Intel Reports Full Year Revenue of $53.3 Billion, Net Income of $11.0 Billion
Generates $18.9 Billion in Cash from Operations
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intel Corporation today reported full-year revenue of $53.3 billion,
operating income of $14.6 billion, net income of $11.0 billion and EPS
of $2.13. The company generated approximately $18.9 billion in cash from
operations, paid dividends of $4.4 billion, and used $4.8 billion to
repurchase 191 million shares of stock.
For the fourth quarter, Intel posted revenue of $13.5 billion, operating
income of $3.2 billion, net income of $2.5 billion and EPS of 48 cents.
The company generated approximately $6 billion in cash from operations,
paid dividends of $1.1 billion and used $1.0 billion to repurchase 47
million shares of stock.
“The fourth quarter played out largely as expected as we continued to
execute through a challenging environment,” said Paul Otellini, Intel
president and CEO. “We made tremendous progress across the business in
2012 as we entered the market for smartphones and tablets, worked with
our partners to reinvent the PC, and drove continued innovation and
growth in the data center. As we enter 2013, our strong product pipeline
has us well positioned to bring a new wave of Intel innovations across
the spectrum of computing.”
Full-Year 2012 Key Financial Information and
Business Unit Trends
PC Client Group had revenue of $34.3 billion, down 3 percent from 2011.
Data Center Group had revenue of $10.7 billion, up 6 percent from 2011.
Other Intel architecture group had revenue of $4.4 billion, down 13
percent from 2011.
Q4 Key Financial Information and Business Unit
Trends
PC Client Group revenue of $8.5 billion, down 1.5 percent sequentially
and down 6 percent year-over-year.
Data Center Group revenue of $2.8 billion, up 7 percent sequentially
and up 4 percent year-over-year.
Other Intel® architecture group revenue of $1.0 billion, down 14
percent sequentially and down 7 percent year-over-year.
Gross margin of 58 percent, 1.0 percentage point above the midpoint of
the company’s expectation of 57 percent.
R&D plus MG&A spending $4.6 billion, in line with the company’s
expectation of approximately $4.5 billion.
Tax rate of 23 percent, below the company’s expectation of
approximately 27 percent.
Business Outlook
Intel’s Business Outlook does not include the potential impact of any
business combinations, asset acquisitions, divestitures or other
investments that may be completed after Jan. 17.
Full-Year 2013
Revenue: low single-digit percentage increase.
Gross margin percentage: 60 percent, plus or minus a few percentage
points.
R&D plus MG&A spending: $18.9 billion, plus or minus $200 million.
Amortization of acquisition-related intangibles: approximately $300
million.
Depreciation: $6.8 billion, plus or minus $100 million.
Impact of equity investments and interest and other: net gain of
approximately $100 million.
Tax Rate: approximately 25 percent.
Full-year capital spending: $13.0 billion, plus or minus $500 million.
Q1 2013
Revenue: $12.7 billion, plus or minus $500 million.
Gross margin percentage: 58 percent, plus or minus a couple percentage
points.
R&D plus MG&A spending: approximately $4.6 billion.
Amortization of acquisition-related intangibles: approximately $75
million.
Impact of equity investments and interest and other: net loss of
approximately $50 million.
Depreciation: approximately $1.7 billion.
For additional information regarding Intel’s results and Business
Outlook, please see the CFO commentary at: www.intc.com/results.cfm.
Status of Business Outlook
Intel’s Business Outlook is posted on intc.com and may be reiterated in
public or private meetings with investors and others. The Business
Outlook will be effective through the close of business Mar. 15 unless
earlier updated; except that the Business Outlook for amortization of
acquisition-related intangibles, impact of equity investments and
interest and other, and tax rate, will be effective only through the
close of business on Jan. 24. Intel’s Quiet Period will start from the
close of business on Mar. 15 until publication of the company’s
first-quarter earnings release, scheduled for April 16, 2013. During the
Quiet Period, all of the Business Outlook and other forward-looking
statements disclosed in the company’s news releases and filings with the
SEC should be considered as historical, speaking as of prior to the
Quiet Period only and not subject to an update by the company.
GAAP Financial Comparison
Annual
2012
2011
vs. 2011
Revenue
$53.3 billion
$54.0 billion
down 1.2%
Gross Margin
62.1%
62.5%
down 0.4 pts.
