13.11.09

Applied Materials: Fourth Quarter Results

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Applied Materials, Inc. reported fiscal 2009 fourth quarter net sales of $1.53 billion and GAAP net income of $138 million or $0.10 per share. For its fiscal year ended Oct. 25, 2009, the company reported net sales of $5.01 billion and a GAAP net loss of $305 million or $0.23 per share.

The company also reported non-GAAP results, with fourth quarter net income of $177 million or $0.13 per share and fiscal year net income of $37 million or $0.03 per share.

“Applied delivered a solid fourth quarter led by increased net sales and profitability in our semiconductor equipment business, with improved demand and financial performance in all of our segments,” said Mike Splinter, chairman and CEO. “For the year, we invested in growth across all of our businesses, introducing new products and expanding into new markets while reducing our cost structure.”

Applied Materials was named the number one equipment supplier to the solar PV industry during 2009 and recently opened the world’s largest non-governmental solar energy research facility in Xi’an, China. Applied’s Energy and Environmental Solutions business has grown to over a billion dollars in annual net sales in less than three years and is expected to achieve breakeven or better results in fiscal 2010 on a non-GAAP basis.

“Since 2006, Applied has successfully extended our nanomanufacturing leadership from semiconductor and display to the solar industry, and during that time we have seen changes in customer and geographic concentration in all of these markets,” Splinter added. “We are adapting our operating structure to align with these changes and enhance the value we provide to our customers and stockholders.”

In fiscal 2010, Applied Materials expects to be taking the following actions to strengthen its leadership in its global markets and deliver higher operating efficiencies:

    * Embedding its sales force into its business groups to increase visibility into customer and market opportunities.
    * Consolidating its manufacturing and supply chain closer to more of its customers and suppliers.
    * Implementing various cost reduction initiatives and a restructuring plan expected to achieve total annualized cost savings of approximately $450 million when completed.

Under the restructuring plan, Applied Materials expects to reduce its global workforce by approximately 1,300 to 1,500 positions, or 10 to 12 percent, over a period of 18 months. The company anticipates the pre-tax cost of the plan to be between $100 million and $125 million, most of which is expected to be recognized in the first quarter of fiscal 2010.

The anticipated savings of $450 million are in addition to the structural cost reductions of $460 million achieved in fiscal 2009.

Business Outlook

Applied Materials expects net sales to grow by more than 30 percent in fiscal 2010.

GAAP Results

                  Q4 FY ‘09                 Q3 FY ‘09                 Q4 FY ‘08
Net sales                 $1.53 billion                 $1.13 billion                 $2.04 billion
Net income (loss)                 $138 million                 ($55 million)                 $231 million
Earnings (loss) per share                 $0.10                 ($0.04)                 $0.17
                                                
                  FY ‘09                 FY ‘08
Net sales                 $5.01 billion                 $8.13 billion
Net income (loss)                 ($305 million)                 $961 million
Earnings (loss) per share                 ($0.23)                 $0.70
                                

Non-GAAP Results

                  Q4 FY ‘09                 Q3 FY ‘09                 Q4 FY ‘08
Non-GAAP net income (loss)                 $177 million                 ($2 million)                 $264 million
Non-GAAP earnings (loss) per share                 $0.13                 ($0.00)                 $0.20
                                                
                  FY ‘09                 FY ‘08
Non-GAAP net income (loss)                 $37 million                 $1.20 billion
Non-GAAP earnings (loss) per share                 $0.03                 $0.87
                                

The non-GAAP results exclude the impact of the following where applicable: investment impairments, equity-based compensation, restructuring and asset impairments, acquisition-related costs, costs related to ceasing implant development, gains on sales of facilities, and amounts associated with the resolution of income tax audits. A reconciliation of the GAAP and non-GAAP results is provided in the financial statements included in this release.

Order and Backlog Summary

New orders for the quarter totaled $1.47 billion. Regional distribution was: Southeast Asia and China 38 percent, Korea 20 percent, Taiwan 15 percent, North America 14 percent, Japan 8 percent, and Europe 5 percent. Within the Silicon Systems Group (SSG), new order composition was: foundry 37 percent, logic and other 26 percent, DRAM 21 percent, and flash 16 percent. Backlog for the company as of the end of the quarter was $2.73 billion, down from $2.95 billion in the previous quarter.

