Agilent Technologies Reports First Quarter 2003 Results.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)--Feb. 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 reported orders of $1.36 billion and revenue of $1.41 billion for the fiscal first quarter ended Jan. 31, 2003. On an operating earnings-before-restructuring basis, the company lost $0.23 per share. After $12 million of non-cash amortization charges and $42 million of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses, the net first quarter loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $112 million, or $0.24 per share on a generally accepted accounting principle (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis. In addition, the company took a $257 million one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. goodwill write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. in the quarter related to the adoption of a new accounting rule, SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142. "Our first quarter results were disappointing," said Ned Barnholt, 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. chairman, president and chief executive officer. "Orders were weaker than expected due to a general climate of uncertainty. In addition, margin pressures continued to impact several of our businesses. Based on these results, we are taking additional aggressive cost-cutting actions to return Agilent to profitability during the second half of this year." Barnholt said that Agilent's orders were down 22 percent compared to a year ago in the Americas A·mer·i·cas , the See America. , about flat in 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). and up 7
percent in Asia. "Our first quarter results reflect a collective
hesitation by many of our customers, who are deferring capital
expenditures. Geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. uncertainty, on top of the general economic weakness we've we've Contraction of we have. we've have experienced in the last year and a half, has resulted in a continuing pattern of weak orders." While all of Agilent's business segments were relatively soft in the first quarter, the company said it saw particular weakness in its semiconductor equipment, test and measurement, and chemical analysis businesses compared to prior expectations. "Our near-term near-term adj. Of, for, or involving a short period of time in the near future. outlook calls for a modest improvement in second quarter orders and revenues based on a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in semiconductor equipment and seasonally higher semiconductor orders," Barnholt said. "However, visibility has never been worse, and we have no reason to believe that business will improve materially in the quarters immediately ahead." To date, Agilent has achieved about $1.25 billion of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings from its previously announced restructuring programs. The company said it had expected to finish this year with a normalized quarterly 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 cost structure of about $1.57 billion. The new actions Agilent will take in the next few months will reduce the workforce by an additional 4,000 jobs and bring the company's cost structure down an additional $125 million per quarter in order to achieve a fourth quarter breakeven cost structure of $1.45 billion. "These actions will be extraordinarily painful, but we have no alternative," Barnholt said. "Agilent must return to profitability as soon as possible. Our commitment is to move quickly and to make the critical trade-offs that will ensure our profitability without jeopardizing our 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. success. We are confident that we are up to the challenge."
Segment Results
Test and Measurement
(in millions of dollars)
Q1:F03 Q4:F02 Q1:F02
Orders 594 673 647
Revenues 633 747 684
Operating Profit(1) (132) (107) (171)
First quarter Test and Measurement orders were down 8 percent from one year ago and were off 12 percent from the seasonally strong fourth quarter. By market segment, communications test, buoyed by the still strong Asian wireless market, was stronger than general purpose test. Within general purpose test, U.S. government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. was particularly weak. First quarter revenues of $633 million were down 7 percent from last year and off 15 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . Restructuring actions helped offset the impact of lower volumes and intense competitive pressures on operating results. The first quarter operating loss 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. of $132 million was $39 million below last year despite $51 million lower revenues. Sequentially, the first quarter operating loss increased a relatively modest $25 million, considering the $114 million reduction in revenues. Additional restructuring, combined with the actions already under way, is expected to bring Test and Measurement to a breakeven by the fourth quarter of this year.
Automated Test
(in millions of dollars)
Q1:F03 Q4:F02 Q1:F02
Orders 115 151 185
Revenues 136 220 138
Operating Profit(1) (48) 9 (44)
First quarter Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Test orders of $115 million were down 38 percent from the very strong pace of one year earlier, and were off 24 percent sequentially. Automated Test's book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 0.85 was consistent with the industry results through January January: see month. recently reported by Semiconductor Equipment and Materials International Semiconductor Equipment and Materials International (SEMI) is a trade organization of manufacturers of equipment and materials used in the fabrication of semiconductor devices such as integrated circuits, transistors, diodes, and thyristors. (2). The volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in Automated Test segment orders was due to both the 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). (SOC (System On a Chip) The electronics for a complete, working product contained on a single chip. While a microcontroller includes all the hardware components required to process instructions, an SoC includes the computer and all required ancillary electronics. ) business, which was down 45 percent from last year but up 31 percent from the prior quarter, and from our flash memory test business, which was down sharply versus both prior year and the prior quarter due to the lumpiness of customer orders. Excluding flash memory test, segment orders were flat sequentially. Revenues of $136 million were about flat with a year ago and off 38 percent sequentially because of declining orders. The first quarter operating loss of $48 million was $4 million greater than last year.