Operating Income
$14.6 billion
$17.5 billion
down 16%
Net Income
$11.0 billion
$12.9 billion
down 15%
Earnings Per Share
$2.13
$2.39
down 11%
Non-GAAP Financial Comparison
Annual
2012
2011
vs. 2011
Gross Margin
63.2%
63.4%
down 0.2 pts.
Operating Income
$15.5 billion
$18.2 billion
down 15%
Net Income
$11.6 billion
$13.5 billion
down 14%
Earnings Per Share
$2.24
$2.50
down 10%
Non-GAAP results exclude the amortization of acquisition-related
intangible assets and the related income tax effect of these
charges.
GAAP Financial Comparison
Quarterly
Q4 2012
Q4 2011
vs. Q4 2011
Revenue
$13.5 billion
$13.9 billion
down 3%
Gross Margin
58.0%
64.5%
down 6.5 pts.
Operating Income
$3.2 billion
$4.6 billion
down 31%
Net Income
$2.5 billion
$3.4 billion
down 27%
Earnings Per Share
48 cents
64 cents
down 25%
Non-GAAP Financial Comparison
Quarterly
Q4 2012
Q4 2011
vs. Q4 2011
Gross Margin
59.0%
65.4%
down 6.4 pts.
Operating Income
$3.4 billion
$4.8 billion
down 30%
Net Income
$2.6 billion
$3.5 billion
down 26%
Earnings Per Share
51 cents
67 cents
down 24%
Non-GAAP results exclude the amortization of acquisition-related
intangible assets and the related income tax effect of these
charges.
Risk Factors
The above statements and any others in this document that refer to plans
and expectations for the first quarter, the year and the future are
forward-looking statements that involve a number of risks and
uncertainties. Words such as “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should” and
their variations identify forward-looking statements. Statements that
refer to or are based on projections, uncertain events or assumptions
also identify forward-looking statements. Many factors could affect
Intel’s actual results, and variances from Intel’s current expectations
regarding such factors could cause actual results to differ materially
from those expressed in these forward-looking statements. Intel
presently considers the following to be the important factors that could
cause actual results to differ materially from the company’s
expectations.
Demand could be different from Intel's expectations due to factors
including changes in business and economic conditions; customer
acceptance of Intel’s and competitors’ products; supply constraints
and other disruptions affecting customers; changes in customer order
patterns including order cancellations; and changes in the level of
inventory at customers. Uncertainty in global economic and financial
conditions poses a risk that consumers and businesses may defer
purchases in response to negative financial events, which could
negatively affect product demand and other related matters.
Intel operates in intensely competitive industries that are
characterized by a high percentage of costs that are fixed or
difficult to reduce in the short term and product demand that is
highly variable and difficult to forecast. Revenue and the gross
margin percentage are affected by the timing of Intel product
introductions and the demand for and market acceptance of Intel's
products; actions taken by Intel's competitors, including product
offerings and introductions, marketing programs and pricing pressures
and Intel’s response to such actions; and Intel’s ability to respond
quickly to technological developments and to incorporate new features
into its products.
The gross margin percentage could vary significantly from expectations
based on capacity utilization; variations in inventory valuation,
including variations related to the timing of qualifying products for
sale; changes in revenue levels; segment product mix; the timing and
execution of the manufacturing ramp and associated costs; start-up
costs; excess or obsolete inventory; changes in unit costs; defects or
disruptions in the supply of materials or resources; product
manufacturing quality/yields; and impairments of long-lived assets,
including manufacturing, assembly/test and intangible assets.
The tax rate expectation is based on current tax law and current
expected income. The tax rate may be affected by the jurisdictions in
which profits are determined to be earned and taxed; changes in the
estimates of credits, benefits and deductions; the resolution of
issues arising from tax audits with various tax authorities, including
payment of interest and penalties; and the ability to realize deferred
tax assets.
Gains or losses from equity securities and interest and other could
vary from expectations depending on gains or losses on the sale,
exchange, change in the fair value or impairments of debt and equity
investments; interest rates; cash balances; and changes in fair value
of derivative instruments. The majority of our marketable equity
security portfolio balance is concentrated in ASML Holding, N.V., and
declines in value could result in impairment charges, impacting gains
or losses on equity securities.
Intel's results could be affected by adverse economic, social,
political and physical/infrastructure conditions in countries where
Intel, its customers or its suppliers operate, including military
conflict and other security risks, natural disasters, infrastructure
disruptions, health concerns and fluctuations in currency exchange
rates.
Expenses, particularly certain marketing and compensation expenses, as
well as restructuring and asset impairment charges, vary depending on
the level of demand for Intel's products and the level of revenue and
profits.
