19.02.10

Applied Materials: First Quarter Results

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Applied Materials, Inc., the global leader in Nanomanufacturing Technology™ solutions for the semiconductor, flat panel display and solar industries, today reported results for its first quarter of fiscal 2010 ended January 31, 2010. Applied generated net sales of $1.85 billion, operating profit of $116 million, and net income of $83 million or $0.06 per share. Non-GAAP net income was $179 million or $0.13 per share.

 “Applied posted solid first quarter results led by robust sales in our semiconductor equipment business,” said Mike Splinter, chairman and CEO. “With global demand improving in our customers' end markets, we are raising our full-year revenue target to reflect higher anticipated demand in our semiconductor, LCD display and crystalline silicon solar businesses.”

“During the quarter, we completed the acquisition of Semitool Inc., opening new growth opportunities in our core semiconductor equipment market, particularly in advanced packaging,” Splinter added. “Applied enters its second quarter with considerable momentum, and we are off to an excellent start for the year.”

 

Financial Results Summary
                  Q1 FY 2010                 Q4 FY 2009                 Q1 FY 2009
GAAP Results                                                     
Net sales                 $1.85 billion                 $1.53 billion                 $1.33 billion
Net income (loss)                 $83 million                 $138 million                 ($133 million)
Earnings (loss) per share                 $0.06                 $0.10                 ($0.10)
Non-GAAP Results                                                     
Non-GAAP net income (loss)                 $179 million                 $155 million                 ($28 million)
Non-GAAP earnings (loss) per share                 $0.13                 $0.11                 ($0.02)
                                                

Fiscal year 2010 is a 53-week year with 14 weeks in the first quarter.

The non-GAAP results exclude the impact of the following, where applicable: restructuring and asset impairments, acquisition-related costs, investment impairments, gains on sales of facilities, and amounts associated with the resolution of income tax audits. Effective the first quarter of fiscal 2010, the non-GAAP results no longer exclude the impact of equity-based compensation. A reconciliation of the GAAP and non-GAAP results is provided in the financial statements included in this release.

Reportable Segment Results

The Silicon Systems Group (SSG) had new orders of $1.13 billion, net sales of $970 million and operating income of $306 million. The 48 percent sequential increase in net sales was led by shipments to foundry and DRAM customers. New order composition was: foundry 42 percent, DRAM 36 percent, flash 13 percent, and logic and other 9 percent.

Applied Global Services (AGS) had new orders of $474 million, net sales of $426 million and operating income of $63 million. Sequential growth in net sales of 9 percent was driven primarily by semiconductor customer increases in factory utilization levels and new wafer starts.

The Display group had new orders of $126 million, net sales of $132 million and operating income of $25 million. The sequential decline in net sales was expected following a strong prior quarter.

The Energy and Environmental Solutions (EES) group had new orders of $230 million, net sales of $321 million and an operating loss of $36 million. Net sales included revenue for two additional SunFab™ thin film solar production lines.

Financial Highlights

Applied generated operating cash flow of $367 million during the quarter. The company acquired Semitool Inc. in an all-cash transaction for $323 million, net of cash acquired, and paid cash dividends of $80 million. At the end of the period, the company held $3.2 billion in cash and investments.

Business Outlook

For the second quarter of fiscal 2010, Applied expects quarter over quarter net sales growth of between 15 percent and 25 percent. The company expects non-GAAP EPS to be in the range of $0.17 to $0.22, which excludes anticipated charges related primarily to acquisitions.

For fiscal 2010, Applied expects net sales to grow by more than 50 percent, an increase from the previous outlook of greater than 30 percent.