Semiconductor Products
(in millions of dollars)
Q1:F03 Q4:F02 Q1:F02
Orders 381 363 346
Revenues 367 471 327
Operating Profit(1) (48) 21 (61)
Semiconductor Products' orders of $381 million were 10 percent above last year and up 5 percent sequentially. Excluding a sharp decline in hardcopy (jargon) hardcopy - A paper printout of data displayed on a screen. Contrast softcopy. ASICs, segment orders would have been up 19 percent and 11 percent, respectively. Revenues of $367 million were 12 percent higher than one year ago but off 22 percent from strong fourth quarter 2002 results. The book-to-bill ratio of 1.04 compares to 0.77 in the fourth quarter and 1.06 one year ago. Operating results were affected by the decline in 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. business and the cost of ramping production to meet strong demand for the FBAR FBAR Film Bulk Acoustic Resonator FBAR Foreign Bank Account Report FBAR First Born Anal Retentive filter and E-pHEMT E-pHEMT Enhancement Mode Pseudomorphic High Electron Mobility Transistor power module. The operating loss of $48 million compares to a $61 million loss one year ago and $21 million of operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the prior quarter.
Life Sciences and Chemical Analysis
(in millions of dollars)
Q1:F03 Q4:F02 Q1:F02
Orders 268 308 287
Revenues 276 298 277
Operating Profit(1) 34 43 35
Life Sciences and Chemical Analysis orders of $268 million were 7 percent below one year ago and off 13 percent from the seasonally strong fourth quarter. Within the segment, orders for chemical analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. systems were particularly weak, down 9 percent from a year ago and 13 percent sequentially, as customers delayed spending due to higher oil prices, and geopolitical and economic uncertainty. Pharmaceutical companies also slowed spending in the quarter, with total Life Sciences orders off 3 percent from a year ago and 13 percent sequentially. Revenues of $276 million were flat with a year ago and down 7 percent sequentially. Operating profits of $34 million were about equal to a year ago and off only $9 million sequentially, despite a $22 million decline in revenues. Segment return on invested capital (ROIC ROIC Return On Invested Capital ROIC Return On Investment Capital ROIC Readout Integrated Circuit ROIC Resident Officer In Charge ROIC Regional Office Implementation Committee ) of about 24 percent is comparable to one year ago. Concluded Barnholt, "Business conditions are very difficult, and we have much left to do to restore Agilent to financial health, but we should not ignore the progress we are making." In addition to the cumulative benefits of Agilent's restructuring actions to date, the company said its balance sheet remains strong. Agilent ended the quarter with $1.75 billion in cash and equivalents, and generated more than $220 million from the reduction in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and inventories. Capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. of $61 million was below last year and below the level of depreciation. Agilent expects to spend only $250 million on capital expenditures this year compared to $301 million in 2002 and $881 million in 2001. "In short, we are confident we will restore Agilent to financial health in the short term while continuing to reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. our global technology leadership position for the long term," Barnholt said. The company also today announced guidance for its second quarter 2003 revenues and earnings before restructuring. Agilent expects revenues in the range of $1.4 billion to $1.5 billion. Earnings before restructuring are expected to be a loss of between $0.10 to $0.20 per share. About Agilent Technologies Agilent Technologies Inc. (NYSE:A) is a global technology leader in communications, electronics and life sciences. The company's 35,000 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. More financial information about this quarter's earnings is available at www.investor.agilent.com. Agilent management will host a live webcast of its quarterly conference call with the investment community in listen-only mode today at 7 a.m. (PT). Listeners may log on at www.investor.agilent.com and select "conference calls." The webcast will remain on the company site for seven days. A telephone replay of the conference call will be available starting at 11 a.m. (PT) on Feb. 21 through Feb. 28 by dialing +1 719 457 0820 and entering pass code 101496. 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. Statement 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 orders, revenues, cost structure, breakeven and profitability, workforce reductions and the outlook for the general economy and for the markets that Agilent serves) that involve risks and uncertainties that could cause results of Agilent to differ materially from management's current expectations. In addition, other risks that Agilent faces in running its operations include: the ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution successfully through the current economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and an upturn while it continues to implement significant workforce reductions, the ability to meet and achieve the benefits of its cost reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions, the risk that our cost-cutting initiatives will impair im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. our ability to develop products and remain competitive, increasing competitive, pricing and gross margin pressures, the successful implementation of Agilent's ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. systems and the ability to realize the benefits from these and other IT systems investments, the ability to improve asset performance to adapt to the current economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and other changes in demand, the ability to successfully introduce new products at the right time and with the right mix, and other risks detailed in the company's filings with the Securities and Exchange Commission, including its 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 Oct. 31, 2002 and its Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. dated Jan. 24 and Feb. 10, 2003. The company assumes no obligation to update the information in this press release. (1) before restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in all periods (2) according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Semiconductor Equipment and Materials International press release dated Feb. 18, 2002 (see http://www.semi.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. ).