Intel’s results could be affected by the timing of closing of
acquisitions and divestitures.
Intel’s current chief executive officer plans to retire in May 2013
and the Board of Directors is working to choose a successor. The
succession and transition process may have a direct and/or indirect
effect on the business and operations of the company. In connection
with the appointment of the new CEO, the company will seek to retain
our executive management team (some of whom are being considered for
the CEO position), and keep employees focused on achieving the
company’s strategic goals and objectives.
Intel's results could be affected by adverse effects associated with
product defects and errata (deviations from published specifications),
and by litigation or regulatory matters involving intellectual
property, stockholder, consumer, antitrust, disclosure and other
issues, such as the litigation and regulatory matters described in
Intel's SEC reports. An unfavorable ruling could include monetary
damages or an injunction prohibiting Intel from manufacturing or
selling one or more products, precluding particular business
practices, impacting Intel’s ability to design its products, or
requiring other remedies such as compulsory licensing of intellectual
property.
A detailed discussion of these and other factors that could affect
Intel’s results is included in Intel’s SEC filings, including the
company’s most recent Form 10-Q and report on Form 10-K.
Earnings Webcast
Intel will hold a public webcast at 2 p.m. PDT today on its Investor
Relations website at www.intc.com.
A webcast replay and MP3 download will also be available on the site.
Intel plans to report its earnings for the first quarter of 2013 on
April 16, 2013. Immediately following the earnings report, the company
plans to publish a commentary by Stacy J. Smith, executive vice
president, chief financial officer, and director of corporate strategy,
at www.intc.com/results.cfm.
A public webcast of Intel’s earnings conference call will follow at 2
p.m. PDT at www.intc.com.
About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The
company designs and builds the essential technologies that serve as the
foundation for the world’s computing devices. Additional information
about Intel is available at newsroom.intel.com
and blogs.intel.com.
Intel, the Intel logo and Ultrabook are trademarks of Intel Corporation
in the United States and other countries.
*Other names and brands may be claimed as the property of others.
INTEL CORPORATION
CONSOLIDATED SUMMARY STATEMENT OF INCOME DATA
(In millions, except per share amounts)
Three Months Ended
Twelve Months Ended
Dec 29,
Dec 31,
Dec 29,
Dec 31,
2012
2011
2012
2011
NET REVENUE
$
13,477
$
13,887
$
53,341
$
53,999
Cost of sales
5,660
4,935
20,190
20,242
GROSS MARGIN
7,817
8,952
33,151
33,757
Research and development
2,629
2,308
10,148
8,350
Marketing, general and administrative
1,958
1,973
8,057
7,670
R&D AND MG&A
4,587
4,281
18,205
16,020
Amortization of acquisition-related intangibles
75
72
308
260
OPERATING EXPENSES
4,662
4,353
18,513
16,280
OPERATING INCOME
3,155
4,599
14,638
17,477
Gains (losses) on equity investments, net
60
17
141
112
Interest and other, net
(11)
(29)
94
192
INCOME BEFORE TAXES
3,204
4,587
14,873
17,781
Provision for taxes
736
1,227
3,868
4,839
NET INCOME
$
2,468
$
3,360
$
11,005
$
12,942
BASIC EARNINGS PER COMMON SHARE
$
0.50
$
0.66
$
2.20
$
2.46
DILUTED EARNINGS PER COMMON SHARE
$
0.48
$
0.64
$
2.13
$
2.39
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC
4,968
5,069
4,996
5,256
DILUTED
5,095
5,242
5,160
5,411
INTEL CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In millions)
Dec 29,
Sept 29,
Dec 31,
2012
2012
2011
CURRENT ASSETS
Cash and cash equivalents
$
8,478
$
3,520
$
5,065
Short-term investments
3,999
2,483
5,181
Trading assets
5,685
4,462
4,591
Accounts receivable, net
3,833
3,938
3,650
Inventories:
Raw materials
478
614
644
Work in process
2,219
2,363
1,680
Finished goods
2,037
2,342
1,772
4,734
5,319
4,096
Deferred tax assets
2,117
1,633
1,700
Other current assets
2,512
