-----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, NPxjdAuyqnltde3IhLH8Niz7NZDqrM3yD/RPDhXr8++FdRZnXJlcrHaE8Qw7s/UP eb5ifALTpF0IEaRaOgzbPg== 0000898430-96-001335.txt : 19960417 0000898430-96-001335.hdr.sgml : 19960417 ACCESSION NUMBER: 0000898430-96-001335 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960409 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960416 SROS: NYSE 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: 1227 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07882 FILM NUMBER: 96547739 BUSINESS ADDRESS: STREET 1: ONE AMD PL STREET 2: P O BOX 3453 CITY: SUNNYVALE STATE: CA ZIP: 94088 BUSINESS PHONE: 4087322400 8-K 1 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): April 9, 1996 ADVANCED MICRO DEVICES, INC. --------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-7882 94-1692300 - ---------------------------- ------------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) 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 Page 1 of 4 Item 5. Other Events. - ------- ------------- On April 9, 1996, Advanced Micro Devices, Inc. (the "Company") announced its first quarter revenues. The Company reported sales of $544,212,000. Net income amounted to $25,327,000 or $0.18 per common share on a fully diluted basis. The results include non-recurring charges of $8.7 million for expenses associated with the Company's merger with NexGen, Inc., on January 17, 1996, and a non-recurring pre-tax gain of $24.7 million resulting from a sale of securities. The full text of the press release is set forth in Exhibit 99 attached hereto and is incorporated in this report as if fully set forth herein. Except for the historical information contained in the attached press release, the matters discussed in the press release are forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ from predicted results. The Company's production plans are subject to change depending on customers inventory levels and orders for the Company's products, changed industry and Company forecasts of demand, the timing of introduction of higher-performance fifth-generation microprocessors and other products, and the pace at which the Company is able to ramp production of fifth generation microprocessors in FAB 25. The Company's success in producing and selling products as planned is subject to numerous risks and uncertainties including those related to the potentially adverse effects of marketing and pricing strategies adopted by Intel Corporation which has a dominant position in the microprocessor market, the possibility that products newly introduced by the Company may fail to achieve market acceptance or that any of the Company's products may be found to be defective, possibly adverse conditions in the personal computer market and unexpected interruptions in the Company's manufacturing operations. Information on the factors that could affect the Company's financial results are set forth in the Company's SEC filings, including the recently filed report on Form 10-K for the year ended December 31, 1995. Item 7. Financial Statements and Exhibits. - ------- ---------------------------------- (c) Exhibits: 99 Press release dated April 9, 1996 2 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. (Registrant) /s/ Marvin D. Burkett Date: April 12, 1996 By: ----------------------------- --- Marvin D. Burkett Senior Vice President, Chief Financial and Administrative Officer and Treasurer 3 Exhibit Index ------------- Exhibit Number Exhibit - -------------- ------- 99 Press release dated April 9, 1996 4 EX-99.1 2 PRESS RELEASE NEWS RELEASE [LETTER HEAD OF AMD APPEARS HERE] For further information: Tom Stites (408) 749-2918 AMD REPORTS FIRST QUARTER RESULTS SUNNYVALE, CA ... April 9, 1996 ... AMD today reported sales of $544,212,000 for the quarter ended March 31, 1996. Net income amounted to $25,327,000, or $0.18 per common share on a fully diluted basis. The results include non-recurring charges of $8.7 million for expenses associated with AMD's merger with NexGen, Inc., which was completed on January 17, 1996, and a non-recurring pre-tax gain of $24.7 million resulting from a sale of securities. Sales for the like period of 1995 amounted to $627,381,000, which resulted in net income of $84,320,000, or $0.63 per common share on a fully diluted basis. Sales for the immediate-prior quarter amounted to $595,178,000, which resulted in net income of $9,344,000, or $0.07 per common share on a fully diluted basis. (Financial results for 1995 have been restated to include the historical financial information of NexGen, Inc.) "Our Non-Volatile Memory Division, with sales of flash memories primarily from our Fujitsu AMD Semiconductor Limited joint venture, contributed substantially to earnings in the first quarter," said W.J. Sanders III, chairman and chief executive officer. "The earnings from our other product lines were more than offset by losses incurred in our X86 microprocessor business, where we continued to feel the effects of the lack of a fifth-generation microprocessor for the Microsoft(R) Windows(R)-compatible personal computer market. Our megafab in Austin, Texas, was substantially underutilized in the face of weak demand for Am486(R) core-based products. (more) 2 "At the end of the quarter we made initial shipments of our AMD5\K\86(TM)-P75 and-P90 products, which are plug-in replacements for 75- and 90-megahertz Pentium microprocessors. We are currently executing to a plan consistent with our goal of producing more than 3 million AMD5\K\86 microprocessors during the remainder of 1996 and more than 5 million units through the first quarter of 1997," Sanders said. "The current industry-wide