Agilent Technologies' Orders Up 38 Percent; Net Revenue Up 24 Percent.Business Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--May 16, 2000 Agilent Technologies This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Inc. (NYSE NYSE See: New York Stock Exchange :A) today reported that orders increased 38 percent, and net revenue increased 24 percent in fiscal 2000's second quarter, which ended April 30. Earnings from operations declined 11 percent, reflecting planned activities related to costs of operating independently. Net earnings grew 6 percent, and earnings per share were 36 cents, including nearly 4 cents related to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gains from sales of investments. "Overall, we're we're Contraction of we are. we're we are pleased with the results of our second quarter," said Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide W. (Ned) Barnholt, president and chief executive officer of Agilent (Agilent Technologies, Santa Clara, CA, www.agilent.com) The test and measurement subsidiary of HP. In 1999, HP split off the division that started the company into an independent subsidiary named Agilent Technologies. At the time, the $2. . "Our order growth continues to be strong, and we continued to ramp capacity to meet the increased demand. Our businesses that address communications and electronics were particularly strong and represented about 75 percent of our second-quarter revenue. "Although we're disappointed with the performance of our healthcare business, we're executing plans to improve its short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. performance and increase long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. Earnings from operations in this business and across the company were impacted by the planned costs of operating independently and investments to support future growth." In the second quarter, total orders were $3.0 billion, an increase of 38 percent in dollars and local currency over the same period last year. Orders from 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. totaled $1.3 billion, an increase of 31 percent over last year's second quarter, while orders from outside the United States were $1.7 billion, up 45 percent over the same period a year ago. When compared with this year's first quarter, orders increased by $296 million, or 11 percent. When compared with the second quarter of fiscal 1999, orders from 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). increased 33 percent (43 percent in local currency) to $657
million. Second quarter orders from Asia Pacific rose 54 percent (44
percent in local currency) to $838 million. Orders from Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. in
the second quarter totaled $74 million, a 68 percent increase over the
comparable quarter last year. Orders from Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of in the second quarter
jumped 44 percent to $95 million over the second quarter in fiscal 1999.Net revenue rose to $2.5 billion, up 24 percent over the second quarter last year. Compared to the first quarter of fiscal 2000, net revenue rose by $239 million or 11 percent. "We're pleased with the continuing strong orders, and we're executing plans to ramp our shipments by addressing capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. and ongoing parts shortages," 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. R. (Bob) Walker, senior vice president and chief financial officer of Agilent. "Our ability to meet the strong demand is improving and continues to be our top priority." Net earnings for the second quarter rose 6 percent to $166 million, compared with $157 million in the same period last year. This includes one-time gains of about $16 million (after tax) from the sale of several equity investments that were no longer strategic. This quarter's net earnings were 6.7 percent of revenue. For the second quarter of fiscal 2000, Agilent's earnings from operations were $214 million, 8.6 percent of net revenue, down 11 percent compared with earnings from operations of $240 million or 11.9 percent of net revenue in the second quarter of fiscal 1999. "We expected that our earnings from operations would be lower this quarter due to costs and expenses related to branding and operating on our own," said Walker. "Our current fiscal 2000 branding plan continues to call for spending of around the $140 million we mentioned in February February: see month. . While we have more work to do in establishing our brand globally, we have made good progress. "We've we've Contraction of we have. we've have also said we will have significant ongoing costs associated with operating on our own. For the quarter, these costs were on plan and remain within our expectations of $250 to $300 million for fiscal 2000. "After accomplishing the separation from HP on a very aggressive schedule, we're pursuing opportunities to streamline and tailor A tailor is a person whose occupation is to sew menswear style jackets and the skirts or trousers that go with them. Although the term dates to the thirteenth century, tailor our systems and processes to Agilent's needs. The initial savings from these actions will be used to fund broader cost-reduction programs and investments in new IT systems, with these improvements having some bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. impact beginning in the second half of fiscal 2001." Earnings per share for the second quarter were 37 cents and 36 cents on a basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, including nearly 4 cents of one-time gains. Basic earnings per share were calculated using weighted average shares outstanding, including those held by Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and Company and those issued in the initial public offering on Nov. 18, 1999. