Agilent Technologies Reports Fourth Quarter Results at Breakeven; Drive to Profitability Continues; Company Delivers Results at Top End of Its Expectations.Business Editors and 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)--Nov. 18, 2002 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 $1.50 billion and net revenue of $1.74 billion for the quarter ended Oct. 31, 2002. On an operating earnings-before-goodwill (EBG EBG Electromagnetic Band Gap EBG Ernst-Barlach-Gymnasium (German high school name; several cities) EBG European Board of Gastroenterology EBG EuroBonus Gold EBG Electron Beam Gun EBG Electronic Book G EBG Extended Boolean Graphs ) basis, the company lost $2 million, or $0.00 per share. This compares with prior company expectations of an EBG loss of $0.10 to 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 per share on revenues of $1.60 to $1.70 billion. After $92 million of non-cash goodwill and amortization charges and $256 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 fourth quarter GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). loss was $236 million, or $0.51 per share. "Our fourth quarter breakeven performance demonstrates that our drive to restore 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. to financial health is succeeding," said Ned Barnholt, Agilent president and chief executive officer. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by these results, which are at the top end of our expectations, and I couldn't could·n't Contraction of could not. couldn't could not be more proud of our Agilent employees who made this happen. These results demonstrate that the disruptions in the third quarter from the implementation of our new company-wide 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. system are behind us." Barnholt noted that fourth quarter performance improvements were widespread. "Our Life Sciences and Chemical Analysis and our Semiconductor Products groups were solidly profitable, as was our 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 Group. The 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. in the rest of our test and measurement businesses was reduced by more than $130 million compared to last year or the prior quarter." Order cancellations were stable again in the fourth quarter at about $90 million and were well below last year's $250 million. Balance sheet improvements also continued in the fourth quarter, with inventories lower by about 25 and 30 days, compared to last year and the prior quarter, respectively. 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. in the quarter was about $90 million, bringing full year spending to only $300 million, compared to $880 million in 2001. "We achieved about $1.2 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 our prior restructuring programs and finished the year with a normalized quarterly breakeven cost structure of about $1.65 billion," Barnholt said. "However, as we indicated three months ago, the wireline telecom markets are continuing to decline and a recovery in that market is not expected for some time. We have also seen at least a pause in the recovery of the semiconductor and associated semiconductor capital equipment markets. In August we announced we would initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. additional actions in the fourth quarter to further reduce structural costs while ensuring we protect those programs critical to future growth." As a result, in the fourth quarter the company accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. about $133 million of cash restructuring expenses and took asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges of about $123 million. Agilent expects additional charges of about $20 million in the first quarter. The savings from these steps should drive Agilent's breakeven below $1.6 billion by the middle of 2003. "At the same time, we are continuing to invest in the future," said Barnholt. "We spent $1.1 billion on R&D in fiscal 2002, introduced a record number of new products, and substantially outpaced the growth of our markets. This year, we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall spend another $1 billion on R&D, leveraging our share gains and taking full advantage of any recovery in our markets." Looking ahead, the company expects business to remain difficult. First quarter revenue is expected to be in the range of $1.5 billion to $1.6 billion. Including the $0.07 impact of Agilent's ERP 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 implementations, the company expects operating EBG in the range of a $0.05 to $0.15 loss. "The outlook for fiscal 2003 is highly dependent on the pace of recovery in our markets," Barnholt said. "The most recent industry forecasts, along with our continued new product successes, would suggest a revenue increase of 5 to 10 percent, consistent with the range of most analyst projections. While we're we're Contraction of we are. we're we are comfortable with the consensus earnings projections for 2003, there may be some slight upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside based on Agilent's success in reducing structural costs and in beginning to realize the benefits of our IT systems investments. "We expect Agilent to be cash flow positive in 2003, which will enable us to remain focused on generating the new products that create value for our customers and our shareholders."
