BOISE, Idaho, June 18 (Reuters) -
(Amounts in millions except per share data)
QUARTER ENDED 9 MONTHS ENDED
May 28, May 29, May 28, May 29,
1998 1997 1998 1997
Net sales (1)
Semiconductor
memory products $290.2 $510.7 $1,013.8 $1,254.4
Personal computer
systems 310.3 361.8 1,151.9 1,091.0
Other 9.4 92.5 154.3 223.9
Total net sales 609.9 965.0 2,320.0 2,569.3
Costs and expenses:
Cost of goods sold 603.6 650.0 2,080.8 1,880.3
Selling, general
and administrative 109.0 92.4 369.3 266.2
Research and
development 66.2 52.6 200.0 146.6
Other operating
expense (income),
net (2) 3.4 1.1 32.1 (0.9)
Total costs and expenses 782.2 796.1 2,682.2 2,292.2
Operating income (loss)
(172.3) 168.9 (362.2) 277.1
Gain on sale of
subsidiary stock
and investments,
net (3) -- 0.2 157.1 187.8
Gain (loss) on
issuance of
subsidiary stock,
net 0.2 (0.1) 0.8 27.6
Interest income
(expense), net 0.8 1.5 1.4 (2.4)
Income (loss) before
income taxes
and minority interests
(171.3) 170.5 (202.9) 490.1
Income tax
provision (benefit) (67.3) 67.8 (69.6) 214.5
Minority interests
in net income (loss) 2.1 5.9 11.4 15.4
Net income (loss) ( 106.1) 96.8 ( 144.7) 260.2
Earnings (loss) per share
Basic ( 0.50) 0.46 ( 0.68) 1.24
Diluted ( 0.50) 0.45 ( 0.68) 1.22
Number of shares used
in per share calculations
Basic 212.3 210.3 211.9 209.7
Diluted 212.3 214.9 211.9 213.8
SELECTED CASH FLOW DATA
(For the nine months ended) May 28, 1998 May 29, 1997
Depreciation and amortization 434.7 350.3
Net cash provided by
operating activities 124.6 432.9
Expenditures for property,
plant and equipment (564.2) (359.8)
Net cash used for
investing activities (148.8) (207.4)
Payments on equipment
purchase contracts (32.6) (42.5)
Net repayments on lines
of credit -- (90.0)
Proceeds from issuance
of debt 31.4 71.6
Repayments of debt (99.4) (79.1)
Net cash used for
financing activities (87.4) (68.1)
Net increase (decrease)
in cash and equivalents (111.6) 157.4
Proceeds from sale and
issuance of subsidiary stock 237.7 253.5
Equipment acquisitions
on contracts payable
and capital leases 130.2 32.3
SELECTED FINANCIAL DATA May 28, 1998 Aug. 28, 1997
Cash and liquid investments $708.4 $987.7
Receivables 397.8 458.9
Inventories 378.7 454.2
Total current assets 1,571.9 1,972.4
Property, plant and equipment, net 2,995.8 2,761.2
Total assets 4,733.3 4,851.3
Accounts payable and
accrued expenses 527.1 546.1
Short-term debt 8.5 10.6
Current portion of long-term debt 93.3 116.0
Total current liabilities 751.8 749.9
Long-term debt 718.0 762.3
Shareholders' equity 2,773.9 2,883.1
(1) The value of the Company's semiconductor memory products included in PC systems and other products is included under "Semiconductor memory products." "Other" includes revenue from contract manufacturing and module assembly services, government research and development contracts, and licensing fees. (2) Other operating expense for the nine months ended May 28, 1998 includes charges associated with PC operations of $13 million resulting from employee termination benefits and consolidation of domestic and international operations and $5 million from the write-off of software development costs, as well as $9 million related to the disposal and write-down of semiconductor memory operations equipment. These charges were partially offset by a benefit to PC operations of $4 million in the third quarter resulting from a net rebate associated with a change in service providers of on-site service contracts for the Company's domestic desktop installed base.
(3) Net gains on sale of investments and subsidiary stock for the nine months ended May 28, 1998 includes a pretax gain of $157 million on the sale of 90% of the Company's contract manufacturing subsidiary. Net gains on sale of investments and subsidiary stock for the nine months ended May 29, 1997 includes a pretax gain of $190 million on the sale of shares of
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