Applied Materials: Q1 Results

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Applied Materials, Inc. reported that for its first fiscal quarter ended January 25, 2009, net sales were $1.33 billion, gross margin was 29.4 percent, GAAP net loss was $133 million, GAAP net loss per share was $0.10, and new orders were $903 million. These results included a restructuring charge of $133 million associated with a global cost reduction program announced on November 12, 2008.

“We acted early and decisively to reduce costs in line with economic conditions that have resulted in an unprecedented decline in demand," said Mike Splinter, president and CEO. "With our leading technology and strong balance sheet, Applied is positioned to weather this recession and invest in new products and services.”

The following table shows comparisons to the first and fourth quarters of fiscal 2008.


Q1 FY ‘09


Q1 FY ‘08


Q4 FY ‘08
Net sales           $1.33 billion           $2.09 billion           $2.04 billion
Gross margin percent           29.4%           44.8%           39.1%
Net income (loss)           ($133 million)           $262 million           $231 million
Earnings (loss) per share           ($0.10)           $0.19           $0.17
New orders           $903 million           $2.50 billion           $2.21 billion

Regional distribution of new orders was: Europe 39 percent, North America 26 percent, Japan 17 percent, Southeast Asia and China 9 percent, Korea 7 percent, and Taiwan 2 percent. Backlog at the end of the first quarter of fiscal 2009 was $4.05 billion, down from $4.85 billion at the end of the fourth quarter of fiscal 2008.

Non-GAAP net loss for the first quarter of fiscal 2009 was $3 million, or $0.00 per share. The following table shows comparisons of non-GAAP results to the first and fourth quarters of fiscal 2008. Non-GAAP adjustments are explained below and detailed in the accompanying Reconciliation of GAAP to Non-GAAP Results.


Q1 FY ‘09


Q1 FY ‘08


Q4 FY ‘08
Non-GAAP net income (loss)           ($3 million)           $345 million           $264 million
Non-GAAP earnings (loss) per share           $0.00           $0.25           $0.20

Non-GAAP net income (loss) and non-GAAP earnings (loss) per share, detailed in the accompanying Reconciliation of GAAP to Non-GAAP Results, exclude charges related to one or more of the following: (i) equity-based compensation, (ii) gain on sale of facility, (iii) certain items associated with acquisitions, including amortization of intangibles and inventory fair value adjustments on products sold, (iv) restructuring and asset impairments, (v) certain costs associated with ceasing development of beamline implant products, and/or (vi) the resolution of income tax audits and changes in tax credits. Management uses non-GAAP net income (loss) and non-GAAP earnings (loss) per share 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 (loss) or earnings (loss) per share prepared in accordance with GAAP.

Results by reportable segment for the first quarter of fiscal 2009 and the first and fourth quarters of fiscal 2008 were:
      Q1 FY ‘09     Q1 FY ‘08     Q4 FY ‘08
(In millions)     New Orders     Net Sales     Operating Income (Loss)     New Orders     Net Sales     Operating Income (Loss)     New Orders     Net Sales     Operating Income (Loss)
Silicon     $246     $546     $34     $1,075     $1,237     $445     $1,162     $744     $177
Applied Global Services     310     345     26     610     595     149     496     528     123
Display     26     149     26     555     133     34     65     334     113
Energy and Environmental Solutions     321     293     (65)     260     122     (48)     490     438     21

Applied Materials will discuss its fiscal 2009 first quarter results on the earnings call today beginning at 1:30 p.m. Pacific Standard 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, cost reductions, strategic position, financial strength and product investment. 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 industry conditions, 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; the duration and severity of the recession; customers’ ability to acquire sufficient capital and/or obtain regulatory approvals; variability of operating 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 initiatives that enhance global operations and efficiencies, (v) obtain and protect intellectual property rights in key technologies, and (vi) 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


January 25,


January 27,
(In thousands, except per share amounts)                 2009                       2008

Net sales         $     1,333,396             $     2,087,397
Cost of products sold               941,820                     1,152,416
Gross margin             391,576                 934,981

Operating expenses:                 
Research, development and engineering             229,540                 273,219
General and administrative             141,241                 115,976
Marketing and selling             84,115                 123,917
Restructuring and asset impairments               132,772                     48,986
Income (loss) from operations             (196,092     )             372,883

Pre-tax loss of equity method investment             15,808                 9,586
Interest expense             5,994                 4,545
Interest income               15,235                     30,570
Income (loss) before income taxes             (202,659     )             389,322

Provision (benefit) for income taxes               (69,725     )               126,946
Net income (loss)         $     (132,934     )         $     262,376

Earnings (loss) per share:                 
Basic         $     (0.10     )         $     0.19
Diluted         $     (0.10     )         $     0.19

Weighted average number of shares:                 
Basic             1,329,223                 1,371,245
Diluted                 1,329,223                       1,383,886
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS

          January 25,               October 26,     
(In thousands)           2009                 2008     
ASSETS                         

Current assets:                         
Cash and cash equivalents         $     1,366,196             $     1,411,624     
Short-term investments             551,196                 689,044     
Accounts receivable, net             1,274,853                 1,691,027     
Inventories             2,131,092                 1,987,017     
Deferred income taxes, net             402,720                 388,807     
Income taxes receivable         

187,183


125,605

Other current assets               366,428                     371,033     
Total current assets             6,279,668                 6,664,157     
Long-term investments             1,210,997                 1,367,056     
Property, plant and equipment             2,888,267                 2,831,952     
Less: accumulated depreciation and amortization               (1,780,081     )               (1,737,752     )
Net property, plant and equipment             1,108,186                 1,094,200     

