Financial Update: Dallas Semiconductor Reports Financial Results. Intel’s Quarterly Profits Beat Forcasts. Unisys Reports Financial Results.

July 21, 2000

SHORT TAKES

DALLAS SEMICONDUCTOR REPORTS FINANCIAL RESULTS

Dallas, TEXAS — Dallas Semiconductor Corporation reported record net sales of $129.8 million for the second quarter ended July 2, 2000, up 39% compared to $93.6 million for the second quarter of 1999. Second quarter net sales were up 10% compared to $117.6 million for the first quarter of 2000. Net income for the second quarter of 2000 was a record $24.4 million ($0.38 per share), up 52% compared to $16.0 million ($0.26 per share) for the second quarter of 1999. Second quarter net income was up 12% from $21.7 million ($0.34 per share) for the first quarter of 2000. “Compared to a year ago, our Communications product group led with sales growth of 91 percent and Mixed Signal products grew 41 percent,” said Vin Prothro, Chairman and Chief Executive Officer. “Geographically, we saw balanced growth with shipments to North America, Asia and Europe up 43 percent, 34 percent and 31 percent, respectively.

“Strong growth in our Communications product group was supported by communications equipment applications such as optical switches. With our range of single and multiport T1/E1 interface products, we are serving both the fixed line data transmission networks and the mobile telephony infrastructure around the world. The Asian marketplace and China in particular is a strong driver of sales growth as that region continues to expand its communications infrastructure. “During the second quarter, we sampled our first broadband product, the DS3112 M13 Multiplexer, which multiplexes T1/E1 lines to T3/E3 lines. With this T3/E3 product offering plus our recently sampled HDLC (High-level Data Link Control) product, which manages Internet packets as they enter and leave the network, we are entering new communications market segments and are hopeful that we can build on our success in the T1/E1 marketplace.”

INTEL’S QUARTERLY PROFITS BEAT FORECASTS BY 1 CENT

Palo Alto, CA — Intel Corp.’s second-quarter profits squeaked by analyst forecasts by a penny, boosted by a whopping gain on the sale of investments as revenue rose 23 percent from a year ago. They also said sales should rise in the current period from the second quarter, with some analysts pegging that growth at as much as 10 percent. Intel said that for the quarter ended July 1, net income rose 98 percent to $3.52 billion, or 50 cents a share, from $1.78 billion, or 26 cents, a year ago. Sales rose to $8.3 billion from $6.75 billion. The results include $2.1 billion from the sale of securities it holds in 450 companies. The figures also exclude acquisition-related costs and are adjusted for a 2-for-1 stock split. On that basis, the results were slightly ahead of analyst forecasts of 49 cents a share – adjusted for the 2-for-1 split – according to First Call/Thomson Financial.

Intel was partly hobbled in the second quarter by a “bug” in some of its motherboards and was caught off guard by stronger-than-expected demand, leaving it unable to sell as many microprocessors as it could have otherwise. At the same time, both Intel executives and analysts expect the second half of the year to be far stronger than the first half due to the holiday season, the release of its Pentium 4 chip and the upgrade to Microsoft Corp.’s Windows 2000 operating system. “I think a lot of people were a bit nervous about this quarter and there might be a bit of a collective sigh of relief that they pulled it out and that should be viewed positively,” said analyst Drew Peck at SG Cowen. “The second half of the year is likely to be a whole lot better.” Shares of Intel traded as high as 146-1/4 after the report. The stock, which has more than doubled in the past year, fell 3-5/16 to 143 in regular Nasdaq trading.

Intel said it shipped record numbers of microprocessors – the average selling price for which remained flat from the first quarter – as well as flash memory chips used in cell phones and other devices. The results also come as the chip industry is roaring ahead, spurred by the growth of the Internet, still-strong sales of PCs and computer servers as well as strong sales of wireless devices. “Demand is strong and we saw more of it than we expected,” Andy Bryant, Intel’s chief financial officer said in an interview. “We see continued growth and a strong second half.” Santa Clara, Calif.-based Intel said that it sees third-quarter sales rising from the $8.3 billion it recorded in the second quarter and that it expects gross margin – the percentage of revenue left after subtracting product costs – to be 63 percent to 64 percent. Gross margin in the second quarter was 60.2 percent, slightly less than forecast due to a $200 million charge for replacing defective motherboards.