Reportable Segment Results

            Q4 FY ‘09           Q3 FY ‘09           Q4 FY ‘08
                              Operating                               Operating                               
        New         Net         Income         New         Net         Income         New         Net         Operating

(In millions)
          Orders           Sales           (Loss)           Orders           Sales           (Loss)           Orders           Sales           Income
SSG           $629           $656           $158           $542           $498           $56           $1,162           $744           $177
Applied Global Services           $335           $390           $64           $298           $343           $24           $496           $528           $123
Display           $151           $200           $43           $96           $69           ($5)           $65           $334           $113
Energy and Environmental Solutions           $357           $280           ($30)           $136           $224           ($53)           $490           $438           $21
                                                                        
            FY ‘09           FY ’08
                              Operating                               Operating
        New         Net         Income         New         Net         Income

(In millions)
          Orders           Sales           (Loss)           Orders           Sales           (Loss)
SSG           $1,677           $1,960           $152           $4,092           $4,005           $1,242
Applied Global Services           $1,179           $1,397           $113           $2,249           $2,329           $575
Display           $287           $502           $65           $1,486           $976           $310
Energy and Environmental Solutions           $955           $1,155           ($242)           $1,329           $819           ($183)
                                                

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 Materials’ performance, planned new operating structure and efficiencies, leadership position, EES fiscal 2010 profitability, customer landscape, cost reduction activities, restructuring plan (including scope, charges and timing), anticipated cost savings, and the fiscal 2010 net sales outlook. 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, the duration and severity of the current downturn, customers’ ability to acquire affordable capital, business and consumer spending, demand for electronic products and semiconductors, governmental 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) obtain and protect intellectual property rights in key technologies, (vi) attract, motivate and retain key employees, and (vii) accurately forecast future operating and financial results, which depends on multiple assumptions related to, without limitation, market conditions, business needs, hiring and departures of employees, acquisitions or divestitures, and compliance with U.S. and international labor and employment laws; 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 - News) 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 25,           October 26,           October 25,           October 26,

(In thousands, except per share amounts)
          2009           2008           2009           2008
 
Net sales         $     1,526,394             $     2,043,677             $     5,013,607             $     8,129,240
Cost of products sold               967,558                   1,244,972                   3,582,802                   4,686,412
Gross margin             558,836                 798,705                 1,430,805                 3,442,828
 
Operating expenses:                                 
Research, development and engineering             234,188                 275,222                 934,115                 1,104,122
General and administrative             76,138                 138,410                 406,946                 505,762
Marketing and selling             79,261                 100,131                 327,572                 459,402
Restructuring and asset impairments             (3,693     )             (9,686     )             155,788                 39,948
Gain on sale of facility         —                   21,837             —                   21,837
Income (loss) from operations             172,942                 316,465                 (393,616     )             1,355,431
 
Pre-tax loss of equity method investment         —                 9,867                 34,983                 35,527

Impairment of equity method investment and strategic investments
            5,058             —                 84,480             —
Interest expense             5,359                 4,846                 21,304                 20,506
Interest income               11,323                   20,937                   48,580                   109,320
Income (loss) before income taxes             173,848                 322,689                 (485,803     )             1,408,718
 
Provision (benefit) for income taxes               35,986                   91,594                   (180,476     )               447,972
Net income (loss)         $     137,862             $     231,095             $     (305,327     )         $     960,746
 
Earnings (loss) per share:                                 
Basic         $     0.10             $     0.17             $     (0.23     )         $     0.71
Diluted         $     0.10             $     0.17             $     (0.23     )         $     0.70
 
Weighted average number of shares:                                 
Basic             1,338,134                 1,338,227                 1,333,091                 1,354,176
Diluted                 1,347,691                       1,350,092                       1,333,091                       1,374,507
                                                
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
 
          October 25,           October 26,

(In thousands)
          2009           2008
ASSETS                 
 
Current assets:                 
Cash and cash equivalents         $     1,576,381             $     1,411,624     
Short-term investments             638,349                 689,044     

