8-KOther Events

APPLIED MATERIALS INC /DE 8-K Report (May 13, 2003)

Filed May 13, 2003For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) filed an 8-K on May 13, 2003, to announce its financial results for the second fiscal quarter ended April 27, 2003. The filing primarily consists of a press release providing these results and outlining the company's financial condition. A key aspect highlighted is the company's use of a non-GAAP pro forma measure of net income, which excludes costs associated with its 2003 Realignment Plan. This pro forma measure is presented to facilitate a more meaningful comparison with prior periods and is considered by management to be a primary indicator for planning and forecasting. Investors should note that this non-GAAP information is provided as a supplement to GAAP results and may differ from how other companies present similar measures. The company emphasizes that this supplemental information should not be considered a substitute for GAAP net income.

Key Highlights

  • 1Applied Materials announced its second fiscal quarter 2003 financial results on May 13, 2003, via an 8-K filing.
  • 2The report includes a press release detailing the company's financial performance for the quarter ended April 27, 2003.
  • 3The company is presenting a pro forma measure of net income that excludes costs related to its 2003 Realignment Plan.
  • 4This pro forma net income is used by management to assess baseline performance and for future planning and forecasting.
  • 5Applied Materials states that this non-GAAP measure is intended to aid comparison with prior periods.
  • 6Investors are advised that this pro forma information is supplemental to GAAP results and may not be comparable to other companies' pro forma reporting.
  • 7The information furnished under Item 9 (Regulation FD Disclosure) is not considered 'filed' for purposes of Section 18 of the Exchange Act or subject to Sections 11 and 12(a)(2) of the Securities Act.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly announce and provide details on Applied Materials' financial results for the second fiscal quarter ended April 27, 2003, through an attached press release.

Applied Materials is using a pro forma net income measure that excludes costs from its 2003 Realignment Plan to provide a clearer view of the company's baseline operating performance. They believe this facilitates meaningful comparisons with prior periods and is a key metric for management's planning and forecasting.

No, investors should not rely solely on the pro forma net income figures. The company explicitly states that this non-GAAP information is a supplement to, and not a substitute for, net income prepared in accordance with Generally Accepted Accounting Principles (GAAP). Reconciliations between GAAP and pro forma amounts are provided in the press release.

By furnishing the information under Regulation FD and stating it's not 'filed,' Applied Materials is indicating that this specific disclosure is not subject to the same rigorous liability provisions under Sections 18, 11, and 12(a)(2) of the Securities Exchange Act and Securities Act, respectively, that apply to formally 'filed' documents. This is a common practice for earnings releases furnished under Item 12.