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months
Ended
January 31,
--------------- Percent
2003 2002 Inc/(Dec)
------- ------- ---------
Orders $1,358 $1,465 (7%)
Net revenue $1,412 $1,426 (1%)
Costs and expenses:
Cost of products and services 883 920 (4%)
Research and development 277 317 (13%)
Selling, general and administrative 508 631 (19%)
------- -------
Total costs and expenses 1,668 1,868 (11%)
------- -------
Loss from operations (256) (442) 42%
Other income (expense), net 4 19 (79%)
------- -------
Loss from continuing operations before taxes (252) (423) 40%
Benefit for taxes (140) (106) 32%
------- -------
Loss from continuing operations (112) (317) 65%
Gain from sale of discontinued operations
(net of taxes) - 2
------- -------
Loss before cumulative effect of accounting
changes (112) (315) 64%
Cumulative effect of adopting SFAS No. 142
(net of tax benefit of $11 million) (257) -
------- -------
Net loss $(369) $(315) (17%)
======= =======
Net (loss) earnings per share - Basic and
diluted:
Loss from continuing operations $(0.24) $(0.68)
Gain from sale of discontinued operations,
net - -
Cumulative effect of adopting SFAS No. 142,
net (0.54) -
------- -------
Net loss $(0.78) $(0.68)
======= =======
Weighted average shares used in computing
loss per share:
Basic and diluted 471 463
Historical amounts have been reclassified to conform with current
period presentation.
AGILENT TECHNOLOGIES, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Excluding Restructuring, Amortization of Intangibles and
Other One-Time and Non-Operational Items
(In millions, except per share amounts)
(Unaudited)
Three Months
Ended
January 31,
--------------- Percent
2003 2002 Inc/(Dec)
------- ------- ---------
Orders $1,358 $1,465 (7%)
Net revenue $1,412 $1,426 (1%)
Costs and expenses:
Cost of products and services 867 862 1%
Research and development 273 305 (10%)
Selling, general and administrative 474 500 (5%)
------- -------
Total costs and expenses 1,614 1,667 (3%)
------- -------
Loss from operations (202) (241) 16%
Other income (expense), net 7 14 (50%)
------- -------
Loss before taxes (195) (227) 14%
Benefit for taxes (86) (93) (8%)
------- -------
Pro forma net loss $(109) $(134) 19%
======= =======
Pro forma net loss per share:
Basic and diluted $(0.23) $(0.29)
Weighted average shares used in computing
pro forma net loss per share:
Basic and diluted 471 463
The above pro forma condensed consolidated statement
of operations has been adjusted to exclude the
following one-time and non-operational items and
reconcile to GAAP net loss:
Net loss per GAAP $(369) $(315)
Pro forma adjustments:
Goodwill - 83
Other intangibles (including in-
process R&D) 12 13
Restructuring 42 105
Asset Impairment 5 -
SFAS No. 142 adoption 268 -
Discontinued operations - (3)
Gain on sale of assets (2) (5)
Adjustment for income taxes (65) (12)
------- -------
Pro forma net loss $(109) $(134)
======= =======
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.
Historical amounts have been reclassified to conform with current
period presentation.
