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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Intel Corporation today reported first-quarter revenue of $7.1 billion,
operating income of $670 million, net income of $647 million and
earnings per share (EPS) of 11 cents.
“We believe PC sales bottomed out during the first quarter and that the
industry is returning to normal seasonal patterns," said Paul Otellini,
Intel president and CEO. “Intel has adapted well to the current economic
environment and we’re benefiting from disciplined execution and agility.
We’re delivering a product portfolio that meets the needs of the
changing market, spanning affordable computing to high-performance,
Quarterly Results Summary
vs. Q1 2008
vs. Q4 2008
Q4 2008 results included a net loss from equity investments of
$1.1 billion, primarily due to a billion-dollar reduction in the
carrying value of the company’s investments in Clearwire.
Key Financial Information
Microprocessor units were lower versus the fourth quarter.
Revenue from Intel® Atom™ microprocessors and chipsets was $219
million, down 27 percent sequentially.
The average selling price (ASP) for all microprocessors was
approximately flat sequentially.
Excluding shipments of Intel Atom microprocessors, the ASP was
approximately flat sequentially.
Gross margin of 45.6 percent was lower than 53.1 percent in the fourth
quarter. The decrease was primarily due to higher factory
underutilization charges and startup costs.
Inventories were reduced by approximately $700 million in the first
Spending was $2.5 billion, consistent with the company’s expectation.
Restructuring and asset impairment charges were $74 million, lower
than the expectation of $160 million.
The net loss from equity investments and interest and other was $18
million, lower than the expectation of a $130-million loss, primarily
due to a strengthening market for certain debt instruments at the end
of the first quarter.
The effective tax rate was 1 percent, lower than the expectation of
approximately 27 percent, driven primarily by settlement of various
federal and state tax matters related to prior years and a higher
percentage of profits in lower tax jurisdictions.
Intel’s Business Outlook does not include the potential impact of any
mergers, acquisitions, divestitures or other business combinations that
may be completed after April 13. Current uncertainty in global economic
conditions makes it particularly difficult to predict product demand and
other related matters and makes it more likely that Intel’s actual
results could differ materially from expectations. Consequently, the
company is providing less quantitative guidance than in previous
Due to continued economic uncertainty and limited visibility, Intel is
not providing a revenue outlook at this time. For internal purposes,
the company is currently planning for revenue approximately flat to
the first quarter.
Gross margin percentage: Expected to be in the mid-40s.
Spending (R&D plus MG&A): Approximately flat to the first quarter.
Restructuring and asset impairment charges: Approximately $115 million.
Net loss from equity investments and interest and other: Approximately
Depreciation: Approximately $1.2 billion.
Spending (R&D plus MG&A): Between $10.4 billion and $10.6 billion,
Capital spending: Expected to be slightly down from 2008.
Depreciation: $4.8 billion plus or minus $100 million, unchanged.
Tax rate: Approximately 24 percent for the second, third and fourth
Status of Business Outlook
During the quarter, Intel’s corporate representatives may reiterate the
Business Outlook during private meetings with investors, investment
analysts, the media and others. From the close of business on May 29
until publication of the company’s second-quarter earnings release,
Intel will observe a “Quiet Period” during which the Business Outlook
disclosed in the company’s press releases and filings with the SEC
should be considered to be historical, speaking as of prior to the Quiet
Period only and not subject to an update by the company.
The above statements and any others in this document that refer to plans
and expectations for the second quarter, the year and the future are
forward-looking statements that involve a number of risks and
uncertainties. Many factors could affect Intel’s actual results, and
variances from Intel’s current expectations regarding such factors could
cause actual results to differ materially from those expressed in these
forward-looking statements. Intel presently considers the following to
be the important factors that could cause actual results to differ
materially from the corporation’s expectations.
Current uncertainty in global economic conditions pose a risk to the
overall economy as consumers and businesses may defer purchases in
response to tighter credit and negative financial news, which could
negatively affect product demand and other related matters.
Consequently, demand could be different from Intel's expectations due
to factors including changes in business and economic conditions,
including conditions in the credit market that could affect consumer
confidence; customer acceptance of Intel’s and competitors’ products;
changes in customer order patterns including order cancellations; and
changes in the level of inventory at customers.
Intel operates in intensely competitive industries that are
characterized by a high percentage of costs that are fixed or
difficult to reduce in the short term and product demand that is
highly variable and difficult to forecast. Revenue and the gross
margin percentage are affected by the timing of new Intel product
introductions and the demand for and market acceptance of Intel's
products; actions taken by Intel's competitors, including product
offerings and introductions, marketing programs and pricing pressures
and Intel’s response to such actions; and Intel’s ability to respond
quickly to technological developments and to incorporate new features
into its products.