1,659
1,589
TOTAL CURRENT ASSETS
31,358
23,014
25,872
Property, plant and equipment, net
27,983
27,157
23,627
Marketable equity securities
4,424
3,924
562
Other long-term investments
493
469
889
Goodwill
9,710
9,623
9,254
Identified intangible assets, net
6,235
6,221
6,267
Other long-term assets
4,148
4,033
4,648
TOTAL ASSETS
$
84,351
$
74,441
$
71,119
CURRENT LIABILITIES
Short-term debt
$
312
$
56
$
247
Accounts payable
3,023
3,188
2,956
Accrued compensation and benefits
2,972
2,320
2,948
Accrued advertising
1,015
1,096
1,134
Deferred income
1,932
1,954
1,929
Other accrued liabilities
3,644
3,339
2,814
TOTAL CURRENT LIABILITIES
12,898
11,953
12,028
Long-term debt
13,136
7,100
7,084
Long-term deferred tax liabilities
3,412
2,904
2,617
Other long-term liabilities
3,702
3,215
3,479
Stockholders' equity:
Preferred stock
—
—
—
Common stock and capital in excess of par value
19,464
19,278
17,036
Accumulated other comprehensive income (loss)
(399)
(501)
(781)
Retained earnings
32,138
30,492
29,656
TOTAL STOCKHOLDERS' EQUITY
51,203
49,269
45,911
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
84,351
$
74,441
$
71,119
INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
(In millions)
Q4 2012
Q3 2012
Q4 2011
CASH INVESTMENTS:
Cash and short-term investments
$12,477
$6,003
$10,246
Trading assets - marketable debt securities
5,685
4,462
4,591
Total cash investments
$18,162
$10,465
$14,837
CURRENT DEFERRED INCOME:
Deferred income on shipments of components to distributors
$694
$791
$751
Deferred income from software and services group
1,238
1,163
1,178
Total current deferred income
$1,932
$1,954
$1,929
SELECTED CASH FLOW INFORMATION:
Depreciation
$1,641
$1,625
$1,333
Share-based compensation
$272
$276
$241
Amortization of intangibles
$364
$268
$256
Capital spending
($2,504)
($2,887)
($2,844)
Investments in non-marketable equity instruments
($117)
($163)
($124)
Equity investment in ASML Holding N.V.
—
(3,218)
—
Stock repurchase program
($1,000)
(1,165)
(4,133)
Proceeds from sales of shares to employees & excess tax benefit
$139
$299
$1,129
Issuance of long-term debt
$6,124
—
—
Dividends paid
($1,119)
($1,125)
($1,070)
Net cash (used)/received for acquisitions/divestitures
($70)
($110)
($244)
EARNINGS PER COMMON SHARE INFORMATION:
Weighted average common shares outstanding - basic
4,968
4,996
5,069
Dilutive effect of employee equity incentive plans
73
93
115
Dilutive effect of convertible debt
54
64
58
Weighted average common shares outstanding - diluted
5,095
5,153
5,242
STOCK BUYBACK:
Shares repurchased
47
46
174
Cumulative shares repurchased (in billions)
4.3
4.2
4.1
Remaining dollars authorized for buyback (in billions)
$5.3
$6.3
$10.1
OTHER INFORMATION:
Employees (in thousands)
105.0
104.7
100.1
INTEL CORPORATION
SUPPLEMENTAL OPERATING GROUP RESULTS
(In millions)
Three Months Ended
Twelve Months Ended
Dec 29,
Dec 31,
Dec 29,
Dec 31,
2012
2011
2012
2011
Net Revenue
PC Client Group
$
8,506
$
9,047
$
34,274
$
35,406
Data Center Group
2,830
2,717
10,741
10,129
Other Intel Architecture Group
1,018
1,099
4,378
5,005
Intel Architecture Group
12,354
12,863
49,393
50,540
Software and Services Group
636
578
2,381
1,870
All other
487
446
1,567
1,589
TOTAL NET REVENUE
$
13,477
$
13,887
$
53,341
$
53,999
Operating income (loss)
PC Client Group
$
2,817
$
3,952
$
13,053
$
14,793
Data Center Group
1,329
1,453
5,073
5,100
Other Intel Architecture Group
(495)
(368)
(1,377)
(577)
Intel Architecture Group
$
3,651
$
5,037
16,749
19,316
Software and Services Group
(36)
16
(11)
(32)
All other
(460)
(454)
(2,100)
(1,807)
TOTAL OPERATING INCOME
$
3,155
$
4,599
$
14,638
$
17,477
In the second quarter of 2012, we reorganized our smartphone,
tablet, and mobile communication businesses within the other Intel
architecture operating group to enable us to move faster and with
greater collaboration and synergies in the market segment for mobile
devices. As part of the reorganization, the former Netbook and
Tablet Group has been separated into the following new operating
groups: Netbook Group, Tablet Group, and Service Provider Group.
