-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SmSnawCzWepMueIZg6fczu8Kul1rHwS7qETR0IZAg5eV/jS2ERhOjUCsqzX6T/n/ AbFnFirrOoEXK9RTZEiYUw== 0000898430-03-000149.txt : 20030121 0000898430-03-000149.hdr.sgml : 20030120 20030121081026 ACCESSION NUMBER: 0000898430-03-000149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED MICRO DEVICES INC CENTRAL INDEX KEY: 0000002488 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 941692300 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07882 FILM NUMBER: 03518589 BUSINESS ADDRESS: STREET 1: ONE AMD PL STREET 2: MS 68 CITY: SUNNYVALE STATE: CA ZIP: 94088-3453 BUSINESS PHONE: 4087322400 MAIL ADDRESS: STREET 1: ONE AMD PLACE STREET 2: MS 68 CITY: SUNNYVALE STATE: CA ZIP: 94088-3450 8-K 1 d8k.htm FORM 8-K Form 8-K
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 8-K
 
 
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
 
Date of Report (date of earliest event reported):  January 16, 2003
 
 
ADVANCED MICRO DEVICES, INC.
(Exact name of registrant as specified in its charter)
 
 
DELAWARE
   
1-7882
   
94-1692300
  
  
(State or other jurisdiction
of incorporation)
   
(Commission
File Number)
   
(I.R.S. Employer
Identification No.)
 
 
One AMD Place,
P.O. Box 3453
Sunnyvale, California
        


94088-3453
       
(address of principal executive offices)
        
(Zip Code)
 
 
Registrant’s telephone number,
including area code:
        

(408) 732-2400
         

 
Item 5.    Other Events.
 
On January 16, 2003, AMD reported sales of $686,430,000 and a net loss of $854,740,000 for the quarter ended December 29, 2002. The net loss amounted to $2.49 per share. Excluding the effects of restructuring and other charges1 to show the company’s results from ongoing operations, the fourth quarter net loss was $235,145,000, or $0.68 per share.
 
Fourth quarter sales declined by 28 percent from the fourth quarter of 2001 and increased by 35 percent from the third quarter of 2002. In the fourth quarter of 2001, AMD reported sales of $951,873,000 and a net loss of $15,842,000, or $0.05 per share.
 
In the third quarter of 2002, AMD reported sales of $508,227,000 and a net loss of $254,171,000, or $0.74 per share.
 
For the full year ended December 29, 2002, sales declined by 31 percent from 2001. AMD reported sales of $2,697,029,000 and a net loss of $1,303,012,000, or $3.81 per share. AMD reported sales in 2001 of $3,891,754,000 and a net loss of $60,581,000, or $0.18 per share.
 
Excluding the effects of one-time charges1 in 2002 and 2001, the company recorded a net loss from ongoing operations of $683,417,000 or $2.00 per share in 2002, and net income of $28,924,000 or $0.09 per share in 2001. The fourth quarter 2002 operating loss, excluding one-time charges, was $217,370,000, down approximately $100 million or 31 percent, from the third quarter operating loss of $315,084,000. The fourth quarter 2001 operating loss was $18,059,000.
 
In the fourth quarter of 2002 the Company recorded one-time charges totaling $620 million, equivalent to $1.81 per share. These fourth quarter charges included:
 
 
•
 
Restructuring and other special charges of $331 million primarily relating to severance for staff reductions, the consolidation of facilities and asset impairments.
 
 
•
 
Other charges of $46 million primarily relating to a one-time research and development expense in connection with product development services received in the fourth quarter.
 
 
•
 
Income tax expense charge of $243 million to establish a 100% valuation allowance against net deferred tax assets.
 
1
 
As shown in the attached Reconciliation of GAAP to Pro-forma Non-GAAP Consolidated Statements of Operations.

 
Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.
 
(c)
 
Exhibits
 
Number
   
Exhibit
99.1
   
Financial Statements

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
       
ADVANCED MICRO DEVICES, INC.
Date:  January 17, 2003
      
By:
  
/S/    ROBERT J. RIVET        
               
               
Robert J. Rivet
Senior Vice President, Chief Financial Officer
 

 
Exhibit Index
 
Number
   
Exhibit
99.1
   
Financial Statements
EX-99.1 3 dex991.htm FINANCIAL STATEMEMTS Financial Statememts
 
Exhibit 99.1
 
Advanced Micro Devices, Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
 
    
Dec. 29,
2002
   
Dec. 30,
2001*
  
    
(unaudited)
       
Assets
                
Current assets:
                
Cash, cash equivalents and short-term investments
   
$
1,037,705
   
$
869,997
 
Accounts receivable, net
   
 
395,828
   
 
659,783
 
Inventories
   
 
432,603
   
 
380,474
 
Deferred income taxes
   
 
—  
   
 
155,898
 
Prepaid expenses and other current assets
   
 
153,542
   
 
286,957
 
Total current assets
   
 
2,019,678
   
 
2,353,109
 
Property, plant and equipment, net
   
 
2,880,809
   
 
2,739,138
 
Investment in joint venture
   
 
382,942
   
 
363,611
 
Deferred income taxes
   
 
—  
   
 
—  
 
Other assets
   
 
335,752
   
 
191,384
 
    
$
5,619,181
   
$
5,647,242
 
Liabilities and Stockholders’ Equity
                
Current liabilities:
                