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share amounts)
(Unaudited)
Jan. 31, Oct. 31,
2003 2002
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $1,754 $1,844
Accounts receivable, net 930 1,118
Inventory 1,166 1,184
Current deferred tax assets 451 462
Other current assets 258 272
-------- --------
Total current assets 4,559 4,880
Property, plant and equipment, net 1,571 1,579
Goodwill and other intangible assets, net 422 685
Long-term deferred tax assets 796 635
Other assets 422 424
-------- --------
Total assets $7,770 $8,203
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $290 $305
Employee compensation and benefits 627 733
Deferred revenue 256 244
Income and other taxes payable 387 325
Other accrued liabilities 463 574
-------- --------
Total current liabilities 2,023 2,181
-------- --------
Senior convertible debentures 1,150 1,150
Other liabilities 248 245
-------- --------
Total liabilities 3,421 3,576
-------- --------
Commitments and contingencies - -
Stockholders' equity:
Preferred stock; $0.01 par value; 125 million
shares authorized; none issued and outstanding - -
Common stock; $0.01 par value; 2 billion shares
authorized; 467 million shares at October 31,
2002 and 471 million shares at January 31, 2003
issued and outstanding 5 5
Additional paid-in capital 4,922 4,872
Accumulated deficit (470) (101)
Accumulated comprehensive loss (108) (149)
-------- --------
Total stockholders' equity 4,349 4,627
-------- --------
Total liabilities and stockholders' equity $7,770 $8,203
======== ========
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
Three months
ended
January 31,
2003
Cash flows from operating activities: ------------
Net loss $(369)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 82
Inventory-related charges (1)
Deferred taxes (149)
Asset impairment charges 10
Net loss on sale of assets 4
Adoption of SFAS No. 142 268
Changes in assets and liabilities:
Accounts receivable 192
Inventory 32
Accounts payable (9)
Employee compensation and benefits (106)
Income taxes 33
Other current assets and liabilities (60)
Other long-term assets and liabilities (3)
------------
Net cash used in operating activities *: (76)
Cash flows from investing activities:
Investments in property, plant and equipment (61)
Dispositions of property, plant and equipment 1
Purchase of equity investments (2)
------------
Net cash used in investing activities: (62)
Cash flows from financing activities:
Issuance of common stock under employee stock plans 50
Net payments to notes payable and short-term
borrowings (2)
------------
Net cash provided by financing activities: 48
------------
Change in cash and cash equivalents (90)
Cash and cash equivalents at beginning of period 1,844
------------
Cash and cash equivalents at end of period 1,754
============
* Cash payments for restructuring included in
operating activities: 43
AGILENT TECHNOLOGIES, INC.
TEST AND MEASUREMENT INFORMATION
(In millions, except percent changes)
(Unaudited)
Three months Three months Yr vs. Three months
ended ended Yr ended
January 31, January 31, % October 31, Sequential
2003 2002 change 2002 % change
---------- ----------- -------- ----------- ----------
Orders $ 594 $ 647 (8%) $ 673 (12%)
Net Revenue $ 633 $ 684 (7%) $ 747 (15%)
Loss from
operations $ (132) $ (171) 23% $ (107) (23%)
------------ ------------ -------- ------------ ----------
Q1 FY03 vs Q4 FY02 BY MARKET SEGMENT
Orders Net Revenue
-------------------------- ----------------------------
Q1 FY03 Sequential % of Q1 FY03 Sequential % of
$ Segment $ Segment
Amount % change Amount % change
------- ---------- ------- ------- ------------ -------
Communications
test $420 (9%) 71% $453 (16%) 72%
General
purpose test 174 (18%) 29% 180 (14%) 28%
------- ------- ------- -------
$594 (12%) 100% $633 (15%) 100%
======= ======= ======= =======
Q1 FY03 vs Q1 FY02 BY MARKET SEGMENT
Orders Net Revenue
--------------------- -----------------------
Q1 FY03 Yr vs.Yr Q1 FY03 Yr vs.Yr
$ Amount % change $ Amount % change
--------- --------- --------- ---------
Communications test $420 (5%) $453 (6%)
General purpose test 174 (15%) 180 (10%)
--------- ---------
$594 (8%) $633 (7%)
========= =========
Loss from operations reflect the results of our reportable segments
under Agilent's management reporting system which are not necessarily
in conformity with accounting principles generally accepted in the
United States (GAAP). Loss from operations of our reporting segments
excludes restructuring, amortization of intangibles, other one-time
and non-operational charges and some residual corporate charges.
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 have been reclassified to conform with current
period presentation.
AGILENT TECHNOLOGIES, INC.