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of also included the dilutive impact of outstanding Agilent options. Basic and diluted pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share were 37 cents and 36 cents respectively. Basic pro forma earnings per share were calculated assuming that both the shares held by HP and those issued in the offering were outstanding for the entire period. Diluted pro forma earnings per share also included the estimated dilutive impact of outstanding Agilent options and anticipated conversions of HP stock and options to Agilent stock and options on the distribution date. Business Summary Test and Measurement Orders in test and measurement increased to $1.8 billion in the second quarter of fiscal 2000, up 70 percent over the comparable period in fiscal 1999. Net revenue rose 44 percent to $1.4 billion. This quarter's growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. were helped by a relatively easy comparison with the second quarter last year. Earnings from operations in test and measurement, which were impacted by costs of branding and operating independently, more than doubled to $193 million, compared with earnings from operations of $86 million in the same period a year ago. The growth of Internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. and data networks continued to fuel extraordinary growth in the optical, wireless and transmission-test businesses. Agilent's products and systems enable customers to design and build next-generation communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. , deploy new technologies and services, and optimize optimize - optimisation and manage existing networks. Semiconductor-test systems in the quarter more than doubled in orders and revenue with strong growth in every product line. Acceptance of the new Agilent 93000 Series system-on-a-chip System-on-a-chip or system on chip (SoC or SOC) refers to integrating all components of a computer or other electronic system into a single integrated circuit (chip). test systems was excellent, and the 93000 also received two industry awards for "best new product." Order growth continues to be excellent in flash memory and RF/wireless test systems, where Agilent has strong market positions. Orders from contract manufacturers and a record quarter for X-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. inspection systems also drove strong orders in the board-test and electronic-manufacturing-test business. This quarter, Agilent also acquired American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Holographic See holographic storage. Inc. to strengthen capabilities in the optical-communications market. Semiconductor Products Orders in semiconductor products for the quarter rose to $626 million, an increase of 25 percent compared to the strong second quarter of fiscal 1999. Net revenue increased 22 percent over the same period a year ago and totaled $497 million. The revenue growth over last year was 34 percent when adjusted for the expansion of the LumiLeds joint venture and Agilent's exit from the microprocessor microprocessor, integrated circuit containing the arithmetic, logic, and control circuitry required to interpret and execute instructions from a computer program. business. Earnings from operations in semiconductor products were $58 million for the quarter compared with $56 million in the same period last year, reflecting costs of branding and operating independently as well as increased investments in research-and-development for new communications products. Demand was strong in the networking, mobile communications and imaging markets. The communications market drove strong order growth in wireless semiconductor products, fiber-optic See fiber optics. components, storage-area-networking (SAN) components, infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. components and imaging electronics. Orders also grew for ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. products, optocouplers and base LEDs. Revenue continued to show strength in wireless, SAN, imaging electronics, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber and base LEDs. This quarter Agilent announced several important initiatives in the semiconductor arena:
-- Agilent acquired the Optical Technology Center (OTC) from
Telecom Italia's central research laboratory, CSELT. OTC's
advanced technology and experienced research staff are
expected to accelerate Agilent's delivery of 10 gigabits per
second (Gb/s) communications solutions.
-- Agilent introduced the CDMAdvantage chipset for the next
generation of digital handsets. This complete radio frequency
(RF) solution for Code Division Multiple Access (CDMA)
incorporates significant technology advancements developed by
Agilent Labs to reduce the size of mobile phones and increase
battery life.
