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Meldungen 13.11.2008

Applied Materials: Results for fiscal year and Q4

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Fourth quarter net sales were $2.04 billion, down from $2.37 billion for the fourth quarter of fiscal 2007, and up from $1.85 billion for the third quarter of fiscal 2008. Gross margin was 39.1 percent, down from 45.5 percent for the fourth quarter of fiscal 2007, and down from 40.2 percent for the third quarter of fiscal 2008. GAAP net income was $231 million, or $0.17 per diluted share, down from net income of $422 million, or $0.30 per diluted share, for the fourth quarter of fiscal 2007, and up from $165 million, or $0.12 per diluted share, for the third quarter of fiscal 2008.

New orders of $2.21 billion for the fourth quarter of fiscal 2008 were comparable to the fourth quarter of fiscal 2007, and increased from $2.03 billion for the third quarter of fiscal 2008. Regional distribution of new orders for the fourth quarter of fiscal 2008 was: Taiwan 26 percent, North America 22 percent, Southeast Asia and China 22 percent, Europe 11 percent, Korea 10 percent, and Japan 9 percent. Backlog at the end of the fourth quarter of fiscal 2008 was $4.85 billion, up from $4.74 billion at the end of the third quarter of fiscal 2008 and up from $3.65 billion at the end of fiscal 2007.

Fiscal 2008 net sales were $8.13 billion, down from $9.73 billion for fiscal 2007. Gross margin for fiscal 2008 was 42.4 percent, down from 46.1 percent for fiscal 2007. GAAP net income for fiscal 2008 was $961 million, or $0.70 per diluted share, down from net income of $1.71 billion, or $1.20 per diluted share, for fiscal 2007. New orders of $9.16 billion for fiscal 2008 decreased from $9.68 billion for fiscal 2007.

“Fiscal 2008 was a pivotal year for Applied as we made significant progress in advancing our Silicon and Display businesses and expanding in the solar market. Our fourth quarter results demonstrate effective performance in a very challenging environment,” said Mike Splinter, president and CEO. “We passed a major milestone as the first SunFabTM Thin Film Solar Line began volume production demonstrating Applied’s commitment to deliver exciting new technology to the solar industry.

“As Applied moves into fiscal 2009, we will implement further cost-reduction actions due to declining market conditions, and we will invest in strategic priorities,” concluded Splinter.

Applied will implement a restructuring program beginning in the first quarter of fiscal 2009, designed to streamline the organization and reduce operating costs. When completed the program is expected to drive annualized cost savings of approximately $400 million. As part of this program, the company plans to reduce its global workforce by approximately 12% or 1,800 positions by the end of fiscal 2009 through a combination of attrition, voluntary separation and other workforce reduction programs consistent with local legal requirements and in consultation with employee representatives, where applicable.

Non-GAAP net income for fiscal 2008 was $1.20 billion, or $0.87 per diluted share, compared to non-GAAP net income of $1.90 billion, or $1.33 per diluted share, for fiscal 2007. Non-GAAP net income for the fourth quarter of fiscal 2008 was $264 million, or $0.20 per diluted share, compared to non-GAAP net income of $472 million, or $0.34 per diluted share, for the fourth quarter of fiscal 2007, and $228 million or $0.17 per diluted share for the third quarter of fiscal 2008. Non-GAAP adjustments are explained below and detailed in the accompanying Reconciliation of GAAP to Non-GAAP Results.

Effective in the first quarter of fiscal 2008, Applied changed its management reporting system for services, with all service results reported in the Applied Global Services segment. Fiscal 2007 segment information has been reclassified to conform to the fiscal 2008 presentation. Results by reportable segment for fiscal 2008 and fiscal 2007 were:
          

Twelve Months Ended
          

Twelve Months Ended
        

October 26, 2008
        

October 28, 2007
                            Operating                             Operating
        New         Net         Income         New         Net         Income
        Orders         

Sales
        (Loss)         Orders         Sales         (Loss)

(In millions)
                                                
Silicon         $     4,092         $     4,005         $     1,242             $     6,651         $     6,512         $     2,379     
        
Applied Global                                                 
Services             2,249             2,329             575                 2,508             2,353             630     
        
Display             1,486             976             310                 273             705             159     
        
Energy and                                                 
Environmental                                                 
Solutions             1,329             819             (183     )             245             165             (89     )
                                                                                

Results by reportable segment for the fourth quarter of fiscal 2008, the third quarter of fiscal 2008, and the fourth quarter of fiscal 2007 were:
          

