio Broadcasting, satellite broadcasting, CATV and HDTV.

Product awards, including:

• The RSA6100A Series Real-Time Spectrum Analyzers received the Editor’s Choice Award inElectronic Engineering Times-China (EE Times-China)Annual Creativity in Electronics (ACE) Awards for the most significant technical solution in the past 12 months. The editors evaluated 224 products from 83 companies to determine which would best enable China’s design engineers to develop advanced electronics.

• The new WFM 7120/7020/6120 video waveform monitors introduced at the National Association of Broadcasters (NAB) tradeshow in April were awarded a 2007 STAR (Super Technology Award Recipient). The award selection is determined by the editorial staff ofTV Technologymagazine based upon a review of new products at the NAB2007 convention.

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In addition,

• Tektronix was named a recipient of Intel Corporation’s Preferred Quality Supplier (PQS) award for outstanding performance in providing products and services deemed essential to Intel’s success.

• Tektronix was named a finalist for the 2007 Vodafone Global Supplier Performance Awards which recognize suppliers who have demonstrated understanding of Vodafone’s needs and delivered excellent service and value.

In addition, today Tektronix declared a quarterly cash dividend of $0.06 per share on the outstanding common shares of the Company, payable on July 30, 2007 to shareholders of record as of the close of market on July 6, 2007.

Tektronix will be discussing its fourth quarter results and future guidance on a conference call today, beginning at 1:30 p.m. Pacific. A live Webcast of the conference call will be available atwww.tektronix.com/ir. A replay of the Webcast will be available at the same Web site for one year.

Tektronix presents non-GAAP measures of net earnings and net earnings per share from continuing operations that exclude the effects of acquisition-related costs, business realignment costs, share-based compensation and one-time items. The “Reconciliation of GAAP to Non-GAAP Results” reconciles net earnings in accordance with generally accepted accounting principles (GAAP) to the non-GAAP net earnings. Tektronix presents non-GAAP net earnings to help readers differentiate the results of ongoing activity from results that include acquisition-related costs, business realignment costs, share-based compensation and one-time items. Some of these items pertain to events that have not yet occurred and are not possible to ascertain with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP for projected amounts is provided. In addition, in line with common industry practice and in order to enable comparability with other technology companies, guidance for non-GAAP net earnings excludes the effects of share-based compensation under FAS123R. Management of Tektronix uses these non-GAAP measures to evaluate the Company’s results of operations and for forecasting purposes, as well as to compensate employees.

Statements and information in this press release that relate to future events or results (including the Company’s statements and expectations regarding sales and earnings per share, markets, market position and market growth opportunities, strategic direction and the introduction of new products) are based on the Company’s current expectations. They constitute forward-looking statements subject to a number of risk factors, which could cause actual results to differ materially from those currently expected or desired. Those factors include: worldwide geopolitical and economic conditions; current and future business conditions in the electronics, communications, computer and advanced technologies industries; changes in order rates and customer cancellations, including changes in seasonal buying habits and timing of large orders; competitive factors, including pricing pressures, loss of key employees, technological developments and new products offered by competitors; changes in product and sales mix, and the related effects on gross margins; customer acceptance of large orders with delayed acceptance criteria; the Company’s ability to deliver a timely flow of competitive new products, and market acceptance of these products; risks related to the implementation of an upgrade to our information technology systems; the availability of parts and supplies from third-party suppliers on a timely basis and at reasonable prices; risks associated with compliance with the “Restriction of Hazardous Substances” worldwide regulatory provisions, including the associated conversion of current and future product designs and manufacturing processes to procure or produce lead-free products, and with export regulations; inventory risks due to changes in market demand or the Company’s business strategies; changes in effective tax rates; currency fluctuations; and the ability to develop effective sales channels. Further information on factors that could cause actual results to differ from those anticipated is included in filings made by the

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Company from time-to-time with the Securities and Exchange Commission, including but not limited to annual reports on Form 10-K and the quarterly reports on Form 10-Q. The first quarter of fiscal year 2008 includes an extra week.

