Beruflich Dokumente
Kultur Dokumente
5. Intrinsic Value (Forecasting) Model and Analysis with ML, OPT., PESS
Possible Scores
Professor's Comments:
6. Graham Model
Possible Scores
9. Final Analysis. Is it consistent with the resto of your analysis and inte
Does the logic flow from your previous discussion and wha
Possible Scores
Professor's Comments:
mpany Name:
ding analysis
2
Your Score
10
10
..
4
10
12
15
15
15
15
Years)..
1
.
4
10
12
10
10
10
10
10
10
retation ....
2
ation .
2
12
16
20
TOTAL
20
100
Intel Corporation
An Analysis of Intel
Presented by: St
About I
Intel Corporation engages in the design, manufacture, and sale of integrated circuits for computing and comm
desktops, servers, workstations, storage products, embedded applications, communications products, consum
integrate its core processing functionalities with other system components, such as graphics, audio, and vide
microprocessor and input, display, and storage devices, including keyboard, mouse, monitor, hard drive, and
and that has connectors for attaching devices to the bus; and wired and wireless connectivity products consis
networks. Further, the company provides NAND flash memory products primarily used in portable memory st
operating systems, middleware, and tools used to develop, run, and manage various enterprise, consumer, e
applications. Additionally, it develops computing platforms, which are integrated hardware and software com
principally to original equipment manufacturers, original design manufacturers, PC components and other pro
strategic alliance with Scientific Conservation Inc. Intel Corporation was founded in 1968 and is based in San
Mission Statement: This decade we will create and extend computing technology to connect and enrich the li
earth.
History: Intel, founded in 1968 to build computer memory products, introduced the world's first microprocess
employee base of 82,500 (as of 2010) with about 55% of those employees living in the United States.
Objectives:
Grow PC and Datacenter business with new users and uses
Extend Intel Solutions to win in adjacent market segments
Create a continuum of secure, personal computing experiences
Care for our people, the planet, and inspire the next generation
Board of Directors
CEO: Paul S. Otellini is president and chief executive officer of Intel Corporation. He became the company's fi
succeeding Craig R. Barrett. Otellini previously had served as Intel's president and chief operating officer, pos
the same year he was elected to Intel's board of directors.
Executive Vice President: Andy D. Bryant is executive vice president, Technology, Manufacturing and Enterpri
administrative officer of Intel Corporation. He is responsible for technology development and manufacturing,
human resources, information technology and e-business functions and activities worldwide.
Executive Vice President: Sean Maloney is executive vice president and Chairman of Intel China. Pr
Maloney served as co general manager of the Intel Architecture Group since September 2009. He h
1982.
Executive Vice President: David (Dadi) Perlmutter is executive vice president and general manager
Intel Architecture Group (IAG). He is responsible for Intel's platform solutions for all computing segm
centers, desktops, laptops, netbooks, handhelds, embedded devices, and consumer electronics.
Executive Vice President: Arvind Sodhani is executive vice president of Intel Corporation and presid
Sodhani was elected vice president by the board of directors in May 1990, served as senior vice pre
2007 and was promoted to executive vice president in December 2007.
About Intel
s for computing and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks,
nications products, consumer electronics devices, and handhelds. The company also provides system on chip products that
graphics, audio, and video, onto a single chip. In addition, it offers chipset products that send data between the
, monitor, hard drive, and CD, DVD, or Blu-ray drives; motherboards designed for desktop, server, and workstation platform
nnectivity products consisting of network adapters and embedded wireless cards used to translate and transmit data acros
ed in portable memory storage devices, digital camera memory cards, and solid-state drives; software products comprisin
s enterprise, consumer, embedded, and handheld devices; and software development tools that enable the creation of
rdware and software computing technologies designed to offer an optimized solution. The company sells its products
components and other products users, and other manufacturers of industrial and communications equipment. It has a
1968 and is based in Santa Clara, California.