Use of Non-GAAP Financial Measures

Management uses non-GAAP results 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 Materials believes 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 results prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast will be available at www.appliedmaterials.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding Applied’s performance, second quarter and fiscal year 2010 business outlooks, and growth opportunities. Forward-looking statements may contain words such as “expect,” “believe,” “may,” “can,” “should,” “will,” “forecast,” “anticipate” 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 industry conditions, customers’ ability to acquire affordable capital, business and consumer spending, demand for electronic products and semiconductors, government renewable energy policies and incentives, and customers’ utilization rates and capacity requirements, including capacity utilizing the latest technology; variability of operating expenses and results among the company’s segments caused by differing conditions in the served markets; Applied’s ability to (i) develop, deliver and support a broad range of products, expand its markets and develop new markets, (ii) timely implement and maintain effective cost reduction programs, realize expected benefits, and align its cost structure with business conditions, (iii) plan and manage its resources and production capability, including its supply chain, (iv) implement information technology, business process, outsourcing, business relocation and other initiatives that enhance global operations and efficiencies, (v) realize synergies from, and successfully commercialize technologies acquired in, business acquisitions, (vi) maintain effective internal controls and procedures, (vii) obtain and protect intellectual property rights in key technologies, (viii) attract, motivate and retain key employees, and (ix) accurately forecast future operating and financial results, which depends on multiple assumptions related to, without limitation, market conditions and business needs; and other risks described in Applied Materials’ SEC filings. 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.

About Applied Materials

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.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                                  
                                                      
                Three Months Ended
                January 31,                     January 25,

(In thousands, except per share amounts)
                      2010                             2009
                                    
Net sales                 $     1,848,902                     $     1,333,396     
Cost of products sold                       1,137,718                           941,820     
Gross margin                     711,184                         391,576     
                                    
Operating expenses:                                     
Research, development and engineering                     269,003                         229,540     
General and administrative                     124,799                         141,241     
Marketing and selling                     97,195                         84,115     
Restructuring and asset impairments                       103,844                           132,772     
Income (loss) from operations                     116,343                         (196,092     )
                                    
Pre-tax loss of equity method investment                 —                         15,808     
Impairment of strategic investments                     1,190                     —     
Interest expense                     5,060                         5,994     
Interest income                       8,641                           15,235     
Income (loss) before income taxes                     118,734                         (202,659     )
                                    
Provision (benefit) for income taxes                       35,983                           (69,725     )
Net income (loss)                 $     82,751                     $     (132,934     )
                                    
Earnings (loss) per share:                                     
Basic                 $     0.06                     $     (0.10     )
Diluted                 $     0.06                     $     (0.10     )
                                    
Weighted average number of shares:                                     
Basic                     1,341,941                         1,329,223     
Diluted                             1,349,567                                   1,329,223     
                                            
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
                                                            
                      January 31,                       October 25,

(In thousands)
                      2010                       2009
                (unaudited)                     
ASSETS                                         
                                        
Current assets:                                         
Cash and cash equivalents                 $     1,399,054                     $     1,576,381     
Short-term investments                     755,122                         638,349     

Accounts receivable, less allowance for doubtful accounts of $73,310 and $67,313 at 2010 and 2009, respectively
                    1,267,409                         1,041,495     
Inventories                     1,664,269                         1,627,457     
Deferred income taxes, net                     417,986                         356,336     
Income taxes receivable                     102,711                         184,760     
Other current assets                       242,712                           264,169     
Total current assets                     5,849,263                         5,688,947     
Long-term investments                     1,046,116                         1,052,165     
Property, plant and equipment                     2,964,028                         2,906,957     
Less: accumulated depreciation and amortization                       (1,835,359     )                       (1,816,524     )
Net property, plant and equipment                     1,128,669                         1,090,433     
Goodwill, net                     1,336,426                         1,170,932     
Purchased technology and other intangible assets, net                     374,000                         306,416     
Deferred income taxes and other assets                       269,364                           265,350     
Total assets                 $     10,003,838                     $     9,574,243     
                                        
LIABILITIES AND STOCKHOLDERS’ EQUITY                                         
                                        
Current liabilities:                                         
Current portion of long-term debt                 $     

2,400
                    

$
    1,240     
Accounts payable and accrued expenses                     1,252,031                         1,061,502     
Customer deposits and deferred revenue                     993,357                         864,280     
Income taxes payable                       30,160                           12,435     
Total current liabilities                     2,277,948                         1,939,457     
                                        
