Intel Reports Best Quarter Ever

INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP 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.
 
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 from these results 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.
 
(In millions, except per-share amounts)
Three Months Ended Six Months Ended
June 26, June 27, June 26, June 27,
2010 2009 2010 2009
 
GAAP OPERATING INCOME (LOSS) $ 3,981 $ (12 ) $ 7,429 $ 635
Adjustment for EC fine   -   1,447     -   1,447
OPERATING INCOME EXCLUDING EC FINE $ 3,981 $ 1,435 $ 7,429 $ 2,082
 
GAAP NET INCOME (LOSS) $ 2,887 $ (398 ) $ 5,329 $ 231
Adjustment for EC fine   -   1,447     -   1,447
NET INCOME EXCLUDING EC FINE $ 2,887 $ 1,049 $ 5,329 $ 1,678
 
GAAP DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.51 $ (0.07 ) $ 0.94 $ 0.04
Adjustment for EC fine   -   0.25     -   0.26
DILUTED EARNINGS PER COMMON SHARE EXCLUDING EC FINE $ 0.51 $ 0.18

(1)

$ 0.94 $ 0.30
 
(1) Calculated based on common shares of 5,678 for three months ended June 27, 2009, which is the number of common shares that would have been used in the calculation of diluted earnings per common share if the Company had GAAP net income.

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