Values:
Customer orientation
Results orientation
Great place to work
Quality Discipline
Intel Corporation
RATIOS
2010
2009
3.3892
2.9864
2.1248
2.3892
2.7871
2.4005
1.7720
1.7871
23.6600
11.6111
15.2156
2.4372
0.6904
23.2949
11.9683
15.4540
2.0393
0.6616
0.2177
0.2783
0.7823
0.0329
0.0000
0.2145
0.2731
0.7855
0.0386
0.0000
0.6531
0.2628
0.1814
0.2319
0.2102
0.5569
0.1244
0.0823
0.1048
0.0929
10.1000
22.2000
FINANCIAL STATEMENTS
Balance Sheet
Three Years Ended December 25, 2010
(In Millions, Except Par Value)
Assets
Current Assets:
Cash and cash equivalents
Short-term investments
Trading assets
Accounts receivable, net of allowance for doubtful accounts
($28 in 2010, $19 in 2009, and $17 in 2008)
Inventories
Deferred tax assets
Other current assets
Total current assets
Property, plant and equipment, net
Marketable equity securities
Other long-term investments
Goodwill
Other long-term assets
Total assets
Liabilities and stockholders' equity
Current Liabilities
Short-term debt
Accounts payable
Accrued compensation and benefits
Accrued advertising
Deferred income on shipments to distributors
Other accrued liabilities
Income tax payable
Total current liabilities
Long-term income taxes payable
Long-term debt
Long-term deferred tax liabilities
Other long-term liabilities
Total Liabilities
Stockholders' equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued
Common stock, $0.001 par value, 10,000 shares authorized; 5,581
issued and 5,511 outstanding (5,523 issued and outstanding in 2009)
(5,562 issued and outstanding in 2008)and capital in excess of par
value
Accumulated other comprehensive income (loss)
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
2010
2009
5,498
11,294
5,093
2,867
17%
36%
16%
9%
3,987
5,285
4,648
2,273
19%
25%
22%
11%
3,757
1,488
1,614
31,611
17,899
1,008
3,026
4,531
5,111
63,186
12%
5%
5%
50%
28%
2%
5%
7%
8%
2,935
1,216
813
21,157
17,225
773
4,179
4,421
5,340
53,095
14%
6%
4%
40%
32%
1%
8%
8%
10%
38
2,290
2,888
1,007
622
2,482
0
9,327
190
2,077
926
1,236
13,756
172
1,883
2,448
773
593
1,722
0
7,591
193
2,049
555
1,003
11,391
16,178
333
32,919
49,430
63,186
14,993
393
26,318
41,704
53,095
Income Statement
Three Years Ended December 25, 2010
(In Millions, Except Per Share Data)
Net revenue
Cost of sales
Gross margin
Research and development
Marketing , general and administrative
Restructuring and asset impairment charges
Amortization of acquisition-related intangibles
Operating expenses
Operating income (EBIT)
Gains (losses) on equity method investments, net
Gains (losses) on other equity investments, net
Interest and other, net
Income before taxes
Provision for taxes
Net income
Basic earnings per common share
Diluted earnings per common share
Weighted average common shares outstanding:
Basic
Diluted
2010
43,623
15,132
28,491
6,576
6,309
0
18
12,903
15,588
117
231
109
16,045
4,581
11,464
2009
35,127
15,566
19,561
5,653
7,931
231
35
13,850
5,711
(147)
(23)
163
5,704
1,335
4,369
2.06
2.01
0.79
0.77
5,555
5,696
5,557
5,645
RATIOS
2008
2.5417
2.0628
1.4844
1.5417
16.3976
10.0390
21.9544
2.1387
0.7447
0.2165
0.2763
0.7835
0.0235
0.0000
0.5546
0.1408
0.1049
0.1338
0.1167
21.7000
CIAL STATEMENTS
Balance Sheet
2008
3,350
5,331
3,162
1,712
3,744
1,390
1,182
19,871
17,574
352
2,924
3,932
5,819
50,472
102
2,390
2,015
807
463
1,901
140
7,818
736
1,185
46
1,141
10,926
13,402
(393)
26,537
39,546
50,472
come Statement
2008
37,586
16,742
20,844
5,722
5,452
710
6
11,890
8,954
(1,380)
(376)
488
7,686
2,394
5,292
0.93
0.92
5,663
5,748
Intel Corporation
RATIO COMPARISON
Solvency
Current Ratio
Quick Ratio (Acid Test)
Cash Ratio
Net. Capital to Current Liabilities
Efficiency
Average Collection Period
Inventory Turnover
Receivable Turnover
Fixed Asset Turnover
Total Asset Turnover
Profitability
Gross Profit Margin (GPM)
Net Profit Margin (NPM)
Return on Total Assets (ROA)
Return on Equity (ROE)
2008
2009
2010
2.54
2.06
1.48
1.54
0.17
2.79
3.39
2.40
2.99
1.77
2.12
1.79
2.39
0.19 ### 0.17
AMD
CrossSectiona
l
TimeSeries
2.15
1.77
0.38
1.15
0.17
Good
Good
Good
Good
Good
OK
OK
OK
OK
Variable
16.40
10.04
21.95
2.14
0.74
23.29
11.97
15.45
2.04
0.66
23.66
11.61
15.22
2.44
0.69
53.66
10.28
6.71
9.28
1.31
Good
Good
Good
Bad
Bad
GOOD
Variable
Variable
Variable
Variable
0.22
0.28
0.78
0.02
0.00
0.21
0.27
0.79
0.04
0.00
0.22
0.28
0.78
0.03
0.00
0.80
3.90
0.20
0.44
4.88
Good
Good
Bad
Good
Good
OK
OK
Variable
Variable
Warning
0.55
0.14
0.10
0.13
0.56
0.12
0.08
0.10
0.65
0.26
0.18
0.23
0.46
0.07
0.09
0.46
Good
Good
Good
Bad
OK
Variable
Variable
Variable
These are restated ratios from the Financial Statements page. Make sure they are consistent.
