Intel Corporation - Financials and Filings

Recent Highlight

Recent Highlights

Intel Fourth-Quarter Net Income $2.3 billion, Up 875%

Fourth Quarter Results

Revenue $10.6 Billion, up $2.3 Billion and 28% Year-over-Year
Record Gross Margin of 65%, up 12 Points Year-over-Year
Operating Income $2.5 Billion, up $958 Million and 62% Year-over-Year
Net Income $2.3 Billion, up $2.0 Billion and 875% Year-over-Year
EPS 40 Cents, up 36 Cents Year-over-Year

Fourth-Quarter Results, Excluding the Settlement Agreement with AMD

Non-GAAP Operating Income $3.7 Billion, up $2.2 Billion and 143% Year-over-Year
Non-GAAP Net Income $3.1 Billion, up $2.3 Billion and 267% Year-over-Year
Non-GAAP EPS 55 Cents, up 40 Cents Year-over-Year

SANTA CLARA, Calif., Jan. 14, 2010 - Intel Corporation today reported fourth-quarter revenue of $10.6 billion. The company reported operating income of $2.5 billion, net income of $2.3 billion and EPS of 40 cents.

For 2009 Intel posted revenue of $35.1 billion. The company reported full-year operating income of $5.7 billion, net income of $4.4 billion and EPS of 77 cents. The company generated more than $11 billion in cash from operations and paid cash dividends of $3.1 billion.

"Intel's strong 2009 results reflect our investment in industry-leading manufacturing and product innovation," said Paul Otellini, Intel president and CEO. "This strategy has enabled us to generate unprecedented operating efficiencies while growing our traditional businesses and creating exciting new market opportunities, even in difficult economic times. Our ability to weather this business cycle demonstrates that microprocessors are indispensable in our modern world. Looking forward, we plan to deliver the benefits of computing to an expanding set of products, markets and customers."

GAAP Financial Comparison
Quarterly Results
	Q4 2009	vs. Q3 2009	vs. Q4 2008
Revenue	$10.6 billion	up 13%	up 28%
Operating Income	$2.5 billion	down 3%	up 62%
Net Income	$2.3 billion	up 23%	up 875%
Earnings Per Share	40 cents	up 7 cents	up 36 cents

Annual Results
	2009	vs. 2008
Revenue	$35.1 billion	down 7%
Operating Income	$5.7 billion	down 36%
Net Income	$4.4 billion	down 17%
Earnings Per Share	77 cents	down 15 cents

Non-GAAP Financial Comparison
Quarterly Results
	Q4 2009	vs. Q3 2009	vs. Q4 2008
Revenue	$10.6 billion	up 13%	up 28%
Operating Income	$3.7 billion	up 45%	up 143%
Net Income	$3.1 billion	up 67%	up 267%
Earnings Per Share	55 cents	up 22 cents	up 40 cents

Annual Results
	2009	vs. 2008
Revenue	$35.1 billion	down 7%
Operating Income	$8.4 billion	down 6%
Net Income	$6.6 billion	up 12%
Earnings Per Share	$1.17	up 14 cents

2009 Non-GAAP results exclude the European Commission fine of $1.45 billion and the settlement agreement with AMD of $1.25 billion, and the related tax impacts of this charge. Results for 2008 exclude a $938 million impairment of our investments in Clearwire Corp. and the related tax impacts of this charge.

Q4 2009 Key Financial Information

PC Client Group revenue up 10 percent, Data Center Group revenue up 21 percent, and Other Intel Architecture group revenue up 22 percent, Intel ® Atom™ microprocessor and chipset revenue up 6 percent, all sequentially.
The average selling price (ASP) for microprocessors was up sequentially.
R&D plus MG&A spending of $3.1 billion (excluding the $1.25 billion settlement agreement with AMD) was higher than the company's expectation.
The net gain of $96 million from equity investments and interest and other was better than the company's expectation.
The effective tax rate was 12 percent, versus the company's revised expectation of 20 percent.

Full Year 2009 Key Financial Information

PC Client Group revenue down 6 percent, Data Center Group revenue down 2 percent, and Other Intel Architecture group revenue down 21 percent, Intel Atom microprocessor and chipset revenue up 167 percent.
Gross margin of 55.7 percent, flat to 2008.
EC fine of $1.45 billion and AMD settlement agreement of $1.25 billion.
Full-year capital spending $4.5 billion, consistent with the company's expectation.