X quarterly report pursuant to section 13 or 15 (d) of the securities exchange act of 1934




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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 10-Q

 

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 25, 2005

 

OR

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission File Number 001-07882

 

 

ADVANCED MICRO DEVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

94-1692300

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

 

One AMD Place

Sunnyvale, California

 

94088

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (408) 749-4000

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   ¨

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-12 of the Exchange Act).    Yes  x    No  ¨

 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

 

Indicate the number of shares outstanding of the registrant’s common stock, $0.01 par value, as of October 31, 2005: 404,068,688.

 

Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

  

Page No.


 

 

 

Part I.

 

Financial Information

  

3

 

 

 

 

 

 

Item 1.

 

Financial Statements

  

3

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations – Quarters and nine months ended September 25, 2005 (unaudited) and September 26, 2004 (unaudited)

  

3

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – September 25, 2005 (unaudited) and December 26, 2004

  

4

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows – Nine months ended September 25, 2005 (unaudited) and September 26, 2004 (unaudited)

  



5

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

  

6

 

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

21

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

68

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

  

68

 

 

 

Part II.

 

Other Information

  

69

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

  

69

 

 

 

 

 

 

Item 6.

 

Exhibits

  

70

 

 

 

 

 

Signature

  

72

 

2
Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

Financial Statements

 

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Quarter Ended


 

 

Nine Months Ended


 

 

  

September 25,

2005


 

 

September 26,

2004


 

 

September 25,

2005


 

 

September 26,

2004


 

 

  

(In thousands except per share amounts)

 

Net sales

  

$

1,263,866

 

 

$

988,560

 

 

$

3,320,372

 

 

$

2,876,699

 

Net sales to related party (see Note 3)

  

 

258,889

 

 

 

250,899

 

 

 

688,929

 

 

 

861,030

 

 

  







 







 







 







Total net sales

  

 

1,522,755

 

 

 

1,239,459

 

 

 

4,009,301

 

 

 

3,737,729

 

 

 

 

 

 

Expenses:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

  

 

896,261

 

 

 

738,026

 

 

 

2,469,663

 

 

 

2,289,935

 

Research and development

  

 

289,018

 

 

 

230,896

 

 

 

814,724

 

 

 

681,807

 

Marketing, general and administrative

  

 

258,748

 

 

 

202,179

 

 

 

698,974

 

 

 

561,389

 

Restructuring and other special charges, net

  

 

—  

 

 

 

—  

 

 

 

—  

 

 

 

2,514

 

 

  







 







 







 







 

  

 

1,444,027

 

 

 

1,171,101

 

 

 

3,983,361

 

 

 

3,535,645

 

 

 

 

 

 

Operating income

  

 

78,728

 

 

 

68,358

 

 

 

25,940

 

 

 

202,084

 

 

 

 

 

 

Interest income and other, net

  

 

6,054

 

 

 

2,502

 

 

 

13,126

 

 

 

11,280

 

Interest expense

  

 

(30,615

)

 

 

(25,148

)

 

 

(80,513

)

 

 

(83,258

)

 

  







 







 







 







Income (loss) before minority interest and income taxes

  

 

54,167

 

 

 

45,712

 

 

 

(41,447

)

 

 

130,106

 

Minority interest in net loss of subsidiaries

  

 

21,227

 

 

 

3,008

 

 

 

105,985

 

 

 

1,832

 

 

  







 







 







 







Income before income taxes

  

 

75,394

 

 

 

48,720

 

 

 

64,538

 

 

 

131,938

 

(Benefit) provision for income taxes

  

 

(606

)

 

 

4,872

 

 

 

(5,358

)

 

 

10,819

 

 

  







 







 







 







Net income

  

$

76,000

 

 

$

43,848

 

 

$

69,896

 

 

$

121,119

 

 

  







 







 







 







Net income per common share:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

  

$

0.19

 

 

$

0.12

 

 

$

0.18

 

 

$

0.34

 

 

  







 







 







 







Diluted

  

$

0.18

 

 

$

0.12

 

 

$

0.17

 

 

$

0.32

 

 

  







 







 







 







Shares used in per share calculation:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

  

 

399,025

 

 

 

355,254

 

 

 

395,839

 

 

 

353,412

 

 

  







 







 







 







Diluted

  

 

443,681

 

 

 

417,576

 

 

 

409,586

 

 

 

418,531

 

 

  







 







 







 







 

See accompanying notes.

 

3
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