Advanced Micro Devices - Moderated (AMD) Message Board

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Technology Stocks : Advanced Micro Devices - Moderated (AMD)

AMD 209.04

+0.7%

Dec 16 3:59 PM EST

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To: Dan3 who wrote (82600)	6/16/2002 10:25:51 AM
From: niceguy767	Read Replies (1) of 275872

Dan3: "The bottom line is that Intel has been spending quite a bit more on capital equipment than it has been including in its costs when it calculates quarterly profits, while AMD has been including as much in capital costs, each quarter, as it has been spending on plant and equipment each quarter." You are absolutely correct...Since FY99, INTC's net PPE (property,plant and equip)has risen by $6.4 billion from $11.7 b to $18.1 b compared to AMD's net PPE which has risen by $0.2 b from $2.5 b to $2.7 b over the same period... Comment 1: INTC's PPE has risen over 50% since FY99 while AMD's PPE has risen 8%. Comment 2: Astoundingly, even with INTC's "puffed up" PPE, AMD's total assets in this same period have increased by $0.6 b more than INTC's. Comment 3: A higher rate of dep'n by INTC over this period would have resulted a significantly lower eps than that which has been posted by INTC over this period... not to mention a wider total absolute dollar asset discrepancy in AMD's favour...(I won't, at this time, get into the implications of the $5 billion in virtually valueless GW that is sitting on INTC's balance sheet.) Comment 4: The accounting monster being created by INTC since FY99 may return before long to devour its creators.

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