AMD Reports Second Quarter Results; Year-on-Year Sales Growth and Substantially Reduced Cost Structure Results in Reduced Loss.Business Editors/High-Tech Writers SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--July 16, 2003 AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. (NYSE NYSE See: New York Stock Exchange :AMD) today reported sales of $645 million and a net loss of $140 million for the quarter ended June June: see month. 29, 2003. The net loss amounted to $0.40 per share. Second quarter sales increased by seven percent from the second quarter of 2002 and decreased by 10 percent from the first quarter of 2003. In the second quarter of 2002, AMD reported total sales of $600 million and a net loss of $185 million, or $0.54 per share. In the first quarter of 2003, AMD reported sales of $715 million and a net loss of $146 million, or $0.42 per share. "We are pleased we lowered our operating breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations point to below $800 million and continued to realize improvements that better position us for growth and a return to profitability," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Rivet, chief financial officer. "Despite the effects of the SARS epidemic epidemic, outbreak of disease that affects a much greater number of people than is usual for the locality or that spreads to regions where it is ordinarily not present. and weaker than anticipated channel sales in some of our international markets, we reduced our net loss by 24 percent and increased our gross margin as a result of year-on-year sales growth and effective cost management. Quarter-on-quarter, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a sales decline of $69 million, we still managed to reduce our loss and improve our gross margin. "Our second quarter operating costs operating costs npl → gastos mpl operacionales of $769 million compared favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to $897 million in the second quarter of 2002 and to $840 million in the first quarter of 2003. We increased our positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become quarter-to-quarter and ended the second quarter with a cash balance of $739 million. In addition, we extended our $200 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. , currently untapped, for four years. "Our recently introduced AMD Opteron A family of 64-bit CPU chips from AMD, formerly code named Sledgehammer (part of the Hammer line). Introduced in April 2003, the Opteron fully supports 32-bit applications, but requires that programs be optimized and recompiled to take full advantage of the 64 bits. (TM) processor for servers and workstations is gaining traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. in the marketplace. We look forward to the introduction of AMD Opteron processor-based systems from IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Fujitsu Siemens (Fujitsu Siemens Computers, Inc. (USA), Milpitas, CA, www.fujitsu-siemens.com) Fujitsu Siemens Computers USA is a wholly owned research and development subsidiary of Fujitsu Siemens Computers. and others in the near future. In addition, our AMD Athlon A family of Pentium-compatible CPU chips from AMD. The first 32-bit models were introduced as Pentium III-class CPUs in 1999 with a 200 MHz system bus and CPU speeds up to 650 MHz. (TM) 64 processor for the desktop and mobile PC sectors remains on schedule for a September September: see month. launch. "With the successful launch of a single entity that integrates Fujitsu's and AMD's Flash memory operations, we believe we are on target to become the number one provider of Flash memory solutions and are focused on establishing Spansion Spansion Inc. is a joint-venture between AMD and Fujitsu that trades on NASDAQ under the symbol SPSN. Spansion has 8,400 employees and is headquartered in Sunnyvale, California. History In 1993, AMD and Fujitsu formed a 50-50 joint venture called FASL. (TM) Flash memory as the pre-eminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae brand in the Flash memory market." BUSINESS OVERVIEW PC processor sales of $402 million were up 7 percent year-on-year and decreased by 14 percent from the $468 million reported in the first quarter of 2003. Increased second quarter sales to our Tier One OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer base were more than off-set by a decline in the desktop segment, especially in the Asian and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market geographies, where sales were off significantly. Initial interest and demand for AMD Opteron processors has been tremendous. End-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. installations and testing are producing outstanding results in performance and reduced total cost of ownership. AMD expanded its family of AMD Opteron processors with availability of the new AMD Opteron processor 800 Series, for 4-way and 8-way servers and the 100 Series, for 1-way servers and workstations. During the second quarter, AMD also introduced several new processor offerings including the AMD Athlon XP A family of Pentium-compatible CPU chips from AMD introduced in 2001. Departing from the traditional MHz designation, Athlon XP chips use model numbers that combine clock speed and architectural features into a numerical rating. processor 3200+ for desktop computers, and three new mobile processors designed for both thin-and-light and desktop replacement notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. . With the upcoming launch of the AMD Athlon 64 processor on September 23, AMD will introduce the world's first 64-bit PC processor, providing users superior performance and full binary compatibility See binary compatible. with today's 32-bit applications as well as a seamless See seamless integration. migration path to pervasive pervasive, adj indicates that a condition permeates the entire development of the individual. 64-bit computing computing - computer . AMD memory sales of $211 million for the second quarter were down slightly from the $218 million reported in the first quarter of 2003. Year-over-year, memory sales were up 20 percent compared to the $175 million in the second quarter of 2002. While the SARS epidemic caused a decline in demand for cellular handsets and resulted in significantly lower memory sales for AMD in Asia, this decline was almost entirely off-set by increased memory sales in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . We
