Intel Fourth-Quarter Revenue of $8.74 Billion at Record Level; Fourth-Quarter Earnings Per Share $0.33; EPS Includes $0.09 Goodwill Impairment Charge and $0.09 Tax Benefit on Divestitures
SANTA CLARA, Calif., Jan 14, 2004 (BUSINESS WIRE) -- Intel Corporation today
announced fourth-quarter revenue of $8.74 billion, up 12 percent sequentially
and up 22 percent year-over-year. Fourth-quarter revenue was slightly higher
than the previous record of $8.73 billion set in the third quarter of 2000.
Fourth-quarter net income was $2.2 billion, up 31 percent sequentially and up
107 percent year-over-year. Earnings per share were $0.33, up 32 percent
sequentially and up 106 percent from $0.16 in the fourth quarter of 2002.
"We ended the year on a high note as ongoing strength in emerging markets
coupled with improving demand in established markets drove revenue to record
levels," said Craig R. Barrett, Intel chief executive officer. "Intel's
substantial investments in capital and R&D over the past few years allowed us to
ship record microprocessor units in 2003 and introduce exciting new products
such as Intel(R) Centrino(TM) mobile technology.
"In 2004, our focus will be to drive double-digit growth through technology
leadership and global market expansion, and by pursuing adjacent opportunities
in communications and the digital home, while using our 90-nanometer and
300-millimeter factories to reduce costs and improve profitability."
The fourth quarter 2003 results included the impact of a $611-million goodwill
write-down related to the Wireless Communications and Computing Group (WCCG). At
the time of the fourth-quarter Business Update, the company also anticipated a
tax benefit of approximately $200 million related to a divestiture. Due to an
additional divestiture that closed during the quarter, the tax benefit increased
by $420 million, or approximately $0.06 more than anticipated. Intel's
third-quarter results included a tax benefit of $125 million related to a
divestiture, and last year's fourth-quarter results included a tax benefit of
approximately $75 million related to divestitures.
Full-Year Results
Revenue for 2003 was $30.1 billion, up 13 percent from $26.8 billion in 2002.
Net income was $5.6 billion, up 81 percent from $3.1 billion in 2002. Earnings
per share were $0.85, up 85 percent from $0.46 in 2002.
For the year, the company paid cash dividends of $524 million, or $0.08 per
share, and used $4.0 billion in cash to repurchase approximately 176 million
shares of common stock.
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