Applied Materials: Q1 results

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Applied Materials, Inc., the world's leading supplier of manufacturing solutions for the semiconductor, display and solar industries, today reported results for its first quarter of fiscal 2012 ended January 29, 2012.

Applied generated orders of $2.01 billion and net sales of $2.19 billion. Non-GAAP operating income was $344 million, and non-GAAP net income was $240 million or 18 cents per share. GAAP operating income was $179 million, and GAAP net income was $117 million or 9 cents per share. Applied completed the acquisition of Varian Semiconductor Equipment Associates, Inc. during the quarter, and the results include Varian's operations for the full period.

"Global demand for mobile devices is driving a third consecutive year of strong capital investment by semiconductor customers," said Mike Splinter, chairman and chief executive officer. "As a result, we see solid order momentum and an improved outlook overall for our second quarter."

"Applied delivered net sales and earnings above the high end of our expectations," said George Davis, chief financial officer. "In a quarter in which we closed the Varian acquisition, we also returned substantial capital to our stockholders, paying $104 million in cash dividends and using $200 million to repurchase over 18 million shares of our common stock."

Quarterly Financial Results Summary
GAAP Results    Q1 FY2012    Q4 FY2011    Q1 FY2011
Net sales    $2.19 billion    $2.18 billion    $2.69 billion
Operating income    $179 million    $361 million    $674 million
Net income    $117 million    $456 million    $506 million
Earnings per share (EPS)    $0.09    $0.34    $0.38
Non-GAAP Results            
Non-GAAP operating income    $344 million    $384 million    $659 million
Non-GAAP net income    $240 million    $271 million    $484 million
Non-GAAP EPS    $0.18    $0.21    $0.36

During the quarter, Varian generated orders of approximately $270 million and net sales of approximately $200 million which were reported within the Silicon Systems Group (SSG) and the Applied Global Services (AGS) segments.  The Varian business contributed approximately $0.01 to the company's non-GAAP EPS, which excludes acquisition-related charges equivalent to approximately $0.09 per share.

Non-GAAP results for the above periods exclude the impact of the following, where applicable: certain discrete tax items, restructuring and asset impairment charges and any associated adjustment related to restructuring actions, certain acquisition-related costs, investment impairments, and gain or loss on sale of facilities. A reconciliation of the GAAP and non-GAAP results is provided in the financial statements included in this release. See also "Use of Non-GAAP Financial Measures" below.

First Quarter Reportable Segment Results and Comparisons to the Prior Quarter

Silicon Systems Group orders were $1.42 billion, up 53 percent reflecting increased demand in foundry and the addition of Varian's business. Net sales were $1.34 billion, up 26 percent. Non-GAAP operating income increased to $386 million or 29 percent of net sales. GAAP operating income was $271 million or 20 percent of net sales. New order composition was: foundry 57 percent, logic and other 14 percent, flash 19 percent, and DRAM 10 percent.

Applied Global Services orders were $517 million, down 8 percent. Net sales were $534 million, down 15 percent, in line with the company's expectations.  AGS orders and net sales reflected lower wafer starts, partially offset by the addition of Varian's business; net sales also reflected lower thin film solar volumes. Non-GAAP operating income decreased to $113 million or 21 percent of net sales, reflecting the decrease in net sales. GAAP operating income was $107 million or 20 percent of net sales.

Display orders were $40 million, reflecting ongoing weakness in LCD TV equipment demand. Net sales were $104 million, down 39 percent, and non-GAAP operating income decreased to $7 million or 7 percent of net sales, driven by the decrease in net sales. GAAP operating income was $5 million or 5 percent of net sales.

Energy and Environmental Solutions (EES) orders were $33 million, down 62 percent, reflecting solar industry overcapacity. Net sales were $207 million, down 34 percent. The segment had a non-GAAP operating loss of $17 million and a GAAP operating loss of $23 million.

Additional Quarterly Financial Information

    Backlog decreased by $230 million from the fourth quarter to $2.2 billion.

    Non-GAAP gross margin was 40.7 percent, up from 39.5 percent in the fourth quarter. The GAAP gross margin was 35.9 percent, down from 39.0 percent in the fourth quarter.

    The effective tax rate was 26.4 percent.