Segment Results
Test and Measurement
(in millions of dollars)
Q4:F02 Q3:F02 Q4:F01
------ ------ ------
Orders 824 802 676
Revenues 967 715 936
Operating Profit(1) (111) (279) (355)
Fourth quarter test and measurement orders were up 22 percent from one year ago and were up 3 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . Within the segment, Automated Test Group (ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) orders were double those of one year earlier but fell about 30 percent from the third quarter because of lower semiconductor test orders. Other test and measurement orders were up 12 percent from last year and grew by 14 percent sequentially. Fourth quarter revenues of $967 million were up 3 percent from last year and 35 percent sequentially. The operating loss of $111 million was a third of the level of last year because of restructuring benefits and no significant inventory charges in the current quarter. Compared to the third quarter, the operating loss improved by about $170 million on the $252 million improvement in revenues. ATG itself reported a 7 percent operating profit margin Operating profit margin The ratio of operating profit to net sales. on revenue of about $220 million. Agilent will begin reporting ATG as a separate segment effective with the first quarter 2003 earnings release.
Semiconductor Products
(in millions of dollars)
Q4:F02 Q3:F02 Q4:F01
------ ------ ------
Orders 363 383 260
Revenues 471 390 383
Operating Profit(1) 32 (24) (115)
Semiconductor product orders of $363 million were 40 percent above last year but fell 5 percent sequentially because of seasonally softer personal systems orders. Revenues of $471 million jumped 23 percent from last year and 21 percent sequentially. The 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 , adjusted for ERP-related impacts, fell below 1.00 for the first time this year, to 0.79 from 1.08 in the third quarter. Segment profits showed the cumulative benefit of the restructuring programs. 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. of $32 million were $147 million above last year. On a sequential One after the other in some consecutive order such as by name or number. basis, profits were $56 million higher on $81 million higher volume.
Life Sciences and Chemical Analysis
(in millions of dollars)
Q4:F02 Q3:F02 Q4:F01
------ ------ ------
Orders 308 271 285
Revenues 298 286 287
Operating Profit(1) 45 42 38
Life Sciences and Chemical Analysis turned in another excellent performance in the fourth quarter. Orders were up sequentially and year-over-year in both the Life Sciences and Chemical Analysis businesses. Overall, seasonally strong orders were up 8 percent compared to last year and 14 percent sequentially. Revenues of $298 million were 4 percent ahead of last year and the prior quarter. Operating profits of $45 million represent about a 30 percent 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 ) for the segment compared to ROIC of 28 percent in the prior quarter and 24 percent one year ago. 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 120 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 1:30 p.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 4:30 p.m. (PT) on Nov. 18 through Nov. 25 by dialing +1 719 457 0820 and entering pass code 669330. 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 revenue, earnings, cash flow, R&D spending, savings from restructuring programs, breakeven cost structure, and overall financial results; the status, impact and benefits of the ERP and CRM systems implementations; 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, the ability to meet and achieve the benefits of its cost reduction goals and otherwise successfully adapt its cost structures to changes in business conditions, competitive and pricing pressures, the successful implementation of Agilent's ERP and CRM 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, 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, 2001, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Jan. 31, 2002, its Quarterly Report on Form 10-Q for the quarter ended April 30, 2002 and its Quarterly Report on Form 10-Q for the quarter ended July July: see month. 31, 2002. The company assumes no obligation to update the information in this press release. Note (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.
