Intel Corp (INTC)

[Elmer Phud]

Quarterly revenue flat year over year
Intel first-quarter revenue is $6.75 billion
Posted April 15, 2003


Intel has announced first-quarter 2003 revenue of $6.75 billion, down six percent sequentially and flat year-over-year.

First-quarter net income was $915 million, down 13 percent sequentially and down two percent year-over-year. Earnings per share were $0.14, down 13 percent sequentially and flat with the first quarter of 2002.

“Our financial performance for the quarter was solid with our computing-related business performing better than expected and our flash business coming in below expectations,” said Craig R. Barrett, Intel chief executive officer. “Two major announcements in the quarter highlight our continued, substantial investment in new products and technology, and our strategy of driving the convergence of communications and computing. We introduced Intel® Centrino™ mobile technology that brings integrated wireless capability and longer battery life to a new generation of mobile PCs. We also announced our innovative wireless-Internet-on-a-chip technology, code-named Manitoba, for cell phones. Both of these key products were well received in the marketplace.

“These types of leadership products, along with the scheduled ramp of our 90-nm process technology in the second half of the year, help to position us well for future growth.”

The fourth-quarter 2002 results included a tax benefit of approximately $75 million related to divestitures, which increased earnings per share by $0.01. Last year’s first-quarter results included a pretax charge of $155 million related to a litigation settlement agreement, which had an after-tax impact of $0.015 per share.