continued our share gains in the high-end high-endadj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. cellular handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. market and maintained our leadership position in high density Flash. Bit shipments grew for the seventh consecutive quarter, once again to record levels. Our average Flash density nearly doubled compared to the second quarter of 2002. In March, AMD signed an MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. with Fujitsu (company) Fujitsu - A Japanese elecronics corporation. Fujitsu owns ICL, Amdahl Corporation, and DMR. Home USA, Japan. to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. the two companies' Flash memory operations into a single entity. The two companies recently completed the transaction and announced the formation of a new Flash memory semiconductor company, owned 60 percent by AMD, that markets its solutions under the Spansion brand. As a result of the consolidation of FASL FASL Feet Above Sea Level FASL Fujitsu Amd Semiconductor Limited FASL Fellow, Academic Society of London LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , at the start of the third quarter AMD's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. will take on incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. assets and liabilities of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1 billion, which includes $180 million in cash and $190 million in debt. With state-of-the-art wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. fab facilities, leading edge process technology, innovative product design, approximately 7,000 employees and total assets of nearly $3 billion, we believe the company will be the world's number one Flash memory provider.
HIGHLIGHTS OF THE QUARTER
-- On April 22, AMD introduced the AMD Opteron processor, the
world's first 64-bit processor compatible with the
industry-standard x86 architecture. We believe the AMD Opteron
processor is the most significant product in the company's
history and key to our strategy to increase our influence in
the enterprise server space.
-- IBM joined us at our New York City launch event to
announce its plans to offer a server product for
high-performance computing based on the AMD Opteron
processor in the second half of this year.
-- Also at the New York launch event, Microsoft reiterated
its commitment to develop and ship by the end of this year
a production version of Windows(R) Server(TM) 2003
designed to support AMD Opteron processors.
-- Major enterprise software partners such as Oracle, IBM and
Computer Associates joined us on stage at the New York
launch event and committed software releases based on the
AMD Opteron platform.
-- In April, Microsoft announced it is developing native 64-bit
versions of its Windows XP and Windows Server 2003 operating
systems designed to support AMD Opteron and AMD Athlon 64
processors. Microsoft is extending 64-bit support in Windows
XP and Windows Server 2003 to run natively on the AMD Opteron
processor for servers and workstations and the upcoming AMD
Athlon 64 processor for desktops and notebooks. Desktop and
server beta releases are expected in the middle of 2003.
-- In May, AMD announced the official confirmation and posting of
performance benchmark scores that demonstrate the AMD Opteron
processor as the highest performing 2P and 4P server
processors in the world.
-- In June, the AMD Opteron processor won Best of Show at the
ClusterWorld Conference & Expo. The AMD Opteron processor is
well-suited for the modeling and design applications used in
clustered installations, and this top honor recognizes the AMD
Opteron processor as the very best solution available to
customers in the High Performance Computing market.
-- In June, AMD 64 processors, the AMD Opteron processor and the
upcoming AMD Athlon 64 processor for desktop and mobile PCs,
were named "Best IC Innovation for 64-bit processors" by the
China Semiconductor Industry Association (CSIA) at the "IC
China 2003" exhibition in Shanghai.
-- In June, AMD announced that two major partners in China,
Amoisonic and Tsing-Hua Unisplendor, began shipping mobile AMD
Athlon XP-M based notebooks in China.
-- In June, AMD expanded its family of AMD Opteron processors
with availability of the new AMD Opteron processor 800 Series,
for 4-way and 8-way servers and the 100 Series, for 1-way
servers and workstations.
-- In June, AMD announced that its new high performance AMD
Athlon XP processors will power business desktops from
Hewlett-Packard.
CURRENT OUTLOOK AMD's outlook statements are based on current expectations. The following statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , and actual results could differ materially. Economic and industry conditions remain uncertain, and continue to make it particularly difficult to forecast product demand. The company's current outlook for the third quarter of 2003 is based on the following projections and includes the incremental effect from the inclusion of FASL LLC operations.
-- AMD believes that sales in the third quarter will increase
based on the following:
-- Third quarter processor sales are expected to increase
based on normal industry seasonality along with our
enhanced product position based on increased shipments of
AMD Opteron processors and initial shipments of AMD Athlon
64 processors.
