Agilent Technologies Reports Second Quarter Results at Expectations; Drive to Breakeven Continues.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)--May 16, 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 $1.60 billion and revenue of $1.46 billion for the second quarter of the fiscal year 2002 ended April 30, 2002. On an operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before 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 $112 million, or $0.24 per share, consistent with company expectations of a loss of $0.20 to $0.30 per share on revenues of $1.45 to $1.55 billion. After $95 million of non-cash goodwill and amortization charges and $35 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 second quarter loss was $253 million, or $0.55 per share. "The market trends that began to emerge in our first quarter continued over the past three months," said 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. President and Chief Executive Officer Ned Barnholt. "Based on our results this quarter, we believe market conditions in our businesses have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. . We also continue to make good progress toward achieving an operational 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 without depending upon recovery of our markets." Total net orders were up 9 percent this quarter, the second consecutive rise after five quarters of steep declines, and were 14 percent ahead of one year ago. Revenues, although still down 39 percent from last year, showed the first sequential One after the other in some consecutive order such as by name or number. rise in six quarters with a modest 2 percent gain. Order cancellations of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $90 million in the second quarter were about flat with the first quarter and down from approximately $500 million last year. Compared to last year, Agilent's total regular employment is down about 6,000. The company said it will complete the previously announced 8,000-person workforce reduction by year end. Barnholt noted that balance sheet improvements also continued in the second quarter, with inventories reduced an additional $71 million and 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. , at $86 million, was down nearly $200 million from last year. Said Barnholt, "We are also seeing good returns in the marketplace from the substantial investments Agilent has made over the past 18 months in new product development. At this point, we are confident that the combination of new products and share gains will enable Agilent's fourth quarter revenues to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, expected market growth by $150 million." Business Outlook On third quarter and full year guidance, Barnholt said, "We are encouraged by the notable rise in first quarter U.S. economic activity, and by comparable improvements in Asia. The outlook for Agilent's markets, however, remains very mixed." The company said that the 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 semiconductors and semiconductor equipment markets is gaining both momentum and breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is , and Agilent anticipates continued gains for several quarters. Communications markets show varying trends, with wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area and wireless telecom markets showing some signs of turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. , particularly in R&D applications. Conditions in general purpose test, life sciences and chemical analysis seem to have bottomed, consistent with the normal lag of these markets to general economic activity. Wireline telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. remains very weak, and portions are still deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: . The company does not anticipate a recovery in the long-haul long haul n. 1. A long distance: It is a long haul from New York to Los Angeles. 2. A long period of time: Over the long haul the candidates performed well. optical markets before 2003. "On balance, we believe Agilent's diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. will continue to be an asset in these still very difficult times," said Barnholt. "We anticipate another modest increase in third quarter revenues to about $1.50 to $1.60 billion. Our expectations for an 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. before goodwill of $0.10 to $0.20 includes about $0.05 per share of increased spending associated with the June June: see month. 12 `go live' 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. While visibility beyond three months remains very poor, we are comfortable with the range of analysts' estimates for the fourth quarter of our fiscal year."
Segment Results
Test and Measurement
Q2:F02 Q1:F02 Q2:F01
Orders 836 832 932
Revenues 814 822 1,661
Operating Profit(1) (218) (229) 104
Test and Measurement orders were off 10 percent from one year ago and were about flat compared to first quarter levels, with particular strength in semiconductor test equipment orders by both contract and integrated device manufacturers See IDM. . Other T&M orders were off about 1 percent from the first quarter, as weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. wireline and optical
markets offset modest growth in wireless test applications. Operating
losses were reduced by $11 million compared to the first quarter despite
an $8 million drop in revenues, as the benefits of restructuring more
than offset continued pricing pressures in all market segments.
