Agilent Technologies Releases Financials for FY99-FY00 Separating Out Discontinued Operations.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)--July 6, 2001 Historical Financials Show Healthcare Solutions Business as Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in Anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of Finalizing Sale 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 financial statements for FY99-FY00 separating out discontinued operations. The eight quarters of earnings statements, including both GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and earnings before goodwill amounts, show Agilent's healthcare solutions business as "discontinued operations" in anticipation of finalizing the sale of this business to Royal Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Electronics. The historical financial statements 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." About Agilent Technologies Agilent Technologies Inc. (NYSE:A) is a global technology leader in communications, electronics, life sciences and healthcare. The company's 48,000 employees serve customers in more than 120 countries. Agilent had net revenue of $ 9.4 billion in fiscal year 2000, as restated to reflect the pending sale of its healthcare business. Information about Agilent Technologies can be found on the Web at www.agilent.com.
AGILENT TECHNOLOGIES, INC
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
Excluding Amortization of Goodwill and Other Intangibles, Discontinued
Operations and Other One-Time and Non-Operational Items
(Unaudited)
(In millions, except per share amounts)
April 30, Jan. 31, Oct. 31, July 31, April 30,
2001 2001 2000 2000 2000
Q2'01 Q1'01 Q4'00 Q3'00 Q2'00
------- ------- ------- ------- -------
Orders $ 1,397 $ 2,472 $ 2,746 $ 2,850 $ 2,635
Net revenue $ 2,382 $ 2,548 $ 3,017 $ 2,351 $ 2,142
Costs and expenses:
Cost of products and
services 1,404 1,275 1,522 1,189 1,069
Research and development 347 342 320 288 263
Selling, general and
administrative 605 606 695 665 616
------- ------- ------- ------- -------
Total costs & expenses 2,356 2,223 2,537 2,142 1,948
------- ------- ------- ------- -------
Earnings from continuing
operations 26 325 480 209 194
Other income (expense),
net (9) 11 9 27 15
------- ------- ------- ------- -------
Earnings from continuing
operations before taxes 17 336 489 236 209
Provision for taxes 6 110 161 78 69
------- ------- ------- ------- -------
Pro forma net earnings
from continuing
operations $ 11 $ 226 $ 328 $ 158 $ 140
======= ======= ======= ======= =======
Pro forma net earnings
per share -- Basic $ 0.02 $ 0.50 $ 0.72 $ 0.35 $ 0.31
======= ======= ======= ======= =======
Pro forma net earnings
per share -- Diluted $ 0.02 $ 0.48 $ 0.71 $ 0.34 $ 0.30
======= ======= ======= ======= =======
Average shares used in
computing pro forma net
earnings per share:
Basic 456 455 454 453 452
Diluted 461 466 462 464 465
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:
Net earnings per GAAP $ 96 $ 154 $ 305 $ 155 $ 166
Pro forma adjustments:
Goodwill & other
intangibles 88 41 33 20 10
Discontinued operations
(pre-tax) (25) 3 (12) (22) (44)
FAS 133 adoption -- 41 -- --
Gain on land sale (269) -- -- -- --
Gains relating to sales
of securities -- (6) -- -- (13)
Asset impairment -- -- -- -- --
Adjustment for income
taxes 121 (7) 2 5 21
------- ------- ------- ------- -------
Pro forma net earnings $ 11 $ 226 $ 328 $ 158 $ 140
======= ======= ======= ======= =======
Jan. 31, Oct. 31, July 31, April 30, Jan. 31,
2000 1999 1999 1999 1999
Q1'00 Q4'99 Q3'99 Q2'99 Q1'99
------- ------- ------- ------- -------
Orders $ 2,335 $ 2,150 $ 1,843 $ 1,781 $ 1,611
Net revenue $ 1,851 $ 1,990 $ 1,715 $ 1,633 $ 1,492
Costs and expenses:
Cost of products and
services 955 1,047 874 841 813
Research and development 259 260 209 211 198
Selling, general and
administrative 525 563 473 435 410
------- ------- ------- ------- -------
Total costs & expenses 1,739 1,870 1,556 1,487 1,421
------- ------- ------- ------- -------
Earnings from continuing
operations 112 120 159 146 71