Three Months Ended
          

Three Months Ended
          Three Months Ended
        

October 26, 2008
        

July 27, 2008
        October 28, 2007
                                                        Operating                             Operating
        New         Net         Operating         New         Net         Income         New         Net         Income
        Orders         Sales         Income         Orders         Sales         (Loss)         Orders         Sales         (Loss)

(In millions)
                                                                        
Silicon         $     1,162         $     744         $     177         $     793         $     756         $     172             $     1,343         $     1,511         $     550     
                
Applied Global                                                                         
Services             496             528             123             541             607             145                 645             605             159     
                
Display             65             334             113             374             311             103                 120             189             47     
                
Energy and                                                                         
Environmental                                                                         
Solutions             490             438             21             322             174             (85     )             98             62             (30     )
                                                                                                                    

Non-GAAP net income and non-GAAP EPS, detailed in the accompanying Reconciliation of GAAP to Non-GAAP Results, exclude charges related to (i) equity-based compensation, (ii) certain items associated with acquisitions, including inventory fair value adjustments on products sold and amortization of purchased intangible assets, (iii) restructuring and asset impairments, (iv) certain costs associated with ceasing development of beamline implant products, and/or (v) the resolution of income tax audits and changes in tax credits. Management uses non-GAAP net income and non-GAAP EPS to evaluate the company’s operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Applied believes that these measures enhance investors’ ability to review the company’s business from the same perspective as the company’s management and facilitate comparisons of this period’s results with prior periods. The presentation of this additional information should not be considered a substitute for net income or EPS prepared in accordance with GAAP.

Applied Materials will discuss its fiscal 2008 full year and fourth quarter results, along with its outlook for the first quarter of fiscal 2009, on the earnings call today beginning at 1:30 p.m. Pacific Time. A webcast of the earnings call will be available at www.appliedmaterials.com.

This press release contains forward-looking statements, including statements regarding Applied’s performance, operational execution, products, technologies, growth, cost-reductions actions and anticipated savings, as well as industry and global economic outlooks. Forward-looking statements may contain words such as “expect,” “believe,” “may,” “can,” “should,” “will,” “forecast” or similar expressions, and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the level of demand for nanomanufacturing technology products, which is subject to many factors, including uncertain global economic and market conditions, business and consumer spending, demand for electronic products and semiconductors, governmental renewable energy policies and incentives, and geopolitical uncertainties; customers’ utilization rates and capacity requirements, including capacity utilizing the latest technology; adverse conditions in the global banking system and financial markets; customers’ ability to acquire sufficient capital, obtain regulatory approvals and/or fulfill infrastructure requirements; variability of operating results among the company’s segments caused by differing conditions in the served markets; the successful performance of acquired businesses and joint ventures; changes in Applied’s business requirements; Applied’s ability to (i) develop, deliver and support a broad range of products, expand its markets and develop new markets, (ii) maintain effective cost controls and timely align its cost structure with business conditions, (iii) plan and manage its resources and production capability, including its supply chain, (iv) implement initiatives that enhance global operations and efficiencies, (v) obtain and protect intellectual property rights in key technologies, (vi) implement its restructuring program as planned and realize expected benefits, and (vii) attract, motivate and retain key employees; and other risks described in Applied Materials’ SEC filings, including its reports on Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date hereof. The company undertakes no obligation to update any forward-looking statements.

Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, services and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy-efficient glass. At Applied Materials, we apply Nanomanufacturing Technology to improve the way people live. Learn more at www.appliedmaterials.com.
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 
          Three Months Ended           

Twelve Months Ended
        October 26,           October 28,         October 26,           October 28,

(In thousands, except per share amounts)
          2008                 2007           2008           2007
 
Net sales         $     2,043,677             $     2,367,044         $     8,129,240         $     9,734,856
Cost of products sold               1,244,972                     1,290,139               4,686,412               5,242,413
Gross margin             798,705                 1,076,905             3,442,828             4,492,443
 
Operating expenses:                                 
Research, development and engineering             275,222                 270,878             1,104,122             1,142,073
Marketing and selling             100,131                 116,270             459,402             451,258
General and administrative             138,410                 125,624             505,762             501,185
Restructuring and asset impairments               (9,686     )               3,039               39,948               26,421
Income from operations             294,628                 561,094             1,333,594             2,371,506
 
Pre-tax loss of equity method investment             9,867                 12,162             35,527             29,371
Gain on sale of facility             21,837             -             21,837         -
Interest expense             4,846                 9,243             20,506             38,631
Interest income               20,937                     39,556               109,320               136,149
Income before income taxes             322,689                 579,245             1,408,718             2,439,653
 
