EXHIBIT 28.3
NEWS RELEASE
For further information:
Chuck Mulloy
(408) 749-5481
ADVANCED MICRO DEVICES RESTATES 1994 RESULTS
TO REFLECT LITIGATION SETTLEMENT
SUNNYVALE, CA ... January 12, 1995 ... Advanced Micro Devices (AMD) today
announced that as a result of the AMD and Intel litigation settlement as
required for financial reporting purposes, AMD recorded a $58 million charge in
its fourth quarter of 1994 and revised its previously released 1994 results. Net
income for the quarter and the year end was reduced by $ 35,877,000 from the
originally reported amounts because of the tax benefit of the settlement and an
accrual previously recorded in the fourth quarter.
Even after the restatement AMD still achieved record sales, operating
income and net income for 1994. The settlement will have no financial impact on
1995 operating results or financial condition.
Advanced Micro Devices, Inc., is the fifth-largest U.S. manufacturer of
integrated circuits. Focusing on the personal and networked computing and
communications markets, AMD produces microprocessors and related peripherals,
memories, programmable logic devices and circuits for telecommunications and
networking applications. AMD has sales offices worldwide and has manufacturing
facilities in Sunnyvale, California; Austin, Texas; Bangkok, Thailand; Penang,
Malaysia; Singapore; Aizu-Wakamatsu, Japan and Basingstoke, England.
###
Advanced Micro Devices, Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Revised)*
December 25, December 26,
1994 1993
(Audited) (Audited)
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ASSETS
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Current assets:
Cash and temporary cash investments $ 377,854 $ 488,198
Accounts receivable, net 337,107 263,617
Inventories 128,690 104,050
Prepaid expenses and other current assets 44,293 30,399
Deferred income taxes 98,675 77,922
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Total current assets 986,619 964,186
Other assets 70,284 58,633
Property, plant, and equipment, net 1,264,211 904,326
Investment in joint venture 124,588 2,086
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$ 2,445,702 $ 1,929,231
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Liabilities and Shareholders' Equity
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Current liabilities:
Notes payable to banks $ 32,459 $ 30,994
Accounts payable 149,122 127,151
Accrued compensation and benefits 104,526 81,860
Other accrued liabilities 140,570 83,982
Income tax payable 53,795 34,991
Deferred income on shipments to distributors 83,800 74,436
Long-term debt and capital lease obligations
due within one year 27,895 21,205
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Total current liabilities 592,167 454,619
Deferred income taxes 42,518 42,837
Long-term debt and capital lease obligations due
after one year 75,752 79,504
Shareholders' equity:
Capital stock:
Serial preferred stock, par value 34 35
Common stock, par value 956 926
Capital in excess of par value 698,673 619,733
Retained earnings 1,035,602 731,577
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Total shareholders' equity 1,735,265 1,352,271
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$ 2,445,702 $ 1,929,231
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* Revised from previously released financial information as a result of a
negotiated settlement with Intel Corporation.
Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
Quarter Ended Year Ended
(Unaudited) (Audited)
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Dec. 25, Sept. 25, Dec. 26, Dec. 25, Dec. 26,
1994 1994 1993 1994 1993
(Revised)* (Revised)*
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NET SALES $ 545,168 $ 543,114 $413,404 $2,134,659 $ 1,648,280
Cost of sales 263,837 252,409 208,552 982,306 789,564
Research and development 76,115 67,759 66,747 279,984 262,802
Marketing, general, and 87,236 87,369 83,148 359,230 290,861
administrative
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427,188 407,537 358,447 1,621,520 1,343,227
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Operating income 117,980 135,577 54,957 513,139 305,053
Litigation settlement (58,000) - - (58,000) -
Interest income and other, net 5,317 394 4,647 16,259 16,490
Interest expense (1) (205) (1,391) (1,844) (2,910)
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Income before income taxes and
equity in joint venture 65,296 135,766 58,213 469,554 318,633
Provision for income taxes 21,548 44,803 16,300 153,703 89,218
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Income before equity in
joint venture 43,748 90,963 41,913 315,851 229,415
Equity in net income (loss) of
joint venture (2,989) (4,277) (274) (10,585) (634)
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NET INCOME 40,759 86,686 41,639 305,266 228,781
Preferred stock dividends 2,588 2,587 2,588 10,350 10,350
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NET INCOME APPLICABLE
TO COMMON SHAREHOLDERS $ 38,171 $ 84,099 $ 39,051 $ 294,916 $ 218,431
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NET INCOME PER COMMON SHARE
- Primary $0.39 $0.86 $0.41 $3.02 $2.30
- Fully diluted $0.39 $0.83 $0.41 $2.92 $2.24
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Shares used in per share calculation
- Primary 98,636 97,778 95,895 97,510 95,108
- Fully diluted 105,490 104,872 102,751 104,570 102,063
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* Revised from previously released financial information as a result of a
negotiated settlement with Intel Corporation.