Summary
Advanced Micro Devices, Inc. (AMD) has filed a Form 8-K on January 9, 2009, to provide updates related to the divestiture of its Handheld and Digital Television businesses. Initially, in the second quarter of 2008, AMD decided to divest these segments and reclassify their assets and liabilities as discontinued operations for fiscal years 2007 and 2006 in its Form 10-K. This update is part of the preparation for its upcoming Special Meeting of Stockholders. However, a significant change has occurred. During the fourth quarter of 2008, due to ongoing negotiations for the divestiture of the Handheld business unit, AMD determined that the criteria for classifying it as discontinued operations are no longer met. Consequently, the company now intends to reclassify the operating results of the Handheld business back to continuing operations in its fiscal year 2008 Form 10-K. This filing also includes updated financial information and discussions as of December 29, 2007.
Key Highlights
- 1AMD is updating its financial reporting for the divestiture of Handheld and Digital Television businesses.
- 2Assets and liabilities of these businesses were initially classified as discontinued operations for fiscal years 2007 and 2006.
- 3This reclassification was intended to comply with FASB Statement No. 144.
- 4The Handheld business is being reclassified back to continuing operations due to ongoing divestiture negotiations.
- 5This change impacts the presentation in the upcoming Form 10-K for the fiscal year ended December 27, 2008.
- 6The filing includes updated Management's Discussion and Analysis (MD&A) and Financial Statements as of December 29, 2007.
- 7The report is being filed in connection with the Company's proxy statement for a Special Meeting of Stockholders.