Provision for income taxes               91,594                     157,484               447,972               729,457
Net income         $     231,095               $     421,761         $     960,746         $     1,710,196
 
Earnings per share:                                 
Basic         $     0.17             $     0.31         $     0.71         $     1.22
Diluted         $     0.17             $     0.30         $     0.70         $     1.20
 
Weighted average number of shares:                                 
Basic             1,338,227                 1,381,871             1,354,176             1,406,685
Diluted                 1,350,092                       1,403,687                 1,374,507                 1,427,002
                                                    
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
                              
          October 26,           October 28,

(In thousands)
                2008                       2007     
ASSETS                         
                    
Current assets:                         
Cash and cash equivalents         $     1,411,624             $     1,202,722     
Short-term investments             689,044                 1,166,857     
Accounts receivable, net             1,691,027                 2,049,427     
Inventories             1,987,017                 1,313,237     
Deferred income taxes             388,807                 426,471     
Income taxes receivable             125,605             

 
    

-
    
Other current assets               371,033                     448,879     
Total current assets             6,664,157                 6,607,593     
                    
Long-term investments             1,367,056                 1,362,425     
Property, plant and equipment             2,831,952                 2,782,204     
Less: accumulated depreciation and amortization               (1,737,752     )               (1,730,962     )
Net property, plant and equipment             1,094,200                 1,051,242     
                    
Goodwill, net             1,174,673                 1,006,410     
Purchased technology and other intangible assets, net             388,429                 373,178     
Equity method investment             79,533                 115,060     
Deferred income taxes and other assets               138,270                     146,370     
Total assets         $     10,906,318               $     10,662,278     
                    
LIABILITIES AND STOCKHOLDERS' EQUITY                         
                    
Current liabilities:                         
Current portion of long-term debt         $     1,068             $     2,561     
Accounts payable and accrued expenses             2,771,090                 2,221,516     
Income taxes payable               173,394                     157,549     
Total current liabilities             2,945,552                 2,381,626     
                    
Long-term debt             201,576                 202,281     
Other liabilities               310,232                     256,962     
Total liabilities               3,457,360                     2,840,869     
                    
Stockholders' equity:                         
Common stock             13,308                 13,857     
Additional paid-in capital             5,095,894                 4,658,832     
Retained earnings             11,501,288                 10,863,291     
Treasury stock             (9,134,962     )             (7,725,924     )
Accumulated other comprehensive income/(loss)               (26,570     )               11,353     
Total stockholders' equity               7,448,958                     7,821,409     
Total liabilities and stockholders' equity         $     10,906,318               $     10,662,278     
                                                
                                

APPLIED MATERIALS, INC.

 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
          

Twelve Months Ended
        

October 26,
          

 October 28,

(In thousands)
          

2008
          

 2007
                
Cash flows from operating activities:                 
Net income         $     960,746             $     1,710,196     
Adjustments required to reconcile net income to cash provided by operating activities:                 
Depreciation and amortization             320,051                 268,334     
Loss on fixed asset retirements             6,826                 21,401     
Restructuring and asset impairments             49,634                 26,421     
Deferred income taxes             (58,259     )             31,642     
Excess tax benefits from equity-based compensation plans             (7,491     )             (49,794     )
Acquired in-process research and development expense             –                 4,900     
Net recognized loss on investments             4,392                 5,460     
Pretax loss of equity-method investment             35,527                 29,371     
Equity-based compensation             178,943                 161,197     
Changes in operating assets and liabilities, net of amounts acquired:                 
Accounts receivable, net             424,290                 34,259     
Inventories             (638,256     )             140,933     
Other current assets             94,247                 (164,289     )
Other assets             (394     )             3,359     
Accounts payable and accrued expenses             352,918                 (12,473     )
Income taxes             8,126                 (23,968     )
Other liabilities               (20,832     )               22,347     
Cash provided by operating activities               1,710,468                     2,209,296     
Cash flows from investing activities:                 
Capital expenditures             (287,906     )             (264,784     )
Cash paid for acquisitions, net of cash acquired             (235,324     )             (599,653     )
Proceeds from sale of facility             42,210                 –     
Proceeds from disposition of assets held for sale             –                 37,611     
Proceeds from sales and maturities of investments             5,962,316                 3,053,640     
Purchases of investments               (5,534,475     )               (3,203,427     )
Cash used in investing activities               (53,179     )               (976,613     )
Cash flows from financing activities:                 
Debt repayments             (2,117     )             (202,139     )
Proceeds from common stock issuances             393,978                 898,025     
Common stock repurchases             (1,499,984     )             (1,331,997     )
Excess tax benefits from equity-based compensation plans             7,491                 49,794     
Payment of dividends to stockholders               (325,405     )               (305,672     )
Cash used in financing activities               (1,426,037     )               (891,989     )
Effect of exchange rate changes on cash and cash equivalents               (22,350     )               565     
Increase/(decrease) in cash and cash equivalents             208,902                 341,259     
Cash and cash equivalents — beginning of period               1,202,722                     861,463     
Cash and cash equivalents — end of period         $     1,411,624               $     1,202,722     
Supplemental cash flow information:                 
Cash payments for income taxes         $     368,459             $     845,756     
Cash payments for interest         $     14,580             $     29,104     
                                                
