New CS president is former D & T EIC

GenRad, Inc. reported a net loss of $1,824,000 for the second quarter ending June 29 as compared to its 1984 second quarter net income of $4,812,000, and a net loss of $1,694,000 for the six months ending June 29 as compared to its 1984 first-half net income of $6,187,000. The loss of 11 cents per share was on second quarter sales of 58 million dollars; 1984's second quarter earnings of 30 cents per share was on sales of 63 million dollars. Anticipating fewer orders for automatic test equipment, Genrad cut its work force by 12 percent to reduce expenses in the first quarter. Further work force actions will be necessary as the year progresses, according to GenRad, unless business "materially improves." In his report to stockholders, company president and CEO William R. Thurston stated that orders had dropped in the semiconductor test market, "particularly the computer market served by our printed circuit board test division. This slump has affected the entire automatic test equipment industry." Despite the poor business environment and cost-cutting measures, GenRad plowed 18.8 percent of sales, almost 11 million dollars, into research and development in the second quarter. In addition, a new headquarters facility housing more than 55 of GenRad's design engineering group was opened in Fareham, England. The firm simultaneously announced its development of a systems center/sales and service headquarters at Maidenhead, England, scheduled for occupancy at the end of 1986.