Accounts receivable, less allowance for doubtful accounts of $67,313 and $5,275 at 2009 and 2008, respectively
            1,041,495                 1,691,027     
Inventories             1,627,457                 1,987,017     
Deferred income taxes, net             356,336                 388,807     
Income taxes receivable             184,760                 125,605     
Other current assets               264,169                   371,033     
Total current assets             5,688,947                 6,664,157     
Long-term investments             1,052,165                 1,367,056     
Property, plant and equipment             2,906,957                 2,831,952     
Less: accumulated depreciation and amortization               (1,816,524     )               (1,737,752     )
Net property, plant and equipment             1,090,433                 1,094,200     
 
Goodwill, net             1,170,932                 1,174,673     
Purchased technology and other intangible assets, net             306,416                 388,429     
Equity method investment         —                 79,533     
Deferred income taxes and other assets               265,350                   238,270     
Total assets         $     9,574,243             $     11,006,318     
 
LIABILITIES AND STOCKHOLDERS’ EQUITY                 
 
Current liabilities:                 
Current portion of long-term debt         $     

1,240
            

$
    1,068     
Accounts payable and accrued expenses             1,058,015                 1,545,355     
Customer deposits and deferred revenue             864,280                 1,225,735     
Income taxes payable               15,922                   173,394     
Total current liabilities             1,939,457                 2,945,552     
 
Long-term debt             200,654                 201,576     
Other liabilities               339,524                   310,232     
Total liabilities               2,479,635                   3,457,360     
 
Stockholders’ equity:                 
Common stock             13,409                 13,308     
Additional paid-in capital             5,195,437                 5,095,894     
Retained earnings             10,934,004                 11,601,288     
Treasury stock             (9,046,562     )             (9,134,962     )
Accumulated other comprehensive loss               (1,680     )               (26,570     )
Total stockholders’ equity               7,094,608                   7,548,958     
Total liabilities and stockholders’ equity         $     9,574,243             $     11,006,318     
                                    
                        

APPLIED MATERIALS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                        
          

Twelve Months Ended
        

October 25,
          

October 26,

(In thousands)
          

2009
          

2008
                
Cash flows from operating activities:                 
Net income (loss)         $     (305,327     )         $     960,746     
Adjustments required to reconcile net income (loss) to cash provided by (used in) operating activities:                 
Depreciation and amortization             291,203                 320,051     
Loss on fixed asset retirements             24,017                 6,826     
Provision for bad debts             62,539                 —     
Restructuring and asset impairments             155,788                 39,948     
Deferred income taxes             18,863                 (58,259     )
Excess tax benefits from equity-based compensation plans             —                 (7,491     )
Net recognized loss on investments             10,231                 4,392     
Pretax loss of equity-method investment             34,983                 35,527     
Impairment of equity-method investment and strategic investments             84,480                 —     
Equity-based compensation             147,160                 178,943     
Changes in operating assets and liabilities, net of amounts acquired:                 
Accounts receivable             586,993                 424,290     
Inventories             359,560                 (638,256     )
Other current assets             94,740                 94,247     
Other assets             (6,530     )             (394     )
Accounts payable and accrued expenses             (659,293     )             (260,041     )
Customer deposits and deferred revenue             (361,455     )             622,645     
Income taxes             (288,283     )             8,126     
Other liabilities               83,709                   (20,832     )
Cash provided by operating activities               333,378                   1,710,468     
Cash flows from investing activities:                 
Capital expenditures             (248,427     )             (287,906     )
Cash paid for acquisition, net of cash acquired             —                 (235,324     )
Proceed from sale of facility             —                 42,210     
Proceeds from sales and maturities of investments             1,317,365                 5,939,509     
Purchases of investments               (956,249     )               (5,534,475     )
Cash provided by (used in) investing activities               112,689                   (75,986     )
Cash flows from financing activities:                 
Debt repayments             (750     )             (2,117     )
Proceeds from common stock issuances             61,824                 393,978     
Common stock repurchases             (22,906     )             (1,499,984     )
Excess tax benefits from equity-based compensation plans             —                 7,491     
Payment of dividends to stockholders               (320,220     )               (325,405     )
Cash used in financing activities               (282,052     )               (1,426,037     )
Effect of exchange rate changes on cash and cash equivalents               742                   457     
Increase in cash and cash equivalents               164,757                   208,902     
Cash and cash equivalents — beginning of period               1,411,624                   1,202,722     
Cash and cash equivalents — end of period         $     1,576,381             $     1,411,624     
Supplemental cash flow information:                 
Cash payments for income taxes         $     134,240             $     368,459     
Cash payments for interest         $     14,372             $     14,580     
                                