About Tektronix

Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries — as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. With 60 years of experience, Tektronix enables its customers to design, build, deploy, and manage next-generation global communications networks, advanced and pervasive technologies. Headquartered in Beaverton, Oregon, Tektronix has operations in 19 countries worldwide. Tektronix’ Web address is www.tektronix.com.

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Consolidated Statements of Operations

	Quarter Ended						Fiscal Year Ended
	May 26,			May 27,			May 26,			May 27,
(In thousands, except per share amounts)	2007			2006			2007			2006
Net sales	$	298,514		$	289,309		$	1,105,172		$	1,039,870
Cost of sales		117,102			115,151			444,032			418,428
Gross profit		181,412			174,158			661,140			621,442
Research and development expenses		50,586			49,570			199,889			183,414
Selling, general and administrative expenses		93,379			84,329			341,131			302,344
Business realignment costs		6,340			2,304			9,139			9,847
Acquisition related costs and amortization		1,849			1,618			7,912			8,567
Loss (gain) on disposition of assets, net		551			(1,514	)		1,032			(1,433	)
Operating income		28,707			37,851			102,037			118,703
Interest income		3,746			4,224			16,649			13,585
Interest expense		(199	)		(144	)		(566	)		(483	)
Other non-operating (expense) income, net		(1,103	)		535			(5,285	)		(3,377	)
Earnings before taxes		31,151			42,466			112,835			128,428
Income tax expense		3,112			10,558			25,564			37,536
Net earnings from continuing operations		28,039			31,908			87,271			90,892
(Loss) gain from discontinued operations, net of income taxes		(95	)		(47	)		3,137			1,463
Net earnings	$	27,944		$	31,861		$	90,408		$	92,355
Earnings per share:
Continuing operations — basic	$	0.36		$	0.38		$	1.09		$	1.09
Continuing operations — diluted	$	0.35		$	0.37		$	1.07		$	1.08
Discontinued operations — basic	$	—		$	—		$	0.04		$	0.02
Discontinued operations — diluted	$	—		$	—		$	0.04		$	0.02
Net earnings — basic	$	0.36		$	0.38		$	1.13		$	1.11
Net earnings — diluted	$	0.35		$	0.37		$	1.11		$	1.09
Weighted average shares outstanding:
Basic		77,569			83,681			80,210			83,323
Diluted		79,011			85,365			81,815			84,381
Cash dividend declared per share	$	0.06		$	0.06		$	0.24		$	0.24

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Consolidated Balance Sheets

(In thousands)	May 26, 2007			May 27, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	95,887		$	215,587
Short-term marketable investments		87,873			121,346
Trade accounts receivable, net		189,891			174,599
Inventories		176,267			156,351
Other current assets		72,380			69,002
Total current assets		622,298			736,885
Property, plant and equipment, net		129,914			127,510
Long-term marketable investments		174,307			103,839
Deferred tax assets		21,464			—
Goodwill, net		326,468			307,189
Pension asset		32,115			239,128
Other long-term assets		105,189			119,539
Total assets	$	1,411,755		$	1,634,090
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	137,135		$	133,323
Accrued compensation		75,761			71,718
Deferred revenue		89,340			66,677
Total current liabilities		302,236			271,718
Deferred income taxes		—			65,935
Other long-term liabilities		120,002			108,868
Shareholders’ equity:
Common stock		539,470			540,718
Retained earnings		545,399			620,465
Accumulated other comprehensive (loss) income		(95,352	)		26,386
Total shareholders’ equity		989,517			1,187,569
Total liabilities and shareholders’ equity	$	1,411,755		$	1,634,090
Shares outstanding		78,488			83,719

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Selected Additional Financial Data