Goodwill, net             1,171,740                 1,174,673     
Purchased technology and other intangible assets, net             366,980                 388,429     
Equity method investment             63,725                 79,533     
Deferred income taxes and other assets               226,307                     238,270     
Total assets         $     10,427,603               $     11,006,318     

LIABILITIES AND STOCKHOLDERS’ EQUITY                         

Current liabilities:                         
Current portion of long-term debt         $     1,259             $     1,068     
Accounts payable and accrued expenses             2,387,837                 2,771,090     
Income taxes payable               140,635                     173,394     
Total current liabilities             2,529,731                 2,945,552     

Long-term debt             201,895                 201,576     
Other liabilities               339,306                     310,232     
Total liabilities               3,070,932                     3,457,360     

Stockholders’ equity:                         
Common stock             13,293                 13,308     
Additional paid-in capital             5,125,991                 5,095,894     
Retained earnings             11,386,759                 11,601,288     
Treasury stock             (9,157,868     )             (9,134,962     )
Accumulated other comprehensive loss               (11,504     )               (26,570     )
Total stockholders’ equity               7,356,671                     7,548,958     
Total liabilities and stockholders’ equity           $     10,427,603                 $     11,006,318     

APPLIED MATERIALS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS



Three Months Ended


January 25,


January 27,

(In thousands)


2009


2008

Cash flows from operating activities:                 
Net income (loss)         $     (132,934     )         $     262,376     

Adjustments required to reconcile net income (loss) to cash provided by (used in) operating activities:

Depreciation and amortization             71,228                 78,474     
Loss on fixed asset retirements             3,447                 11,211     
Provision for bad debts             47,526                 —     
Restructuring and asset impairments             132,772                 48,986     
Deferred income taxes             (13,054     )             3,417     
Net recognized loss on investments             5,398                 639     
Pretax loss of equity-method investment             15,808                 9,586     
Equity-based compensation             33,608                 38,722     
Changes in operating assets and liabilities, net of amounts acquired:                 
Accounts receivable             368,648                 34,926     
Inventories             (144,075     )             (73,937     )
Other current assets             10,890                 (22,579     )
Other assets             1,311                 (4,984     )
Accounts payable and accrued expenses             (518,373     )             (95,459     )
Income taxes             (94,337     )             94,248     
Other liabilities               26,920                     4,105     
Cash provided by (used in) operating activities               (185,217     )               389,731     
Cash flows from investing activities:                 
Capital expenditures             (73,318     )             (74,144     )
Cash paid for acquisition, net of cash acquired             —                 (19,084     )
Proceeds from sales and maturities of investments             541,689                 2,038,001     
Purchases of investments               (227,348     )               (1,654,754     )
Cash provided by investing activities               241,023                     290,019     
Cash flows from financing activities:                 
Debt borrowings             510                 343     
Proceeds from common stock issuances             182                 15,681     
Common stock repurchases             (22,906     )             (600,000     )
Payment of dividends to stockholders               (79,762     )               (83,068     )
Cash used in financing activities               (101,976     )               (667,044     )
Effect of exchange rate changes on cash and cash equivalents               742                     221     
Increase (decrease) in cash and cash equivalents               (45,428     )               12,927     
Cash and cash equivalents — beginning of period               1,411,624                     1,202,722     
Cash and cash equivalents — end of period         $     1,366,196               $     1,215,649     
Supplemental cash flow information:                 
Cash payments for income taxes         $     12,064             $     41,878     
Cash payments for interest           $     42                 $     45     
APPLIED MATERIALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS

          Three Months Ended
        January 25,           January 27,           October 26,
(In thousands, except per share amounts)           2009           2008           2008

Non-GAAP Net Income (Loss)                         

Reported net income (loss) (GAAP basis)         $     (132,934     )         $     262,376             $     231,095     
Equity-based compensation expense             33,608                 38,722                 43,778     
Certain items associated with acquisitions 1         26,025                 31,038                 35,320     
Gain on sale of facility         –             –                 (21,837     )
Restructuring and asset impairments 2, 3, 4             132,772                 48,986                 (9,686     )

Costs associated with ceasing development of beamline implant products 5
        –                 1,021             –     
Income tax effect of non-GAAP adjustments               (62,939     )               (37,326     )               (14,765     )
Non-GAAP net income (loss)         $     (3,468     )         $     344,817               $     263,905     

Non-GAAP Net Income (Loss) Per Diluted Share                         


Reported net income (loss) per diluted share (GAAP basis)
        $     (0.10     )         $     0.19             $     0.17     
Equity-based compensation expense             0.02                 0.02                 0.02     
Certain items associated with acquisitions             0.01                 0.02                 0.02     
Gain on sale of facility         –             –                 (0.01     )
Restructuring and asset impairments             0.06                 0.02             –     

Costs associated with ceasing development of beamline implant products
        –             –             –     
Non-GAAP net income (loss) – per diluted share         $     0.00             $     0.25             $     0.20     
Shares used in diluted shares calculation                 1,329,223                       1,383,886                       1,350,092     


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 first fiscal quarter ended January 25, 2009 included restructuring charges of $133 million associated with a restructuring program announced on November 12, 2008.
3 Results for the first fiscal quarter ended January 27, 2008 included restructuring and asset impairment charges of $38 million associated with a global cost reduction plan and $11 million associated with ceasing development of beamline implant products.
4 Results for the fourth fiscal quarter ended October 26, 2008 included a restructuring and asset impairment benefit of $9 million associated with a global cost reduction plan.
5 Results for the fiscal quarter ended January 27, 2008 included other operating charges of $1 million associated with ceasing development of beamline implant products.

Contacts:
Applied Materials, Inc.
Michael Sullivan, 408-986-7977

Source: Applied Materials
Aktuell, seriös und kostenlos: Der ECOreporter-Newsletter. Seit 1999.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x