Agilent Technologies Reclassifies Financial Statements for Fiscal 2001 and 2002.Business Editors/High-Tech Writers 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)--Jan. 21, 2003 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 released reclassified financial statements for fiscal 2001 and 2002. The changes reflect the following: -- costs and operating expenses have been classified and allocated to Agilent's business segments by a different method; -- Agilent's Automated Test Group has been reported as a separate segment; and -- market segments have been redefined to more closely align with those of the company's competitors. The reclassifications do not affect net loss or net earnings from operations, net loss or net earnings per share, balance sheet accounts or cash flows. The reclassified financial statements for fiscal 2001 and 2002 are attached and also can be found on the Web at www.investor.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. .com. Click on "financial information." Similar data for fiscal 2000 will be available on this Web site soon. About Agilent Technologies Agilent Technologies Inc. (NYSE: A) is a global technology leader in communications, electronics and life sciences. The company's 36,000 employees serve customers in more than 110 countries. Agilent had net revenue of $6 billion in fiscal year 2002. Information about Agilent is available on the Web at www.agilent.com. NOTE TO EDITORS: Further technology, corporate citizenship Corporate Citizenship The extent to which businesses are socially responsible in meeting legal, ethical and economic responsibilities placed on them by shareholders. The aim it to create higher standards of living and quality of life in the community in which it operates, while and executive news is available on the Agilent news site at www.agilent.com/go/news.
AGILENT TECHNOLOGIES, INC
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Excluding Amortization of Goodwill and Other Intangibles,
Acquisition and Divestiture Related Items and Other
One-Time and Non-Recurring Items
(Unaudited)
----------------------------------------
FY 2002
----------------------------------------
(In millions, except per Q1 Q2 Q3 Q4 YTD
share amounts) ------- ------- ------- ----------------
Orders $1,465 $1,597 $1,456 $1,495 $6,013
Net revenue $1,426 $1,457 $1,391 $1,736 $6,010
Costs and expenses:
Cost of products and
services 862 879 880 1,007 3,628
Research and development 305 303 289 298 1,195
Selling, general and
administrative 500 494 483 465 1,942
------- ------- ------- ------- --------
Total costs and
expenses 1,667 1,676 1,652 1,770 6,765
------- ------- ------- ------- --------
(Loss) earnings from
operations (241) (219) (261) (34) (755)
Other income (expense), net 14 14 10 19 57
------- ------- ------- ------- --------
(Loss) earnings before taxes (227) (205) (251) (15) (698)
(Benefit) provision for
taxes (93) (93) (108) (13) (307)
------- ------- ------- ------- --------
Pro forma net (loss)
earnings $(134) $(112) $(143) $(2) $(391)
======= ======= ======= ======= ========
Pro forma net (loss) earnings
per share - Basic $(0.29) $(0.24) $(0.31) (0.00) (0.84)
======= ======= ======= ======= ========
Pro forma net (loss) earnings
per share - Diluted $(0.29) $(0.24) $(0.31) (0.00) (0.84)
======= ======= ======= ======= ========
Average shares used in
computing pro forma net (loss)
earnings per share:
Basic 463 464 466 467 465
Diluted 463 464 466 467 465
The above pro forma condensed consolidated statement of earnings has
been adjusted to exclude the following one-time and non-operational
items and reconcile to GAAP net earnings (loss):
Net (loss) earnings per
GAAP $(315) $(253) $(228) $(236) $(1,032)
Pro forma adjustments:
Goodwill and other
intangibles
(including in-
process R&D) 96 95 95 92 378
Capitalized
software write-off - - - - -
Discontinued
operations (3) 10 8 1 16
Retirement plans
curtailment gain - - (19) - (19)
SFAS No. 133
adoption - - - - -
Restructuring 105 35 78 256 474
Gain on sale of
assets (5) (8) - - (13)
Net gain (loss)
related to
securities - - - - -
Other asset
impairment - - 18 6 24
SAB 101 adoption - - - - -
Other - - - 6 6
Adjustment for
income taxes (12) 9 (95) (127) (225)
------- ------- ------- ------- --------
Pro forma net (loss)
earnings $(134) $(112) $(143) $(2) $(391)
======= ======= ======= ======= ========
---------------------------------------
FY 2001
---------------------------------------
(In millions, except per