MICROSOFT PROFIT RISES 10 PERCENT

Seattle, WA — Microsoft Corp. said its quarterly profit rose 10 percent, topping Wall Street estimates as gains on the software giant’s huge investment portfolio added to steady but lackluster performance in operations. The Redmond, Wash.-based company said profits rose to $2.41 billion, or 44 cents a share, from $2.20 billion, or 40 cents a share, a year earlier. Microsoft was expected to earn 42 cents a share, according to consensus analyst estimates compiled by First Call/Thomson Financial, which tracks such forecasts. Revenues also met expectations at $5.8 billion, compared to $5.76 billion a year earlier. Most analysts had trimmed their revenue forecasts after the company warned last quarter that business demand for personal computers looked weak.

“When you really cut through it was not a blow-out quarter by any means. It was still anemic,” said Scott McAdams, president of Seattle-based brokerage McAdams Wright Ragen. Microsoft also recorded $1.13 billion in income from gains on investments, meaning its net operating profit was $2.52 billion. A year earlier, investment gains were $485 million while operating income was $2.9 billion. “Probably the single biggest factor was just the average size of our portfolio,” Chief Financial Officer John Connors, said of the big investment gains. “This quarter was probably a little higher than we had planned.” Microsoft’s holdings included $24 billion in cash and about $18 billion in various investments, Connors said. Shares in Microsoft rose as much as 1-1/2 to 80 in after-hours trading before falling back to 78-7/8. The stock closed at 78-1/2 in regular trading, up 5/16.

UNISYS REPORTS FINANCIAL RESULTS

Blue Bell, PA. — Unisys Corporation reported second-quarter 2000 net income of $56.3 million, or 18 cents per diluted common share, excluding an extraordinary charge for the repayment of debt. This compared to second-quarter 1999 net income of $118.0 million, or 37 cents per diluted common share. As previously announced, the company took an after-tax extraordinary charge of $19.8 million, or 6 cents per share, in the second quarter related to the early retirement of its remaining $399.5 million of 12% notes on April 15. Including this charge, the company’s diluted earnings per share were 12 cents in the second quarter of 2000. Revenue in the quarter declined 16% to $1.6 billion from $1.9 billion in the year-ago period. Without the negative impact of foreign currency translation, revenue in the quarter declined 13% from a year ago. “As announced in late June, we have experienced a slower-than-expected rebound in our business over the first half of the year,” said Unisys Chairman and Chief Executive Officer Lawrence A. Weinbach. “While we continue to see high levels of proposal activity in our services business and strong interest in our new technology products, it is taking longer than anticipated to translate this activity into additional business as customers delay purchasing decisions on complex e-business initiatives while they finalize their strategies. In addition, several large technology contracts that we expected to receive late in the second quarter were deferred to later in the year. All of this adversely impacted our orders, revenue, and margins during the quarter.

“Nonetheless, there were important areas of progress during the quarter. In our services business, we established strategic partnerships with Siebel Systems, Intershop, ICG Commerce, and other leading e-business providers to integrate their solutions with our portfolio of industry-focused solutions. We also continue to invest heavily in training our key personnel to sell and deliver these new solutions and help customers succeed with their e-business initiatives. In our technology business, we continue to roll out shipments of our new ES7000 servers, based on our Cellular MultiProcessing (CMP) architecture, and expect shipments to ramp up in the fourth quarter and into 2001. We also finalized our OEM production contract with Compaq, adding to the OEM partners and resellers that have committed to taking our leading-edge CMP technology to the marketplace,” Weinbach said. On a geographic basis, Unisys reported double-digit declines in both U.S. and international revenue in the second quarter compared to the year-ago period. Internationally, revenue growth in Japan and Brazil was more than offset by declines in other geographic regions. On a constant currency basis, international revenue showed single-digit declines over the prior-year quarter. Total worldwide orders showed double-digit declines in the second quarter versus a year ago. Both U.S. and international orders declined. Internationally, strong order gains in Latin America were more than offset by declines in other geographic regions. On a segment basis, technology orders showed double-digit gains while services orders showed double-digit declines. Technology order gains were led by strong demand for the company’s new CMP-based servers.

