Prelude to Flash spin-off ? AMD just filed Form 10-K/A for FASL operation
edgar-online.com
This Form 10-K/A is being filed to reflect additional information relating to
Fujitsu AMD Semiconductor Limited (FASL), for which the fiscal year end is March
31. FASL, a joint venture formed by AMD and Fujitsu Limited (Fujitsu), was
formed in 1993 for the development and manufacture of non-volatile memory
devices. AMD has a 49.992% interest in FASL, and Fujitsu has the remaining
interest.
Statements of Operations for the three years in the period ended March 31, 2000.............................. 14
Balance Sheets at March 31, 2000 and 1999.................................................................... 15
Statements of Stockholders' Equity for the three years in the period ended March 31, 2000.................... 16
Statements of Cash Flows for the three years in the period ended March 31, 2000.............................. 17
Notes to Financial Statements................................................................................ 18
Report of Ernst & Young, Independent Auditors................................................................ 23
13 FUJITSU AMD SEMICONDUCTOR LIMITED
STATEMENTS OF OPERATIONSFOR THE THREE YEARS ENDED MARCH 31, 2000
------------------------------------------------------------------------------------------------------------------------
(Thousands except share and per share amounts)
2000 1999 1998
---- ---- ----
Net sales $526,888 $401,130 $483,937
Expenses:
Cost of sales 479,621 351,294 294,849
Selling, general and administrative 51,997 42,633 47,976
-------- -------- --------
531,618 393,927 342,825
-------- -------- --------
Operating income (loss) (4,730) 7,203 141,112
Interest income - 8 24
Interest expense (593) (1,855) (881)
Other expense, net (655) (561) (1,967)
-------- -------- --------
Income (loss) before income taxes (5,978) 4,795 138,288
Provision (benefit) for income taxes (2,361) (6,252) 62,902
-------- -------- --------
Net income (loss) $ (3,617) $ 11,047 $ 75,386
======== ======== ========
Net income (loss) per common share:
Basic $ (5.69) $ 17.37 $ 118.53
Diluted $ (5.69) $ 17.37 $ 118.53
Shares used in per share calculation
Basic 636,000 636,000 636,000
Diluted 636,000 636,000 636,000
See accompanying notes. 14
FUJITSU AMD SEMICONDUCTOR LIMITEDBALANCE SHEETSMARCH 31, 2000 AND 1999
-------------------------------------------------------------------------------------------------------
(Thousands except share and per share amounts)
2000 1999
---- ----
ASSETSCurrent assets:
Cash and cash equivalents $ 9 $ 8
Deposits with affiliates 22,534 -
Accounts receivable from affiliates 70,561 64,007
Inventories:
Raw materials and supplies 6,406 4,471
Work-in-process 53,990 57,760
Finished goods 1,828 2,339
---------- ----------
Total inventories 62,224 64,570
Deferred tax assets 3,109 -
Other current assets 697 299
---------- ----------
Total current assets 159,134 128,884
Property, plant and equipment:
Equipment 1,183,231 944,936
Buildings 150,099 131,016
Construction in progress 4,823 3,866
---------- ----------
Total property, plant and equipment 1,338,153 1,079,818
Accumulated depreciation (800,160) (507,449)
---------- ----------
Property, plant and equipment, net 537,993 572,369
Other assets 11,050 11,895
---------- ----------
TOTAL $ 708,177 $ 713,148
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:
Loan payable to affiliates $ - $ 114,036
Accounts payable 68,450 34,998
Payables to affiliates 36,053 29,200
Accrued liabilities 6,463 11,307
Income taxes payable 20,725 17
---------- ----------
Total current liabilities 131,691 189,558
Deferred income taxes 53,424 59,610
Other accrued liabilities 1,375 1,269
Commitments - -
Stockholders' equity: Common stock, par value $500; 800,000 shares authorized;
636,000 shares issued and outstanding in 2000 and 1999 318,790 318,790
Retained earnings 211,361 214,978
