<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 7, 1997
ADVANCED MICRO DEVICES, INC.
----------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 1-7882 94-1692300
- ------------------------------- ----------- ------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One AMD Place,
P.O. Box 3453
Sunnyvale, California 94088-3453
--------------------- ----------
(address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (408) 732-2400
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Page 1 of 4
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Item 5. Other Events.
- ------- -------------
On April 7, 1997, Advanced Micro Devices, Inc. (the "Company") announced
its first quarter revenues. The Company reported sales of $551,999,000 for its
first quarter, ended March 30, 1997. Net income amounted to $12,951,000, or
$0.09 per common share, fully diluted. The full text of the press release is
set forth in Exhibit 99 attached hereto and is incorporated in this report as if
fully set forth herein.
Item 7. Financial Statements and Exhibits.
- ------- ----------------------------------
(c) Exhibits:
- --- ---------
99 Press release dated April 7, 1997
2
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SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ADVANCED MICRO DEVICES, INC.
(Registrant)
Date: April 9, 1997 By: /s/ Geoff Ribar
_____________________________
Geoff Ribar
Vice President
Corporate Controller
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Exhibit Index
-------------
Exhibit Number Exhibit
- -------------- -------
99 Press release dated April 7, 1997
<PAGE>
[Letterhead of Advanced Micro Devices, Inc.]
CONTACT:
Scott Allen
Public Relations
(408) 749-3311
AMD RETURNS TO PROFITABILITY
SUNNYVALE, CA--April 7, 1997--AMD today reported sales of $551,999,000 for
its first quarter, ended March 30, 1997. Net income amounted to $12,951,000, or
$0.09 per common share, fully diluted.
Sales grew by more than 11 percent over the immediate-prior quarter, when
AMD reported sales of $496,868,000, which resulted in a net loss of $21,243,000,
or $0.15 per common share.
Sales rose by 1.4 percent over the first quarter of 1996. In the like period
a year ago, AMD reported sales of $544,212,000, which resulted in net income of
$25,327,000, or $0.18 per common share, fully diluted. Last year's first quarter
results included non-recurring charges of $8.7 million for expenses associated
with the company's acquisition of NexGen, Inc., and a non-recurring pre-tax gain
of $24.7 million resulting from a sale of securities.
"Recovering strength in all sectors of our business produced the sales
growth necessary for AMD to return to modest profitability even before volume
shipments of AMD-K6(TM) MMX processors," said W.J. Sanders III, chairman and
chief executive officer. "Revenue growth was led by flash memories, Microsoft(R)
Windows(R) compatible microprocessors, and programmable logic devices from our
Vantis division. Our book-to-bill ratio was greater than 1:1 in the quarter.
-more-
#9734
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"We made initial OEM shipments of 10,000 AMD-K6 processors during the March-
ending quarter. Shipments of AMD-K5(TM) processors grew to 1.3 million units,
with a richer product mix of mainly PR133 and PR166 devices," Sanders continued.
"We are ramping production in order to ship hundreds of thousands of AMD-K6
MMX processors during the current quarter, and millions of units in the second
half of 1997," Sanders concluded.
About AMD
- ---------
AMD is a global supplier of integrated circuits for the personal and
networked computer and communications markets. AMD produces processors, flash
memories, programmable logic devices, and products for communications and
networking applications. Founded in 1969 and based in Sunnyvale, California, AMD
had revenues of $2 billion in 1996. (NYSE: AMD).
Cautionary Statement
- --------------------
Except for historical information contained herein, the matters discussed in
this news release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially, including
the market acceptance and successful production ramp of the AMD-K6 MMX
processor, the impact of competitive products and pricing, the timely
development of wafer fabrication process technologies, the effect of changing
economic conditions, and such risks and uncertainties detailed from time-to-time
in the company's SEC reports.
WORLD WIDE WEB: Press announcements and other information about AMD are
available on the Internet via the World Wide Web. Type http://www.amd.com at
the URL prompt.
AMD-K6 and AMD-K5 are trademarks of Advanced Micro Devices, Inc.
AMD, the AMD logo and combinations thereof are trademarks of Advanced Micro
Devices, Inc.
Microsoft and Windows are registered trademarks of Microsoft Corporation
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#9734
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Advanced Micro Devices, Inc.