Chemical Analysis Second quarter orders in chemical analysis were $241 million, flat compared with the strong quarter a year ago and up 5 percent for the first half. Net revenue was flat compared with the second quarter of 1999 and totaled $260 million. Earnings from operations were $1 million, compared with $35 million in the year-ago quarter. Earnings from operations were reduced by costs of branding and operating independently as well as by planned investments in life sciences to launch new products. Orders were affected by product transitions and weakness in Agilent's traditional businesses. The pharmaceutical market is growing in the area of drug discovery, and response was encouraging for the new bioscience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. products. Shipments for the gene reader were strong, and shipments for bioanalyzers were beginning to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale on a small base. Customer acceptance has been favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for Agilent's new gene array chips. In March, Agilent announced that it acquired J&W Scientific, the world's largest supplier of gas-chromatography columns and consumables. The acquisition will expand Agilent's range of consumables for the chemical, petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and environmental markets. Healthcare Solutions Orders in healthcare solutions during the quarter were $349 million, down 8 percent when compared with the second quarter of fiscal 1999. Two factors have slowed capital purchasing by Agilent's hospital customers: purchases pulled into fiscal 1999 to avoid possible Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 issues, and increasing pressure on hospitals from the balanced-budget amendment in the United States. Net revenue in the second quarter was $343 million, down 9 percent compared to an exceptionally strong second quarter last year. Net revenue for the first half of fiscal 2000 increased 10 percent compared with the first half in fiscal 1999. Operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. were $30 million this quarter, compared with earnings from operations of $50 million in the second quarter of 1999. Earnings from operations were reduced by costs of branding and operating independently. The management team has accelerated a number of initiatives to improve near-term near-term adj. Of, for, or involving a short period of time in the near future. results in this business and is working longer term to grow into new markets. Costs and Expenses The company's gross margin for the quarter was 49.3 percent of net revenue, a slight improvement over the first quarter. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were 40.6 percent of net revenue for the quarter, with selling, general and administrative expenses at 28.7 percent of revenue, and research and development at 11.9 percent. Asset Management Based on this quarter's earnings, return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). for Agilent was 9.0 percent. Based on this quarter's revenue, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying was 19.0 percent; inventory was 16.3 percent; and net property, plant and equipment was 14.6 percent for the quarter. Six-month Review Net revenue increased 25 percent over the first half of last year and totaled $4.7 billion. Net revenue in the United States rose 20 percent to $2.0 billion, compared to last year's first half of $1.7 billion, while net revenue from outside the United States rose 28 percent to $2.7 billion. For the six months ended April 30, net earnings increased 29 percent to $297 million, compared with $231 million in the first half of fiscal 1999. Earnings from operations rose 13 percent to $385 million, compared to $341 million in the first half last year. Earnings per share were 67 cents and 66 cents on a basic and diluted basis, respectively. Distribution In April, the HP board of directors declared a stock dividend of all of the shares of common stock in Agilent Technologies held by HP (380 million shares) to HP shareowners of record as of 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on May 2, 2000. The distribution, which will complete the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of Agilent Technologies from HP, will give HP shareowners approximately 84 percent of the outstanding common shares of Agilent. At the close of market on June June: see month. 2, 2000, HP will distribute its shares in Agilent. The distribution will be on the basis of .3814 of a share of Agilent for each HP common share outstanding. "I'm proud of our employees for their enthusiastic response to the challenges of establishing ourselves as a separate company," said Barnholt. "We're pleased with what we've achieved in our second quarter of operating as an independent company." Business Outlook "We continue to believe there are excellent opportunities in communications and electronics, where we are well-positioned and ramping capacity to meet demand," said Barnholt. "In the near future, we believe our healthcare and chemical-analysis businesses are likely to achieve modest growth. We're working hard to reposition these businesses to address longer-term growth opportunities." "In February, we said that our fiscal 2000 goal for net revenue was about $10 billion, a figure that translated into year-over-year growth of 20 percent," said Walker. "Given the strength of our orders in the first half of the year and further improvements in our production capacity that we expect later in the year, we now believe that revenue will be closer to $10.3 billion. Our comparisons get a lot tougher in the second half of the year, and we still face some capacity constraints and component-supply shortages in some of the products that are fueling our growth. "We still expect net earnings for fiscal 2000 to be a bit over 6 percent of net revenue. For fiscal 2001, we continue to believe we can achieve 15 percent growth in net revenue, and net earnings approaching 8 percent of net revenue. "While the future is uncertain, we're excited about