Intel Corporation
VALUE LINE
ACRR
3.8%
5.8%
7.9%
14.5%
-0.8%
8.0%
Beta:
2005
2006
2007
$6.56
$2.20
$1.40
$0.32
$0.98
$6.11
5919.0
17.8
$6.14
$1.68
$0.86
$0.41
$1.00
$6.37
5766.0
23.3
$6.59
$1.98
$1.18
$0.45
$0.86
$7.35
5818.0
19.9
1.3%
$38,826
42.7%
$4,345.0
$8,664.0
31.3%
22.3%
$11,960.0
$2,106.0
$36,182.0
24%
2.0%
$35,382
30.8%
$4,654.0
$5,044.0
28.6%
14.3%
$9,766.0
$1,848.0
$36,752.0
14%
1.9%
$38,334
34.7%
$4,546.0
$6,976.0
23.9%
18.2%
$15,314.0
$1,980.0
$24,762.0
28%
23%
46%
38%
19.2
2.4%
1.5%
6.2%
3.7%
6.4%
18.92%
10.1
23.3
Calculations
2005
2006
2007
ACGR
Price per share
$24.92
$20.04
$23.48
Owners cash flow
8.6%
$7,208.38
$3,932.00
$6,518.52
Annual cash flow growth rate
-45.45%
65.78%
5 year average cash flow growth
25.9%
Annual sales growth
-8.82%
8.30%
5 year average sales growth
3.0%
VALUE ADDED
($6.34)
$3.02
Average value added
($2.05)
Owners cash flow per share
$1.22
$0.68
$1.12
SHARE PRICE/BOOK VALUE
4.08
3.15
3.19
The first 35 rows are simply restated from your Value Line Data Sheet. These numbers must be accurately trans
to provide relevant information. Make sure all information is consistent with what is found on the Financial State
the Ratio Comparison page.
VALUE LINE
Price: $21.49
2008
2009
2010
$6.76
$1.74
$0.92
$0.55
$0.93
$7.03
5562.0
21.7
$6.36
$1.65
$0.77
$0.56
$0.82
$7.55
5523.0
22.2
$7.92
$2.92
$2.05
$0.63
$0.94
$8.97
5511.0
10.1
2.8%
$37,586
37.3%
$4,360.0
$5,292.0
31.1%
14.1%
$12,053.0
$1,886.0
$39,088.0
14%
3.3%
$35,127
29.8%
$4,744.0
$4,369.0
23.4%
12.4%
$13,566.0
$2,049.0
$41,704.0
10%
3.0%
$43,623
45.9%
$4,398.0
$11,692.0
28.7%
26.8%
$22,284.0
$2,077.0
$49,430.0
24%
59%
71%
30%
Calculations
2008
2009
2010
$19.96
$4,479.34
-31.28%
$17.09
$4,584.14
2.34%
$20.71
$10,909.66
137.99%
-1.93%
-6.58%
24.26%
($4.83)
($3.81)
$1.68
$0.81
$0.83
2.84
2.26
Sheet. These numbers must be accurately transcribed in order
nsistent with what is found on the Financial Statements and
$1.98
2.31
Intel Corporation
2011
2012
10,909
25.87%
13,732
0.15
0.869565
11,941
$185,409
Residual value
Cash flow in year 10
Growth rate (.00) (g)
Cash flow in year 11
Capitalization rate (k-g)
Value at end of year 10
Discount factor year 10
$108,934
0.04
$113,292
0.11
$1,029,923
0.24718
$254,581
$439,990
5,511
$79.84
3.72
25.87%
0.04
0.15
$10,909.66
13,732
25.87%
17,285
0.15
0.756144
13,070
2013
##
17,285
25.87%
21,757
0.15
0.657516
14,306
2014
##
21,757
25.87%
27,387
0.15
0.571753
15,658
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
This page is all pre-determined by the information from the Value Line page. The only thing you may have to change
T - MOST LIKELY
2015
##
27,387
25.87%
34,473
0.15
0.497177
17,139
2016
##
2017
##
34,473
25.87%
43,392
0.15
0.432328
18,760
43,392
25.87%
54,620
0.15
0.375937
20,534
2018
##
54,620
25.87%
68,752
0.15
0.326902
22,475
2019
##
68,752
25.87%
86,542
0.15
0.284262
24,601
2020
86,542
25.87%
108,934
0.15
0.247185
26,927
ou may have to change is the growth rate for the three different scenarios.