Accumulated other comprehensive loss (8,464) (71,057)
---------- ----------
Total stockholders' equity 521,687 462,711
---------- ----------
TOTAL $ 708,177 $ 713,148
========== ==========
See accompanying notes. 15
FUJITSU AMD SEMICONDUCTOR LIMITEDSTATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE YEARS ENDED MARCH 31, 2000
---------------------------------------------------------------------------------------------------------------
(Thousands except share amounts)
Common Stock
-------------------------- Accumulated
Number Other Total
of Retained Comprehensive Stockholders'
Shares Amount Earnings Loss Equity
------------ ------------ ------------ ------------- -------------
March 31, 1997 636,000 $ 318,790 $ 128,545 $ (83,430) $ 363,905
Comprehensive income:
Net income - - 75,386 - 75,386
Other comprehensive loss: Net change in accumulated translation
adjustment - - - (27,761) (27,761)
-----------
Total comprehensive income - - - - 47,625
------------ ------------ ------------ ------------- -----------
March 31, 1998 636,000 318,790 203,931 (111,191) 411,530
Comprehensive income:
Net income - - 11,047 11,047
Other comprehensive income: Net change in accumulated translation
adjustment - - - 40,134 40,134
-----------
Total comprehensive income - - - - 51,181
------------ ------------ ------------ ------------- -----------
March 31, 1999 636,000 318,790 214,978 (71,057) 462,711
Comprehensive income:
Net loss - - (3,617) - (3,617)
Other comprehensive income: Net change in accumulated translation
adjustment - - - 62,593 62,593
-----------
Total comprehensive income - - - - 58,976
------------ ------------ ------------ ------------- -----------
March 31, 2000 636,000 $ 318,790 $ 211,361 $ (8,464) $ 521,687
============ ============ ============ ============= ===========
See accompanying notes. 16
FUJITSU AMD SEMICONDUCTOR LIMITEDSTATEMENTS OF CASH FLOWS
FOR THE THREE YEARS ENDED MARCH 31, 2000
---------------------------------------------------------------------------------------------------------------------------------
(Thousands)
2000 1999 1998
---- ---- ----
Cash flows from operating activities:
Net income (loss) $ (3,617) $ 11,047 $ 75,386
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation 218,081 181,415 146,637
Amortization 368 1,848 1,061
Net loss on disposal of property, plant and equipment 673 179 433
Changes in operating assets and liabilities:
Increase in deposits with an affiliate (21,474) - -
Net (increase) decrease in receivables, inventories,
prepaid expenses and other assets 8,348 5,745 (66,631)
Net increase (decrease) in deferred income tax liabilities (13,601) (7,928) 11,719
Increase (decrease) in income taxes payable 19,732 (32,842) 3,893
Net increase (decrease) in payables
and accrued liabilities 23,969 (79,872) 90,721
--------- --------- ---------
Net cash provided by operating activities 232,479 79,592 263,219
--------- --------- ---------
Cash flows from investing activities:
Purchase of property, plant and equipment (109,310) (101,964) (303,834)
Proceeds from sale of property, plant and equipment 242 85 702
--------- --------- ---------
Net cash used in investing activities (109,068) (101,879) (303,132)
--------- --------- ---------
Cash flows from financing activities:
Proceeds from borrowings 342,787 384,884 242,368
Payments on debt (466,200) (374,384) (194,221)
--------- --------- ---------
Net cash provided by (used in) financing activities (123,413) 10,500 48,147
--------- --------- ---------
Net increase (decrease) in cash (2) (11,787) 8,234
Net effect of exchange rate changes on cash 3 342 (848)
Cash at beginning of year 8 11,453 4,067
========= ========= =========
Cash at end of year 9 8 $ 11,453
========= ========= =========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest $ 601 $ 1,910 $ 881
========= ========= =========
Income taxes $ 18 $ 32,608 $ 47,225
========= ========= ========= |
