Joe - Re: "Another thing that needs to be pointed out that unlike Intel, which repurchases shares (used to compensate their employees), AMD does not. "
Get with the program.
AMD started to repurchase shares last quarter - read their quarterly report:
"The company also reported the repurchase of 6.3 million shares of its common stock during the quarter. "
Wednesday October 17, 5:21 pm Eastern Time
Press Release
SOURCE: AMD
AMD Reports Third Quarter Results
Company Reports Lower Revenues on Record Unit Sales of AMD Athlon and AMD Duron Processors at Depressed Prices
SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 17, 2001--AMD today reported results for the quarter ended September 30, 2001.
Net sales for the third quarter of 2001 were $765,870,000, a decline of 22 percent compared with sales of $985,264,000 in the second quarter of 2001. AMD reported sales of $1,206,549,000 in the third quarter of 2000.
The pro forma net loss for the quarter, which excludes one-time charges, amounted to $97,424,000, which was equivalent to $0.28 per share. The pro forma net loss excludes the effects of restructuring and other special charges amounting to $89.3 million and additional inventory provisions amounting to $6.9 million. These charges were associated with the company's previously announced plans to close wafer fabrication facilities and reduce other manufacturing activities and administrative support that primarily serve AMD foundry service operations. The pro forma net loss also excludes the effects of a charge amounting to $22 million for impaired investments. Total pro forma adjustments, net of tax credits, amounted to $89.5 million.
The total net loss under GAAP (generally accepted accounting principles) for the third quarter of 2001 was $186,929,000, which amounted to $0.54 per share on 345,044,000 shares outstanding. In the second quarter of 2001, AMD reported net income of $17,352,000, which amounted to $0.05 per diluted share.
Net sales for the first nine months of 2001 were $2,939,881,000, compared with $3,469,015,000 for the first nine months of 2000, a decline of 15 percent. Pro forma net income for the first nine months of 2001 amounted to $44,766,000, or $0.13 per diluted share. Pro forma net income for the first nine months of 2000 amounted to $615,792,000, or $1.81 per diluted share.
The total net loss under GAAP for the first nine months of 2001 was $44,739,000, or $0.14 per share. Net income for the first nine months of 2000 was $805,058,000, or $2.36 per diluted share.
Memory Group sales in the third quarter of 2001 at $210 million declined by 34 percent from the second quarter of 2001, reflecting continuing weakness in the communication sector and excess inventories of flash memory devices at major customers.
The company reported record unit sales of AMD Athlon(TM) and AMD Duron(TM) processors in the quarter. Total PC processor unit sales for the third quarter of 2001, at more than 7.7 million units, remained at the record level of the immediate-prior quarter. In the face of very aggressive competition, average selling prices (ASPs) for PC processors declined by 20 percent sequentially.
``AMD held market share in the 22 percent range in a very weak PC market made more difficult by our principal competitor's efforts to halt our forward momentum,'' said W. J. Sanders III, chairman and chief executive officer. ``Those efforts have failed as the performance deficiencies of computers based on Intel's Pentium® 4 processors have become increasingly evident. Nevertheless, drastic price cuts and large, cash-backed marketing programs from Intel had the effect of driving down ASPs on PC processors in the market segments where we compete directly.
``During the quarter, AMD commenced shipments of the newest member of the AMD Athlon processor family, the AMD Athlon XP processor, based on the `Palomino' core. AMD Athlon XP processors were designed to deliver extreme performance on the desktop running the new Microsoft® Windows® XP operating system. The AMD Athlon XP processor outperforms any other PC processor in the world, unlocking the full potential of a PC when combined with the Windows XP operating system,'' Sanders said.
``Earlier this week at the Microprocessor Forum, the industry's leading microprocessor technical conference, AMD revealed more details about the architecture of the eighth-generation Hammer family of PC processors planned for introduction late next year. The Hammer family will feature on-chip memory control as well as a highly scalable system bus that uses HyperTransport(TM) technology, enabling the chips inside PCs to communicate with each other up to 24 times faster than with existing technologies. We believe the Hammer family will continue AMD's performance leadership in the PC processor market.
``AMD employees throughout the world responded valiantly in the wake of the terrorist attacks in New York and Washington. Despite disruption of air transportation services following the attacks, AMD maintained its operational excellence and met all commitments to customers,'' Sanders concluded.
The company also reported the repurchase of 6.3 million shares of its common stock during the quarter. |
