Advanced Micro Devices restates 1994 results to reflect ligitation settlement.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)--Jan. 12, 1995--Advanced Micro Devices (NYSE NYSE See: New York Stock Exchange : 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. )(AMD) today announced that as a result of the AMD and Intel litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement as required for financial reporting purposes, AMD recorded a $58 million charge in its fourth quarter of 1994 and revised its previously released 1994 results. Net income for the quarter and the year end was reduced by $35,877,000 from the originally reported amounts because of the tax benefit of the settlement and an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. previously recorded in the fourth quarter. Even after the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. AMD still achieved record sales, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and net income for 1994. The settlement will have no financial impact on 1995 operating results or financial condition. Advanced Micro Devices, Inc., is the fifth-largest U.S. manufacturer 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. . Focusing on the personal and networked computing computing - computer and communications markets, AMD produces microprocessors This is a list of microprocessors. Intel
1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas; Bangkok Bangkok (băng`kŏk'), Thai Krung Thep, city (1990 pop. 8,538,610), capital of Thailand and of Bangkok prov., SW Thailand, on the east bank of the Chao Phraya River, near the Gulf of Thailand. , Thailand Thailand (tī`lănd, –lənd), Thai Prathet Thai [land of the free], officially Kingdom of Thailand, constitutional monarchy (2005 est. pop. 65,444,000), 198,455 sq mi (514,000 sq km), Southeast Asia. ; Penang, Malaysia; Singapore; Aizu-Wakamatsu, Japan and Basingstoke, England. -0-
Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
Quarter Ended Year Ended
(Unaudited) (Audited)
Dec. 25, Sept. 25, Dec. 26, Dec. 25, Dec. 26
1994 1994 1993 1994 1993
(Revised) (Revised)
Net sales $545,168 $543,114 $413,404 $2,134,659 $1,648,280 Cost of sales 263,837 252,409 208,552 982,306 789,564 Research and development 76,115 67,759 66,747 279,984 262,802 Marketing, general, and administrative 87,236 87,369 83,148 359,230 290,861
427,188 407,537 358,447 1,621,520 1,343,227
Operating income 117,980 135,577 54,957 513,139 305,053 Litigation settlement (58,000) - - (58,000) - Interest income and other, net 5,317 394 4,647 16,259 16,490 Interest expense (1) (205) (1,391) (1,844) (2,910) Income before income taxes and equity in joint venture 65,296 135,766 58,213 469,554 318,633 Provision for income taxes 21,548 44,803 16,300 153,703 89,218 Income before equity in joint venture 43,748 90,963 41,913 315,851 229,415 Equity in net income (loss) of joint venture (2,989) (4,277) (274) (10,585) (634) Net income 40,759 86,686 41,639 305,266 228,781 Preferred stock dividends 2,588 2,587 2,588 10,350 10,350 Net income applicable to common shareholders $38,171 $84,099 $39,051 $294,916 $218,431 Net income per common share - Primary $0.39 $0.86 $0.41 $3.02 $2.30 - Fully diluted $0.39 $0.83 $0.41 $2.92 $2.24 Shares used in per share calculation - Primary 98,636 97,778 95,895 97,510 95,108 - Fully diluted 105,490 104,872 102,751 104,570 102,063 Note: Revised from previously released financial information as a result of a negotiated settlement with Intel Corporation.
Advanced Micro Devices Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Revised)
December 25, December 26,
1994 1993
(Audited) (Audited)
Assets
Current assets:
Cash and temporary cash investments $377,854 $488,198
Accounts receivable, net 337,107 263,617
Inventories 128,690 104,050
Prepaid expenses and
other current assets 44,293 30,399
Deferred income taxes 98,675 77,922
Total current assets 986,619 964,186
Other assets 70,284 58,633 Property, plant, and equipment, net 1,264,211 904,326 Investment in joint venture 124,588 2,086
$2,445,702 $1,929,231
Liabilities and Shareholders' Equity
Current liabilities:
Notes payable to banks $32,459 $30,994
Accounts payable 149,122 127,151
Accrued compensation and benefits 104,526 81,860
Other accrued liabilities 140,570 83,982
Income tax payable 53,795 34,991
Deferred income on shipments
to distributors 83,800 74,436
Long-term debt and capital lease
obligations due within one year 27,895 21,205
Total current liabilities 592,167 454,619
Deferred income taxes 42,518 42,837 Long-term debt and capital lease obligations due after one year 75,752 79,504
Shareholders' equity:
Capital stock:
Serial preferred stock, par value 34 35
Common stock, par value 956 926
Capital in excess of par value 698,673 619,733
Retained earnings 1,035,602 731,577
Total shareholders' equity 1,735,265 1,352,271
$2,445,702 $1,929,231
Note: Revised from previously released financial information as a result of a negotiated settlement with Intel Corporation. -0- CONTACT: Advanced Micro Devices Inc. Chuck Mulloy, 408/749-5481 |
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