AMD Reports Fourth Quarter and Annual Results

SUNNYVALE, Calif.—(BUSINESS WIRE)—January 22, 2009— AMD (NYSE:AMD) today reported fourth quarter 2008 revenue from continuing operations1 of $1.162 billion. Fourth quarter 2008 revenue decreased 35 percent compared to the third quarter of 2008 and 33 percent compared to the fourth quarter of 2007. Fourth quarter 2008 revenue was down 28 percent sequentially, excluding third quarter 2008 process technology license revenue of $191 million.

In the fourth quarter of 2008, AMD reported a net loss of $1.424 billion, or $2.34 per share. For continuing operations, fourth quarter 2008 loss was $1.414 billion, or $2.32 per share, and the operating loss was $1.274 billion. The results for continuing operations include an unfavorable impact of $996 million, or $1.64 per share as described in the table below. Loss from discontinued operations was $10 million, or $0.02 a share.

For the year ended December 27, 2008, AMD achieved revenue of $5.808 billion. Fiscal 2008 net loss was $3.098 billion. AMD reported revenue of $5.858 billion and a net loss of $3.379 billion for fiscal 2007.

           
Reconciliation of GAAP to Non-GAAP Net Loss 1, 2, 3
 
(Millions except per share amounts) Q4-08 Q3-08 Q4-07
GAAP net loss / EPS $ (1,424 ) $ (2.34 ) $ (127 ) $ (0.21 ) $ (1,772 ) $ (3.06 )
Loss from discontinued operations (10 ) (0.02 ) (150 ) (0.25 )

(474

)

(0.82 )
Income (loss) from continuing operations (1,414 ) (2.32 ) 23 0.04 (1,298 ) (2.24 )
ATI impairment of goodwill and acquired intangible assets (684 ) (1.12 ) (2 ) - (1,132 ) (1.96 )
Incremental write-down of inventory (227 ) (0.37 ) - - - -
Process technology license revenue - - 191 0.31 - -
Marketable securities net impairment charges (21 ) (0.03 ) (9 ) (0.01 ) (69 ) (0.12 )
Amortization of acquired intangibles, integration and other charges (30 ) (0.05 ) (30 ) (0.05 ) (50 ) (0.09 )
Restructuring charges (50 ) (0.08 ) (9 ) (0.01 ) - -
Tax benefit from ATI acquisition-related charges - - - - 46 0.08
The Foundry Company formation costs (23 ) (0.04 ) (4 ) (0.01 ) (3 ) (0.01 )
Gain on debt buyback 39 0.06 - - - -
Non-GAAP net loss $ (418 ) $ (114 ) $ (90 )
 
Reconciliation of GAAP to Non-GAAP Operating Income (Loss) 1, 2, 3
(Millions)   Q4-08   Q3-08   Q4-07
GAAP operating income (loss) $ (1,274 ) $ 122 $ (1,187 )
ATI impairment of goodwill and acquired intangible assets (684 ) (2 ) (1,132 )
Incremental write-down of inventory (227 ) - -
Process technology license revenue - 191 -
Amortization of acquired intangibles, integration and other charges (30 ) (30 ) (50 )
Restructuring charges (50 ) (9 ) -
The Foundry Company formation costs (23 ) (4 ) (3 )
Cost of fair value adjustment of acquired inventory - - -
Non-GAAP operating loss $ (260 ) $ (24 ) $ (2 )

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