Applied Materials: Q2 Results

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SANTA CLARA, California - Applied Materials, Inc. (NASDAQ:AMAT), the global leader in  manufacturing solutions for the semiconductor, display and solar industries, reported results for its second quarter of fiscal 2013 ended April 28, 2013.

Applied generated orders of $2.27 billion, up 7 percent from the prior quarter, with Silicon Systems Group orders up 14 percent from the first quarter and Display orders up 41 percent sequentially. Net sales were $1.97 billion, up 25 percent sequentially.

Applied reported non-GAAP adjusted operating income of $285 million and non-GAAP adjusted net income of $199 million or 16 cents per diluted share. The company recorded a GAAP operating loss of $68 million and a GAAP net loss of $129 million or 11 cents per diluted share.  The GAAP net loss included $278 million in goodwill and intangible asset impairment charges associated with the Energy and Environmental Solutions (EES) segment, which were primarily the result of the further deterioration in solar equipment market conditions, along with $10 million in charges related to previously announced restructuring plans. The company continues to aggressively reduce spending in the EES segment.

"For the second quarter in a row, Applied had strong order performance of over $2 billion," said Mike Splinter, chairman and chief executive officer. "We are seeing increasing pull from some of our largest strategic customers for our key enabling technologies. We remain committed to driving profitable growth."

Quarterly Results Summary
GAAP Results         Q2 FY2013         Q1 FY2013         Q2 FY2012
Net sales         $1.97 billion         $1.57 billion         $2.54 billion
Operating income (loss)         $(68) million         $39 million         $409 million
Net income (loss)         $(129) million         $34 million         $289 million
Diluted earnings (loss) per share (EPS)         $(0.11)         $0.03         $0.22
Non-GAAP Adjusted Results                         
Non-GAAP adjusted operating income         $285 million         $112 million         $490 million
Non-GAAP adjusted net income         $199 million         $69 million         $349 million
Non-GAAP adjusted diluted EPS         $0.16         $0.06         $0.27

Applied's non-GAAP adjusted results exclude the impact of the following, where applicable: certain discrete tax items; restructuring charges and any associated adjustments; certain acquisition-related costs; and impairments of assets, goodwill, or investments. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" below.

Second Quarter Reportable Segment Results and Comparisons to the Prior Quarter

Silicon Systems Group (SSG) orders were $1.55 billion, up 14 percent, with growth primarily driven by memory. Net sales were $1.29 billion, up 33 percent, led by foundry. Non-GAAP adjusted operating income increased to $329 million or 25.5 percent of net sales. GAAP operating income increased to $283 million or 21.9 percent of net sales. New order composition was: foundry 66 percent; logic/other 13 percent; flash 11 percent; and DRAM 10 percent.

Applied Global Services (AGS) orders were $481 million, down 12 percent primarily due to the timing of service contract renewals which are typically concentrated in the first fiscal quarter. Net sales were $517 million, up 10 percent. Non-GAAP adjusted operating income increased to $120 million and rose by 3.9 points to 23.2 percent of net sales. GAAP operating income increased to $118 million or 22.8 percent of net sales.

Display orders were $195 million, up 41 percent driven by the initial recovery in TV equipment investment. Net sales were $127 million, up 46 percent. Non-GAAP adjusted operating income increased to $21 million or 16.5 percent of net sales. GAAP operating income increased to $19 million or 15.0 percent of net sales.

Energy and Environmental Solutions (EES) orders were $39 million, down 43 percent. Net sales were $38 million, down 17 percent. EES had a non-GAAP adjusted operating loss of $34 million; EES recorded a GAAP operating loss of $322 million, which included impairment charges of $278 million.

Additional Quarterly Financial Information

    Backlog increased by 9 percent sequentially to $2.30 billion including negative adjustments of $102 million.
    Gross margin was 43.2 percent on a non-GAAP adjusted basis, up from 39.8 percent in the prior quarter reflecting higher net sales and lower inventory charges. GAAP gross margin was 41.0 percent.
    RD&E increased by $40 million or 13 percent sequentially. On a year-over-year basis, RD&E as a proportion of RD&E plus SG&A increased by 5 points to 59 percent, reflecting the impact of structural changes aimed at funding growth initiatives.
    The effective tax rate was 24.9 percent on a non-GAAP adjusted basis. The GAAP effective tax rate was (43.3) percent, reflecting the effects of the goodwill impairment charge, which were not deductible.
    The company paid $108 million in cash dividends and used $100 million to repurchase 8 million shares of its common stock.
    Cash, cash equivalents and investments ended the quarter at $2.85 billion, up slightly from the prior quarter.

Business Outlook

For the third quarter of fiscal 2013, Applied expects net sales to be up slightly from the previous quarter. The company expects non-GAAP adjusted EPS to be in the range of $0.16 to $0.20. The non-GAAP adjusted EPS outlook excludes known charges related to completed acquisitions of approximately $0.04 per share but does not exclude other non-GAAP adjustments that may arise subsequent to this release.

Use of Non-GAAP Adjusted Financial Measures

Management uses non-GAAP adjusted 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. Learn more at www.appliedmaterials.com.

Michael Sullivan (financial community) 408.986.7977
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