Here are the AMD financials
and I see "R & D expenses", I see "extraordinary expenses", and a lot of double-speak, but I did not see "depreciation" anywhere.
If it were a building IRS requires a 36 year amoritization of the building. The interior equipment can be depreciated on an accelerated basis. In the Q1 2001 Financial Statements it should be found under the "useful life of the equipment" schedule which can be 3 years, 5 years, or maybe seven years.
All this means that I don't see in any number below in these financials that shows a way for AMD to pay off a $2 billion plant using depreciation, extraordinary expenses, or any other numbers. Certainly not on their skimpy present profits....
Perhaps you can give me some concrete numbers since I did look at the AMD financials and I still don't see anything that makes any difference to their financials...
The numbers are:
CONSOLIDATED BALANCE SHEETS
(Thousands)
April 1,2001 (unaudited) December 31, 2000*
Assets
Current assets:
Cash, cash equivalents, and short-term investments $1,595,556 $1,293,165
Accounts receivable, net 602,067 547,200
Inventories 354,630 343,541
Deferred income taxes 189,185 218,527
Prepaid expenses and other current assets 139,661 255,256
Total current assets 2,881,099 2,657,689
Property, plant and equipment, net 2,663,904 2,636,467
Investment in joint venture 249,866 261,728
Other assets 234,536 211,851
$6,029,405 $5,767,735
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $377,067 $477,369
Accrued compensation and benefits 139,477 172,815
Accrued liabilities 278,092 276,721
Income tax payable 84,286 74,806
Deferred income on shipments to distributors 99,286 92,828
Current portion of long-term debt, capital lease obligations and other 183,525 129,570
Total current liabilities 1,161,733 1,224,109
Deferred income taxes 198,066 203,986
Long-term debt, capital lease obligations and other, less current portion 1,392,970 1,167,973
Stockholders' equity:
Capital stock:
Common stock, par value 3,160 3,141
Capital in excess of par value 1,422,593 1,406,290
Retained earnings 1,981,098 1,856,261
Accumulated other comprehensive loss (130,215) (94,025)
Total stockholders' equity 3,276,636 3,171,667
$6,029,405 $5,767,735
*Derived from the December 31, 2000 audited financial statements of Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
Quarter Ended
(Unaudited)
Apr. 1, 2001 Dec. 31, 2000 Apr. 2, 2000
Net sales $1,188,747 $1,175,172 $1,092,029
Cost of sales 714,830 657,303 605,757
Research and development 157,760 162,087 161,297
Marketing, general and administrative 149,138 160,756 144,306
1,021,728 980,146 911,360
Operating income 167,019 195,026 180,669
Interest income and other, net 18,823 25,449 21,128
Interest expense (21,645) (19,932) (11,479)
Income before income taxes,
equity in joint venture and extraordinary item 164,197 200,543 190,318
Provision for income taxes 52,543 30,081 -
Income before equity in joint venture and extraordinary item 111,654 170,462 190,318
Equity in net income (loss) in joint venture 13,183 7,570 (969)
Income before extraordinary item 124,837 178,032 189,349
Extraordinary item - debt retirement net of tax benefit - (64) -
Net income $124,837 $177,968 $189,349
Net income per common share
Basic
Income before extraordinary item $0.40 $0.57 $0.63
Net income $0.40 $0.57 $0.63
Diluted
Income before extraordinary item $0.37 $0.53 $0.55
Net income $0.37 $0.53 $0.55
Shares used in per share calculation
-Basic 314,347 313,501 302,257
-Diluted 351,785 349,782 344,381 |