Additionally, the former Ultra-Mobility Group is now the Phone
Group. The other Intel architecture operating group continues to
include the Intelligent Systems Group and Intel Mobile
Communications. The other Intel architecture operating group
aggregation has not changed. Our operating groups shown above are
comprised of the following:
• PC Client Group: Delivering platforms designed for the
notebook and desktop (including high-end enthusiast PCs) market
segments; and wireless connectivity products.
• Data Center Group: Delivering platforms designed for the
server, workstation, and storage computing market segments; and
wired network connectivity products.
• Other Intel Architecture Group consist of the following:
• Intelligent Systems Group: Delivering platforms designed
for embedded applications.
• Netbook Group: Delivering platforms designed for the
netbook market segment.
• Intel Mobile Communications: Delivering mobile phone
components such as baseband processors, radio frequency
transceivers, and power management chips.
• Tablet Group: Delivering platforms designed for the tablet
market segment.
• Phone Group: Delivering platforms designed for the
smartphone market segment.
• Service Provider Group: Delivering gateway and set top box
components.
• Software and Services Group consists of the following:
• McAfee: A wholly owned subsidiary delivering software
products for endpoint security, network and content security, risk
and compliance, and consumer and mobile security.
• Wind River Software Group: A wholly owned subsidiary
delivering software optimized products for the embedded and mobile
market segments.
• Software and Services Group: Delivering software products
and services that promote Intel Architecture as the platform of
choice for software development.
All Other consists of the following:
• Non-Volatile Memory Solutions Group: Delivering NAND flash
memory products for use in a variety of devices.
• Corporate: Revenue, expenses and charges such as:
• A portion of profit-dependent compensation and other expenses not
allocated to the operating groups.
• Divested businesses and results of seed businesses that support
our initiatives.
• Acquisition-related costs, including amortization and any
impairment of acquisition-related intangibles and goodwill.
INTEL CORPORATION
SUPPLEMENTAL PLATFORM REVENUE INFORMATION
Q4 2012
Q4 2012
2012
compared to Q3 2012
compared to Q4 2011
compared to 2011
PC Client Platform
Unit Volumes
(4%)
(6%)
(1%)
Average Selling Prices
2%
0%
(2%)
Data Center Platform
Unit Volumes
0%
(1%)
(1%)
Average Selling Prices
8%
5%
6%
PC Client Group Notebook and Desktop Platform Key Drivers
-Notebook platform average selling prices decreased 6% from 2011 to
2012
-Notebook platform volumes increased 2% from 2011 to 2012
-Desktop platform average selling prices increased 4% from 2011 to
2012
-Desktop platform volume decreased 5% from 2011 to 2012
INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
In addition to disclosing financial results in accordance with
United States (U.S.) generally accepted accounting principles
(GAAP), this document contains non-GAAP financial measures that we
believe are helpful in understanding and comparing our past
financial performance and our expectations for future results. The
non-GAAP financial measures disclosed by the company exclude the
amortization of acquisition-related intangible assets, as well as
the related income tax effect. Amortization of acquisition-related
intangible assets consists of the amortization of developed
technology, trade names, and customer relationships acquired in
connection with business combinations. We record charges relating to
the amortization of these intangibles in our GAAP financial
statements. Amortization charges for our acquisition-related
intangible assets are inconsistent in size and are significantly
impacted by the timing and valuation of our acquisitions.
Consequently, our non-GAAP adjustment excludes these charges to
facilitate an evaluation of our current operating performance and
comparisons to our past operating performance.
Set forth below are reconciliations of the non-GAAP financial
measures to the most directly comparable GAAP financial measures.
The non-GAAP financial measures disclosed by the company have
limitations and should not be considered a substitute for, or
superior to, financial measures prepared in accordance with GAAP,
and the financial results prepared in accordance with GAAP and
reconciliations from these results should be carefully evaluated.
Management believes the non-GAAP financial measures are appropriate
for period to period comparisons in our budget, planning and
evaluation processes, and to show the reader how our performance
compares to other periods.