Semiconductor Products
Q2:F02 Q1:F02 Q2:F01
Orders 476 346 200
Revenues 371 327 455
Operating Profit(1) (26) (50) (85)
Agilent's book-to-bill for Semiconductor Products was above 1.0 for the second consecutive quarter, reaching 1.28 in the second quarter compared to 1.06 three months earlier. Orders were up 138 percent from last year and were 38 percent ahead of the first quarter. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , personal systems orders were up 46 percent from the first quarter and networking orders were up 20 percent. Operating losses were reduced by $24 million from the first quarter.
Life Sciences and Chemical Analysis
Q2:F02 Q1:F02 Q2:F01
Orders 285 287 265
Revenues 272 277 290
Operating Profit(1) 25 38 20
Orders in the Life Sciences and Chemical Analysis were up about 8 percent from one year ago and were down about 1 percent from the first quarter, with Life Sciences orders up about 10 percent from last year and up about 4 percent sequentially. Revenues were down about 6 percent from last year and off 2 percent from the first quarter, with Life Sciences revenues about flat with both prior periods. Because of the seasonality of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , profits were off $13 million sequentially. Year-to-year, 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. were up $5 million despite $18 million lower revenues because of higher gross margins and tight control over operating expenses. Concluding, Barnholt said, "On balance, we are making good progress restoring Agilent's financial health and taking full advantage of our record level of new product introductions. We are asking an enormous amount from all Agilent employees, and they are responding with extraordinary efforts. We intend to follow through with our commitment to reach an operational breakeven this year, and to achieve global product and profit leadership over the next business cycle." About Agilent Technologies Agilent Technologies Inc. (NYSE: A) is a global technology leader in communications, electronics and life sciences. The company's 37,000 employees serve customers in more than 120 countries. Agilent had net revenue of $8.4 billion in fiscal year 2001. 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 2 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 approximately 30 days. A telephone replay of the conference call will be available starting at 6 p.m. (PT) on May 16 until 2 p.m. (PT) May 23 by dialing +1 719 457 0820 and entering pass code 760737. 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, workforce reductions, overall financial results, expected new product introductions and market share gains, general outlook for the company, and the general economic outlook) that involve risks and uncertainties that could cause results of Agilent Technologies 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, competitive and pricing pressures, the timely ability to adapt manufacturing capacity to changes in demand, the ability to meet our cost reduction goals, the ability to manage inventory levels 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 successful redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re and implementation of the company's business processes and systems, the ability to successfully introduce new products, and other risks detailed in the company's filings with the Securities and Exchange Commission, including our 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 and our Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Jan. 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 EARNINGS
(In millions, except per share amounts)
(Unaudited)
Six Months Ended
April 30, Percent
2002 2001 Decrease
------- ------- -------
Orders $ 3,062 $ 3,869 (21%)
Net revenue $ 2,883 $ 4,971 (42%)
Costs and expenses:
Cost of products and services 1,732 2,575 (33%)
Research and development 587 653 (10%)
Selling, general and administrative 1,355 1,498 (10%)
------- -------
Total costs & expenses 3,674 4,726 (22%)
------- -------
(Loss) earnings from operations
before taxes (791) 245 (423%)
Other income (expense), net 41 277 (85%)
------- -------
(Loss) earnings from continuing
operations before taxes (750) 522 (244%)
(Benefit) provision for taxes (186) 259 (172%)
------- -------
Net (loss) earnings from
continuing operations (564) 263 (314%)
Cumulative effect of adoption SFAS 133
(net of tax benefit of $16 million) -- (25)
Cumulative effect of adopting SAB 101
