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KLA CORP Annual Report (Amendment), Year Ended Jun 30, 2003

Filing Date
Filed September 29, 2003
Period End
June 30, 2003
Security
KLAC
In the record · 2016–202610-K1110-Q328-K131

KLAC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 131 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’17Nov ’17
  2. Material agreement8-K · Mar ’20Mar ’20
  3. FY2025 annual report10-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 10-K/A filed September 29, 2003. Cited figures are marked; the original filing is the authoritative source.

KLA-Tencor Corporation filed an amendment (10-K/A) to its 2003 Annual Report, primarily to correct clerical errors.

The report covers the fiscal year ended June 30, 2003. Key financial highlights for the fiscal year 2003 show a decrease in total revenues to $1,323 milliona from $1,637 million in fiscal year 2002, and further down from $2,103 million in fiscal year 2001. This revenue decline is reflected in the income from operations, which fell to $139 million in fiscal 2003 compared to $245 million in fiscal 2002 and $458 million in fiscal 2001.

Net income also saw a significant decrease, reported at $137 millionb for fiscal 2003, down from $216 million in fiscal 2002 and $67 million in fiscal 2001. The company's balance sheet shows total assets of $2,867 million and total liabilities and stockholders' equity of $2,867 million as of June 30, 2003. Total stockholders' equity stood at $2,216 million, an increase from $2,030 million in the prior year, primarily driven by retained earnings.

The company's financial health appears stable despite the revenue and profit decline, with substantial cash and cash equivalents of $607 millionc and marketable securities totaling $881 million. Operating activities provided $246 million in cash flow, while investing activities used $99 million, and financing activities provided $27 million.

The amendment specifically corrected errors related to net borrowings under short-term debt obligations for fiscal year 2002 and pro forma net income for fiscal year 2001. The company's market capitalization as of September 10, 2003, was reported at over $10.7 billiond, indicating investor confidence despite the challenging industry conditions reflected in the financial performance.

02—Key points

Key Highlights

  1. Total revenues decreased to $1.32 billion in FY2003 from $1.64 billion in FY2002 and $2.10 billion in FY2001, indicating a challenging market environment.
  2. Income from operations significantly declined to $139 million in FY2003, down from $245 million in FY2002 and $458 million in FY2001.
  3. Net income for FY2003 was $137 million, a decrease from $216 million in FY2002 and a slight increase from $67 million in FY2001.
  4. The company maintained a strong liquidity position with $607 million in cash and cash equivalents and $350 million in short-term marketable securities as of June 30, 2003.
  5. Stockholders' equity grew to $2.22 billion as of June 30, 2003, driven by retained earnings, reflecting a stable equity base.
  6. The amendment corrected a specific error in the Consolidated Statements of Cash Flows for FY2002, adjusting net borrowings under short-term debt from $0 to -$448,000.
  7. The market value of common stock held by non-affiliates was approximately $10.76 billion as of September 10, 2003.

03—Questions

Frequently Asked Questions

  1. What were the main reasons for the decrease in KLA-Tencor's revenues and net income in fiscal year 2003?

    The filing indicates a general downturn in the semiconductor industry, which impacted KLA-Tencor's sales. While not explicitly detailed in this amendment, industry-wide trends commonly affect demand for semiconductor manufacturing equipment.

  2. What was the purpose of this Form 10-K/A filing?

    This filing is an amendment (Amendment No. 1) to the original Form 10-K for the fiscal year ended June 30, 2003. It was filed to correct specific clerical errors identified in the original filing, including an incorrect figure for net borrowings under short-term debt for FY2002 and an incorrect pro forma net income figure for FY2001.

  3. How does KLA-Tencor recognize revenue for its system sales?

    Effective July 1, 2000, KLA-Tencor generally recognizes revenue upon customer affirmation that a system has been installed and is operating according to specifications, in line with SEC Staff Accounting Bulletin (SAB) No. 101. Prior to this, revenue was typically recognized upon shipment.

  4. What is KLA-Tencor's policy on stock-based compensation?

    KLA-Tencor accounts for stock-based compensation under APB Opinion No. 25, meaning no stock-based employee compensation expense is reflected in net income, as stock options are granted with an exercise price equal to the market value on the grant date. However, the company provides pro forma disclosures as if it had used the fair value method of SFAS 123.

04—Continue

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