Long-term debt                     210,547                         200,654     
Other liabilities                       367,200                           339,524     
Total liabilities                       2,855,695                           2,479,635     
                                        
Stockholders’ equity:                                         
Common stock                     13,433                         13,409     
Additional paid-in capital                     5,245,634                         5,195,437     
Retained earnings                     10,936,149                         10,934,004     
Treasury stock                     (9,046,562     )                     (9,046,562     )
Accumulated other comprehensive loss                       (511     )                       (1,680     )
Total stockholders’ equity                       7,148,143                           7,094,608     
Total liabilities and stockholders’ equity                       $     10,003,838                             $     9,574,243     
                                        
APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
      

 
    

Three Months Ended

 
    

January 31,
          

January 25,

(In thousands)
    

2010
          

2009
                                  
Cash flows from operating activities:                             
Net income (loss)                 $     82,751                 $     (132,934     )
Adjustments required to reconcile net income (loss) to cash provided by (used in) operating activities:                             
Depreciation and amortization                     76,412                     71,228     
Loss on fixed asset retirements                     3,435                     3,447     
Provision for bad debts                     6,000                     47,526     
Restructuring and asset impairments                     103,844                     132,772     
Deferred income taxes                     (43,636     )                 (13,054     )
Net recognized loss on investments                     209                     5,398     
Pretax loss of equity-method investment                     —                     15,808     
Impairment of investments                     1,190                     —     
Equity-based compensation                     33,689                     33,608     
Changes in operating assets and liabilities, net of amounts acquired:                             
Accounts receivable                     (193,953     )                 368,648     
Inventories                     25,026                     (144,075     )
Other current assets                     23,260                     10,890     
Other assets                     (9,525     )                 1,311     
Accounts payable and accrued expenses                     42,290                     (353,672     )
Customer deposit and deferred revenue                     123,218                     (164,701     )
Income taxes                     99,864                     (94,337     )
Other liabilities                       (7,177     )                   26,920     
Cash provided by (used in) operating activities                       366,897                         (185,217     )
Cash flows from investing activities:                             
Capital expenditures                     (53,167     )                 (73,318     )
Cash paid for acquisition, net of cash acquired                     (322,599     )                 —     
Proceeds from sales and maturities of investments                     189,225                     541,689     
Purchases of investments                       (298,051     )                   (227,348     )
Cash provided by (used in) investing activities                       (484,592     )                   241,023     
Cash flows from financing activities:                             
Debt borrowings                     977                     510     
Proceeds from common stock issuances                     19,855                     182     
Common stock repurchases                     —                     (22,906     )
Payment of dividends to stockholders                       (80,464     )                   (79,762     )
Cash used in financing activities                       (59,632     )                   (101,976     )
Effect of exchange rate changes on cash and cash equivalents                       —                         742     
Decrease in cash and cash equivalents                       (177,327     )                   (45,428     )
Cash and cash equivalents — beginning of period                       1,576,381                         1,411,624     
Cash and cash equivalents — end of period                 $     1,399,054                   $     1,366,196     
Supplemental cash flow information:                             
Cash payments (refunds) for income taxes                 $     (32,791     )             $     12,064     
Cash payments for interest                       $     42                       $     42     
                            

Reportable Segment Results
            Q1 FY 2010                       Q4 FY 2009                       Q1 FY 2009
(In millions)           

New
Orders
          

Net
Sales
          

Operating
Income
(Loss)
                      

New
Orders
          

Net
Sales
          

Operating
Income
(Loss)
                      

New
Orders
          

Net
Sales
          

Operating
Income
(Loss)
SSG           $1,135           $970           $306                       $629           $656           $170                       $246           $546           $46
AGS           $474           $426           $63                       $335           $390           $66                       $310           $345           $26
Display           $126           $132           $25                       $151           $200           $41                       $26           $149           $21
EES           $230           $321           ($36)                       $357           $280           ($28)                       $321           $293           ($64)
Corporate-unallocated expenses           $—           $—           ($242)                       $—           $—           ($76)                       $—           $—           ($225)
Consolidated           $1,965           $1,849           $116                       $1,472           $1,526           $173                       $903           $1,333           ($196)
                                                                                                                  

Effective in the first quarter of fiscal 2010, Applied changed its methodology for allocating certain expenses to its reportable segments. Applied has reclassified segment operating results for the three months ended October 25, 2009 and January 25, 2009 to conform to the fiscal 2010 presentation.