The gross margin percentage could vary significantly from expectations
based on changes in revenue levels; capacity utilization; start-up
costs; excess or obsolete inventory; product mix and pricing;
variations in inventory valuation, including variations related to the
timing of qualifying products for sale; manufacturing yields; changes
in unit costs; impairments of long-lived assets, including
manufacturing, assembly/test and intangible assets; and the timing and
execution of the manufacturing ramp and associated costs.
Expenses, particularly certain marketing and compensation expenses, as
well as restructuring and asset impairment charges, vary depending on
the level of demand for Intel's products and the level of revenue and
The tax rate expectation is based on current tax law and current
expected income. The tax rate may be affected by the jurisdictions in
which profits are determined to be earned and taxed; changes in the
estimates of credits, benefits and deductions; the resolution of
issues arising from tax audits with various tax authorities, including
payment of interest and penalties; and the ability to realize deferred
The recent financial crisis affecting the banking system and financial
markets and the going concern threats to investment banks and other
financial institutions have resulted in a tightening in the credit
markets, a reduced level of liquidity in many financial markets, and
extreme volatility in fixed income, credit and equity markets. There
could be a number of follow-on effects from the credit crisis on
Intel’s business, including insolvency of key suppliers resulting in
product delays; inability of customers to obtain credit to finance
purchases of our products and/or customer insolvencies; counterparty
failures negatively impacting our treasury operations; increased
expense or inability to obtain short-term financing of Intel’s
operations from the issuance of commercial paper; and increased
impairments from the inability of investee companies to obtain
financing. Gains or losses from equity securities and interest and
other could also vary from expectations depending on gains or losses
realized on the sale or exchange of securities; gains or losses from
equity method investments; impairment charges related to debt
securities as well as equity and other investments; interest rates;
cash balances; and changes in fair value of derivative instruments.
The current volatility in the financial markets and overall economic
uncertainty increases the risk that the actual amounts realized in the
future on our debt and equity investments will differ significantly
from the fair values currently assigned to them.
The majority of our non-marketable equity investment portfolio balance
is concentrated in companies in the flash memory market segment, and
declines in this market segment or changes in management’s plans with
respect to our investments in this market segment could result in
significant impairment charges, impacting restructuring charges as
well as gains/losses on equity investments and interest and other.
Intel's results could be impacted by adverse economic, social,
political and physical/infrastructure conditions in countries where
Intel, its customers or its suppliers operate, including military
conflict and other security risks, natural disasters, infrastructure
disruptions, health concerns and fluctuations in currency exchange
Intel's results could be affected by adverse effects associated with
product defects and errata (deviations from published specifications),
and by litigation or regulatory matters involving intellectual
property, stockholder, consumer, antitrust and other issues, such as
the litigation and regulatory matters described in Intel's SEC reports.
A detailed discussion of these and other factors that could affect
Intel’s results is included in Intel’s SEC filings, including the report
on Form 10-K for the fiscal year ended Dec. 27, 2008. The company’s
revenue plan noted above under “Business Outlook” is a statement as of
this date, is not a part of Outlook, and is not subject to updating by
the company in the period prior to the Quiet Period.
Intel will hold a public webcast at 2:30 p.m. PDT today on its Investor
Relations Web site at www.intc.com.
A webcast replay and MP3 download will also be made available on the
Intel (NASDAQ:INTC), the world leader in silicon innovation, develops
technologies, products and initiatives to continually advance how people
work and live. Additional information about Intel is available at www.intel.com/pressroom
Intel, the Intel logo and Intel Atom are trademarks of Intel Corporation
in the United States and other countries.
* Other names and brands may be claimed as the property of others.
CONSOLIDATED SUMMARY INCOME STATEMENT DATA
(In millions, except per share amounts)
Three Months Ended
Cost of sales
Research and development
Marketing, general and administrative
Restructuring and asset impairment charges
Gains (losses) on equity investments, net
Interest and other, net
INCOME BEFORE TAXES
Provision for taxes
BASIC EARNINGS PER COMMON SHARE
DILUTED EARNINGS PER COMMON SHARE
WEIGHTED AVERAGE SHARES OUTSTANDING:
CONSOLIDATED SUMMARY BALANCE SHEET DATA
Cash and cash equivalents
Accounts receivable, net
Work in process
Deferred tax assets
Other current assets
TOTAL CURRENT ASSETS
Property, plant and equipment, net
Marketable equity securities
Other long-term investments
Other long-term assets
Accrued compensation and benefits
Deferred income on shipments to distributors
Other accrued liabilities
TOTAL CURRENT LIABILITIES
Long-term income taxes payable
Other long-term liabilities
Common stock and capital in excess of par value
Accumulated other comprehensive income (loss)
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
As adjusted due to the implementation of FSP APB
14-1“Accounting for Convertible Debt Instruments That May Be
Settled in Cash upon Conversion (Including Partial Cash
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