AMD Reports Second Quarter Results

SUNNYVALE, Calif.—(BUSINESS WIRE)—July 17, 2008— AMD (NYSE:AMD) today reported second quarter 2008 revenue from continuing operations of $1.349 billion, a seven percent decrease compared to the first quarter of 2008 and a three percent increase compared to the second quarter of 2007. As part of its previously communicated review of its non-core businesses, AMD decided to divest its Handheld and DTV product businesses, and therefore is classifying them as discontinued operations1 for financial reporting.

In the second quarter of 2008, AMD reported a net loss of $1.189 billion, or $1.96 per share. For continuing operations, the second quarter loss was $269 million, or $0.44 per share, and the operating loss was $143 million. The results for continuing operations include a net favorable impact of $97 million, or $0.16 per share as described in the table below. Loss from discontinued operations was $920 million, or $1.52 a share, including asset impairment charges of $876 million, or $1.44 a share.

Reconciliation of GAAP to Non-GAAP Net Loss 2

 
(Millions except per share amounts)   Q2-08   Q1-08   Q2-07
GAAP net loss /EPS $ (1,189 )   $ (1.96 ) $ (358 )   $ (0.59 ) $ (600 )   $ (1.09 )
Loss from discontinued operations   (920 )   (1.52 )   (50 )   (0.08 )   (69 )   (0.13 )
Loss from continuing operations   (269 )   (0.44 )   (308 )   (0.51 )   (531 )   (0.96 )
Gain on sale of 200mm equipment   193     0.32          
Marketable securities impairment charges   (36 )   (0.06 )        
Amortization of acquired intangibles, integration and other charges   (30 )   (0.05 )   (29 )   (0.05 )   (57 )   (0.10 )
Restructuring charges   (30 )   (0.05 )        
Debt issuance charges           (5 )   (0.01 )
Non-GAAP net loss $ (366 )   $ (279 )   $ (469 )  
Reconciliation of GAAP to Non-GAAP Operating Loss 2
 
(Millions)   Q2-08   Q1-08   Q2-07
GAAP operating loss $ (143 ) $ (214 ) $ (396 )
Gain on sale of 200mm equipment   193      
Amortization of acquired intangibles, integration and other charges   (30 )   (29 )   (57 )
Restructuring charges   (30 )    
Non-GAAP operating loss $ (276 ) $ (185 ) $ (339 )

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