Newsgroup: it.economia.borsa
Titolo: Intel Reports Third-Quarter Results; Third-Quarter Earnings Per Share $0.10;

Intel Reports Third-Quarter Results; Third-Quarter Earnings Per Share $0.10;
Earnings Excluding
Acquisition-Related Costs $0.11 Per Share
    Business Editors
    SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 15, 2002--Intel
Corporation today announced third-quarter revenue of $6.5 billion, up
3 percent sequentially and flat year-over-year.
    Third-quarter net income was $686 million, up 54 percent
sequentially and up 547 percent year-over-year. Earnings per share
were $0.10, up 43 percent sequentially and up 400 percent from $0.02
in the third quarter of 2001.
    Third-quarter net income excluding acquisition-related costs(1) of
approximately $108 million was $768 million, up 24 percent
sequentially and up 17 percent year-over-year. Earnings excluding
acquisition-related costs were $0.11 per share, up 22 percent
sequentially and up 10 percent from $0.10 in the third quarter of
2001.

BUSINESS OUTLOOK
    The following statements are based on current expectations. These
statements are forward-looking, and actual results may differ
materially. These statements do not include the potential impact of
any mergers, acquisitions, divestitures or other business combinations
that may be completed after October 14, 2002.
    Continuing uncertainty in global economic conditions makes it
particularly difficult to predict product demand and other related
matters.
    --  Revenue in the fourth quarter is expected to be between $6.5
        billion and $6.9 billion.
    --  Gross margin percentage in the fourth quarter is expected to
        be 49 percent, plus or minus a couple of points, approximately
        flat with the third quarter. Intel's gross margin percentage
        varies primarily with revenue levels, product mix and pricing,
        changes in unit costs, capacity utilization, and timing of
        factory ramps and associated costs.
    --  Gross margin percentage for 2002 is expected to be
        approximately 49 percent, near the low end of the previous
        expectation of 51 percent, plus or minus a few points,
        primarily due to lower than expected revenue in the second
        half, unrealized manufacturing savings in the third quarter,
        and higher than expected excess capacity charges in the second
        half.
    --  Expenses (R&D, excluding in-process R&D, plus MG&A) in the
        fourth quarter are expected to be approximately flat with $2.1
        billion in the third quarter. Expenses, particularly certain
        marketing- and compensation-related expenses, vary depending
        on the level of revenue and profits.
    --  R&D spending for 2002, excluding in-process R&D, is expected
        to be approximately $4.0 billion.
    --  Capital spending for 2002 is expected to be approximately $4.7
        billion, lower than the previous expectation of between $5.0
        billion and $5.2 billion. The majority of the spending
        reduction is being driven by cost savings within ongoing
        construction projects. In addition, the company is slightly
        reducing its fourth-quarter equipment spending by re-using
        certain equipment from older process technology.
    --  Gains or losses from equity investments and interest and other
        in the fourth quarter are expected to be a net loss of $50
        million due to the expectation of a net loss on equity
        investments of approximately $90 million, primarily as a
        result of impairment charges. Gains or losses from equity
        securities and interest and other assume no unanticipated
        events and vary depending on equity market levels and
        volatility, gains or losses realized on the sale or exchange
        of securities, impairment charges related to non-marketable
        and other investments, interest rates, cash balances, and
        changes in the fair value of derivative instruments.
    --  The tax rate for 2002 is now expected to be approximately 27.4
        percent, excluding the impact of acquisition-related costs and
        an expected fourth-quarter tax benefit of approximately $65
        million related to a small divestiture that closed early in
        the fourth quarter. The tax rate is lower than the previous
        expectation of 28.4 percent due to lower than expected profits
        for the year and a higher percentage of profits expected in
        low tax jurisdictions.
    --  Depreciation for the fourth quarter is expected to be
        approximately $1.2 billion.
    --  Amortization of acquisition-related intangibles and costs is
        expected to be approximately $90 million in the fourth
        quarter.