CONSOLIDATED BALANCE SHEETS
(Thousands)
March 30, December 29,
1997 1996
(Unaudited) (Audited)
- -----------------------------------------------------------------------------
Assets
- -----------------------------------------------------------------------------
Current assets:
Cash, cash equivalents and short-term investments $628,887 $ 386,198
Accounts receivable, net 282,590 220,028
Inventories 149,218 154,010
Deferred income taxes 140,085 140,850
Prepaid expenses and other current assets 51,976 127,991
- -----------------------------------------------------------------------------
Total current assets 1,252,756 1,029,077
Property, plant and equipment, net 1,849,934 1,787,402
Investment in joint venture 187,566 197,205
Other assets 135,870 131,599
- -----------------------------------------------------------------------------
$3,426,126 $3,145,283
=============================================================================
Liabilities and Stockholders' Equity
- -----------------------------------------------------------------------------
Current liabilities:
Notes payable to banks $ 12,965 $ 14,692
Accounts payable 233,237 224,139
Accrued compensation and benefits 65,838 66,745
Accrued liabilities 106,796 103,436
Income tax payable 45,547 51,324
Deferred income on shipments to distributors 105,390 95,466
Current portion of long-term debt and capital
lease obligations 31,406 27,671
- ----------------------------------------------------------------------------
Total current liabilities 601,179 583,473
Deferred income taxes 98,777 95,102
Long-term debt and capital lease obligations,
less current portion 682,413 444,830
Stockholders' equity:
Capital stock:
Common stock, par value 1,400 1,380
Capital in excess of par value 989,767 957,226
Retained earnings 1,052,590 1,063,272
- -----------------------------------------------------------------------------
Total stockholders' equity 2,043,757 2,021,878
- -----------------------------------------------------------------------------
$3,426,126 $3,145,283
=============================================================================
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Advanced Micro Devices, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands except per share amounts)
Quarter Ended
(Unaudited)
- ----------------------------------------------------------------------------
March 30, December 29, March 31,
1997 1996 1996
- ----------------------------------------------------------------------------
Net sales $551,999 $496,868 $544,212
Cost of sales 349,076 354,622 368,735
Research and development 104,908 107,499 94,780
Marketing, general and
administrative 94,519 88,292 103,011
- ----------------------------------------------------------------------------
548,503 550,413 566,526
- ----------------------------------------------------------------------------
Operating income (loss) 3,496 (53,545) (22,314)
Interest income and other, net 13,322 4,079 28,059
Interest expense (9,410) (7,601) (1,981)
- ----------------------------------------------------------------------------
Income (loss) before income taxes
and equity in joint venture 7,408 (57,067) 3,764
Provision (benefit) for income
taxes 2,148 (22,826) -
- ----------------------------------------------------------------------------
Income (loss) before equity
in joint venture 5,260 (34,241) 3,764
Equity in net income of
joint venture 7,691 12,998 21,563
- ----------------------------------------------------------------------------
Net income (loss) applicable
to common stockholders $12,951 $(21,243) $25,327
- ----------------------------------------------------------------------------
Net income (loss) per common
share
- - Primary $ 0.09 $ (0.15) $ 0.18
- - Fully diluted $ 0.09 $ (0.15) $ 0.18
- ----------------------------------------------------------------------------
Shares used in per share
calculation
- - Primary 146,751 137,693 138,399
- - Fully diluted 147,322 137,693 138,399
- ----------------------------------------------------------------------------
4
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Advanced Micro Devices, Inc. INFORMATION ONLY
- --------------------------------------------------------------------------------
NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS*
(Includes Pre-Tax FASL Investment Equity Income in Operating Income (Loss))
- --------------------------------------------------------------------------------
(Thousands except per share amounts)
Quarter Ended
(Unaudited)
- --------------------------------------------------------------------------------
March 30, December 29, March 31,
1997 1996 1996
- --------------------------------------------------------------------------------
Net sales $551,999 $496,868 $544,212
Cost of sales 349,076 354,622 368,735
Income from equity investment in FASL (12,482) (19,996) (33,174)
Research and development 104,908 107,499 94,780
Marketing, general and administrative 94,519 88,292 103,011
- --------------------------------------------------------------------------------
536,021 530,417 533,352
- --------------------------------------------------------------------------------
Operating income (loss) 15,978 (33,549) 10,860
Interest income and other, net 13,322 4,079 28,059
Interest expense (9,410) (7,601) (1,981)
- --------------------------------------------------------------------------------
Income (loss) before income taxes 19,890 (37,071) 36,938
Provision (benefit) for income taxes 2,148 (22,826) -
Provision for taxes on equity income in FASL 4,791 6,998 11,611
- --------------------------------------------------------------------------------
Net income (loss) applicable
to common stockholders $12,951 $(21,243) $25,327
- --------------------------------------------------------------------------------
Net income (loss) per common share
- - Primary $ 0.09 $ (0.15) $ 0.18
- - Fully diluted $ 0.09 $ (0.15) $ 0.18
- --------------------------------------------------------------------------------
Shares used in per share calculation
- - Primary 146,751 137,693 138,399
- - Fully diluted 147,322 137,693 138,399
- --------------------------------------------------------------------------------
* The above statements of operations are not in accordance with generally
accepted accounting principles (GAAP) in that the pre-tax equity income of
FASL has been reclassified and included in the determination of operating
income (loss). Net income (loss) and related net income (loss) per common
share amounts are the same as those reported under GAAP.
5
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<TABLE>
<CAPTION>
AMD
SELECTED CORPORATE DATA
(UNAUDITED)
=====================================================================================================
PRODUCT LINE BREAKDOWN
- ---------------------- Q1 '97 Q4 '96 Q1 '96
% OF SALES REVENUE % OF SALES REVENUE % OF SALES REVENUE
=====================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Communications Group
(CPD, LPD, NPD) 31 $171M 33 $166M 33 $ 182M
Vantis (PLD) 13 69M 12 59M 13 70M
Memory Group (NVD) 33 184M 33 162M 39 210M
Computation Products Group
(CMD, PPD, TMD) 23 128M 22 110M 15 82M
=====================================================================================================
OTHER DATA Q1 '97 Q4 '96 Q1 '96
=====================================================================================================
Depreciation
and Amortization $ 91M $ 88M $ 80M
Capital Additions 174M 144M 96M
Headcount 12,025 12,181 12,806
- -----------------------------------------------------------------------------------------------------
International Sales 56% 55% 52%
</TABLE>
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