Intel Corporation
FORECAST - PESSIMIST
2011
Prior year cash flows (mil)
10-year growth rate (.00)
Cash flow
Discount Rate (.00)
Discount Factor (mult.)
Discounted value per annum
Sum of present value of cash flows
10,909
20.87%
13,186
0.15
0.869565
11,466
$144,953
Residual value
Cash flow in year 10
Growth rate (.00) (g)
Cash flow in year 11
Capitalization rate (k-g)
Value at end of year 10
Discount factor year 10
$72,633
0.04
$75,538
0.11
$686,711
0.24718
$169,745
$314,697
5,511
$57.10
2.66
20.87%
0.04
0.15
$10,909.66
2012
13,186
20.87%
15,939
0.15
0.756144
12,052
2013
##
15,939
20.87%
19,266
0.15
0.657516
12,668
2014
##
19,266
20.87%
23,288
0.15
0.571753
13,315
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
T - PESSIMISTIC
2015
##
23,288
20.87%
28,149
0.15
0.497177
13,995
2016
##
2017
##
28,149
20.87%
34,025
0.15
0.432328
14,710
34,025
20.87%
41,127
0.15
0.375937
15,461
2018
##
41,127
20.87%
49,712
0.15
0.326902
16,251
2019
##
49,712
20.87%
60,090
0.15
0.284262
17,081
2020
60,090
20.87%
72,633
0.15
0.247185
17,954
Intel Corporation
FORECAST - OPTIMIST
2011
2012
10,909
30.87%
14,277
0.15
0.869565
12,415
$237,790
Residual value
Cash flow in year 10
Growth rate (.00) (g)
Cash flow in year 11
Capitalization rate (k-g)
Value at end of year 10
Discount factor year 10
$160,819
0.04
$167,252
0.11
$1,520,469
0.24718
$375,837
$613,627
5,511
$111.35
5.18
30.87%
0.04
0.15
$10,909.66
14,277
30.87%
18,685
0.15
0.756144
14,129
2013
##
18,685
30.87%
24,454
0.15
0.657516
16,079
2014
##
24,454
30.87%
32,004
0.15
0.571753
18,298
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
T - OPTIMISTIC
2015
##
32,004
30.87%
41,885
0.15
0.497177
20,824
2016
##
2017
##
41,885
30.87%
54,817
0.15
0.432328
23,699
54,817
30.87%
71,742
0.15
0.375937
26,970
2018
##
71,742
30.87%
93,892
0.15
0.326902
30,693
2019
##
93,892
30.87%
122,880
0.15
0.284262
34,930
2020
122,880
30.87%
160,819
0.15
0.247185
39,752
Intel Corporation
DuPont Analysis 2008
Income
Statement
Balance
Sheet
Sales
$37,586
Cost of Goods Sold
$16,742
Operating Expenses
$11,890
Other Inc./Exp.
($1,268)
Taxes
$2,394
Current Assets
$19,871
Net Fixed Assets
$30,601
Current Liabilities
$7,818
Long-term Debt
$3,108
Net Income
$5,292
Sales
$37,586
Sales
$37,586
Total Assets
$50,472
Total Liabilities
$10,926
Stockholders Equity
$39,546
Return on Assets
(ROA)
INTC
10.49%
T.A. Turnover
AMD
INTC
-40.78%
74.47%
AMD
75.70%
Return on Equity
(ROE)
INTC
13.38%
AMD
INTC
-2463.78%
$50,472
AMD
$7,672
Financial Leverage
Mult. (FLM)
INTC
1.28
Stockholders Equity
AMD
INTC
60.41
$39,546
AMD
$127
COMMENTARY
Intel Corporation
DuPont Analysis 2009
Income
Statement
Balance
Sheet
Sales
$35,127
Cost of Goods Sold
$15,566
Operating Expenses
$13,850
Other Inc./Exp.
