<Picture><Picture>May 13, 1997
Applied Materials Announces Results for Second Fiscal -2-
Applied Materials, Inc. is a Fortune 500 global growth company and the world's largest supplier of wafer fabrication systems and services to the global semiconductor industry. Applied Materials is traded on the Nasdaq National Market under the symbol, "AMAT." Applied Materials' website is appliedmaterials.com .
APPLIED MATERIALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
April 27, April 28, April 27, April 28,
1997 1996 1997 1996
---------- ---------- ---------- ----------
(In thousands, except
per share amounts)
Net sales $ 900,862 $1,127,855 $1,736,638 $2,168,435
Cost of products sold 486,845 586,564 950,965 1,130,344
---------- ---------- ---------- ----------
Gross margin 414,017 541,291 785,673 1,038,091
Operating expenses:
Research, development
and engineering 131,973 124,918 248,465 235,270
Marketing and selling 74,965 80,587 141,236 157,869
General and
administrative 59,617 54,820 119,225 104,375
Acquired in-process
research and
development -- -- 59,500 --
---------- ---------- ---------- ----------
Income from operations 147,462 280,966 217,247 540,577
Interest expense 4,935 4,917 10,735 10,085
Interest income 14,598 9,829 28,155 19,426
---------- ---------- ---------- ----------
Income from consolidated
companies before taxes 157,125 285,878 234,667 549,918
Provision for income
taxes 54,994 100,057 102,959 192,471
---------- ---------- ---------- ----------
Income from
consolidated
companies 102,131 185,821 131,708 357,447
Equity in net income/
(loss) of joint venture - - - -
---------- ---------- ---------- ----------
Net income $ 102,131 $ 185,821 $ 131,708 $ 357,447
---------- ---------- ---------- ----------
Earnings per share $ .54 $ 1.01 $ .71 $ 1.94
---------- ---------- ---------- ----------
Average common shares
and equivalents 187,899 183,699 186,762 183,921
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS(a)
April 27, Oct. 27,
(In thousands) 1997 1996
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 202,660 $ 403,888
Short-term investments 872,190 633,744
Accounts receivable, net 807,181 822,384
Inventories 507,632 478,552
Deferred income taxes 278,352 281,586
Other current assets 83,295 72,915
---------- ----------
Total current assets 2,751,310 2,693,069
Property, plant and
equipment, net 900,041 919,038
Other assets 240,510 25,880
---------- ----------
Total assets $3,891,861 $3,637,987
---------- ----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 19,892 $ 77,522
Current portion of long-term
debt 7,659 22,640
Accounts payable and accrued
expenses 875,808 791,897
Income taxes payable 147,713 43,168
---------- ---------
Total current liabilities 1,051,072 935,227
Long-term debt 227,808 275,485
Deferred income taxes and other
non-current obligations 107,601 56,850
---------- ----------
Total liabilities 1,386,481 1,267,562
---------- ----------
Stockholders' equity:
Common stock 1,815 1,802
Additional paid-in capital 781,281 763,376
Retained earnings 1,731,272 1,599,564
Cumulative translation
adjustments (8,988) 5,683
---------- ----------
Total stockholders' equity 2,505,380 2,370,425
---------- ----------
Total liabilities and
stockholders' equity $3,891,861 $3,637,987
---------- ----------
(a) Amounts as of April 27, 1997 are unaudited. Amounts as of
October 27, 1996 were obtained from the October 27, 1996 audited
financial statements.
CONTACT: Applied Materials, Inc.
Carolyn Schwartz (investment community), 408/748-5227
or
Shannon Fryhoff (editorial/media), 408/986-7229
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