Other income (expense),
net 30 14 12 2 13
Earnings from continuing
operations before taxes 142 134 171 148 84
Provision for taxes 47 46 58 50 29
------- ------- ------- ------- -------
Pro forma net earnings
from continuing
operations $ 95 $ 88 $ 113 $ 98 $ 55
======= ======= ======= ======= =======
Pro forma net earnings
per share -- Basic $ 0.21 $ 0.23 $ 0.30 $ 0.26 $ 0.15
======= ======= ======= ======= =======
Pro forma net earnings
per share -- Diluted $ 0.21 $ 0.23 $ 0.30 $ 0.26 $ 0.15
======= ======= ======= ======= =======
Average shares used in
computing pro forma net
earnings per share:
Basic 452 380 380 380 380
Diluted 462 380 380 380 380
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:
Net earnings per GAAP $ 131 $ 146 $ 135 $ 157 $ 74
Pro forma adjustments:
Goodwill & other
intangibles 8 6 6 6 5
Discontinued operations
(pre-tax) (68) (96) (93) (100) (35)
FAS 133 adoption -- -- -- -- --
Gain on land sale -- -- -- -- --
Gains relating to sales
of securities -- -- -- -- --
Asset impairment -- -- 51 -- --
Adjustment for income
taxes 24 32 14 35 11
------- ------- ------- ------- -------
Pro forma net earnings $ 95 $ 88 $ 113 $ 98 $ 55
======= ======= ======= ======= =======
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
April 30, Jan. 31, Oct. 31, July 31, April 30,
2001 2001 2000 2000 2000
Q2'01 Q1'01 Q4'00 Q3'00 Q2'00
-------- ------- ------- ------- -------
Net revenue
Products $ 2,150 $ 2,304 $ 2,715 $ 2,081 $ 1,886
Services 232 244 302 270 256
-------- ------- ------- ------- -------
Total Net Revenue 2,382 2,548 3,017 2,351 2,142
Costs and expenses:
Cost of products 1,277 1,139 1,365 1,044 914
Cost of services and
other 129 138 157 145 155
Research and
development 349 342 320 288 263
Selling, general and
administrative 689 645 728 685 626
-------- ------- ------- ------- -------
Total costs &
expenses 2,444 2,264 2,570 2,162 1,958
-------- ------- ------- ------- -------
Earnings (loss) from
continuing operations (62) 284 447 189 184
Other income (expense),
net 260 17 9 27 28
-------- ------- ------- ------- -------
Earnings (loss) from
continuing operations
before taxes 198 301 456 216 212
Provision for taxes 115 120 155 73 72
-------- ------- ------- ------- -------
Net earnings from
continuing operations 83 181 301 143 140
Net earnings (loss) from
discontinued operations
(net of taxes) 13 (2) 4 12 26
Cumulative effect of
adopting FAS 133 (net of
tax of $16 million) (25)
-------- ------- ------- ------- -------
Net earnings $ 96 $ 154 $ 305 $ 155 $ 166
======== ======= ======= ======= =======
Basic net earnings per
share:
Continuing operations $ 0.18 $ 0.34 $ 0.66 $ 0.32 $ 0.31
Discontinued operations 0.03 -- 0.01 0.03 0.06
-------- ------- ------- ------- -------
$ 0.21 $ 0.34 $ 0.67 $ 0.34 $ 0.37
======== ======= ======= ======= =======
Diluted net earnings per
share:
Continuing operations $ 0.18 $ 0.33 $ 0.65 $ 0.31 $ 0.31
Discontinued operations 0.03 -- 0.01 0.03 0.05
-------- ------- ------- ------- -------
$ 0.21 $ 0.33 $ 0.66 $ 0.34 $ 0.36
======== ======= ======= ======= =======
Avg shares used in
computing Net EPS:
Basic 456 455 454 453 452
Diluted 461 466 462 461 457
Jan. 31, Oct. 31, July 31, April 30, Jan. 31,
2000 1999 1999 1999 1999
Q1'00 Q4'99 Q3'99 Q2'99 Q1'99
-------- ------- ------- ------- -------
Net revenue
Products $ 1,617 $ 1,736 $ 1,483 $ 1,405 $ 1,271
Services 234 254 232 228 221
-------- ------- ------- ------- -------
Total Net Revenue 1,851 1,990 1,715 1,633 1,492
Costs and expenses:
Cost of products 820 900 794 714 689
Cost of services and
other 135 147 131 127 124
Research and
development 259 260 209 211 198
Selling, general and
administrative 533 569 479 441 415
-------- ------- ------- ------- -------
Total costs &
expenses 1,747 1,876 1,613 1,493 1,426
-------- ------- ------- ------- -------
Earnings (loss) from
continuing operations 104 114 102 140 66
Other income (expense),
net 30 14 12 2 13
-------- ------- ------- ------- -------
Earnings (loss) from
continuing operations
before taxes 134 128 114 142 79
Provision for taxes 46 43 39 48 27
-------- ------- ------- ------- -------