($7)
Taxes
$1,335
Current Assets
$21,157
Net Fixed Assets
$31,938
Current Liabilities
$7,591
Long-term Debt
$3,800
Net Income
$4,369
Sales
$35,127
Sales
$35,127
Total Assets
$53,095
Total Liabilities
$11,391
Stockholders Equity
$41,704
Return on Assets
(ROA)
INTC
8.23%
T.A. Turnover
AMD
INTC
2.43%
66.16%
AMD
59.52%
Return on Equity
(ROE)
INTC
10.48%
AMD
INTC
34.10%
$53,095
AMD
$9,078
Financial Leverage
Mult. (FLM)
INTC
1.27
Stockholders Equity
AMD
INTC
14.01
$41,704
AMD
$648
COMMENTARY
Intel Corporation
DuPont Analysis 2010
Income
Statement
Balance
Sheet
Sales
$43,623
Cost of Goods Sold
$15,132
Operating Expenses
$12,903
Other Inc./Exp.
$457
Taxes
$4,581
Current Assets
$31,611
Net Fixed Assets
$31,575
Current Liabilities
$9,327
Long-term Debt
$4,429
Net Income
$11,464
Sales
$43,623
Sales
$43,623
Total Assets
$63,186
Total Liabilities
$13,756
Stockholders Equity
$49,430
Return on Assets
(ROA)
INTC
18.14%
T.A. Turnover
AMD
INTC
9.49%
69.04%
AMD
130.82%
Return on Equity
(ROE)
INTC
23.19%
AMD
INTC
46.50%
$63,186
AMD
$4,964
Financial Leverage
Mult. (FLM)
INTC
1.28
Stockholders Equity
AMD
INTC
4.90
$49,430
AMD
$1,013
INTERPRETATION/COMMENTARY
Intel Corporation
Graham Analysis
Variables
Current Price
AAA Yield
Average P/E over last 3 years
Average P/E over last 8 years
Net Current Assets per Share
Total Debt per Share
Values
$21.49
4.50%
18.00
19.17
3.67
$2.50
Group A
#1 Earnings / Price
#2 Price / Earnings
#3 Price / Book
#4 Dividends / Price
#5 Price / Net Current Assets Per Share
Values
9.54%
10.5
2.31
2.93%
$5.86
Points
1.0
0.0
0.0
0.5
0.0
Group B
#6 Current Ratio
#7 Total Debt / Equity
#8 Total Debt / Net Current Assets
#9 Growth for last 10 years
Growth for last 5 years
#10 Number of earnings decline
Values
3.39
0.28
0.68
4.50%
7.93%
0
Points
1.0
1.0
1.0
0.5
1.0
Results
Group
Total Points
Group A
1.5
Group B
4.5
Does Company Pass the Graham Model?
No
Intel Corporation
The Buffett Model
INSTRUCTIONAL INFORMA
EPS ACGR (from Value Line)
Average ROE (8 Years)
Initial EPS Rate of Return @ Curent Price
VALUE RELATIVE TO GOVERNMENT BONDS
Projected ACRR as Equity Bond
Average Dividend Payout Ratio
Average % of Earnings Retained
7.93%
18.92%
9.54%
$51.25
13.24%
$31.11
30%
70%
$5.89
19.17
$112.81
18.03%
2.05
$4.40
$84.25
14.64%
November 2011
Yield on T-Bonds:
Share Price:
Shares Outstanding:
Book (Equity) Value per Share:
4%
$21.49
5511
$8.97
Intel Corporation
Projected ROE Based on P/E Ratios
The Kuhle ROE Model
Projections for 10 Year Period
Year
1
2
3
4
5
6
7
8
9
10
Equity Value
$10.16
$11.50
$13.03
$14.75
$16.71
$18.92
$21.42
$24.26
$27.47
$31.11
$52.49
144%
9.34%
188.42%
11.17%
Input Variables
Current Price
Average ROE from Value Line
Initial Book Value
Payout Ratio
P/E High
P/E Low
$21.49
18.92%
$8.97
30.0%
23.30
10.10
Dividends Paidout
$0.51
$0.58
$0.65
$0.74
$0.84
$0.95
$1.07
$1.22
$1.38
$1.56
9.49
###
Reinvested Dividends
High P/E
$2.41
$2.30
$2.19
$2.09
$1.99
$1.89
$1.80
$1.72
$1.64
$1.56
19.59
###
Reinvested Dividends
Low P/E
$1.14
$1.18
$1.22
$1.26
$1.31
$1.36
$1.40
$1.45
$1.51
$1.56
13.38
Price Appreciation (High P/E)
Rate of Return on Appreciation
With Reinvested Dividends
Retained Earnings
$1.19
$1.35
$1.52
$1.73
$1.95
$2.21
$2.51
$2.84
$3.21
$3.64
22.14
$121.10
463.50%
18.87%
554.65%
20.67%
SUMMARY
Intel Corporation
Summary
Decision Summary
Model
DuPont Analysis
Method
2008
2009
2010
Geometric Mean
Pessimistic
Optimistic
Most Likely
Group A
Group B
Combined
ACRR - Equity Bond
ACRR - EPS
Low P/E
High P/E
Value
13.38%
10.48%
23.19%
14.81%
2.66
5.18
3.72
1.5
4.5
6
18.03%
14.64%
11.2%
20.67%
The D
Is your decision consistent with your entire analysis?
