|
|
Q3 2002 Financial Statements
PROFORMA NON-GAAP CONSOLIDATED STATEMENTS
OF OPERATIONS
(Includes Pre-Tax Spansion Equity Investment Income) loss in Operating Income
(loss))
(Thousands except per share amounts)
|
Quarter
Ended
(Unaudited) |
Nine Months
Ended
(Unaudited) |
|
Sept. 29,
2002
|
June 30,
2002
|
Sept. 30,
2001
|
Sept. 29,
2002
|
Sept. 30,
2001
|
| Net sales |
$508,227
|
$600,299
|
$765,870
|
$2,010,599
|
$2,939,881
|
| Cost of sales |
453,884
|
558,290
|
587,155
|
1,599,048
|
1,938,184
|
(Income) Loss
from equity
investment in Spansion |
(10,100)
|
4,630
|
2,036
|
(10,546)
|
(33,097)
|
| Research and development |
220,959
|
178,425
|
161,185
|
571,266
|
490,059
|
Marketing,
general and
administrative |
158,568
|
160,248
|
150,918
|
475,676
|
456,346
|
|
|
823,311
|
901,593
|
901,294
|
2,635,444
|
2,851,492
|
| Operating income (loss) |
(315,084)
|
(301,294)
|
(135,424)
|
(624,845)
|
88,389
|
| Interest and other income,
net |
12,941
|
8,661
|
10,749
|
31,140
|
41,880
|
| Interest expense |
(21,166)
|
(15,729)
|
(9,946)
|
(49,053)
|
(51,790)
|
| Income (loss) before income
taxes |
(323,309)
|
(308,362)
|
(134,621)
|
(642,758)
|
78,479
|
| Provision (benefit) for income
taxes |
(73,350)
|
(121,493)
|
(36,348)
|
(198,884)
|
19,912
|
| Provision (benefit) for taxes
on equity income (loss) in Spansion |
4,212
|
(1,931)
|
(849)
|
4,398
|
13,801
|
| Net income (loss) |
$(254,171)
|
$(184,938)
|
$(97,424)
|
$(448,272)
|
$44,766
|
| Net income (loss) per common
share |
| Basic |
$(0.74)
|
$(0.54)
|
$(0.28)
|
$(1.31)
|
$0.14
|
| Diluted |
$(0.74)
|
$(0.54)
|
$(0.28)
|
$(1.31)
|
$0.13
|
|
|
|
|
|
| Shares used in per share
calculation |
|
| - Basic |
342,780
|
341,782
|
345,044
|
341,796
|
329,837
|
| - Diluted |
342,780
|
341,782
|
345,044
|
341,796
|
338,308
|
THE PROFORMA ADJUSTMENTS ARE AS FOLLOWS:
(Thousands)
|
Quarter
Ended
(Unaudited) |
Nine Months
Ended
(Unaudited) |
|
Sept. 29,
2002
|
June 30,
2002
|
Sept. 30,
2001
|
Sept. 29,
2002
|
Sept. 30,
2001
|
| Additional
inventory provision |
$-
|
$- |
$6,901
|
$- |
$6,901
|
| Restructuring
and other special charges |
-
|
- |
89,305
|
- |
89,305
|
Sale of Legerity
|
-
|
- |
-
|
- |
-
|
| Impaired investments |
-
|
- |
21,969
|
- |
21,969
|
| Total
before income taxes and extraordinary item |
-
|
-
|
(118,175)
|
- |
(118,175)
|
Provision
(benefit) for income taxes
|
-
|
- |
(28,670)
|
- |
(28,670)
|
Extraordinary
item - debt retirement, net of tax benefit
|
-
|
- |
-
|
- |
-
|
Total
|
$-
|
$-
|
$(89,505)
|
$- |
$(89,505)
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
|
Quarter
Ended
(Unaudited) |
Nine Months
Ended
(Unaudited) |
|
Sept. 29,
2002
|
June 30,
2002
|
Sept. 30,
2001
|
Sept. 29,
2002
|
Sept. 30,
2001
|
| Net sales |
$508,227
|
$600,299
|
$765,870
|
$2,010,599
|
$2,939,881
|
| Cost of sales |
453,884
|
558,290
|
594,056
|
1,599,048
|
1,945,085
|
| Research and
development |
220,959
|
178,425
|
161,185
|
571,266
|
490,059
|
| Marketing,
general and administrative |
158,568
|
160,248
|
150,918
|
475,676
|
456,346
|
| Restructuring
and other special charges |
-
|
-
|
89,305
|
-
|
89,305
|
|
|
833,411
|
896,963
|
995,464
|
2,645,990
|
2,980,795