(net of tax benefit of $24 million) -- (47)
Earnings from discontinued
operations, net of taxes -- 11
Loss from sale of discontinued
operations, net of taxes (4) --
------- -------
Net (loss) earnings $ (568) $ 202 (381%)
======= =======
Net (loss) earnings per share - Basic:
Net (loss) earnings from
continuing operations before
cumulative effect of change
in accounting principle $ (1.21) $ 0.58
Cumulative effect of adoption SFAS 133 -- (0.06)
Cumulative effect of adoption SAB 101 -- (0.10)
Earnings from discontinued operations -- 0.02
Loss from sale of discontinued
operations (0.01) --
------- -------
$ (1.22) $ 0.44
======= =======
Net (loss) earnings per share - Diluted:
Net (loss) earnings from
continuing operations before
cumulative effect of change
in accounting principle $ (1.21) $ 0.57
Cumulative effect of adoption SFAS 133 -- (0.05)
Cumulative effect of adoption SAB 101 -- (0.10)
Earnings from discontinued operations -- 0.02
Loss from sale of discontinued
operations (0.01) --
------- -------
$ (1.22) $ 0.44
======= =======
Avg shares used in computing net
(loss) earnings per share:
Basic 464 455
Diluted 464 464
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
April 30, Percent
2002 2001 Inc/(Dec)
------- ------- -------
Orders $ 1,597 $ 1,397 14%
Net revenue $ 1,457 $ 2,406 (39%)
Costs and expenses:
Cost of products and services 854 1,353 (37%)
Research and development 289 331 (13%)
Selling, general and administrative 663 771 (14%)
------- -------
Total costs & expenses 1,806 2,455 (26%)
------- -------
Loss from operations before taxes (349) (49) (612%)
Other income (expense), net 22 260 (92%)
------- -------
(Loss) earnings from continuing
operations before taxes (327) 211 (255%)
(Benefit) provision for taxes (80) 122 (166%)
------- -------
Net (loss) earnings from
continuing operations (247) 89 (378%)
Earnings from discontinued
operations, net of taxes -- 13
Loss from sale of discontinued
operations, net of taxes (6) --
------- -------
Net (loss) earnings $ (253) $ 102 (348%)
======= =======
Net (loss) earnings per share - Basic:
Net (loss) earnings from
continuing operations before
discontinued operations $ (0.54) $ 0.19
Earnings from discontinued
operations $ -- 0.03
Loss from sale of discontinued
operations $ (0.01) --
------- -------
$ (0.55) $ 0.22
======= =======
Net (loss) earnings per share - Diluted:
Net (loss) earnings from
continuing operations before
discontinued operations $ (0.54) $ 0.19
Earnings from discontinued
operations -- 0.03
Loss from sale of discontinued
operations (0.01) --
------- -------
$ (0.55) $ 0.22
======= =======
Avg shares used in computing net
(loss) earnings per share:
Basic 464 456
Diluted 464 461
AGILENT TECHNOLOGIES, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
Excluding Amortization of Goodwill and Other Intangibles,
Acquisition and Divestitures Related Items and
Other One-Time and Non-Operational Items
(Unaudited)
(In millions, except per share amounts)
Six Months Ended
April 30, Percent
2002 2001 Inc/(Dec)
------- ------- -------
Orders $ 3,062 $ 3,869 (21%)
Net revenue $ 2,883 $ 4,971 (42%)
Costs and expenses:
Cost of products and services 1,659 2,571 (35%)
Research and development 571 651 (12%)
Selling, general and administrative 1,113 1,375 (19%)
------- -------
Total costs & expenses 3,343 4,597 (27%)
------- -------
(Loss) earnings from operations (460) 374 (223%)
Other income (expense), net 28 2 1300%
------- -------
(Loss) earnings before taxes (432) 376 (215%)
(Benefit) provision for taxes (186) 126 (248%)
------- -------
Pro forma net (loss) earnings $ (246) $ 250 (198%)
======= =======
Pro forma net (loss) earnings
per share -
Basic $ (0.53) $ 0.55
======= =======
Pro forma net (loss) earnings
per share -
Diluted $ (0.53) $ 0.54
======= =======
Average shares used in computing
pro forma net (loss) earnings per share:
Basic 464 455
Diluted 464 464
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 (loss) earnings per GAAP $ (568) $ 202
Pro forma adjustments:
Goodwill 165 129
Other intangibles 26 --
Restructuring 140 --
Gain on sale of assets (10) --
SFAS No. 133 adoption -- 41
SAB 101 adoption -- 74
Gain on land sale (3) (269)
Gain relating to securities -- (5)
Discontinued operations 7 (22)
Adjustment for income taxes (3) 100
------- -------
Pro forma net (loss) earnings $ (246) $ 250
======= =======
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 EARNINGS
Excluding Amortization of Goodwill and Other Intangibles,
Acquisition and Divestitures Related Items and