share amounts) Q1 Q2 Q3 Q4 YTD
------- ------- ------- ------- -------
Orders $2,472 $1,397 $1,324 $1,221 $6,414
Net revenue $2,565 $2,406 $1,819 $1,606 $8,396
Costs and expenses:
Cost of products and services 1,271 1,404 1,117 1,196 4,988
Research and development 341 349 315 327 1,332
Selling, general and
administrative 618 614 535 515 2,282
------- ------- ------- ------- -------
Total costs and
expenses 2,230 2,367 1,967 2,038 8,602
------- ------- ------- ------- -------
(Loss) earnings from operations 335 39 (148) (432) (206)
Other income (expense), net 11 (9) (3) 3 2
------- ------- ------- ------- -------
(Loss) earnings before taxes 346 30 (151) (429) (204)
(Benefit) provision for taxes 114 12 (50) (154) (78)
------- ------- ------- ------- -------
Pro forma net (loss) earnings $232 $18 $(101) $(275) $(126)
======= ======= ======= ======= =======
Pro forma net (loss) earnings
per share - Basic $0.51 $0.04 $(0.22) $(0.60) (0.28)
======= ======= ======= ======= =======
Pro forma net (loss) earnings
per share - Diluted $0.50 $0.04 $(0.22) $(0.60) (0.28)
======= ======= ======= ======= =======
Average shares used in
computing pro forma net
(loss) earnings per share:
Basic 455 456 459 460 458
Diluted 466 461 459 460 458
The above pro forma condensed consolidated statement of earnings has
been adjusted to exclude the following one-time and non-operational
items and reconcile to GAAP net earnings (loss):
Net (loss) earnings per GAAP $100 $102 $(225) $197 $174
Pro forma adjustments:
Goodwill and other
intangibles
(including in-process
R&D) 41 88 109 106 344
Capitalized software
write-off - - 74 - 74
Discontinued
operations 3 (25) 1 (1,068) (1,089)
Retirement plans
curtailment gain - - - - -
SFAS No. 133 adoption 41 - - - 41
Restructuring - - - 154 154
Gain on sale of assets - (269) - - (269)
Net gain (loss)
related to securities (5) - (39) 6 (38)
Other asset impairment - - - 8 8
SAB 101 adoption 74 - - - 74
Other - - - - -
Adjustment for income
taxes (22) 122 (21) 322 401
------- ------- ------- ------- -------
Pro forma net (loss) earnings $232 $18 $(101) $(275) $(126)
======= ======= ======= ======= =======
We provide pro forma financial information to help the reader better
understand our operating results. This information is not in
accordance with, or an alternative for, generally accepted accounting
principles and may be different from the pro forma information
provided by other companies.
AGILENT TECHNOLOGIES, INC.
TEST AND MEASUREMENT INFORMATION
(Unaudited)
(In millions)
-------------------------------------
FY 2002
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Orders $647 $639 $590 $673 $2,549
Net revenue $684 $660 $521 $747 $2,612
Loss from operations $(171) $(172) $(260) $(107) $(710)
-------------------------------------
FY 2001
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Orders $1,399 $883 $685 $602 $3,569
Net revenue $1,380 $1,400 $972 $795 $4,547
Earnings (loss) from operations $223 $127 $(56) $(242) $52
-------------------------------------
MARKET SEGMENT ORDERS FY 2002
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Communications test $442 $444 $418 $461 $1,765
General purpose test 205 195 172 212 784
-------------------------------------
$647 $639 $590 $673 $2,549
=====================================
-------------------------------------
FY 2001
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Communications test $1,052 $641 $466 $431 $2,590
General purpose test 347 242 219 171 979
-------------------------------------
$1,399 $883 $685 $602 $3,569
=====================================
-------------------------------------
MARKET SEGMENT REVENUE FY 2002
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Communications test $484 $460 $356 $537 $1,837
General purpose test 200 200 165 210 775
-------------------------------------
$684 $660 $521 $747 $2,612
=====================================
-------------------------------------
FY 2001
-------------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------------
Communications test $1,045 $1,069 $714 $581 $3,409
General purpose test 335 331 258 214 1,138
-------------------------------------
$1,380 $1,400 $972 $795 $4,547
=====================================
Earnings (loss) from operations reflect the results of our reportable
segments under Agilent's management reporting system. These results
are not necessarily a depiction that is in conformity with accounting
principles generally accepted in the United States.
