|
AMAT Projected Income Statement |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 est. |
2001 est. |
|
|
Net sales |
1,659,807 |
3,061,881 |
4,144,817 |
4,074,275 |
4,041,687 |
4,859,136 |
9,464,016 |
12,113,940 |
|
|
Cost of products sold |
891,512 |
1,652,033 |
2,195,078 |
2,173,350 |
2,178,531 |
2,537,293 |
4,690,966 |
6,012,149 |
|
|
Gross margin |
768,295 |
1,409,848 |
1,949,739 |
1,900,925 |
1,863,156 |
2,321,843 |
4,773,051 |
6,101,792 |
|
|
Operating expenses: |
- |
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|
Res, Dev and engr |
189,126 |
329,676 |
481,394 |
567,612 |
643,852 |
681,797 |
1,081,900 |
1,332,533 |
|
|
Marketing and selling |
157,303 |
223,296 |
313,631 |
314,381 |
321,606 |
325,498 |
480,922 |
605,697 |
|
|
General and administrative |
82,629 |
162,944 |
226,063 |
252,214 |
272,109 |
332,487 |
481,881 |
605,697 |
|
|
Non-recurring items |
25,100 |
75,818 |
237,227 |
48,400 |
40,000 |
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Income from operations |
339,237 |
693,932 |
903,551 |
690,900 |
388,362 |
933,661 |
2,688,348 |
3,557,864 |
|
|
Non-recurring income, net |
69,000 |
15,000 |
30,000 |
68,158 |
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|
Interest expense |
15,962 |
21,401 |
20,733 |
20,705 |
45,309 |
47,093 |
51,270 |
55,000 |
|
|
Interest income |
11,222 |
26,012 |
39,618 |
59,726 |
79,780 |
105,222 |
181,521 |
200,000 |
|
|
Income from cont oper before taxes |
334,497 |
698,543 |
922,436 |
798,921 |
437,833 |
1,021,790 |
2,886,756 |
3,702,864 |
|
|
Provision for income taxes |
117,074 |
244,490 |
322,851 |
300,447 |
148,863 |
329,930 |
866,027 |
1,110,859 |
|
|
Income after taxes before jv charges |
217,423 |
454,053 |
599,585 |
498,474 |
288,970 |
691,860 |
2,020,730 |
2,592,005 |
|
|
Restructuring charges from joint venture |
(18,423) |
3,677 |
- |
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|
Equity in net of joint venture |
(3,727) |
(18,649) |
30,116 |
- |
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|
Income from continuing operations |
213,696 |
454,053 |
599,585 |
498,474 |
288,744 |
718,299 |
2,020,730 |
2,592,005 |
|
|
Provision for discont of joint venture |
(20,996) |
20,996 |
- |
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|
Effect of accounting changes |
7,000 |
- |
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|
Net income |
220,696 |
454,053 |
599,585 |
498,474 |
267,748 |
739,295 |
2,020,730 |
2,592,005 |
|
|
- |
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|
Diluted number of shares |
680,168 |
709,392 |
734,428 |
755,676 |
757,016 |
792,086 |
870,692 |
905,519 |
|
|
Earnings per share |
0.32 |
0.64 |
0.82 |
0.66 |
0.35 |
0.93 |
2.36 |
2.86 |
|
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Assumptions: |
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1. 4Q00 revenue at 2875m consistent with analyst guidance given 8/29/00 |
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2. 2001 revenue to grow 28% consistent with AMAT industry forcast 8/29/00 |
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3. Cost of products sold to be 49.63% of revenues consistent with first 3 qtrs of 2000 |
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4. Res, Dev & Engr estimated at 11% of revenue |
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5. Marketing and sales estimated at 5% of revenue |
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6. G&A estimated at 5% of revenue |
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7. Income tax rate estimated to be 30%, |
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8. Diluted number of shares estimated to grow at 1% per quarter, 4% per year. |
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