Gary,
Focus on my bold...
Interest expense YoY slightly rose, but is below prior years levels. It is a matter of opinion. If there is no, or little, recovery in the economy, AMD's interest expense kills AMD's net income.
Of course, that is only one facet to look at. One would want to closely "scruntize" AMD's profitablity ratios, like Gross Margin %age, Operating Income %age, etc.
Quarter Ended Year Ended
(Unaudited) (Unaudited)
Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31,
2001 2001 2000 2001 2000
---- ---- ---- ---- ----
Net sales $ 951,873 $ 765,870 $1,175,172 $3,891,754 $4,644,187
Cost of sales 644,662 587,155 657,303 2,582,846 2,514,637
(Income) loss
from equity
investment
in FASL 715 2,036 (12,985) (32,382) (18,938)
Research and
development 160,871 161,185 162,088 650,930 641,799
Marketing,
general and
administrative 163,684 150,918 160,753 620,030 599,015
------- ------- ------- --------- ---------
969,932 901,294 967,159 3,821,424 3,736,513
------- ------- ------- --------- ---------
Operating income
(loss) (18,059) (135,424) 208,013 70,330 907,674
Interest income
and other, net 5,784 10,749 25,449 47,664 86,301
Interest expense (9,570) (9,946) (19,933) (61,360) (60,037)
------- ------- ------- --------- ---------
Three Years Ended December 31, 2000
(Thousands except per share amounts) 2000 1999 1998
---------------------------------------------------------------------------------------------------------
Net sales $4,644,187 $2,857,604 $2,542,141
Expenses:
Cost of sales 2,514,637 1,964,434 1,718,703
Research and development 641,799 635,786 567,402
Marketing, general and administrative 599,015 540,070 419,678
Restructuring and other special charges - 38,230 -
---------------------------------------------------------------------------------------------------------
3,755,451 3,178,520 2,705,783
---------------------------------------------------------------------------------------------------------
Operating income (loss) 888,736 (320,916) (163,642)
Gain on sale of Vantis - 432,059 -
Gain on sale of Legerity 336,899 - -
Litigation settlement - - (11,500)
Interest income and other, net 86,301 31,735 34,207
Interest expense (60,037) (69,253) (66,494)
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