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.
Historical amounts were reclassified to conform with current period
presentation.
AGILENT TECHNOLOGIES, INC.
SEMICONDUCTOR PRODUCTS INFORMATION
(Unaudited)
(In millions)
-------------------------------
FY 2002
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $346 $476 $383 $363 $1,568
Net Revenue 327 371 390 471 1,559
Earnings (loss) from operations (61) (37) (38) 21 $(115)
-------------------------------
FY 2001
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $553 $200 $277 $260 $1,290
Net Revenue 592 455 420 383 1,850
Earnings (loss) from operations 50 (96) (51) (125) (222)
-------------------------------
MARKET SEGMENT ORDERS FY 2002
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Networking $118 $142 $115 $123 $498
Personal systems 228 334 268 240 1,070
-------------------------------
$346 $476 $383 $363 $1,568
===============================
-------------------------------
FY 2001
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Networking $273 $20 $97 $109 $499
Personal systems 280 180 180 151 791
-------------------------------
$553 $200 $277 $260 $1,290
===============================
-------------------------------
MARKET SEGMENT REVENUE FY 2002
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Networking $127 $138 $130 $130 $525
Personal systems 200 233 260 341 1,034
-------------------------------
$327 $371 $390 $471 $1,559
===============================
-------------------------------
FY 2001
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Networking $261 $214 $207 $171 $853
Personal systems 331 241 213 212 997
-------------------------------
$592 $455 $420 $383 $1,850
===============================
Earnings (loss) from operations reflect the results of our reportable
segments under Agilent's management reporting system. These results
are not necessarily a depiction that is in conformity with accounting
principles generally accepted in the United States.
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.
Historical amounts were reclassified to conform with current period
presentation.
AGILENT TECHNOLOGIES, INC.
LIFE SCIENCES AND CHEMICAL ANALYSIS INFORMATION
(Unaudited)
(In millions)
-------------------------------
2002
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $287 $285 $271 $308 $1,151
Net Revenue 277 272 286 298 1,133
Earnings from operations 35 20 42 43 $140
-------------------------------
2001
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $299 $265 $254 $285 $1,103
Net Revenue 268 290 269 287 1,114
Earnings from operations 6 20 29 37 $92
Earnings from operations reflect the results of our reportable
segments under Agilent's management reporting system. These results
are not necessarily a depiction that is in conformity with accounting
principles generally accepted in the United States.
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.
Historical amounts were reclassified to conform with current period
presentation.
AGILENT TECHNOLOGIES, INC.
AUTOMATED TEST INFORMATION
(Unaudited)
(In millions)
-------------------------------
FY 2002
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $185 $197 $212 $151 $745
Net revenue $138 $154 $194 $220 $706
Earnings (loss) from operations $(44) $(30) $(5) $9 $(70)
-------------------------------
FY 2001
-------------------------------
Q1 Q2 Q3 Q4 Total
-------------------------------
Orders $221 $49 $108 $74 $452
Net revenue $325 $261 $158 $141 $885
Earnings (loss) from operations $56 $(12) $(70) $(102) $(128)
Earnings (loss) from operations reflect the results of our reportable
segments under Agilent's management reporting system. These results
are not necessarily a depiction that is in conformity with accounting
principles generally accepted in the United States.
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.
Historical amounts were reclassified to conform with current period
presentation.
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