    Cash, cash equivalents and investments decreased to $2.95 billion primarily due to the acquisition of Varian for approximately $4.2 billion, net of cash acquired.   

Business Outlook
For the second quarter of fiscal 2012, Applied expects net sales to be up 5 percent to 15 percent sequentially. The company expects non-GAAP EPS to be in the range of $0.20 to $0.28. The non-GAAP EPS outlook excludes known charges related to completed acquisitions of approximately $0.05 per share but does not exclude other non-GAAP adjustments that may arise subsequent to this release.

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 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.

About Applied Materials
Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in providing innovative equipment, services and software to enable the manufacture of advanced semiconductor, flat panel display and solar photovoltaic products. Our technologies help make innovations like smartphones, flat screen TVs and solar panels more affordable and accessible to consumers and businesses around the world. At Applied Materials, we turn today's innovations into the industries of tomorrow. Learn more at

    Three Months Ended
(In millions, except per share amounts)    January 29,
2012        January 30,

Net sales    $    2,189        $    2,686
Cost of products sold        1,403            1,550
Gross margin        786            1,136

Operating expenses:                    
    Research, development and engineering        304            270
    Selling, general and administrative        303            221
    Restructuring charges and asset impairments            -            (29)
Total operating expenses        607            462

Income from operations        179            674

Interest and other expenses        24            5
Interest and other income, net        4            11
Income before income taxes        159            680

Provision for income taxes        42            174
Net income    $    117        $    506

Earnings per share:                     
    Basic and diluted    $    0.09        $    0.38

Weighted average number of shares:                     
    Basic        1,299            1,324
    Diluted        1,310            1,335


(In millions)    January 29,
2012        October 30,


Current assets:                    
    Cash and cash equivalents    $    1,681        $    5,960
    Short-term investments        316            283
    Accounts receivable, net        1,576            1,532
    Inventories        1,772            1,701
    Deferred income taxes, net        572            580
    Other current assets        240            299
Total current assets        6,157            10,355

Long-term investments        955            931
Property, plant and equipment, net        956            866
Goodwill        3,875            1,335
Purchased technology and other intangible assets, net        1,519            211
Deferred income taxes and other assets        135            163
Total assets    $    13,597        $    13,861


Current liabilities:                    
    Current portion of long-term debt    $    2        $    -
    Accounts payable and accrued expenses        1,327            1,520
    Customer deposits and deferred revenue        1,014            1,116
    Income taxes payable        151            158
Total current liabilities        2,494            2,794

Long-term debt        1,947            1,947
Employee benefits and other liabilities        506            320
Total liabilities        4,947            5,061

Total stockholders' equity        8,650            8,800
Total liabilities and stockholders' equity    $    13,597        $    13,861

    Three Months Ended
(In millions)    January 29,
2012        January 30,
Cash flows from operating activities:                    
Net income    $    117        $    506
Adjustments required to reconcile net income to cash provided by operating activities:                    
Depreciation and amortization        112            63
Net loss on dispositions and fixed asset retirements        2            1
Provision for bad debts        4            -
Restructuring charges and asset impairments        -            (29)
Deferred income taxes        28            10
Net recognized loss on investments        5            4
Share-based compensation        53            33
Net change in operating assets and liabilities, net of amounts acquired        (140)            (163)
Cash provided by operating activities        181            425

Cash flows from investing activities:                    
Capital expenditures        (37)            (24)
Proceeds from sale of facility        -            39
Cash paid for acquisition, net of cash acquired        (4,179)            -
Proceeds from sales and maturities of investments        313            443
Purchases of investments        (254)            (537)
Cash used in investing activities        (4,157)            (79)

Cash flows from financing activities:                    
Proceeds from common stock issuances        2            13
Common stock repurchases        (200)            (150)
Payment of dividends to stockholders        (104)            (93)
Cash used in financing activities        (302)            (230)

Effect of exchange rate changes on cash and cash equivalents        (1)              -
Increase (decrease) in cash and cash equivalents        (4,279)            116
Cash and cash equivalents - beginning of period        5,960            1,858
Cash and cash equivalents - end of period    $    1,681        $    1,974

Supplemental cash flow information:                    
Cash payments for income taxes    $    33        $    165
Cash refunds from income taxes    $    3        $    1
Cash payments for interest    $    41        $    -

Michael Sullivan (investors) 408.986.7977
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