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Titolo: COMPAQ UTILE 12 CENT

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Compaq Reports First Quarter Results
Meets Revenue and EPS Guidance; Outlines Aggressive Go-To-Market Program
HOUSTON, April 23 /PRNewswire Interactive News Release/ -- Compaq Computer
Corporation (NYSE: CPQ - news), a leading global provider of enterprise
technology and solutions, today reported revenue of $9.2 billion for the
first quarter ended March 31, 2001.
Net income from operations for the quarter was $200 million, or $0.12 per
diluted common share. Results exclude a one-time $249 million charge for
restructuring actions, net investment income of $75 million, and related tax
effects. Including the special items, the company reported net income of $78
million, or $0.05 per diluted common share.
``Given the difficulties in this market environment, our first quarter
performance reflects solid global execution,'' said Michael Capellas,
chairman and chief executive officer. ``Total revenue was down three
percent, or up one percent in constant currency. Outside the U.S., revenue
grew 17 percent, offsetting weakness in U.S. markets -- most notably
consumer PCs.''
In the same quarter last year, Compaq reported revenue of $9.5 billion and
net income of $296 million, or $0.17 per diluted common share. Adjusted for
a net after-tax gain of $44 million related to Compaq's investment
portfolio, earnings per diluted common share were $0.14.
Global services revenue was up 4 percent from a year ago. Compaq's
enterprise business was down 2 percent from the same period last year, but
saw particularly strong growth of 26 percent in enterprise storage. Outside
the U.S., the company grew 17 percent year-over-year in constant currency,
driven by enterprise growth of 29 percent, access growth of 15 percent and
services growth of 8 percent. International sales accounted for 61 percent
of the quarter's revenue. Revenue in the company's access business -- which
includes consumer and commercial personal computers -- was down 7 percent.
``The relative strength of our enterprise products and services reflects the
fact that customers are looking for partners that can provide integrated
solutions and put the pieces together to add real business value beyond the
box,'' Capellas continued.
Adjusted for currency, Europe, Middle East and Africa grew 14 percent, Japan
grew 31 percent, Asia Pacific grew 29 percent, Latin America grew 17 percent
and China grew 6 percent. North America revenue was down 17 percent.
First quarter results include a $249 million charge, which expands
previously announced restructuring. The restructuring activities will yield
an annualized savings of approximately $500 million.
Operating expense of $1.8 billion was essentially unchanged from a year ago,
and was down 9 percent from the previous quarter. First quarter gross
margin, as a percentage of revenue, was 22.7 percent, down slightly from a
year ago. The decline was largely the result of pricing pressure in the U.S.
``While we believe the second quarter will continue to be challenging, it
also provides an opportunity to make significant improvements in our
business model,'' Capellas said. ``We are aggressively focusing on five key
improvement initiatives including additional reductions in our structural
costs, permanent inventory reductions, aggressive pricing, increased
investments in innovation and broadening our global services.
``We are confident that these actions will strongly position us for improved
results in the second half of this year and beyond,'' Capellas concluded.
Company Background
Compaq Computer Corporation, a Fortune Global 100 company, is a leading
global provider of technology and solutions. Compaq designs, develops,
manufactures, and markets hardware, software, solutions, and services,
including industry-leading enterprise computing solutions, fault-tolerant
business-critical solutions, communication products, and desktop and
portable personal computers that are sold in more than 200 countries.
Information on Compaq and its products and services is available at
www.compaq.com
.
Compaq and the Compaq logo Registered U.S. Patent and Trademark Office. This
press release may contain forward-looking statements based on current
expectations that involve a number of risks and uncertainties. The potential
risks and uncertainties that could cause actual results to differ materially
include: market conditions, particularly in North America, increased
competitive environment and pricing pressures, disruptions related to
restructuring actions, and delays in the implementation of changes in
delivery models. Further information on these factors and other factors that
could affect Compaq's financial results will be included in Compaq's
Securities and Exchange Commission (SEC) filings, including the latest
Annual Report on Form 10-K and the Quarterly Report on Form 10-Q, which will
be filed shortly.

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