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Technology Stocks : Intel Corporation (INTC)
INTC 38.44+0.7%3:59 PM EST
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To: Process Boy who wrote (96190)1/14/2000 12:09:00 AM
From: Windsock  Read Replies (2) of 186894
 
To All Intel Investors

The top level metrics in the year 1999, a tough year for Intel, show a blow-out performance.

Net Revenues increased from $26.3 Billion to $29.4 Billion

Looking at the Pro Forma numbers which provide a good apples to apples comparison:
Earnings increased from $6.3 Billion to $8.1 Billion, EPS from $1.79 to $2.33

During 1999, Intel had a vigorous spending program for R&D and capital equipment. In addition, Intel spent a ton of money on acquisitions and stock repurchases, $6 Billion and $4.6 Billion. The acquisitions are investments for the future in networking and communications. The stock repurchases can be considered a return of capital to investors that does not cause a taxable event.

What happened to the Intel cash position during this period of huge spending? It should have decreased enormously as all of this spending occurred. But cash went up from $7.6 Billion to $11.9 billion. Something very good is happening here !!

At the same time Intel has a venture capital fund that is now broken out nicely so it can be tracked. The fund started at $5.4 Billion and ended at $7.9 Billion after some harvesting of the investment. These are unrealized earnings just sitting in the bank.
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