-- Flash memory sales are expected to increase based on
continued market share gains in the high-end cellular
handset market and the recovery of the Asian markets.
-- The consolidation of FASL LLC operations commencing June
30, 2003 is expected to increase Flash memory sales by
approximately $180 million.
-- With the consolidation of FASL LLC's Flash operations, the
company anticipates its third quarter operating costs to be
approximately $1 billion.
AMD TELECONFERENCE AMD will hold a conference call for the financial community at 2:30 PM Pacific Time today to discuss second quarter financial results. AMD will provide a real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. audio broadcast of the teleconference on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of its web site at http://www.amd.com or http://www.StreetEvents.com. The web-cast will be available for ten days after the conference call. CAUTIONARY STATEMENT This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainty that could cause actual results to differ materially from current expectations. Risks include the possibility that global business and economic conditions will worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn resulting in lower than currently expected sales in the third quarter of 2003; that Intel Corporation's pricing, marketing programs, product bundling Product bundling is a marketing strategy that involves offering several products for sale as one combined product. This strategy is very common in the software business (for example: bundle a word processor, a spreadsheet, and a database into a single office suite), and in the fast , new product introductions or other activities targeting the company's processor business will prevent attainment of the company's current PC processor sales plans; that demand for personal computers and, in turn, demand for the company's PC processors will be lower than currently expected; that the sales of AMD PC processors will not follow seasonal patterns or worse in the third quarter despite the availability of a richer mix of the company's products; that demand for the company's Flash memory products will be lower than currently expected, particularly in the high-end cellular telephone sector; that we will not be successful integrating the Flash operations of FASL LLC, or be able to achieve or sustain any benefit from its creation; that the company will not achieve sequential One after the other in some consecutive order such as by name or number. growth in sales of Flash memory devices; that the company may not achieve its current product and technology introduction schedules including the current schedule for introducing the AMD Athlon 64 processor, or the schedule for implementing 90nm process technology in Fab 30. We urge investors to review in detail the risks and uncertainties in the company's Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 29, 2002, and the Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 30, 2003. About AMD Founded in 1969 and based in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , AMD is a global supplier of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. for the personal and networked computer and communications markets with manufacturing facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Japan, and Asia. AMD, a Standard & Poor's 500 company, produces microprocessors This is a list of microprocessors. Intel
AMD, the AMD Arrow ARROW Australian Research Repositories Online to the World (Clayton, Vic, Australia) ARROW Active Resistance to the Roots of War ARROW Antiresonant Reflecting Optical Waveguide logo, AMD Athlon, AMD Opteron and combinations thereof are trademarks of Advanced Micro Devices. Spansion is a trademark of FASL LLC. Windows is a trademark of Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, in the U.S. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other jurisdictions. Other product and company names used in this publication are for identification purposes only and may be trademarks of their respective companies.
Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
Quarter Ended
----------------------------------------------------------------------
June 29, March 30, June 30,
2003 2003 2002
(Unaudited) (Unaudited) (Unaudited)
-----------------------------------
Net sales $ 645,261 $ 714,555 $ 600,299
Cost of sales 425,085 496,592 558,290
Research and development 208,513 203,062 178,425
Marketing, general and
administrative 135,161 138,228 160,248
Restructuring and other special
charges, net - 2,146 -
----------------------------------------------------------------------
768,759 840,028 896,963
----------------------------------------------------------------------
Operating loss (123,498) (125,473) (296,664)
Interest and other income, net 4,971 6,740 8,661
Interest expense (26,364) (25,805) (15,729)
----------------------------------------------------------------------
Loss before income taxes and equity
in net income (loss) of joint
venture (144,891) (144,538) (303,732)
Provision (benefit) for income
taxes - 2,936 (121,493)
----------------------------------------------------------------------
Loss before equity in net income
(loss) of joint venture (144,891) (147,474) (182,239)
Equity in net income (loss) of
joint venture and other 4,795 1,118 (2,699)
----------------------------------------------------------------------
Net loss $(140,096) $(146,356) $(184,938)
----------------------------------------------------------------------
Net loss per common share
Basic $ (0.40) $ (0.42) $ (0.54)
Diluted $ (0.40) $ (0.42) $ (0.54)
----------------------------------------------------------------------
Shares used in per share calculation
- Basic 346,320 345,012 341,782
- Diluted 346,320 345,012 341,782
Six Months Ended
-----------------------
June 29, June 30,
2003 2002
(Unaudited) (Unaudited)
----------------------------------------------------------------------
Net sales $1,359,816 $1,502,372
Cost of sales 921,677 1,145,164
Research and development 411,575 350,307
Marketing, general and
administrative 273,389 317,108
Restructuring and other
special charges, net 2,146 -
----------------------------------------------------------------------
1,608,787 1,812,579
----------------------------------------------------------------------
Operating loss (248,971) (310,207)
Interest and other income, net 11,711 18,199
Interest expense (52,169) (27,887)
----------------------------------------------------------------------
Loss before income taxes and equity in
net income (loss) of joint venture (289,429) (319,895)
Provision (benefit) for income taxes 2,936 (125,534)
----------------------------------------------------------------------
Loss before equity in net income (loss)
of joint venture (292,365) (194,361)
Equity in net income (loss) of
joint venture and other 5,913 260
----------------------------------------------------------------------
Net loss $ (286,452) $ (194,101)
----------------------------------------------------------------------
Net loss per common share
Basic $ (0.83) $ (0.57)
Diluted $ (0.83) $ (0.57)
----------------------------------------------------------------------
Shares used in per share calculation
- Basic 345,666 341,294
- Diluted 345,666 341,294
Advanced Micro Devices, Inc.