|
| Operating
loss |
(325,184)
|
(296,664)
|
(229,594)
|
(635,391)
|
(40,914)
|
| Interest and
other income, net |
12,941
|
8,661
|
(11,220)
|
31,140
|
19,911
|
| Interest expense |
(21,166)
|
(15,729)
|
(9,946)
|
(49,053)
|
(51,790)
|
Loss before
income taxes and
equity in net income (loss) of joint venture |
(333,409)
|
(303,732)
|
(250,760)
|
(653,304)
|
(72,793)
|
| Benefit for
income taxes |
(73,350)
|
(121,493)
|
(65,018)
|
(198,884)
|
(8,758)
|
Loss before
equity in net income (loss) of joint venture
|
(260,059)
|
(182,239)
|
(185,742)
|
(454,420)
|
(64,035)
|
| Equity in
net income (loss) of joint venture |
5,888
|
(2,699)
|
(1,187)
|
6,148
|
19,296
|
| Net
loss |
$(254,171)
|
$(184,938)
|
$(186,929)
|
$(448,272)
|
$(44,739)
|
| Net loss
per common share |
| Basic: |
$(0.74)
|
$(0.54)
|
$(0.54)
|
$(1.31)
|
$(0.14)
|
| Diluted: |
$(0.74)
|
$(0.54)
|
$(0.54)
|
$(1.31)
|
$(0.14)
|
|
|
|
|
|
|
|
|
| Shares used
in per share calculation |
| -Basic |
342,780
|
341,782
|
345,044
|
341,796
|
329,837
|
| -Diluted |
342,780
|
341,782
|
345,044
|
341,796
|
329,837
|
CONSOLIDATED BALANCE SHEETS
(Thousands)
|
Sept.
29,
2002
(unaudited) |
June
30,
2002
(unaudited) |
Dec. 30,
2001*
|
| Assets |
| Current assets: |
| Cash, cash equivalents, and short-term investments |
$891,009
|
$1,099,943
|
$869,997
|
| Accounts receivable, net |
428,653
|
534,929
|
659,783
|
| Inventories |
420,232
|
380,078
|
380,474
|
| Deferred income taxes |
177,321
|
236,152
|
155,898
|
| Prepaid expenses and other current assets |
253,616
|
264,663
|
286,957
|
| Total current
assets |
2,170,831
|
2,515,765
|
2,353,109
|
| Property, plant and equipment, net |
2,929,792
|
2,934,877
|
2,739,138
|
| Investment in joint venture |
374,408
|
378,164
|
363,611
|
| Deferred income taxes |
85,996
|
-
|
-
|
| Other assets |
170,455
|
171,936
|
191,384
|
| |
$5,731,482
|
$6,000,742
|
$5,647,242
|
| Liabilities and Stockholders' Equity
|
| Current liabilities: |
| Accounts payable |
$355,576
|
$356,341
|
$304,990
|
| Accrued compensation and benefits |
119,666
|
128,641
|
129,042
|
| Accrued liabilities |
389,861
|
343,289
|
443,995
|
| Income taxes payable |
38,088
|
37,824
|
56,234
|
| Deferred income on shipments to distributors |
34,151
|
38,381
|
47,978
|
| Current portion of long-term debt, capital lease obligations
and other |
356,517
|
367,360
|
331,698
|
| Total current
liabilities |
1,293,859
|
1,271,836
|
1,313,937
|
| Deferred income taxes |
-
|
75,438
|
105,305
|
| Long-term debt, capital lease obligations and other,
less current portion |
1,196,531
|
1,141,060
|
672,945
|
| Stockholders' equity: |
| Capital stock: |
| Common stock, par value |
3,435
|
3,423
|
3,405
|
| Capital in excess of par value |
1,914,989
|
1,906,952
|
1,889,217
|
| Retained earnings |
1,347,408
|
1,601,580
|
1,795,680
|
| Accumulated other comprehensive income (loss) |
(24,740)
|
453
|
(133,247)
|
| Total stockholders'
equity |
3,241,092
|
3,512,408
|
3,555,055
|
| |
$5,731,482
|
$6,000,742
|
$5,647,242
|
|
| |
| |
|
*Derived from the December 30, 2001 audited financial statements of Advanced
Micro Devices, Inc.
|
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