downturn in demand for integrated circuits in the personal computer segment makes projections about future prospects problematic," Sanders continued. "We believe that original equipment manufacturers have accumulated more inventory than desirable in recent months, and we do not expect an upturn in demand until those inventories have been brought down to support consumption levels. "The best way to predict the future now is to create it. As the leader in networking ICs and flash memories, and with our AMD5\K\86 plug-in alternative to the Pentium microprocessor now in volume production, AMD will move aggressively to capture available business as we await a general upturn in demand," Sanders concluded. Except for the historical information contained in this release, the matters discussed above are forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ from predicted results. The company's production plans are subject to change depending on customer inventory levels and orders for the company's products, changed industry and company forecasts of demand, the timing of introduction of higher-performance fifth-generation microprocessors and other products, and the pace at which the company is able to ramp production of microprocessors in Fab 25. Further information on the factors that could affect the company's financial results are set forth in the company's SEC filings, including the recently filed report on Form 10-K for the year ended December 31, 1995. (more) 3 AMD is a global supplier of integrated circuits for the personal and networked computer and communications markets. A FORTUNE 500 company, AMD produces processors, flash memories, programmable logic devices, and products for communications and networking applications. Founded in 1969, AMD is based in Sunnyvale, California, and has sales and manufacturing facilities worldwide. The company had revenues of $2.5 billion in 1995 (NYSE: AMD). Am486 and AMD5\K\86 are trademarks of Advanced Micro Devices, Inc. Microsoft and Windows are registered trademarks of Microsoft Corporation. AMD, the AMD logo and combinations thereof are trademarks of Advanced Micro Devices, Inc. WORLD WIDE WEB: Press announcements and other information about AMD are available on the Internet via the World Wide Web. Type http://www.amd.com at the URL prompt. AMD news release #96CORP13 9635 4 ADVANCED MICRO DEVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (THOUSANDS EXCEPT PER SHARE AMOUNTS)
Quarter Ended (Unaudited) - -------------------------------------------------------------------------------------------------------------------------------- Mar. 31, Dec. 31, Apr. 2, 1996 1995 1995 (Restated)* (Restated)* - -------------------------------------------------------------------------------------------------------------------------------- NET SALES $ 544,212 $ 595,178 $ 627,381 Cost of sales 368,735 427,058 305,685 Research and development 94,780 107,715 96,874 Marketing, general, and 103,011 100,766 102,734 administrative - -------------------------------------------------------------------------------------------------------------------------------- 566,526 635,539 505,293 - -------------------------------------------------------------------------------------------------------------------------------- Operating income (loss) (22,314) (40,361) 122,088 Interest income and other, net 28,059 7,526 6,713 Interest expense (1,981) (1,167) (233) - -------------------------------------------------------------------------------------------------------------------------------- Income (loss) before income taxes and equity in joint venture 3,764 (34,002) 128,568 Provision (credit) for income taxes - (21,846) 42,824 - -------------------------------------------------------------------------------------------------------------------------------- Income (loss) before equity in joint venture 3,764 (12,156) 85,744 Equity in net income (loss) of joint venture 21,563 21,500 (1,414) - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME 25,327 9,344 84,330 Preferred stock dividends - - 10 - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME APPLICABLE TO COMMON STOCKHOLDERS $ 25,327 $ 9,344 $ 84,320 - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME PER COMMON SHARE - - Primary $0.18 $0.07 $0.66 - - Fully diluted $0.18 $0.07 $0.63 - -------------------------------------------------------------------------------------------------------------------------------- Shares used in per share calculation - - Primary 138,399 137,965 127,181 - - Fully diluted 138,399 138,110 134,421 - --------------------------------------------------------------------------------------------------------------------------------
* Restated from previously released financial information as a result of the January 1996 merger with NexGen, Inc. 5 ADVANCED MICRO DEVICES, INC. CONSOLIDATED BALANCE SHEETS (THOUSANDS)