----------------------------------------------------------------------
RECONCILIATION OF GAAP TO PRO FORMA NON-GAAP CONSOLIDATED NET LOSS
----------------------------------------------------------------------
(Thousands)
Quarter Ended Six Months Ended
-------------------------------------------------------
June 29, March 30, June 30, June 29, June 30,
2003 2003 2002 2003 2002
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
----------------------------------------------------------------------
Net loss (GAAP) $(140,096) $(146,356) $(184,938) $(286,452) $(194,101)
Adjustments:
Restructuring
and other
special charges - 2,146 - 2,146 -
----------------------------------------------------------------------
Net loss (Pro
Forma Non-
GAAP) $(140,096) $(144,210) $(184,938) $(284,306) $(194,101)
----------------------------------------------------------------------
----------------------------------------------------------------------
RECONCILIATION OF EBITDA TO PROFORMA EBITDA
----------------------------------------------------------------------
(Thousands)
Quarter Ended Six Month Ended
----------------------------------------------------------------------
June 29, March 30, June 30, June 29, June 30,
2003 2003 2002 2003 2002
----------------------------------------------------------------------
Net loss $(140,096) $(146,356) $(184,938) $(286,452) $(194,101)
Depreciation and
amortization 213,568 209,754 183,105 423,322 357,213
Interest income 3,291 5,084 7,625 8,375 14,263
Interest expense (26,364) (25,805) (15,729) (52,169) (27,887)
Provision
(benefit) for
income taxes - 2,936 (121,493) 2,936 (125,534)
----------------------------------------------------------------------
EBITDA 96,545 87,055 (115,222) 183,600 51,202
Adjustments:
Restructuring
and other
special charges - 2,146 - 2,146 -
------------------------------------------------ ---------------------
Proforma EBITDA $ 96,545 $ 89,201 $(115,222) $ 185,746 $ 51,202
Advanced Micro Devices, Inc.
----------------------------------------------------------------------
PRO FORMA NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(Includes Pre-Tax FASL Investment Equity Income in Operating Loss and
other proforma adjustments)
----------------------------------------------------------------------
(Thousands except per share amounts)
Quarter Ended Six Months Ended
----------------------------------------------------------------------
June 29, March 30, June 30, June 29, June 30,
2003 2003 2002 2003 2002
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
----------------------------------------------------------------------
Net sales $ 645,261 $ 714,555 $ 600,299 $1,359,816 $1,502,372
Cost of sales 425,085 496,592 558,290 921,677 1,145,164
(Income) loss
from equity
investment in
FASL (5,585) (1,917) 4,630 (10,299) (446)
Research and
development 208,513 203,062 178,425 411,575 350,307
Marketing,
general and
administrative 135,161 138,228 160,248 273,389 317,108
----------------------------------------------------------------------
763,174 835,965 901,593 1,596,342 1,812,133
----------------------------------------------------------------------
Operating loss (117,913) (121,410) (301,294) (236,526) (309,761)
Interest and
other income,
net 4,971 6,740 8,661 11,711 18,199
Interest
expense (26,364) (25,805) (15,729) (52,169) (27,887)
----------------------------------------------------------------------
Loss before
income taxes (139,306) (140,475) (308,362) (276,984) (319,449)
Provision
(benefit) for
income taxes - 2,936 (121,493) 2,936 (125,534)
Provision
(benefit) for
taxes on
equity
(income) loss
in FASL 790 799 (1,931) 4,386 186
----------------------------------------------------------------------
Net loss $ (140,096)$ (144,210)$ (184,938)$ (284,306)$ (194,101)
----------------------------------------------------------------------
Net loss per common share
Basic $ (0.40)$ (0.42)$ (0.54)$ (0.82)$ (0.57)
Diluted $ (0.40)$ (0.42)$ (0.54)$ (0.82)$ (0.57)
----------------------------------------------------------------------
Shares used in per share calculation
- Basic 346,320 345,012 341,782 345,666 341,294