what we believe we can accomplish." About Agilent Technologies Agilent Technologies, Inc. (NYSE: A) is a diversified diversified (di·verˑ·s technology company, resulting from Hewlett-Packard Company's plan to strategically realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. itself into two fully independent companies. With approximately 43,000 employees serving customers in more than 120 countries, Agilent Technologies is a global leader in designing and manufacturing test, measurement and monitoring instruments, systems and solutions, and semiconductor and optical components. The company serves markets that include communications, electronics, life sciences and healthcare. In fiscal year 1999, the businesses comprising Agilent, then a subsidiary of HP, had net revenue of more than $8.3 billion. Information about Agilent Technologies can be found on the Web at www.agilent.com. More financial information about this quarter's earnings is available at http://investor.agilent.com. This news 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. (including, without limitation, information regarding projected net revenue, net margin, net earnings, anticipated costs and expenses and the information in the section captioned "Business Outlook") that involve risks and uncertainties that could cause the results of Agilent Technologies to differ materially from management's current expectations. These risks include the ability of Agilent to successfully operate as an independent company, including the ability to retain and motivate key employees in a very competitive technology labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience ; and the potential for business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. . In addition, other risks that Agilent faces in running its operations include: the timely ability to ramp manufacturing capacity to meet order demand; the timely innovation, production, commercialization and acceptance of new products and services; the economic, political and other risks associated with international sales and operations; the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of many of the industries and markets into which Agilent sells its products; the potential for experiencing increased costs resulting from decreased purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. as a separate company from HP; the current use of information systems and transitional services provided to Agilent by HP, which Agilent must develop and procure To cause something to happen; to find and obtain something or someone. Procure refers to commencing a proceeding; bringing about a result; persuading, inducing, or causing a person to do a particular act; obtaining possession or control over an item; or making a person on its own in the near term, potentially at increased costs; and other risks detailed in Agilent's 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 October 31, 1999, and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended January 31, 2000, as filed with the Securities and Exchange Commission.
AGILENT TECHNOLOGIES,INC.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
Three months ended Percent
(In millions, except April 30, increase
per share amounts) 2000 1999 (decrease)
Net revenue:
Products and services $2,329 $1,820
Products to Hewlett-Packard 156 190
Total net revenue 2,485 2,010 24
Costs and expenses:
Cost of products
and services 1,261 1,019
Research and development 296 241
Selling, general and
administrative 714 510
Total costs & expenses 2,271 1,770 28
Earnings from operations 214 240 (11)
Other income (expense), net 42 2
Earnings before taxes 256 242
Provision for taxes 90 85
Net earnings $ 166 $ 157 6
Basic net earnings per share $ .37 $ .41
Diluted net earnings per share $ .36 $ .41
Average shares used in
computing net earnings
per share:
Basic 452 380
Diluted 457 380
Unaudited pro forma net
earnings per share:
Basic $ .37
Diluted $ .36
Average shares used in
computing unaudited pro
forma net earnings
per share:
Basic(1) 452
Diluted(2) 465
(1) Average shares used in computing unaudited pro forma basic net
earnings per share includes the 380,000,000 common shares held
by Hewlett-Packard plus the 72,000,000 shares issued in
Agilent Technologies' initial public offering, as proceeds of
the offering were distributed to Hewlett-Packard.
(2) Average shares used in computing unaudited pro forma diluted
net earnings per share includes the 380,000,000 common shares
held by Hewlett-Packard plus the 72,000,000 shares issued in
the initial public offering plus approximately 13,000,000
shares related to the estimated dilutive effect of outstanding
Agilent options and from the anticipated conversion of
Hewlett-Packard stock options and other employee stock plans
to Agilent stock and options on the distribution date.
AGILENT TECHNOLOGIES,INC.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
Six months ended Percent
(In millions, except April 30, increase
per share amounts) 2000 1999 (decrease)
Net revenue:
Products and services $4,435 $3,418
Products to Hewlett-Packard 296 378
Total net revenue 4,731 3,796 25
Costs and expenses:
Cost of products
and services 2,421 1,993
Research and development 586 463
Selling, general and
administrative 1,339 999
Total costs & expenses 4,346 3,455 26
Earnings from operations 385 341 13
Other income (expense), net 73 15
Earnings before taxes 458 356
Provision for taxes 161 125
Net earnings $ 297 $ 231 29
Basic net earnings per share $ .67 $ .61
Diluted net earnings per share $ .66 $ .61
Average shares used in
computing net earnings
per share:
Basic 445 380
Diluted 448 380
Unaudited pro forma net
earnings per share:
Basic $ .66
Diluted $ .64
Average shares used in
computing unaudited pro
forma net earnings
per share:
Basic(1) 452
Diluted(2) 462
(1) Average shares used in computing unaudited pro forma basic net
earnings per share includes the 380,000,000 common shares held
by Hewlett-Packard plus the 72,000,000 shares issued in
Agilent Technologies' initial public offering, as proceeds of
the offering were distributed to Hewlett-Packard.
