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Exhibit 99.1
GENRAD CHOICE INVESTMENT PLAN
Financial Statements as of and for the
years ended December 31, 2001 and 2000
Additional Information Required for Form 5500
for the year ended December 31, 2001
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GENRAD CHOICE INVESTMENT PLAN
Table of Contents
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<Table>
<Caption>
Page Number
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REPORT OF INDEPENDENT ACCOUNTANTS 1
BASIC FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4 - 7
ADDITIONAL INFORMATION *
Schedule I - Schedule of Assets (Held at End of Year) 8
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* Other supplemental schedules required by Section 2520.103-10 of the Department
of Labor Rules and Regulations for Reporting and Disclosure under ERISA have
been omitted because they are not applicable.
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of the
GenRad Choice Investment Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the GenRad Choice Investment Plan (the "Plan") at December 31, 2001 and 2000,
and the changes in net assets available for benefits for the years then ended in
conformity with accounting principles generally accepted in the United States of
America. These financial statements are the responsibility of the Plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan's management. The
supplemental schedule has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
As discussed in Notes 1 and 7 to the financial statements, the Board of
Directors of Teradyne, Inc. voted on November 15, 2001 to merge the Plan into
the Teradyne, Inc. Savings Plan.
PricewaterhouseCoopers LLP
June 26, 2002
Boston, Massachusetts
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GENRAD CHOICE INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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<Table>
<Caption>
As of December 31,
2001 2000
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ASSETS
Investments, at fair value
Registered investment companies:
Vanguard International Growth Fund $ 1,601,563 $ 2,107,508
Vanguard LifeStrategy Conservative Growth Fund 351,867 454,415
Vanguard LifeStrategy Growth Fund 3,428,130 4,119,349*
Vanguard LifeStrategy Income Fund 102,697 123,471
Vanguard LifeStrategy Moderate Growth Fund 1,986,215 1,952,242
Vanguard Prime Money Market Fund 9,371,215 10,298,237*
Vanguard PRIMECAP Fund 10,989,927 13,480,531*
Vanguard Total Bond Market Index Fund 3,419,964 2,681,620
Vanguard Wellington Fund 11,776,537 12,340,557*
Vanguard Windsor II Fund 14,359,585 15,349,756*
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57,387,700 62,907,686
Teradyne Common Stock Fund 1,170,072 --
GenRad Common Stock Fund -- 2,492,122
Participant Loans 674,874 1,077,955
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Total Assets 59,232,646 66,477,763
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LIABILITIES
Transfer payables (Note 7) 59,232,646 --
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Total Liabilities 59,232,646 --
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NET ASSETS AVAILABLE FOR BENEFITS $ -- $66,477,763
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</Table>
* Represents 5% or more of net assets available for benefits.
The accompanying notes are an integral part of the financial statements.
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GENRAD CHOICE INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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<Table>
<Caption>
Year Ended December 31,
2001 2000
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ADDITIONS
Investment income:
Interest and dividend income, investments $ 2,274,491 $ 4,050,793
Interest income, participant loans 75,648 75,292
Net depreciation in fair value of investments (5,746,011) (1,560,058)
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(3,395,872) 2,566,027
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Contributions:
Employer 1,068,493 1,921,353
Participant 4,469,385 5,293,589
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5,537,878 7,214,942
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Asset transfers in 1,441 3,394,948
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TOTAL ADDITIONS 2,143,447 13,175,917
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DEDUCTIONS
Payment of benefits 9,362,753 5,816,076
Asset tranfers out (Note 7) 59,232,646 --
Administrative expenses 25,811 23,772
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Total deductions 68,621,210 5,839,848
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NET (DECREASE) INCREASE (66,477,763) 7,336,069
Net assets available for plan benefits:
Beginning of period 66,477,763 59,141,694
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End of period $ -- $ 66,477,763
============ ============
</Table>
The accompanying notes are an integral part of the financial statements.