Other One-Time and Non-Operational Items
(Unaudited)
(In millions, except per share amounts)
Three Months Ended
April 30, Percent
2002 2001 Inc/(Dec)
------- ------- -------
Orders $ 1,597 $ 1,397 14%
Net revenue $ 1,457 $ 2,406 (39%)
Costs and expenses:
Cost of products and services 839 1,351 (38%)
Research and development 285 329 (13%)
Selling, general and administrative 552 687 (20%)
------- -------
Total costs & expenses 1,676 2,367 (29%)
------- -------
(Loss) earnings from operations (219) 39 (662%)
Other income (expense), net 14 (9) 256%
------- -------
(Loss) earnings before taxes (205) 30 (783%)
(Benefit) provision for taxes (93) 12 (875%)
------- -------
Pro forma net (loss) earnings $ (112) $ 18 (722%)
======= =======
Pro forma net (loss) earnings per share -
Basic (0.24) 0.04
======= =======
Pro forma net (loss) earnings per share -
Diluted $ (0.24) $ 0.04
======= =======
Average shares used in computing
pro forma net (loss) earnings per share:
Basic 464 456
Diluted 464 461
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 (loss) earnings per GAAP $ (253) $ 102
Pro forma adjustments:
Goodwill 82 88
Other intangibles 13 --
Restructuring 35 --
Gain on land sale (3) (269)
Gain on sale of assets (5) --
Discontinued operations 10 (25)
Adjustment for income taxes 9 122
------- -------
Pro forma net (loss) earnings $ (112) $ 18
======= =======
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(In millions, except par value and share amounts)
April 30, October 31,
2002 2001
------- -------
ASSETS
Current assets:
Cash and cash equivalents $ 2,235 $ 1,170
Accounts receivable, net 902 977
Inventory 1,307 1,491
Net investment in lease receivable 13 237
Other current assets 803 924
------- -------
Total current assets 5,260 4,799
Property, plant and equipment, net 1,728 1,848
Goodwill and other intangible assets, net 863 1,070
Other assets 387 269
------- -------
Total assets $ 8,238 $ 7,986
======= =======
LIABILITIES AND STOCKHOLDERS? EQUITY
Current liabilities:
Accounts payable $ 347 $ 392
Employee compensation and benefits 522 576
Deferred revenue 283 279
Accrued taxes and other accrued liabilities 457 755
------- -------
Total current liabilities 1,609 2,002
------- -------
Senior convertible debentures 1,150 --
Other liabilities 351 325
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; 464 million shares at
April 30, 2002 5 5
and 461 million shares at October 31, 2001
issued and outstanding
Additional paid-in capital 4,803 4,723
Retained earnings 363 931
Accumulated comprehensive loss (43) --
------- -------
Total stockholders' equity 5,128 5,659
------- -------
Total liabilities and stockholders' equity $ 8,238 $ 7,986
======= =======
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In millions)
Six months Three months
ended ended
April 30, April 30,
2002 2002
--------------------------
Cash flows from operating activities:
Net loss from continuing operations (564) (247)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 368 169
Inventory related charges 22 12
Deferred taxes 25 (24)
Asset impairment charges 12 (4)
Net gain on divestitures and
sales of assets (12) (7)
Changes in assets and liabilities:
Accounts receivable 66 (96)
Inventory 162 71
Accounts payable (57) 8
US Pension contribution (76) (76)
Accrued compensation and benefits 23 65
Income taxes payable (269) (74)
Other current assets and liabilities 51 73
Other long term assets and liabilities (13) 12
------ ------
Net cash used in operating activities (1): (262) (118)
------ ------
Cash flows from investing activities:
Investments in property, plant
and equipment (155) (86)
Proceeds from net investment
in lease receivable 237 237
Purchase of equity investments (3) --
Proceeds from dispositions 26 7
------ ------
Net cash provided by investing activities: 105 158
------ ------
Cash flows from financing activities:
Issuance of long-term debt, net
of issuance costs 1,123 --
Issuance of common stock under
employee stock plans 72 10
Net proceeds from notes payable
and short-term borrowings 4 1
------ ------
Net cash provided by financing
activities: 1,199 11
------ ------
Net cash provided by (used in)
discontinued operations 23 (4)
------ ------
Change in cash and cash equivalents 1,065 47
------ ------
Cash and cash equivalents at
beginning of period 1,170 2,188
------ ------
Cash and cash equivalents at
end of period 2,235 2,235
====== ======
(1) Cash payments for restructuring
included in operating activities: 144 55
AGILENT TECHNOLOGIES, INC.