APPLIED MATERIALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
 
            Three Months Ended           Twelve Months Ended
          October 25,           July 26,           October 26,           October 25,           October 26,

(In thousands, except per share amounts)
          2009           2009           2008           2009           2008
 

Non-GAAP Net Income (Loss)
                                        
 
Reported net income (loss) (GAAP basis)         $     137,862             $     (54,865     )         $     231,095             $     (305,327     )         $     960,746     
Equity-based compensation expense             31,046                 43,334                 43,778                 147,160                 178,943     

Certain items associated with acquisitions 1
            22,425                 22,425                 35,320                 95,699                 138,611     
Gain on sale of facility         –             –                 (21,837     )         –                 (21,837     )

Restructuring and asset impairments 2,3,4
            (3,693     )         –                 (9,686     )             155,788                 39,948     

Costs associated with ceasing development of beamline implant products 5
        –             –             –             –                 1,436     

Impairment of equity method investment and strategic investments
            5,058                 2,341             –                 84,480             –     

Income tax effect of non-GAAP adjustments and resolution of audits of prior years’ income tax filings
              (15,490     )               (14,791     )               (14,765     )               (141,260     )               (99,834     )
Non-GAAP net income (loss)         $     177,208             $     (1,556     )         $     263,905             $     36,540             $     1,198,013     
 

Non-GAAP Net Income (Loss) Per Diluted Share
                                        
 

Reported net income (loss) per diluted share (GAAP basis)
        $     0.10             $     (0.04     )         $     0.17             $     (0.23     )         $     0.70     
Equity-based compensation expense             0.02                 0.02                 0.02                 0.08                 0.09     
Certain items associated with acquisitions             0.01                 0.01                 0.02                 0.05                 0.07     
Gain on sale of facility         –             –                 (0.01     )         –                 (0.01     )
Restructuring and asset impairments         –             –             –                 0.08                 0.02     

Costs associated with ceasing development of beamline implant products
        –             –             –             –             –     

Impairment of equity method investment and strategic investments
        –             –             –                 0.05             –     
Non-GAAP net income (loss) – per diluted share         $     0.13             $     (0.00     )         $     0.20             $     0.03             $     0.87     
Shares used in diluted shares calculation                 1,347,691                       1,333,278                       1,350,092                       1,339,675                       1,374,507     
                                                            
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 three months ended October 25, 2009 included adjustment of restructuring reserves of $4 million. Results for the twelve months ended October 25, 2009 included asset impairment charges of $15 million related to wafer cleaning equipment and restructuring charges of $141 million associated with a restructuring program announced on November 12, 2008.
3 Results for the three months ended October 26, 2008 included adjustment of restructuring reserves of $10 million. Results for the twelve months ended October 26, 2008 included restructuring charges of $29 million associated with a global cost reduction plan.
4 Results for the twelve months ended October 26, 2008 included restructuring and asset impairment charges of $11 million associated with ceasing development of beamline implant products.
5 Results for the twelve months ended October 26, 2008 included other operating charges of $1 million associated with ceasing development of beamline implant products.
 

Prospective Non-GAAP Information

Applied’s statement that it expects its Energy and Environmental Solutions business to achieve profitability on a non-GAAP basis in fiscal 2010 assumes that the EES business will generate at least $1 billion in net sales in fiscal 2010, includes revenue mix assumptions and excludes an estimated $50 million in acquisition-related charges.

Contact:
Applied Materials, Inc.
Michael Sullivan (financial community), 408-986-7977
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