Additional Information
            Q1 FY 2010                 Q4 FY 2009                 Q1 FY 2009
New Orders and Net Sales by Geography
(In $ millions)           

New
Orders
          

Net
Sales
                

New
Orders
          

Net
Sales
                

New
Orders
          

Net
Sales
North America           256           241                 199           232                 237           383
% of Total           13           13                 14           15                 26           29
Europe           146           310                 74           150                 346           198
% of Total           7           17                 5           10                 38           15
Japan           178           174                 124           218                 154           216
% of Total           9           9                 8           14                 17           16
Korea           387           331                 296           251                 66           187
% of Total           20           18                 20           17                 7           14
Taiwan           658           514                 218           327                 19           144
% of Total           34           28                 15           21                 2           11
Southeast Asia           125           136                 88           69                 12           88
% of Total           6           7                 6           5                 2           6
China           215           143                 473           279                 69           117
% of Total           11           8                 32           18                 8           9
 
Employees
Regular Full Time           13,000*                 12,600                 14,400
                                          

* Reflects acquisition of Semitool Inc.
                                
APPLIED MATERIALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
                                                                                    
                            Three Months Ended
                    January 31,                       October 25,                       January 25,

(In thousands, except per share amounts)
                            2010                       2009                       2009
                                                        

Non-GAAP Net Income (Loss)
                                                                        
                                                        
Reported net income (loss) (GAAP basis)                     $     82,751                     $     137,862                     $     (132,934     )
Certain items associated with acquisitions 1                         25,962                         22,425                         26,025     
Semitool deal cost                         9,860                     

 
    


                    

 
    


    
Restructuring and asset impairments 2, 3, 4                         103,844                         (3,693     )                     132,772     
Impairment of strategic investments                         1,190                         5,058                     

 
    


    

Income tax effect of non-GAAP adjustments and resolution of audits of prior years’ income tax filings
                          (44,607     )                       (6,797     )                       (53,529     )
Non-GAAP net income (loss)                     $     179,000                       $     154,855                       $     (27,666     )
                                                        

Non-GAAP Net Income (Loss) Per Diluted Share
                                                                        
                                                        

Reported net income (loss) per diluted share (GAAP basis)
                    $     0.06                     $     0.10                     $     (0.10     )
Certain items associated with acquisitions                         0.01                         0.01                         0.01     
Semitool deal cost                         0.01                     

 
    


                    

 
    


    
Restructuring and asset impairments                         0.05                     

 
    


                        0.06     
Impairment of strategic investments                     

 
    


                    

 
    


                    

 
    


    
Non-GAAP net income (loss) – per diluted share                     $     0.13                     $     0.11                     $     (0.02     )
Shares used in diluted shares calculation                                   1,349,567                                   1,347,691                                   1,329,223     
                                                        

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

2 Results for the first fiscal quarter ended January 31, 2010 included restructuring charges of $104 million associated with a restructuring program announced on November 11, 2009.

3 Results for the fourth fiscal quarter ended October 25, 2009 included an adjustment of restructuring reserves of $4 million.

4 Results for the first fiscal quarter ended January 25, 2009 included restructuring charges of $133 million associated with a restructuring program announced on November 12, 2008.
                                                        

Effective the first quarter of fiscal 2010, the non-GAAP results no longer exclude the impact of equity-based compensation. Previously reported non-GAAP results have been restated to conform to the fiscal 2010 presentation.

Contacts:
Applied Materials, Inc.
Howard Clabo (editorial/media), 408-748-5775
Michael Sullivan (financial community), 408-986-7977
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