PRO FORMA EARNINGS (LOSS) FROM CONTINUING OPERATIONS
BY BUSINESS SEGMENT
(Unaudited)
(In millions, except percent changes)
For the three months ended April 30 Yr vs.Yr Sequential
2002 2001 %change %change
----- ----- ----- -----
PRO FORMA EARNINGS (LOSS) FROM CONTINUING OPERATIONS
Test and measurement $(218) $ 104 (310%) 5%
Semiconductor products (26) (85) 69% 48%
Life sciences and chemical analysis 25 20 25% (34%)
----- ----- ----- -----
Total $(219) $ 39 (662%) 9%
===== ===== ===== =====
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 EARNINGS (LOSS) FROM CONTINUING OPERATIONS
BY BUSINESS SEGMENT
(Unaudited)
(In millions, except percent changes)
For the six months ended April 30 Yr vs.Yr
2002 2001 %change
----- ----- -----
PRO FORMA EARNINGS (LOSS) FROM CONTINUING OPERATIONS
Test and measurement $(447) $ 370 (221%)
Semiconductor products (76) (23) (230%)
Life sciences and chemical analysis 63 27 133%
----- ----- -----
Total $(460) $ 374 (223%)
===== ===== =====
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.
ORDERS AND NET REVENUE FROM CONTINUING OPERATIONS
BY BUSINESS SEGMENT
(Unaudited)
(In millions, except percent changes)
For the three months ended April 30 Yr vs.Yr Sequential
2002 2001 %change %change
------ ------ ------ ------
ORDERS
Test and measurement $ 836 $ 932 (10%) 0%
Semiconductor products 476 200 138% 38%
Life sciences and chemical analysis 285 265 8% (1%)
------ ------ ------ ------
Total $1,597 $1,397 14% 9%
====== ====== ====== ======
NET REVENUE
Test and measurement $ 814 $1,661 (51%) (1%)
Semiconductor products 371 455 (18%) 13%
Life sciences and chemical analysis 272 290 (6%) (2%)
------ ------ ------ ------
Total $1,457 $2,406 (39%) 2%
====== ====== ====== ======
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 BUSINESS SEGMENT
(Unaudited)
(In millions, except percent changes)
For the six months ended April 30 Yr vs.Yr
2002 2001 %change
-------------------------
ORDERS
Test and measurement $1,668 $2,552 (35%)
Semiconductor products 822 753 9%
Life sciences and chemical analysis 572 564 1%
------ ------ -------
Total $3,062 $3,869 (21%)
====== ====== =======
NET REVENUE
Test and measurement $1,636 $3,366 (51%)
Semiconductor products 698 1,047 (33%)
Life sciences and chemical analysis 549 558 (2%)
------ ------ -------
Total $2,883 $4,971 (42%)
====== ====== =======
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.
