AMD Reports Fourth Quarter and Annual Results
AMD, excluding the results of the Memory Products Group segment, had fourth quarter sales of $1.35 billion, an increase of 78 percent from the fourth quarter of 2004 and 34 percent from the third quarter of 2005. Comparable sales in the fourth quarter of 2004 were $760 million, resulting in operating income of $59 million. Comparable sales in the third quarter of 2005 were $1.01 billion, resulting in operating income of $129 million.
For the year ended December 25, 2005, AMD achieved record sales of $5.85 billion, a 17 percent increase from 2004. Fiscal year 2005 net income was $165 million, or $0.40 per share. The annual results include a non-cash charge in the fourth quarter of $110 million, or $0.25 per share, associated with the reduction of AMD's ownership in Spansion to 37.9 percent as a result of Spansion's IPO. AMD reported sales in 2004 of $5.00 billion and a net income of $91 million, or $0.25 per share.
AMD, excluding the results of the Memory Products Group segment, had sales of $3.94 billion for the year ended December 25, 2005, an increase of 48 percent from 2004, and operating income of $543 million for 2005. Comparable sales in 2004 were $2.66 billion, resulting in operating income of $187 million.
"AMD's growth rate increased in the fourth quarter resulting in continued market share gains across server, desktop and mobile product lines," said Robert J. Rivet, AMD's chief financial officer. "In addition to solid execution against our product and technology strategies, we made significant strides in the quarter to improve our balance sheet by significantly reducing our debt and increasing our cash and short-term investment balance to $1.8 billion."
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