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GENRAD CHOICE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
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NOTE 1 - DESCRIPTION OF PLAN
As more fully described in Note 7, the GenRad Choice Investment Plan (the
"Plan") ceased to exist as of December 31, 2001 and effective January 1, 2002
was merged into the Teradyne, Inc. Savings Plan (the "Teradyne Plan"). The
following description of the Plan provides only general information that is
applicable through December 31, 2001. Participants should refer to the Plan
Agreement for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan covering all full-time employees of
GenRad, Inc. (the "Company") who have at least one month of service with the
Company or any of its subsidiaries. The Plan was established on December 31,
1943 and has been amended from time to time. It is subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is
administered by an administrative committee appointed by the Company.
As a result of acquisitions by the Company, the SRT Savings, Profit-Sharing and
Retirement Plan and the Nicolet Instrument Corporation Retirement Savings Plan
were merged with and into the Plan effective March 24, 2000.
On April 23, 2001, the Company sold its North American Test Technology
Associates division.
On October 26, 2001, Teradyne, Inc. acquired the Company.
CONTRIBUTIONS
Participants may contribute up to 15% of their annual compensation to the extent
that the contributions comply with Internal Revenue Code ("IRC") limitations.
These contributions are not subject to federal income taxes until withdrawn, in
accordance with Section 401(k) of the IRC. The Company matches 50% of employee
contributions, up to a maximum of 10% of compensation paid. The Plan also
includes a profit-sharing component, whereby the Company may make a contribution
from its consolidated current or accumulated earnings in an amount determined by
the Board of Directors on or before the last day of the Company's fiscal year.
No profit-sharing contributions were made during 2001 or 2000.
PARTICIPANT ACCOUNTS
A separate account is maintained for each investment option of a participant by
type of contribution. Each participant's account is credited with the
participant's contribution and allocations of (a) the Company's contributions
and, (b) Plan earnings, and charged with an allocation of administrative
expenses. Plan earnings are allocated and credited to the account daily based on
the adjusted balance of each participant's account. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's vested account. Administrative expenses are charged to each
participant's account on a quarterly basis totaling $20 annually.
VESTING
Participants who were employees of the Company on or prior to December 31, 1995
are fully vested in all Company and employee voluntary contributions plus actual
earnings thereon upon entering the Plan. Participants who became employees
subsequent to December 31, 1995 are fully vested in all employee contributions
and earnings thereon upon entering the Plan. Company contributions and related
earnings for these participants, however, vest at a rate of 25% per year of
service.
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GENRAD CHOICE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
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PARTICIPANT LOANS
Participants may borrow from their fund accounts a minimum of $500 up to a
maximum equal to the lesser of $50,000 or 50% of their account balance. Loan
terms can be no longer than five years or up to fifteen years for the purchase
of a primary residence. The loans are collateralized by the balance in the
participant's account and bear interest at a rate commensurate with the prime
rate plus 1% at the date the loan is issued. Interest rates for participant
loans outstanding at December 31, 2001 ranged from 6.00% to 9.75% percent.
Principal and interest is paid ratably through monthly payroll deductions.
PAYMENT OF BENEFITS
In case of a normal retirement, retirement due to permanent disability or
termination of employment, participants may elect to receive the value of their
vested account balance in a lump sum, in accordance with the provisions of the
Plan. In the event that a participant dies before retirement, the beneficiary
will receive the value of the participant's vested account balance in a lump-sum
distribution, less the value of outstanding loans made to the participant.
Participants qualifying for a hardship withdrawal may receive all or a portion
of their contributions, plus investment return earned thereon, but not more than
the amount necessary to meet the financial hardship.
