Herb, I'm sure you mean well, but you have a tendency to list a couple of totals with no link, so I can't tell what sources you use - here's information from Intel's (and AMD's) submissions to the SEC. I've missed things and made mistakes before, but I post links so that you kind and courteous Intel supporters can correct me if I miss something - I just don't know where you get your numbers from.
Intel Corporation
Consolidated Condensed Balance Sheets
Sept. 29, Dec. 30,
(in millions) 2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 4,864 $ 2,976
Short-term investments 4,294 10,497
Trading assets 1,059 350
Accounts receivable, net 3,043 4,129
Inventories:
Raw materials 297 384
Work in process 1,308 1,057
Finished goods 746 800
2,351 2,241
Deferred tax assets 1,019 721
Other current assets 237 236
Total current assets 16,867 21,150
Current liabilities:
Short-term debt $ 302 $ 378
Accounts payable 1,792 2,387
Accrued compensation and benefits 901 1,696
Deferred income on shipments to distributors 507 674
Accrued advertising 572 782
Other accrued liabilities 1,351 1,440
Income taxes payable 768 1,293
Total current liabilities 6,193 8,650
Long-term debt 972 707
freeedgar.com
In the past 3 quarters, Intel working capital has gone from (in thousands)
$21,150,000 - $8,650,000 = $12,500,000 to
$16,867,000 - $6,193,000 = $10,674,000 down $1,826,000
During the period, Intel has increased its long term debt
$972,000 - $707,000 = $265,000
So their net financial position has deteriorated by $2,091,000
In the past 3 quarters, AMD working capital has gone from (in thousands)
$2,657,689 - $1,224,109 = $1,433,580 to
$2,399,743 - $1,172,546 = $1,227,197 down $206,383
During the period, they've extinguished
1,167,973 - 796,021 = $371,952 in long term debt by selling new stock to bondholders, so their net
financial position has improved by $165,569
Message 16646914
Ignoring that Intel has been increasing its debt as AMD reduces its debt (note that Intel now owes more
than AMD - a reversal of their positions prior to P4's release).
AMD working capital is down $206,383 or 14%
while Intel's is down $1,825,000 or 15%
But AMD extinguished long term debt in the period, while Intel's debt rose.
And this should have been the very best of times for Intel - they introduced Itanium after 8 years of work, they introduced P4 after 5 years of work, their brilliant rambus strategy was peaking.
And what's listed above is all they were able to reap from those years of investment in the only new cores they will have for many years. |