- Diluted 346,320 345,012 341,782 345,666 341,294
Advanced Micro Devices, Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
June 29, March 30, Dec. 29,
2003 2003 2002*
----------------------------------------------------------------------
(unaudited) (unaudited) (unaudited)
Assets
Current assets:
Cash, cash equivalents and short-
term investments $ 738,801 $ 800,009 $1,037,705
Accounts receivable, net 351,834 371,841 395,828
Inventories 467,384 440,049 432,603
Prepaid expenses and other
current assets 157,022 183,091 153,542
----------------------------------------------------------------------
Total current assets 1,715,041 1,794,990 2,019,678
Property, plant and equipment, net 2,894,127 2,910,244 2,880,809
Investment in joint venture 390,069 385,503 382,942
Other assets 294,670 308,065 335,752
----------------------------------------------------------------------
$5,293,907 $5,398,802 $5,619,181
======================================================================
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $ - $ 7,350 $ 913
Accounts payable 350,399 386,841 352,438
Accrued compensation and benefits 122,361 149,389 131,324
Accrued liabilities 269,561 270,966 435,657
Restructuring accruals 54,467 76,546 99,974
Income taxes payable 38,368 36,821 21,246
Deferred income on shipments to
distributors 65,412 76,923 57,184
Current portion of long-term debt
and capital lease obligations 77,693 72,807 71,339
Other current liabilities 85,732 83,754 89,437
----------------------------------------------------------------------
Total current liabilities 1,063,993 1,161,397 1,259,512
Long-term debt and capital lease
obligations 1,587,009 1,561,768 1,570,322
Other liabilities 359,625 313,753 322,082
Stockholders' equity:
Capital stock:
Common stock, par value 3,469 3,457 3,445
Capital in excess of par value 1,932,791 1,926,820 1,921,247
Retained earnings 205,931 346,312 492,668
Accumulated other comprehensive
income 141,089 85,295 49,905
----------------------------------------------------------------------
Total stockholders' equity 2,283,280 2,361,884 2,467,265
----------------------------------------------------------------------
$5,293,907 $5,398,802 $5,619,181
======================================================================
* Derived from the December 29, 2002 audited financial statements of
Advanced Micro Devices, Inc.
AMD
Selected Corporate Data
(Unaudited)
Quarter Ended
----------------------------------------------------------------------
June 29, March 30, June 30,
Segment Breakdown 2003 2003 2002
% of Revenue % of Revenue % of Revenue
Sales Sales Sales
------ ------- ------ ------- ------ -------
----------------------------------------------------------------------
Core Products segment:
PC Processor Products 62 $402M 65 $468M 63 $380M
Memory Products (Flash) 33 211M 31 218M 29 175M
Other IC Products 5 32M 4 29M 7 39M
Foundry Services segment 0 0M 0 0M 1 6M
Six Months Ended
----------------------------------------------------------------------
June 29, June 30,
Segment Breakdown 2003 2002
% of Revenue % of Revenue
Sales Sales
------ ------ ------ -------
---------------------------------------------------------------------
Core Products segment:
PC Processor Products 64 $870M 71 $1,064M
Memory Products (Flash) 32 429M 22 335M
Other IC Products 4 61M 6 85M
Foundry Services segment 0 0M 1 18M
---------------------------------------------------------------------
---------------------------------------------------------------------
Other Data Q2 '03 Q1 '03 Q2 '02 2003 2002
------ ------ ------ ----- ------
----------------------------------------------------------------------
Depreciation & Amortization $214M $210M $183M $424M $357M
Capital Additions $103M $181M $172M $284M $371M
Headcount 11,723 12,113 13,730 11,723 13,370
----------------------------------- ------- -------- ------- -------
International Sales 73% 73% 72% 73% 68%
Research and Development $209M $203M $178M $412M $350M
EBITDA $97M $87M $(115)M $184M $51M
EBITDA (Proforma) $97M $89M $(115)M $186M $51M
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