(2) Average shares used in computing unaudited pro forma diluted
net earnings per share includes the 380,000,000 common shares
held by Hewlett-Packard plus the 72,000,000 shares issued in
the initial public offering plus approximately 10,000,000
shares related to the estimated dilutive effect of outstanding
Agilent options and from the anticipated conversion of
Hewlett-Packard stock options and other employee stock plans
to Agilent stock and options on the distribution date.
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(In millions, except par value and share amounts)
ASSETS April 30 October 31
2000 1999
Current assets:
Cash and cash equivalents $ 1,050 $ --
Accounts receivable 1,889 1,635
Inventory 1,622 1,499
Other current assets 568 404
Total current assets 5,129 3,538
Property, plant and equipment, net 1,453 1,387
Other assets 811 519
Total assets $ 7,393 $ 5,444
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable $ 607 $ 510
Employee compensation and
benefits 644 550
Deferred revenue 329 241
Accrued income taxes and
other accrued liabilities 678 380
Total current liabilities 2,258 1,681
Other liabilities 493 381
Commitments and contingencies
Stockholders' equity:
Preferred stock; $.01
par value; 125,000,000
shares authorized; none issued
and outstanding -- --
Common stock; $.01 par
value; 2,000,000,000
shares authorized; 452,272,000 and
380,000,000 shares issued and outstanding
at April 30, 2000 and October 31, 1999 5 4
Additional paid-in capital 4,344 3,378
Retained earnings 297 --
Accumulated comprehensive earnings (loss) (4) --
Total stockholders' equity 4,642 3,382
Total liabilities and
stockholders' equity $ 7,393 $ 5,444
AGILENT TECHNOLOGIES, INC
ORDERS, NET REVENUE AND EARNINGS (LOSS)
FROM OPERATIONS BY BUSINESS SEGMENT
(Unaudited)
(In millions)
For the three months ended April 30 2000 1999
ORDERS
Test and measurement $ 1,768 $ 1,041
Semiconductor products 626 500
Healthcare solutions 349 378
Chemical analysis 241 240
Total $ 2,984 $ 2,159
NET REVENUE
Test and measurement $ 1,385 $ 964
Semiconductor products 497 408
Healthcare solutions 343 377
Chemical analysis 260 261
Total $ 2,485 $ 2,010
EARNINGS (LOSS) FROM OPERATIONS
Test and measurement $ 193 $ 86
Semiconductor products 58 56
Healthcare solutions (30) 50
Chemical analysis 1 35
Corporate and other (8) 13
Total $ 214 $ 240
In general, recorded orders represent firm purchase commitments
from our customers with established terms and conditions for products
and services that will be delivered within six months
AGILENT TECHNOLOGIES, INC.
ORDERS, NET REVENUE AND EARNINGS (LOSS)
FROM OPERATIONS BY BUSINESS SEGMENT
(Unaudited)
(In millions)
For the six months ended April 30 2000 1999
ORDERS
Test and measurement $ 3,281 $ 2,021
Semiconductor products 1,188 896
Healthcare solutions 702 738
Chemical analysis 501 475
Total $ 5,672 $ 4,130
NET REVENUE
Test and measurement $ 2,546 $ 1,853
Semiconductor products 944 773
Healthcare solutions 738 671
Chemical analysis 503 499
Total $ 4,731 $ 3,796
EARNINGS (LOSS) FROM OPERATIONS
Test and measurement $ 317 $ 151
Semiconductor products 89 65
Healthcare solutions (13) 45
Chemical analysis 14 63
Corporate and other (22) 17
Total $ 385 $ 341
In general, recorded orders represent firm purchase commitments from our customers with established terms and conditions for products and services that will be delivered within six months. |
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