FORFEITED ACCOUNTS
Forfeitures of non-vested employer contributions by terminated participants may
be used to reduce employer matching contributions. Forfeitures of $825,231 and
$0 were used to offset Company contributions during the years ended December 31,
2001 and 2000, respectively. Forfeited non-vested accounts totaled $20,437 and
$301,753 at December 31, 2001 and 2000, respectively.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
The following accounting policies, which conform to accounting principles
generally accepted in the United States of America, have been used consistently
in the preparation of the Plan's financial statements:
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual method of
accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and changes therein, and disclosure of contingent assets and
liabilities. Actual results could differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Shares of registered investment
companies are valued at quoted market prices, which represent the net asset
value of shares held by the Plan at year-end. The Company stock fund is valued
at its year-end unit closing price (comprised of common stock at year-end
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GENRAD CHOICE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
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market price plus uninvested cash position). Participant loans are valued at
cost which approximates fair value.
Purchases and sales of investments are recorded on a trade-date basis. Interest
income is accrued when earned. Dividend income is recorded on the ex-dividend
date. Capital gain distributions are included in dividend income.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
NOTE 3 - RELATED PARTY TRANSACTIONS
The Plan invests in shares of mutual funds managed by an affiliate of Vanguard
Fiduciary Trust Company ("VFTC"). VFTC acts as trustee for Plan investments.
Transactions in such investments qualify as party-in-interest transactions and
are exempt from the prohibited transaction rules.
On October 26, 2001, pursuant to an acquisition of the Company by Teradyne,
Inc., shares of GenRad common stock held in participant accounts in the GenRad
Company Stock Fund were exchanged for Teradyne, Inc. common stock. For each
share of GenRad common stock exchanged, participants received 0.1733 of a share
of Teradyne, Inc. common stock.
NOTE 4 - PLAN EXPENSES
The Company pays a portion of the expenses for services necessary for the
administration of the Plan.
NOTE 5 - INVESTMENTS
During 2001 and 2000, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) depreciated in
value as follows:
<Table>
<Caption>
2001 2000
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Registered investment companies $(4,546,029) $ (284,793)
Common Stock (1,199,982) (1,275,265)
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$(5,746,011) $(1,560,058)
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</Table>
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GENRAD CHOICE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
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NOTE 6 - TAX STATUS
The Internal Revenue Service determined and informed the Company by letter dated
July 3, 1995, that the Plan was qualified under Internal Revenue Code ("IRC")
Section 401(a). The Plan has been amended since receiving the determination
letter. However, the Company believes the Plan is designed and is currently
being operated in compliance with the applicable requirements of the IRC.
NOTE 7 - PLAN MERGER
The Board of Directors of Teradyne, Inc. voted on November 15, 2001 to merge the
participants and their account balances into the Teradyne Plan. The Plan ceased
to exist on December 31, 2001 and effective January 1, 2002, the plan provisions
of the Teradyne Plan govern. The transfer payables amount represents a complete
transfer of assets to the Teradyne Plan.
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ADDITIONAL INFORMATION
REQUIRED FOR FORM 5500
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GENRAD CHOICE INVESTMENT PLAN Schedule I
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
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GenRad Choice Investment Plan, EIN 04-1360950
Attachment to Form 5500, Schedule H, Part IV, Line i:
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<Caption>
Identity of Issue Investment Type Current Value
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* Vanguard International Growth Fund Registered Investment Company $ 1,601,563
* Vanguard Life Strategy Conservative Growth Fund Registered Investment Company 351,867
* Vanguard Life Strategy Growth Fund Registered Investment Company 3,428,130
* Vanguard LifeStrategy Income Fund Registered Investment Company 102,697
* Vanguard LifeStrategy Moderate Growth Fund Registered Investment Company 1,986,215
* Vanguard Prime Money Market Fund Registered Investment Company 9,371,215
* Vanguard PRIMECAP Fund Registered Investment Company 10,989,927
* Vanguard Total Bond Market Index Fund Registered Investment Company 3,419,964
* Vanguard Wellington Fund Registered Investment Company 11,776,537
* Vanguard Windsor II Fund Registered Investment Company 14,359,585
* Teradyne, Inc. Common Stock 1,170,072
GenRad Choice Investment Plan Participant Loans (6.00% - 9.75%) 674,874
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TOTAL ASSETS $ 59,232,646
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</Table>
* Party in Interest
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