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Twelve Months Ended
October 31, Percent
2002 2001 Inc/(Dec)
-------- ------- ---------
Orders $6,013 $6,414 (6%)
Net revenue $6,010 $8,396 (28%)
Costs and expenses:
Cost of products and services 3,694 4,890 (24%)
Research and development 1,169 1,280 (9%)
Selling, general and administrative 2,754 3,004 (8%)
-------- -------
Total costs and expenses 7,617 9,174 (17%)
-------- -------
Loss from operations (1,607) (778) (107%)
Other income (expense), net 60 301 (80%)
-------- -------
Loss from continuing operations
before taxes (1,547) (477) (224%)
Benefit for taxes (525) (71) 639%
-------- -------
Loss from continuing operations (1,022) (406) (152%)
Earnings from discontinued operations
(net of taxes) -- 6 N/M
(Loss) gain from sale of discontinued
operations (net of taxes) (10) 646 (102%)
-------- -------
(Loss) earnings before cumulative
effect of accounting changes (1,032) 246 N/M
Cumulative effect of adopting
SFAS No. 133 (net of tax benefit
of $16 million) -- (25) N/M
Cumulative effect of adopting SAB 101
(net of tax benefit of $27 million) -- (47) N/M
-------- -------
Net (loss) earnings $(1,032) $174 N/M
======== =======
Net (loss) earnings per share -
Basic and diluted:
Loss from continuing operations $(2.20) $(0.89)
Earnings from discontinued
operations, net -- 0.01
(Loss) gain from sale of
discontinued operations, net (0.02) 1.41
Cumulative effect of adopting
SFAS No. 133, net -- (0.05)
Cumulative effect of adopting
SAB 101, net -- (0.10)
-------- -------
Net (loss) earnings $(2.22) $0.38
======== =======
Average shares used in computing net
(loss) earnings per share:
Basic and Diluted 465 458
Earnings from discontinued operations (net of taxes) and (Loss) gain
from sale of discontinued operations (net of taxes) relate to the
sale of our Healthcare Solutions group.
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
October 31, Percent
2002 2001 Inc/(Dec)
------- ------- ---------
Orders $1,495 $1,221 22%
Net revenue $1,736 $1,606 8%
Costs and expenses:
Cost of products and services 1,116 1,240 (10%)
Research and development 299 324 (8%)
Selling, general and administrative 708 734 (4%)
------- -------
Total costs and expenses 2,123 2,298 (8%)
------- -------
Loss from operations before taxes (387) (692) 44%
Other income (expense), net 13 (11) 218%
------- -------
Loss from continuing operations before
taxes (374) (703) 47%
Benefit for taxes (139) (254) (45%)
------- -------
Loss from continuing operations (235) (449) 48%
(Loss) gain from sale of discontinued
operations (net of taxes) (1) 646 N/M
------- -------
Net (loss) earnings $(236) $197 (220%)
======= =======
Net (loss) earnings per share -
Basic and diluted:
Loss from continuing operations $(0.51) $(0.98)
Gain from sale of discontinued operations,
net -- 1.41
------- -------
Net (loss) earnings $(0.51) $0.43
======= =======
Average shares used in computing net
(loss) earnings per share:
Basic and Diluted 467 460
(Loss) gain from sale of discontinued operations (net of taxes)
relate to the sale of our Healthcare Solutions group.
AGILENT TECHNOLOGIES, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Excluding Amortization of Goodwill and Other Intangibles,
Acquisition and Divestitures Related Items and
Other One-Time and Non-recurring Items
(Unaudited)
(In millions, except per share amounts)
Twelve Months Ended
October 31, Percent
2002 2001 Inc/(Dec)
-------- --------- ---------
Orders $6,013 $6,414 (6%)
Net revenue $6,010 $8,396 (28%)
Costs and expenses:
Cost of products and services 3,447 4,790 (28%)
Research and development 1,114 1,254 (11%)
Selling, general and administrative 2,204 2,558 (14%)
-------- ---------
Total costs and expenses 6,765 8,602 (21%)
-------- ---------
Loss from operations (755) (206) (267%)
Other income (expense), net 57 2 N/M
-------- ---------
Loss before taxes (698) (204) (242%)
Benefit for taxes (307) (78) 294%
-------- ---------
Pro forma net loss $(391) $(126) (210%)
======== =========
