Intel Reports Strong Third-Quarter Results

In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures that exclude the charge incurred in the second quarter of 2009 as a result of the European Commission (EC) fine in the amount of €1.06 billion, or about $1.45 billion. In this earnings release the expense associated with the fine is presented separately within operating expenses for the nine-months ended September 26, 2009. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show the reader, how our performance compares to other periods. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

           
INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
OPERATING INCOME, NET INCOME, AND EARNINGS PER COMMON SHARE;
EXCLUDING EUROPEAN COMMISSION FINE
(In millions, except per-share amounts)
 
Three Months Ended Nine Months Ended
Sept. 26, June 27, Sept. 27, Sept. 26, Sept. 27,
2009 2009   2008 2009 2008
 

GAAP OPERATING INCOME (LOSS)

$ 2,579 $ (12) $ 3,098 $ 3,214 $ 7,415
Adjustment for EC fine   -   1,447     -   1,447   -
OPERATING INCOME EXCLUDING EC FINE $ 2,579 $ 1,435 $ 3,098 $ 4,661 $ 7,415
 
GAAP NET INCOME (LOSS) $ 1,856 $ (398) $ 2,014 $ 2,087 $ 5,058
Adjustment for EC fine   -   1,447     -   1,447   -
NET INCOME EXCLUDING EC FINE $ 1,856 $ 1,049 $ 2,014 $ 3,534 $ 5,058
 
GAAP DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.33 $ (0.07) $

0.35

$ 0.37 $ 0.87
Adjustment for EC fine   -   0.25     -   0.26   -
DILUTED EARNINGS PER COMMON SHARE EXCLUDING EC FINE $ 0.33 $

0.18

1

$

0.35

$ 0.63 $ 0.87
 

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