Accounts payable
   
$
352,438
   
$
304,990
 
Accrued compensation and benefits
   
 
185,744
   
 
129,042
 
Accrued liabilities
   
 
593,778
   
 
443,995
 
Income taxes payable
   
 
21,246
   
 
56,234
 
Deferred income on shipments to distributors
   
 
57,184
   
 
47,978
 
Current portion of long-term debt, capital lease obligations and other
   
 
161,689
   
 
331,698
 
Total current liabilities
   
 
1,372,079
   
 
1,313,937
 
Deferred income taxes
   
 
—  
   
 
105,305
 
Long-term debt, capital lease obligations and other, less current portion
   
 
1,779,837
   
 
672,945
 
Stockholders’ equity:
                
Capital stock:
                
Common stock, par value
   
 
3,445
   
 
3,405
 
Capital in excess of par value
   
 
1,921,247
   
 
1,889,217
 
Retained earnings
   
 
492,668
   
 
1,795,680
 
Accumulated other comprehensive income (loss)
   
 
49,905
   
 
(133,247
)
Total stockholders’ equity
   
 
2,467,265
   
 
3,555,055
 
    
$
5,619,181
   
$
5,647,242
 
 
*Derived from the December 30, 2001 audited financial statements of Advanced Micro Devices, Inc.

 
Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
 
    
Quarter Ended
     
Year Ended
  
    
Dec. 29,
2002
(Unaudited)
     
Sept. 29
2002
(Unaudited)
     
Dec. 30,
2001
(Unaudited)
     
Dec. 29,
2002
(Unaudited)
     
Dec. 30,
2001*
  
Net sales
   
$
686,430
 
   
$
508,227
 
   
$
951,873
 
   
$
2,697,029
 
   
$
3,891,754
 
Cost of sales
   
 
506,613
 
   
 
453,884
 
   
 
644,662
 
   
 
2,105,661
 
   
 
2,589,747
 
Research and development
   
 
244,848
 
   
 
220,959
 
   
 
160,871
 
   
 
816,114
 
   
 
650,930
 
Marketing, general and administrative
   
 
194,389
 
   
 
158,568
 
   
 
163,684
 
   
 
670,065
 
   
 
620,030
 
Restructuring and other special charges
   
 
330,575
 
   
 
—  
 
   
 
—  
 
   
 
330,575
 
   
 
89,305
 
    
 
1,276,425
 
   
 
833,411
 
   
 
969,217
 
   
 
3,922,415
 
   
 
3,950,012
 
Operating loss
   
 
(589,995
)
   
 
(325,184
)
   
 
(17,344
)
   
 
(1,225,386
)
   
 
(58,258
)
Interest and other income, net
   
 
992
 
   
 
12,941
 
   
 
5,784
 
   
 
32,132
 
   
 
25,695
 
Interest expense
   
 
(22,296
)
   
 
(21,166
)
   
 
(9,570
)
   
 
(71,349
)
   
 
(61,360
)
Loss before income taxes and equity in net income (loss) of joint venture
   
 
(611,299
)
   
 
(333,409
)
   
 
(21,130
)
   
 
(1,264,603
)
   
 
(93,923
)
Provision (benefit) for income taxes
   
 
243,470
 
   
 
(73,350
)
   
 
(5,705
)
   
 
44,586
 
   
 
(14,463
)
Loss before equity in net income (loss) of joint venture
   
 
(854,769
)
   
 
(260,059
)
   
 
(15,425
)
   
 
(1,309,189
)
   
 
(79,460
)
Equity in net income (loss) of joint venture
   
 
29
 
   
 
5,888
 
   
 
(417
)
   
 
6,177
 
   
 
18,879
 
Net loss
   
$
(854,740
)
   
$
(254,171
)
   
$
(15,842
)
   
$
(1,303,012
)
   
$
(60,581
)
Net loss per common share
                                             
Basic
   
$
(2.49
)
   
$
(0.74
)
   
$
(0.05
)
   
$
(3.81
)
   
$
(0.18
)
Diluted
   
$
(2.49
)
   
$
(0.74
)
   
$
(0.05
)
   
$
(3.81
)
   
$
(0.18
)
Shares used in per share calculation
                                             
— Basic
   
 
343,949
 
   
 
342,780
 
   
 
340,119
 
   
 
342,334
 
   
 
332,407
 
— Diluted
   
 
343,949
 
   
 
342,780
 
   
 
340,119
 
   
 
342,334
 
   
 
332,407
 
 
*Derived from the December 30, 2001 audited financial statements of Advanced Micro Devices, Inc.
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