Pro forma net loss per share:
Basic $(0.84) $(0.28)
Diluted $(0.84) $(0.28)
Average shares used in computing
pro forma net loss per share:
Basic 465 458
Diluted 465 458
The above pro forma condensed consolidated statement of operations has
been adjusted to exclude the following one-time and non-recurring
items and reconcile to GAAP net (loss) earnings:
Net (loss) earnings per GAAP $(1,032) $174
Pro forma adjustments:
Goodwill 326 303
Other intangibles (including
in-process R&D) 52 41
Restructuring 474 154
Gain on sale of assets (13) (269)
SFAS No. 133 adoption -- 41
SAB 101 adoption -- 74
Gain relating to securities -- (38)
Discontinued operations 16 (1,089)
Capitalized software write-off -- 74
Other asset impairment 24 8
Retirement plans curtailment gain (19) --
Other 6 --
Adjustment for income taxes (225) 401
-------- ---------
Pro forma net loss $(391) $(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.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Excluding Amortization of Goodwill and Other Intangibles,
Acquisition and Divestitures Related Items and
Other One-Time and Non-recurring Items
(Unaudited)
(In millions, except per share amounts)
Three Months Ended
October 31, Percent
2002 2001 Inc/(Dec)
--------- --------- ---------
Orders $1,495 $1,221 22%
Net revenue $1,736 $1,606 8%
Costs and expenses:
Cost of products and services 959 1,151 (17%)
Research and development 275 307 (10%)
Selling, general and administrative 536 580 (8%)
--------- ---------
Total costs and expenses 1,770 2,038 (13%)
--------- ---------
Loss from operations (34) (432) 92%
Other income (expense), net 19 3 N/M
--------- ---------
Loss before taxes (15) (429) 97%
Benefit for taxes (13) (154) (92%)
--------- ---------
Pro forma net loss $(2) $(275) 99%
========= =========
Pro forma net loss per share:
Basic $(0.00) $(0.60)
Diluted $(0.00) $(0.60)
Average shares used in computing
pro forma net loss per share:
Basic 467 460
Diluted 467 460
The above pro forma condensed consolidated statement of operations has
been adjusted to exclude the following one-time and non-recurring
items and reconcile to GAAP net (loss) earnings:
Net (loss) earnings per GAAP $(236) $197
Pro forma adjustments:
Goodwill 79 93
Other intangibles 13 13
Restructuring 256 154
Other asset impairment 6 8
Discontinued operations 1 (1,068)
Gain relating to securities -- 6
Other 6 --
Adjustment for income taxes (127) 322
--------- ---------
Pro forma net loss $(2) $(275)
========= =========
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.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share amounts)
(Unaudited)
October 31, October 31,
2002 2001
--------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $1,844 $1,170
Accounts receivable, net 1,118 977
Inventory 1,184 1,491
Net investment in lease receivable 1 237
Current deferred tax assets 462 494
Other current assets 271 430
--------------- -------------
Total current assets 4,880 4,799
Property, plant and equipment, net 1,579 1,848
Goodwill and other intangible assets, net 685 1,070
Long-term deferred tax assets 635 10
Other assets 436 259
--------------- -------------
Total assets $8,215 $7,986
=============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $305 $392
Employee compensation and benefits 662 576
Deferred revenue 244 279
Income and other taxes payable 325 173
Other accrued liabilities 574 582
--------------- -------------
Total current liabilities 2,110 2,002
--------------- -------------
Senior convertible debentures 1,150 --
Other liabilities 325 325
--------------- -------------
Total liabilities 3,585 2,327
--------------- -------------
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 461 million shares at October 31,
2001 issued and outstanding 5 5
Additional paid-in capital 4,872 4,723
Retained (deficit) earnings (101) 931
Accumulated comprehensive loss (146) --
--------------- -------------
Total stockholders' equity 4,630 5,659
--------------- -------------
Total liabilities and
stockholders' equity $8,215 $7,986