Page 85
SUMMARY
Page 86
SUMMARY
Page 87
SUMMARY
on
COMMENTARY
Recommendation
Yes
Yes
Yes
Yes
No
Yes
Yes
No
Yes
The Decision
Page 88
SUMMARY
Page 89
SUMMARY
Page 90
SUMMARY
MENTARY
Page 91
SUMMARY
Page 92
SUMMARY
Page 93
2010
2009
2.15
1.77
0.38
1.15
1.93
1.68
0.79
0.93
53.66
10.28
6.71
9.28
1.31
49.64
9.53
7.25
1.42
0.60
0.80
3.90
0.20
0.44
4.88
0.93
13.01
0.07
0.47
0.93
Profitability ratios
Gross Profit Margin
Net Profit Margin
ROA (NI/TA)
ROE (NI/TE)
0.46
0.07
0.09
0.46
0.42
0.04
0.02
0.34
16.20
16.20
FINANCIAL STATEMENTS
Balance Sheet
Three Years Ended December 25, 2010
(In Millions, Except Par Value)
Assets
Current Assets:
Cash and cash equivalents
Short-term investments
Trading assets
Accounts receivable, net
Marketable equity securities
Inventories
Deferred tax assets
Prepaid Expenses and Other current assets
Total current assets
Property, plant and equipment, net
Acquisition related to intangible assets, net
Goodwill
Other long-term assets
Total assets
2010
2009
606
1,657
968
1,183
632
745
1,019
567
205
3,594
700
37
323
310
4,964
287
4,275
3,809
98
323
573
9,078
581
698
233
143
19
647
795
479
121
168
1,674
2,210
2,188
4,252
89
3,951
1,968
8,430
(102)
(98)
7
6,575
(5,467)
0
1,013
4,964
7
6,524
(5,785)
0
648
9,078
Income Statement
Three Years Ended December 25, 2010
(In Millions, Except Per Share Data)
Net revenue
Cost of sales
Gross margin
Research and development
Marketing , general and administrative
Legal Settlement
Amortization of acquired intangible assets
Operating expenses
Operating income
Interest Income
Interest Expense
Interest and other, net
Income before taxes
Provision for taxes
Equity in net loss of investee
Net income
Basic earnings per common share
Dilluted earnings per common share
Weighted average common shares outstanding:
Basic
Dilluted
2010
6,494
3,533
2,961
1,405
934
(287)
61
2,113
848
11
(199)
311
971
38
(462)
471
2009
5,403
3,131
2,272
1,721
994
(1,177)
70
1,608
664
16
(438)
166
408
112
(75)
221
0.66
0.64
0.46
0.45
711
733
673
678
OS
2008
1.07
0.77
0.49
0.07
19.83
8.85
18.15
1.35
0.76
0.98
59.41
0.02
0.60
(5.99)
0.40
(0.54)
(0.41)
(24.64)
16.20
TATEMENTS
Sheet
2008
933
320
163
656
307
2,379
4,296
168
323
506
7,672
631
970
372
50
203
2,226
4,581
738
7,545
(97)
6
6,354
(6,136)
0
127
7,672
atement
2008
5,808
3,488
2,320
1,848
1,304
986
137
4,275
(1,955)
39
(391)
(37)
(2,344)
68
(717)
(3,129)
(5.15)
(5.15)
607
607