                                
APPLIED MATERIALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
          
            

Three Months Ended
          Twelve Months Ended
        October 26,           July 27,           October 28,           October 26,           October 28,

(In thousands, except per share amounts)
          2008           2008           2007           2008           2007
        

Non-GAAP Net Income
                                        
        
Reported net income (GAAP basis)         $     231,095             $     164,768             $     421,761             $     960,746             $     1,710,196     

Equity- based compensation expense
            43,778                 46,121                 30,889                 178,943                 161,196     

Certain items associated with acquisitions 1
            35,320                 41,109                 29,497                 138,611                 85,513     
Gain on sale of facility             (21,837     )         -             -                 (21,837     )         -     

Restructuring and asset impairments 2,3
            (9,686     )             138                 3,039                 39,948                 26,421     

Costs associated with ceasing development of beamline implant products 4
        -                 156                 9,391                 1,436                 66,063     

Resolution of audits of prior years' income tax filings 5
        -             -             -             -                 (36,242     )
Income tax effect of non-GAAP adjustments               (14,765     )               (24,601     )               (22,691     )               (99,834     )               (108,501     )
        
Non-GAAP net income         $     263,905               $     227,691               $     471,886               $     1,198,013               $     1,904,646     
        

Non-GAAP Net Income Per Diluted Share
                                        
        

Reported net income per diluted share (GAAP basis)
        $     0.17             $     

0.12
            

$
    0.30             $     0.70             $     1.20     
Equity-based compensation expense             0.02                 0.02                 0.02                 0.09                 0.08     
Certain items associated with acquisitions             0.02                 0.02                 0.01                 0.07                 0.04     
Gain on sale of facility             (0.01     )         -             -                 (0.01     )         -     
Restructuring and asset impairments         -             -             -                 0.02                 0.01     

Costs associated with ceasing development of beamline implant products
        -             -             -             -                 0.03     

Resolution of audits of prior years' income tax filings
        -             -             -             -                 (0.03     )
        
Non-GAAP net income - per diluted share         $     0.20             $     0.17             $     0.34             $     0.87             $     1.33     
        
Shares used in diluted shares calculation           1,350,092                 1,367,557                 1,403,687                 1,374,507                 1,427,002     
                                                                                

1 Incremental charges attributable to acquisitions consisting of inventory fair value adjustments on products sold and amortization of purchased intangible assets.

2 Results for the twelve months ended October 26, 2008 included restructuring charges of $29 million associated with a global cost reduction plan.

3 Results for the fiscal quarters ended October 26, 2008, July 27, 2008 and October 28, 2007 included restructuring and asset impairment benefit of $351,000 and charges of $138,000 and $3 million, respectively, associated with ceasing development of beamline implant products. Results for the twelve months ended October 26, 2008 and October 28, 2007 included restructuring and asset impairment charges of $11 million and $30 million, respectively, associated with ceasing development of beamline implant products. Results for the twelve months ended October 28, 2007 included a net benefit of $3 million from the sale of the Hillsboro, Oregon facility.

4 Results for the fiscal quarters ended July 27, 2008 and October 28, 2007 included other operating charges of $156,000 and $9 million, respectively, associated with ceasing development of beamline implant products. Results for the twelve months ended October 26, 2008 and October 28, 2007 included other operating charges of $1 million and $66 million, respectively, associated with ceasing development of beamline implant products.

5 Results for the twelve months ended October 28, 2007 consisted of a $36 million benefit from the resolution of audits of prior years' income tax filings and changes in tax credits.

Contact:
Applied Materials, Inc.
Robert Friess, 408-986-7977 (investment community)

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