=============== =============
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
Twelve months Three months
ended ended
October 31, October 31,
2002 2002
--------------- -------------
Cash flows from operating activities:
Loss from continuing operations $(1,022) $(235)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 735 187
Inventory-related charges 40 8
Deferred taxes (675) (678)
Asset impairment charges 159 129
Retirement plans curtailment gain (19) --
Net gain on divestitures and sale of
assets (18) (6)
Changes in assets and liabilities:
Accounts receivable (137) (241)
Inventory 278 96
Accounts payable (88) (62)
US pension trust fund contribution (82) (6)
Employee compensation and benefits 99 100
Income taxes 137 598
Other current assets and
liabilities 61 (66)
Other long-term assets and
liabilities (73) 14
--------------- -------------
Net cash used in operating
activities *: (605) (162)
--------------- -------------
Cash flows from investing activities:
Investments in property, plant and
equipment (301) (88)
Proceeds from net investment in
lease receivable 237 --
Purchase of equity investments (23) (8)
Acquisitions, net of cash acquired (15) (15)
Proceeds from dispositions 31 5
--------------- -------------
Net cash used in investing activities: (71) (106)
--------------- -------------
Cash flows from financing activities:
Issuance of senior convertible
debentures, net of issuance costs 1,123 --
Issuance of common stock under
employee stock plans 141 10
Net payments to notes payable and
short-term borrowings (1) (2)
--------------- -------------
Net cash provided by financing
activities: 1,263 8
--------------- -------------
Net cash provided by (used in)
discontinued operations 87 (1)
--------------- -------------
Change in cash and cash equivalents 674 (261)
--------------- -------------
Cash and cash equivalents at beginning
of period 1,170 2,105
--------------- -------------
Cash and cash equivalents at end of
period $1,844 $1,844
=============== =============
* Cash payments for restructuring
included in operating activities: 235 51
AGILENT TECHNOLOGIES, INC.
TEST AND MEASUREMENT INFORMATION
(In millions, except percent changes)
(Unaudited)
Three Three Three
months months months
ended ended ended
October October Yr July
31, 31, vs.Yr 31, Sequential
2002 2001 % change 2002 % change
----------------------------------------------
Orders $ 824 $ 676 22% $ 802 3%
Net Revenue $ 967 $ 936 3% $ 715 35%
Loss from operations $(111) $(355) 69% $(279) 60%
----------------------------------------------------------------------
Twelve Twelve
months months
ended ended
October October Yr
31, 31, vs.Yr
2002 2001 % change
-------------------------
Orders $ 3,294 $ 4,021 (18%)
Net Revenue $ 3,318 $ 5,432 (39%)
Loss from operations $ (837) $ (120) (598%)
----------------------------------------------------------------------
Q4 FY02 vs Q3 FY02 BY MARKET SEGMENT
Orders Net Revenue
-------------------------- --------------------------
Q4 FY02 Sequential % of Q4 FY02 Sequential % of
$ Amount % change Segment $ Amount % change Segment
-------------------------- --------------------------
Communications
test $357 10% 43% $408 40% 42%
Semiconductor
test 115 (36%) 14% 184 15% 19%
General purpose
test 352 18% 43% 375 43% 39%
------ ------ ------ ------
$824 3% 100% $967 35% 100%
====== ====== ====== ======
----------------------------------------------------------------------
Q4 FY02 vs Q4 FY01 BY MARKET SEGMENT
Orders Net Revenue
-------------------------- --------------------------
Q4 FY02 Yr % of Q4 FY02 Yr % of
$ Amount vs.Yr Segment $ Amount vs.Yr Segment
% change % change
-------------------------- --------------------------
Communications
test $357 26% 43% $408 28% 42%
Semiconductor
test 115 92% 14% 184 84% 19%
General purpose
test 352 6% 43% 375 (28%) 39%
------ ------ ------ ------
$824 22% 100% $967 3% 100%
====== ====== ====== ======
----------------------------------------------------------------------
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