(In millions, except per share amounts)
Three Months Ended
Twelve Months Ended
Dec 29,
Dec 31,
Dec 29,
Dec 31,
2012
2011
2012
2011
GAAP GROSS MARGIN
$
7,817
$
8,952
$
33,151
$
33,757
Adjustment for the amortization of acquisition-related intangibles
137
137
557
482
NON-GAAP GROSS MARGIN
$
7,954
$
9,089
$
33,708
$
34,239
GAAP GROSS MARGIN PERCENTAGE
58.0%
64.5%
62.1%
62.5%
Adjustment for the amortization of acquisition-related intangibles
1.0%
0.9%
1.1%
0.9%
NON-GAAP GROSS MARGIN PERCENTAGE
59.0%
65.4%
63.2%
63.4%
GAAP OPERATING INCOME
$
3,155
$
4,599
$
14,638
$
17,477
Adjustment for the amortization of acquisition-related intangibles
Press Release $INTC Intel Corporation
Generates $18.9 Billion in Cash from Operations
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intel Corporation today reported full-year revenue of $53.3 billion, operating income of $14.6 billion, net income of $11.0 billion and EPS of $2.13. The company generated approximately $18.9 billion in cash from operations, paid dividends of $4.4 billion, and used $4.8 billion to repurchase 191 million shares of stock.
For the fourth quarter, Intel posted revenue of $13.5 billion, operating income of $3.2 billion, net income of $2.5 billion and EPS of 48 cents. The company generated approximately $6 billion in cash from operations, paid dividends of $1.1 billion and used $1.0 billion to repurchase 47 million shares of stock.
“The fourth quarter played out largely as expected as we continued to execute through a challenging environment,” said Paul Otellini, Intel president and CEO. “We made tremendous progress across the business in 2012 as we entered the market for smartphones and tablets, worked with our partners to reinvent the PC, and drove continued innovation and growth in the data center. As we enter 2013, our strong product pipeline has us well positioned to bring a new wave of Intel innovations across the spectrum of computing.”
Full-Year 2012 Key Financial Information and Business Unit Trends
Q4 Key Financial Information and Business Unit Trends
Business Outlook
Intel’s Business Outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures or other investments that may be completed after Jan. 17.
Full-Year 2013
Q1 2013
For additional information regarding Intel’s results and Business Outlook, please see the CFO commentary at: www.intc.com/results.cfm.
Status of Business Outlook
Intel’s Business Outlook is posted on intc.com and may be reiterated in public or private meetings with investors and others. The Business Outlook will be effective through the close of business Mar. 15 unless earlier updated; except that the Business Outlook for amortization of acquisition-related intangibles, impact of equity investments and interest and other, and tax rate, will be effective only through the close of business on Jan. 24. Intel’s Quiet Period will start from the close of business on Mar. 15 until publication of the company’s first-quarter earnings release, scheduled for April 16, 2013. During the Quiet Period, all of the Business Outlook and other forward-looking statements disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.
Non-GAAP results exclude the amortization of acquisition-related intangible
assets and the related income tax effect of these charges.
Non-GAAP results exclude the amortization of acquisition-related intangible
assets and the related income tax effect of these charges.
Risk Factors
The above statements and any others in this document that refer to plans and expectations for the first quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should” and their variations identify forward-looking statements. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Many factors could affect Intel’s actual results, and variances from Intel’s current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be the important factors that could cause actual results to differ materially from the company’s expectations.
A detailed discussion of these and other factors that could affect Intel’s results is included in Intel’s SEC filings, including the company’s most recent Form 10-Q and report on Form 10-K.
Earnings Webcast
Intel will hold a public webcast at 2 p.m. PDT today on its Investor Relations website at www.intc.com. A webcast replay and MP3 download will also be available on the site.
Intel plans to report its earnings for the first quarter of 2013 on April 16, 2013. Immediately following the earnings report, the company plans to publish a commentary by Stacy J. Smith, executive vice president, chief financial officer, and director of corporate strategy, at www.intc.com/results.cfm. A public webcast of Intel’s earnings conference call will follow at 2 p.m. PDT at www.intc.com.
About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com.
Intel, the Intel logo and Ultrabook are trademarks of Intel Corporation in the United States and other countries.
*Other names and brands may be claimed as the property of others.
• Wind River Software Group: A wholly owned subsidiary delivering software optimized products for the embedded and mobile market segments.
• Divested businesses and results of seed businesses that support our initiatives.
• Acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill.
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Intel Corporation
Reuben Gallegos, 408-765-5374 (Investor Relations)
reuben.m.gallegos@intel.com
Jon Carvill, 503-696-5069 (Media Relations)
jon.carvill@intel.com
Source: Intel Corporation