Net earnings from
continuing operations 88 85 75 94 52
Net earnings (loss) from
discontinued operations
(net of taxes) 43 61 60 63 22
Cumulative effect of
adopting FAS 133 (net of
tax of $16 million)
-------- ------- ------- ------- -------
Net earnings $ 131 $ 146 $ 135 $ 157 $ 74
======== ======= ======= ======= =======
Basic net earnings per
share:
Continuing operations $ 0.20 $ 0.23 $ 0.20 $ 0.25 $ 0.13
Discontinued operations 0.10 0.16 0.16 0.16 0.06
-------- ------- ------- ------- -------
$ 0.30 $ 0.39 $ 0.36 $ 0.41 $ 0.19
======== ======= ======= ======= =======
Diluted net earnings per
share:
Continuing operations $ 0.20 $ 0.23 $ 0.20 $ 0.25 $ 0.13
Discontinued operations 0.10 0.16 0.16 0.16 0.06
-------- ------- ------- ------- -------
$ 0.30 $ 0.39 $ 0.36 $ 0.41 $ 0.19
======== ======= ======= ======= =======
Avg shares used in
computing Net EPS:
Basic 439 380 380 380 380
Diluted 440 380 380 380 380
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
BEFORE AMORTIZATION OF GOODWILL AND OTHER INTANGIBLES
AND OTHER ONE-TIME ITEMS BY BUSINESS SEGMENT
(Unaudited)
(In millions)
FY 2001
Q1 Q2 Q3 Q4 Total
Test and measurement $ 250 $ 89 $ 339
Semiconductor products 57 (92) (35)
Chemical analysis 18 29 47
----------------------------------------------
Total $ 325 $ 26 $ -- $ -- $ 351
==============================================
FY 2000
Q1 Q2 Q3 Q4 Total
Test and measurement $ 77 $ 136 $ 122 $ 371 $ 706
Semiconductor products 24 55 85 84 248
Chemical analysis 11 3 2 25 41
----------------------------------------------
Total $ 112 $ 194 $ 209 $ 480 $ 995
==============================================
FY 1999
Q1 Q2 Q3 Q4 Total
Test and measurement $ 38 $ 55 $ 65 $ 52 $ 210
Semiconductor products 6 54 55 51 166
Chemical analysis 27 37 39 17 120
----------------------------------------------
Total $ 71 $ 146 $ 159 $ 120 $ 496
==============================================
Note: Q4 FY'00, Q1 & Q2 FY'01 results include the sale of leasing
portfolio to the CIT Group, Inc.
ORDERS FROM CONTINUING OPERATIONS
BY BUSINESS SEGMENT
(Unaudited)
(In millions)
FY 2001
Q1 Q2 Q3 Q4 Total
Test and measurement $1,620 $ 932 $2,552
Semiconductor products 553 200 753
Chemical analysis 299 265 564
----------------------------------------------
Total $2,472 $ 1,397 $ -- $ -- $ 3,869
==============================================
FY 2000
Q1 Q2 Q3 Q4 Total
Test and measurement $1,513 $ 1,768 $ 1,851 $ 1,870 $ 7,002
Semiconductor products 562 626 730 593 2,511
Chemical analysis 260 241 269 283 1,053
----------------------------------------------
Total $2,335 $ 2,635 $ 2,850 $ 2,746 $10,566
==============================================
FY 1999
Q1 Q2 Q3 Q4 Total
Test and measurement $ 980 $ 1,041 $ 1,137 $ 1,422 $ 4,580
Semiconductor products 396 500 457 442 1,795
Chemical analysis 235 240 249 286 1,010
----------------------------------------------
Total $1,611 $ 1,781 $ 1,843 $ 2,150 $ 7,385
==============================================
NET REVENUE FROM CONTINUING OPERATIONS
BY BUSINESS SEGMENT
(In millions)
FY 2001
Q1 Q2 Q3 Q4 Total
Test and measurement $1,685 $ 1,648 $ 3,333
Semiconductor products 595 443 1,038
Chemical analysis 268 291 559
----------------------------------------------
Total $2,548 $ 2,382 $ -- $ -- $ 4,930
==============================================
FY 2000
Q1 Q2 Q3 Q4 Total
Test and measurement $1,161 $ 1,385 $ 1,514 $ 2,048 $ 6,108
Semiconductor products 447 497 591 678 2,213
Chemical analysis 243 260 246 291 1,040
----------------------------------------------
Total $1,851 $ 2,142 $ 2,351 $ 3,017 $ 9,361
==============================================
FY 1999
Q1 Q2 Q3 Q4 Total
Test and measurement $ 889 $ 964 $ 1,003 $ 1,226 $ 4,082
Semiconductor products 365 408 457 492 1,722
Chemical analysis 238 261 255 272 1,026
----------------------------------------------
Total $1,492 $ 1,633 $ 1,715 $ 1,990 $ 6,830
==============================================
Note: Q4 FY'00, Q1 & Q2 FY'01 results include the sale of leasing
portfolio to the CIT Group, Inc.
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