(In millions, except percent changes)
(Unaudited)
Three months Three months Three months
ended ended ended
October 31, October 31, Yr vs. Yr July 31, Sequential
2002 2001 % change 2002 % change
----------------------------------------------------------
Orders $363 $260 40% $383 (5%)
Net Revenue $471 $383 23% $390 21%
Earnings
(loss) from
operations $ 32 $(115) 128% $(24) 233%
-------------------------------------------------------
Twelve months Twelve months
ended ended
October 31, October 31, Yr vs. Yr
2002 2001 % change
----------------------------------------
Orders $1,568 1,290 22%
Net Revenue $1,559 1,850 (16%)
Loss from operations $ (68) (177) 62%
----------------------------------------
Q4 FY02 vs Q3 FY02 BY MARKET SEGMENT
Orders Net Revenue
---------------------------- ---------------------------
Q4 FY02 Sequential % of Q4 FY02 Sequential % of
$ Amount % change Segment $ Amount % change Segment
---------------------------- ---------------------------
Networking $123 7% 34% $130 0% 28%
Personal
systems 240 (10%) 66% 341 31% 72%
------ ------ ------ ------
$363 (5%) 100% $471 21% 100%
====== ====== ====== ======
Q4 FY02 vs Q4 FY01 BY MARKET SEGMENT
Orders Net Revenue
----------------------------- ---------------------------
Q4 FY02 Yr vs. Yr % of Q4 FY02 Yr vs. Yr % of
$ Amount % change Segment $ Amount % change Segment
----------------------------- ---------------------------
Networking $123 13% 34% $130 (24%) 28%
Personal
systems 240 59% 66% 341 61% 72%
------ ------ ------ ------
$363 40% 100% $471 23% 100%
====== ====== ====== ======
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
(In millions, except percent changes)
(Unaudited)
Three months Three months Three months
ended ended ended
October 31, October 31, Yr vs. Yr July 31, Sequential
2002 2001 % change 2002 % change
----------------------------------------------------------
Orders $308 $285 8% $271 14%
Net Revenue $298 $287 4% $286 4%
Earnings from
operations $45 $38 18% $42 7%
----------------------------------------------------------
Twelve months Twelve months
ended ended
October 31, October 31, Yr vs. Yr
2002 2001 % change
------------------------------------------
Orders $1,151 $1,103 4%
Net Revenue $1,133 $1,114 2%
Earnings from operations $150 $91 65%
------------------------------------------
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.
ORDERS AND NET REVENUE FROM CONTINUING OPERATIONS
BY GEOGRAPHY
For The Three Months Ended October 31
(Unaudited)
Percent
(In millions) Inc/(Dec)
------ ------ ---------------------
2002 2001 USD Local Currency
------ ------ ---------------------
ORDERS
Americas $629 $572 10% 10%
Europe 296 237 25% 19%
Asia Pacific 570 412 38% 38%
------ ------
Total $1,495 $1,221 22% 20%
====== ======
NET REVENUE
Americas $713 $704 1%
Europe 320 331 (3%)
Asia Pacific 703 571 23%
------ ------
Total $1,736 $1,606 8%
====== ======
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 AND NET REVENUE FROM CONTINUING OPERATIONS
BY GEOGRAPHY
For The Twelve Months Ended October 31
(Unaudited)
Percent
(In millions) decrease
------------------ ---------------
Local
2002 2001 USD Currency
---------- ------- ----- ---------
ORDERS
Americas $2,539 $2,782 (9%) (9%)
Europe 1,154 1,401 (18%) (20%)
Asia Pacific 2,320 2,231 4% 6%
---------- -------
Total $6,013 $6,414 (6%) (6%)
========== =======
NET REVENUE
Americas $2,553 $3,913 (35%)
Europe 1,154 1,772 (35%)
Asia Pacific 2,303 2,711 (15%)
---------- -------
Total $6,010 $8,396 (28%)
========== =======
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.
--30--ac/sf* mr/kt/em
CONTACT: Agilent Technologies Inc.
Michele Drake, 650/752-5296 (U.S.)
michele_drake@agilent.com
or
Jorgen Tesselaar, +31 20 547 2825 (Europe and Asia)
jorgen_tesselaar@agilent.com
or
Hilliard Terry, 650/752-5329 (Investor)
hilliard_terry@agilent.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE
TELECOMMUNICATIONS EARNINGS
SOURCE: Agilent Technologies Inc
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