Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 284.31

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Jan 5 3:59 PM EST

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From: John Dijanich	2/27/2002 9:27:30 PM
	of 70976

Got my annual report, 10k, and proxy statement in yesterday's mail and did a quick scan last night. In light of Enron, a couple of things jumped out at me: 1) 2001 diluted earnings per share were overstated by 76% because stock options were not reported as a cost of doing business on the income statement. Hmmmm. 2) We paid our auditors 3.7 times as much in in consulting fees as in auditing fees. Hmmmm. Makes you wonder how truly independent our auditors are. 3) 50% of Senior Executive Bonus Pay is determined by growth in annual revenue. Hmmmm. As a cyclical company, seems to me growth in annual revenue is more a function of where we are in the semiconductor and business cycles rather than because of the action of senior executives. I know my 125 shares (votes) mean very little when there are 819 million shares outstanding. Nevertheless, to express my unhappiness with the Board and senior executives, I am voting against the Board's slate of nominees and against the amended/restated Senior Executive Bonus Plan. As they say, if you don't vote, you can't bitch.

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