Correction: Teradyne executive compensation story

NEW YORK—In an April 15 story about compensation the chief executive of Teradyne Inc. received in 2007, The Associated Press erroneously reported his total. Michael A. Bradley received nearly $3 million, down about 7 percent from a year before, not $3.4 million, up 6 percent.

A corrected version of the story appears below:

NEW YORK (AP) -- Michael A. Bradley, president and chief executive of Teradyne Inc., which supplies testing equipment for semiconductors and circuit boards, received compensation in 2007 valued at nearly $3 million, down 7 percent from a year before, according to a proxy statement filed Friday.

Bradley, 59, received a salary of $625,000 and a bonus of $37,613, according to a filing with the Securities and Exchange Commission. Bradley also received a cash incentive of $462,500 and other compensation of $57,199, which included $43,739 in company contributions to deferred compensation plans and $13,460 in life insurance premiums.

Teradyne also reported that Bradley received restricted stock and stock options that were valued at almost $1.8 million on the date they were granted.

In 2007, Bradley received compensation of about $3.2 million.

The Associated Press calculates total pay based on salary, bonuses, incentives, perquisites, above-market returns on deferred compensation and the value of stock options and other awards granted during the year. This figure does not include changes in the present value of pension benefits and may differ from the total compensation listed in proxy statements.

In 2007, Teradyne's net income fell 60.9 percent to $77.7 million. Its sales for the year declined 18.7 percent to $1.1 billion.

The company's stock finished the year down 30.9 percent.