PERCENT CHANGE IN Q2 ORDERS AND NET REVENUE BY MARKET SEGMENT
YEAR VERSUS YEAR COMPARISON
Q2 FY02 versus Q2 FY01
(Unaudited)
(In millions, except percent changes)
Orders Net Revenue
--------------------- ---------------------
Q2 FY02 % Change % of Q2 FY02 % Change % of
$ Amount Y/Y Segment $ Amount Y/Y Segment
--------------------- ---------------------
Test and Measurement
-----------------------
Communications test $ 355 (22%) 42% $ 381 (44%) 47%
Semiconductor test 167 496% 20% 124 (34%) 15%
General purpose test 314 (30%) 38% 309 (61%) 38%
----- ----- ----- -----
$ 836 (10%) 100% $ 814 (51%) 100%
===== ===== ===== =====
Semiconductor Products
-----------------------
Networking $ 142 610% 30% $ 138 (36%) 37%
Personal systems 334 86% 70% 233 (3%) 63%
----- ----- ----- -----
$ 476 138% 100% $ 371 (18%) 100%
===== ===== ===== =====
Historical amounts were reclassified to conform with current period
presentation.
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.
PERCENT CHANGE IN Q2 ORDERS AND NET REVENUE BY MARKET SEGMENT
SEQUENTIAL COMPARISON
Q2 FY02 versus Q1 FY02
(Unaudited)
(In millions, except percent changes)
Orders Net Revenue
--------------------- ---------------------
Q2 FY02 % of Q2 FY02 % of
$ Amount % Change Segment $ Amount % Change Segment
--------------------- ---------------------
Test and Measurement
-----------------------
Communications test $ 355 10% 42% $ 381 6% 47%
Semiconductor test 167 9% 20% 124 15% 15%
General purpose test 314 (12%) 38% 309 (13%) 38%
----- ----- ----- -----
$ 836 0% 100% $ 814 (1%) 100%
===== ===== ===== =====
Semiconductor Products
-----------------------
Networking $ 142 20% 30% $ 138 9% 37%
Personal systems $ 334 46% 70% $ 233 17% 63%
----- ----- ----- -----
$ 476 38% 100% $ 371 13% 100%
===== ===== ===== =====
Historical amounts were reclassified to conform with current period
presentation.
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 Three Months Ended April 30
(Unaudited)
(In millions) Percent Inc/(Dec)
---------------------- -------------------
Local
2002 2001 USD Currency
---------------------- -------------------
ORDERS
United States $ 588 $ 508 16% 16%
Europe 314 344 (9%) (11%)
Asia Pacific 634 487 30% 34%
Latin America 26 26 0% 0%
Canada 35 32 9% 11%
------- --------
Total $ 1,597 $ 1,397 14% 15%
======= ========
NET REVENUE
United States $ 560 $ 888 (37%)
Europe 277 509 (46%)
Asia Pacific 548 806 (32%)
Latin America 35 58 (40%)
Canada 37 145 (74%)
------- --------
Total $ 1,457 $ 2,406 (39%)
======= ========
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 Six Months Ended April 30
(Unaudited)
(In millions) Percent Decrease
---------------------- -------------------
Local
2002 2001 USD Currency
---------------------- -------------------
ORDERS
United States $ 1,166 $ 1,481 (21%) (21%)
Europe 612 869 (30%) (31%)
Asia Pacific 1,163 1,328 (12%) (8%)
Latin America 54 79 (32%) (32%)
Canada 67 112 (40%) (37%)
------- --------
Total $ 3,062 $ 3,869 (21%) (20%)
======= ========
NET REVENUE
United States $ 1,080 $ 2,039 (47%)
Europe 582 1,058 (45%)
Asia Pacific 1,073 1,511 (29%)
Latin America 76 130 (42%)
Canada 72 233 (69%)
------- --------
Total $ 2,883 $ 4,971 (42%)
======= ========
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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