SANTA CLARA, Calif.--(BUSINESS WIRE)--
Applied Materials, Inc. today announced preliminary results for its
first fiscal quarter ended January 25, 2009.
The company expects a net loss in the range of $0.09 to $0.11 per share
for the first fiscal quarter, which includes the following charges that
decreased earnings per share by $0.09: 1] a restructuring charge of
approximately $133 million (or $0.06 per share) associated with a cost
reduction program announced on November 12, 2008; 2] a provision of $48
million (or $0.02 per share) for doubtful accounts receivable related to
certain customers’ deteriorating financial condition in the challenging
economic and industry environment; and 3] additional inventory charges
of $20 million (or $0.01 per share) due to a decline in demand for
semiconductor and display products. On November 12, 2008, the company
provided a target of earnings per diluted share for the first fiscal
quarter in the range of $0.00 to $0.04. This target did not include the
above charges, which could not be estimated or were not known at that
time.
Net sales for the first fiscal quarter are expected to be approximately
$1.33 billion, down 35 percent from the fourth quarter of fiscal 2008,
and at the low end of the previously provided target range of down 25 to
35 percent.
The company intends to continue implementing cost reduction programs,
including shutdowns and additional restructuring activities, as
appropriate for the unprecedented business conditions.
On February 10, 2009, Applied Materials will announce its first fiscal
quarter results and hold its regularly scheduled conference call
beginning at 1:30 p.m. Pacific Standard Time. A webcast of the
conference call will be available to all interested parties on Applied
Materials’ Web site at http://www.appliedmaterials.com
under the “Investors” section.
This press release contains certain forward-looking statements,
including those relating to expected results for the first fiscal
quarter and cost reduction programs. These statements are subject to
known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such
statements, including but not limited to: possible adjustments to
financial results as Applied completes its regular closing process for
the first fiscal quarter; uncertain global economic and industry
conditions; Applied’s ability to maintain effective cost controls and
timely align its cost structure with business conditions; and other
risks described in Applied’s SEC filings, including its reports on Forms
10-K, 10-Q and 8-K. All forward-looking statements are based on
management’s estimates, projections and assumptions as of the date
hereof. The company undertakes no obligation to update any
forward-looking statements.
Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in
Nanomanufacturing Technology™ solutions with a broad portfolio of
innovative equipment, service and software products for the fabrication
of semiconductor chips, flat panel displays, solar photovoltaic cells,
flexible electronics and energy efficient glass. At Applied Materials,
we apply Nanomanufacturing Technology to improve the way people live.
Learn more at www.appliedmaterials.com.
Source: Applied Materials, Inc.
Applied Materials, Inc.
David Miller, 408-563-9582 (editorial/media)
Michael
Sullivan, 408-986-7977 (financial community)