March 31, December 31, 1996 1995 (Unaudited) (Unaudited) (Restated)* - --------------------------------------------------------------------------------------------------------------------------------- ASSETS - --------------------------------------------------------------------------------------------------------------------------------- Current assets: Cash, cash equivalents, and short-term investments $ 409,299 $ 509,665 Accounts receivable, net 235,159 284,238 Inventories 168,173 155,986 Deferred income taxes 151,089 147,489 Prepaid expenses and other current assets 49,230 40,564 - --------------------------------------------------------------------------------------------------------------------------------- Total current assets 1,012,950 1,137,942 Property, plant, and equipment, net 1,660,306 1,641,634 Investment in joint venture 175,382 176,821 Other assets 106,171 122,070 - --------------------------------------------------------------------------------------------------------------------------------- $ 2,954,809 $ 3,078,467 ================================================================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY - --------------------------------------------------------------------------------------------------------------------------------- Current liabilities: Notes payable to banks $ 13,870 $ 26,770 Accounts payable 159,043 241,916 Accrued compensation and benefits 67,639 106,347 Accrued liabilities 96,213 103,404 Income tax payable 49,396 56,297 Deferred income on shipments to distributors 107,331 100,057 Current portion of long-term debt and capital lease obligations 39,244 41,642 - --------------------------------------------------------------------------------------------------------------------------------- Total current liabilities 532,736 676,433 Deferred income taxes 94,207 84,607 Long-term debt and capital lease obligations, less current portion 205,918 214,965 Stockholders' equity: Capital stock: Common stock, par value 1,394 1,050 Capital in excess of par value 926,353 908,989 Retained earnings 1,194,201 1,192,423 - --------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 2,121,948 2,102,462 - --------------------------------------------------------------------------------------------------------------------------------- $ 2,954,809 $ 3,078,467 =================================================================================================================================
* Restated from previously released financial information as a result of the January 1996 merger with NexGen, Inc. 6 ADVANCED MICRO DEVICES, INC. INFORMATION ONLY - -------------------------------------------------------------------------------- NON-GAAP CONSOLIDATED STATEMENTS OF INCOME* (INCLUDES PRE-TAX FASL INVESTMENT EQUITY (INCOME)/LOSS IN OPERATING INCOME (LOSS)) - -------------------------------------------------------------------------------- (THOUSANDS EXCEPT PER SHARE AMOUNTS)
Quarter Ended (Unaudited) - --------------------------------------------------------------------------------------------------- Mar. 31, Dec. 31, Apr. 2, 1996 1995 ** 1995 ** NET SALES $ 544,212 $ 595,178 $ 627,381 Cost of sales 368,735 427,058 305,685 Net (income) loss from equity investment in FASL (33,174) (33,077) 2,176 Research and development 94,780 107,715 96,874 Marketing, general, and administrative 103,011 100,766 102,734 - --------------------------------------------------------------------------------------------------- 533,352 602,462 507,469 - --------------------------------------------------------------------------------------------------- Operating income (loss) 10,860 (7,284) 119,912 Interest income and other, net 28,059 7,526 6,713 Interest expense (1,981) (1,167) (233) - --------------------------------------------------------------------------------------------------- Income (loss) before income taxes and equity in joint venture 36,938 (925) 126,392 Provision (credit) for income taxes - (21,846) 42,824 Provision (credit) for taxes on equity in (income)/loss of FASL 11,611 11,577 (762) - --------------------------------------------------------------------------------------------------- NET INCOME 25,327 9,344 84,330 Preferred stock dividends - - 10 - --------------------------------------------------------------------------------------------------- NET INCOME APPLICABLE TO COMMON STOCKHOLDERS $ 25,327 $ 9,344 $ 84,320 - --------------------------------------------------------------------------------------------------- NET INCOME PER COMMON SHARE - - Primary $0.18 $0.07 $0.66 - - Fully diluted $0.18 $0.07 $0.63 - --------------------------------------------------------------------------------------------------- Shares used in per share calculation - - Primary 138,399 137,965 127,181 - - Fully diluted 138,399 138,110 134,421 - ---------------------------------------------------------------------------------------------------
* The above statements of income are not in accordance with generally accepted accounting principles in that the pre-tax equity (income) loss of FASL has been reclassified and included in the determination of operating income (loss). Net income and related net income per common share amounts are the same as those reported under generally accepted accounting principles. ** Financial results for 1995 have been restated to include the historical financial information of NexGen, Inc. 7 AMD SELECTED CORPORATE DATA (UNAUDITED)
- --------------------------------------------------------------------------------------------- PRODUCT LINE BREAKDOWN* Q1 '96 Q4 '95 Q1 '95 - ----------------------- % OF SALES REVENUE % OF SALES REVENUE % OF SALES REVENUE ---------- ------- ---------- ------- ---------- ------- - --------------------------------------------------------------------------------------------- Computation Products Group 23 $ 126M 27 $ 164M 50 $ 314M Communications and Components Group 64 348M 61 362M 41 255M Programmable Logic Subsidiary 13 70M 12 69M 9 58M (TBN) - ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------- OTHER DATA Q1 '96 Q4 '95 Q1 '95 - ---------- ------ ------ ------ - --------------------------------------------------------------------------------------------- Depreciation $ 81M $ 83M $ 57M Capital Spending 106M 138M 200M Headcount 12,806 12,730 11,939 - --------------------------------------------------------------------------------------------- International Sales 52% 53% 58%
* Restated to include NEXGEN -----END PRIVACY-ENHANCED MESSAGE-----