	Quarter Ended									Fiscal Year Ended
(In thousands, except per share amounts)	%			May 26,			May 27,			%			May 26,			May 27,
	Growth			2007			2006			Growth			2007			2006
Orders Data:
Orders		(7	%)	$	302,700		$	323,858			2	%	$	1,157,746		$	1,129,963
U.S.		(6	%)		111,943			118,893			8	%		431,533			400,708
International		(7	%)		190,757			204,965			(0	%)		726,213			729,255
Instruments Business		3	%		225,865			219,832			11	%		903,924			810,942
Communications Business		(26	%)		76,835			104,026			(20	%)		253,822			319,021
Sales Data:
Net Sales		3	%	$	298,514		$	289,309			6	%	$	1,105,172		$	1,039,870
U.S.		35	%		127,570			94,204			14	%		412,951			361,688
International		(12	%)		170,944			195,105			2	%		692,221			678,182
Instruments Business		10	%		238,953			217,339			7	%		843,660			788,773
Communications Business		(17	%)		59,561			71,970			4	%		261,512			251,097
Reconciliation of GAAP to Non-GAAP Results:
Net earnings — GAAP				$	27,944		$	31,861					$	90,408		$	92,355
Discontinued operations, net of income taxes					95			47						(3,137	)		(1,463	)
Net earnings from continuing operations					28,039			31,908						87,271			90,892
Business realignment costs					6,340			2,304						9,139			9,847
Acquisition related costs					6,984			6,399						28,736			27,947
Gain on sale of Nevada City property					—			(1,635	)					—			(1,635	)
Share-based compensation costs					6,873			—						22,722			—
Increase to environmental reserves					—			—						4,763			—
Tax effect of above items					(7,666	)		(2,528	)					(22,785	)		(12,447	)
Tax impact from resolution of IRS Audit					(4,956	)		—						(4,956	)		—
Net earnings — non-GAAP				$	35,614		$	36,448					$	124,890		$	114,604
Diluted EPS — non-GAAP				$	0.45		$	0.43					$	1.53		$	1.36
Income Statement Items as a Percentage of Net Sales:
Cost of sales					39	%		40	%					40	%		40	%
Research and development expenses					17	%		17	%					18	%		18	%
Selling, general and administrative expenses					31	%		29	%					31	%		29	%
Business realignment costs					2	%		1	%					1	%		1	%
Acquisition related costs and amortization					1	%		1	%					1	%		1	%
Loss (gain) on disposition of assets, net					0	%		(1	%)					0	%		0	%
Operating income					10	%		13	%					9	%		11	%
Capital Expenditures and Depreciation:
Capital expenditures				$	7,978		$	6,834					$	30,076		$	36,283
Depreciation and amortization expense				$	7,392		$	7,128					$	29,074		$	27,977
Balance Sheet:				Quarter Ended			Quarter Ended									Quarter Ended
				May 26,			February 24,									May 27,
				2007			2007									2006
Cash and Marketable Investments:
Cash and cash equivalents				$	95,887		$	124,379								$	215,587
Short-term marketable investments					87,873			61,632									121,346
Long-term marketable investments					174,307			159,597									103,839
Cash and Marketable Investments				$	358,067		$	345,608								$	440,772
Accounts receivable as a percentage of net sales					15.2	%		17.4	%								14.3	%
Days sales outstanding					57.9			59.3									54.9
Countback days sales outstanding					47.4			52.6									46.6
Inventory as a percentage of net sales					14.4	%		15.5	%								12.4	%
Inventory turns					2.7			2.6									3.2

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Discontinued Operations

	Quarter Ended						Fiscal Year Ended
	May 26,			May 27,			May 26,			May 27,
(In thousands)	2007			2006			2007			2006
Loss on sale of VideoTele.com (less applicable income tax benefit of $0, $0, $1 and $1)	$	—		$	—		$	(1	)	$	(3	)
Gain (loss) on sale of optical parametric test business (less applicable income tax benefit (expense) of $1, $41, ($8) and ($338))		(1	)		(76	)		15			629
Gain (loss) on sale of Gage (less applicable income tax benefit (expense) of $0, ($2), $0 and ($408))		—			3			(1	)		759
Gain (loss) on sale of Color Printing and Imaging (less applicable income tax benefit (expense) of ($32), ($14), ($1,764) and ($42))		(94	)		26			3,124			78
(Loss) gain from discontinued operations, net of tax	$	(95	)	$	(47	)	$	3,137		$	1,463

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