SEMICONDUCTOR PRODUCTS INFORMATION
(In millions, except percent changes)
(Unaudited)
Three Three Three
months months Yr vs. months
ended ended Yr ended
Jan. 31, Jan. 31, % Oct. 31, Sequential
2003 2002 change 2002 % change
---------- ---------- -------- --------- ----------
Orders $381 $346 10% $363 5%
Net Revenue $367 $327 12% $471 (22%)
(Loss) earnings
from operations $(48) $(61) 21% $21 (329%)
Q1 FY03 vs Q4 FY02 BY MARKET SEGMENT
Orders Net Revenue
---------------------------- -----------------------------
Q1 FY03 Sequential % of Q1 FY03 Sequential % of
$ Amount % change Segment $ Amount % change Segment
Networking $131 7% 34% $125 (4%) 34%
Personal
systems 250 4% 66% 242 (29%) 66%
-------- -------- -------- ---------
$381 5% 100% $367 (22%) 100%
======== ======== ======== =========
Q1 FY03 vs Q1 FY02 BY MARKET SEGMENT
Orders Net Revenue
------------------------ -----------------------
Q1 FY03 Yr vs.Yr Q1 FY03 Yr vs.Yr
$ Amount % change $ Amount % change
Networking $131 11% $125 (2%)
Personal systems 250 10% 242 21%
----------- -----------
$381 10% $367 12%
=========== ===========
Loss from operations reflect the results of our reportable segments
under Agilent's management reporting system which are not necessarily
in conformity with accounting principles generally accepted in the
United States (GAAP). Loss from operations of our reporting segments
excludes restructuring, amortization of intangibles, other one-time
and non-operational charges and some residual corporate charges.
In general, recorded orders represent firm purchase commitments from
our customers with established terms and conditions for products that
will be delivered within six months.
Historical amounts have been reclassified to conform with current
period presentation.
AGILENT TECHNOLOGIES, INC.
AUTOMATED TEST INFORMATION
(In millions, except percent changes)
(Unaudited)
Three months Three months Yr vs.Yr Three months Sequential
ended Jan. ended Jan. % change ended Oct. % change
31, 2003 31, 2002 31, 2002
Orders $115 $185 (38%) $151 (24%)
Net Revenue $136 $138 (1%) $220 (38%)
(Loss)
earnings
from
operations $(48) $(44) (9%) $9 (633%)
Q1 FY03 vs Q4 FY02 BY MARKET SEGMENT
Orders Net Revenue
--------------------------- ---------------------------
Q1 FY03 Sequential % of Q1 FY03 Sequential % of
$ Amount % change Segment $ Amount % change Segment
Semiconductor
test $86 (25%) 75% $107 (42%) 79%
Manufacturing
test* 29 (19%) 25% 29 (19%) 21%
-------- ------- -------- -------
$115 (24%) 100% $136 (38%) 100%
======== ======= ======== =======
Q1 FY03 vs Q1 FY02 BY MARKET SEGMENT
Orders Net Revenue
------------------- --------------------
Q1 FY03 Yr vs.Yr Q1 FY03 Yr vs.Yr
$ Amount % change $ Amount % change
Semiconductor test $86 (44%) $107 (1%)
Manufacturing test* 29 (9%) 29 (3%)
--------- ---------
$115 (38%) $136 (1%)
========= =========
*Amounts presented as manufacturing test were previously
included in TMO's general purpose test.
Loss from operations reflect the results of our reportable segments
under Agilent's management reporting system which are not necessarily
in conformity with accounting principles generally accepted in the
United States (GAAP). Loss from operations of our reporting segments
excludes restructuring, amortization of intangibles, other one-time
and non-operational charges and some residual corporate charges.
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 have been reclassified to conform with
current period presentation.
AGILENT TECHNOLOGIES, INC.
LIFE SCIENCES AND CHEMICAL ANALYSIS INFORMATION
(In millions, except percent changes)
(Unaudited)
Three months Three months Yr vs.Yr Three months Sequential
ended Jan. ended Jan. % ended Oct. % change
31, 2003 31, 2002 change 31, 2002
Orders $268 $287 (7%) $308 (13%)
Net Revenue $276 $277 0% $298 (7%)
Earnings
from
operations $34 $35 (3%) $43 (21%)
Loss from operations reflect the results of our reportable segments
under Agilent's management reporting system which are not necessarily
in conformity with accounting principles generally accepted in the
United States (GAAP). Loss from operations of our reporting segments
excludes restructuring, amortization of intangibles, other one-time
and non-operational charges and some residual corporate charges.
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 have been reclassified to conform with current
period presentation.
AGILENT TECHNOLOGIES, INC.
ORDERS AND NET REVENUE FROM CONTINUING OPERATIONS
BY GEOGRAPHY
For The Three Months Ended January 31
(In millions, except percent changes)
(Unaudited)
Percent
Inc/(Dec)
-------------------
USD Local
2003 2002 Currency
-------- -------- --------- ---------
ORDERS
Americas $496 $638 (22%) (22%)
Europe 295 298 (1%) (2%)
Asia Pacific 567 529 7% 7%
-------- --------
Total $1,358 $1,465 (7%) (7%)
======== ========
NET REVENUE
Americas $576 $596 (3%)
Europe 296 305 (3%)
Asia Pacific 540 525 3%
-------- --------
Total $1,412 $1,426 (1%)
======== ========
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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