Unisys said its profit margins in the quarter were impacted by lower revenue levels in its services business, which resulted in underutilization of resources, and the technology contract deferrals late in the quarter. Technology margins in the quarter also reflected a lower mix of ClearPath server content compared to the year-ago period. Due to these factors, the company’s gross margin in the quarter declined to 30.1% while operating profit margins declined to 5.0%. The company’s selling, general, and administrative expenses in the second quarter declined from year-ago levels, but increased as a percentage of revenue due to lower revenue levels. SG&A as a percentage of revenue increased to 20.2% of revenue from 18.2% of revenue in the year-ago quarter. Other income in the quarter principally reflected higher equity income. Overall, Unisys said that, given the slower-than-expected ramp-up in its business this year, it is implementing tighter controls over discretionary spending and has implemented a freeze on additional growth in personnel.

AMD REPORTS SECOND QUARTER RESULTS

Sunnyvale, CA — AMD reported record sales of $1,170,437,000, record operating income of $250,197,000, and record net income of $207,142,000 for the quarter ended July 2, 2000. Operating income rose by 38 percent from the immediate-prior quarter. Net income amounted to $1.21 per diluted share after a 20 percent tax rate. (On an untaxed basis, second-quarter earnings per diluted share would have been $1.51, up by 31 percent from the first quarter when the tax rate was zero.) Sales grew by 7 percent from the immediate-prior quarter, for which AMD reported sales of $1,092,029,000, operating income of $180,669,000, and net income of $189,349,000, or $1.15 per diluted share. Sales nearly doubled from the second quarter of 1999, for which AMD reported sales of $595,109,000 and net income of $79,896,000, or $0.53 per diluted share. Revenues from PC processors and flash memory products each more than doubled from the comparable quarter of 1999. The results for the second quarter of 1999 included a one-time, after-tax gain of $259 million from the sale of Vantis Corporation, the company’s former programmable logic subsidiary.

The results from the second quarter of 1999 also included 11 weeks of operating results from Vantis prior to the effective date of the sale. In the second quarter of 1999, AMD incurred an operating loss of $172, 542,000. For the first six months of 2000, AMD reported total sales of $2,262, 466,000 and net income of $396,491,000, or $2.36 per diluted share. For the same period of 1999, AMD reported total sales of $1,226,702,000 and a net loss of $48,471,000, or a loss of $0.33 per share, including the gain on the sale of Vantis and restructuring and other special charges. “AMD had another great quarter,” said Hector de J. Ruiz, president and chief operating officer of AMD. “Strong revenue growth in both of our principal product lines – PC processors and flash memory devices – again resulted in record sales and earnings.” In what is traditionally the weakest quarter for PC processors, the company reported that combined unit shipments of AMD Athlon, AMD Duron, and AMD K6-2 processors remained near record levels at well in excess of 6 million units. “During the quarter, AMD introduced two enhanced seventh-generation PC processors,” said Ruiz. “The new AMD Athlon processor, formerly code-named ‘Thunderbird,’ features 256K of on-die L2 cache memory and is targeted at the performance sector of the PC market. AMD also commenced shipments of the AMD Duron processor, formerly code-named ‘Spitfire,’ featuring 64K of on-board L2 cache memory. The AMD Duron processor is targeted at the value segment of the PC market.”

LUCENT NUMBERS SURPASS EXPECTATIONS

New York, N.Y. — Lucent Technologies Inc. said it plans to spin off its microelectronics unit and reported quarterly profits from continuing operations rose 30 percent, surpassing Wall Street expectations. Murray Hill, N.J.-based Lucent said its profits for the fiscal third quarter, ended June 30, rose to $1.007 billion, or 30 cents a share, from $732 million, or 23 cents a share, a year earlier. Analysts had expected earnings of 29 cents a share, according to research firm First Call/Thomson Financial.

Third-quarter revenues increased 20 percent, to $8.713 billion from $7.245 billion a year ago, amid strong sales in data and optical networking equipment. Sales of equipment to telephone companies and other service providers rose by 16 percent to $6.885 billion, while sales in microelectronics and communications technologies increased by 39 percent to $1.809 billion. Lucent also scaled back some growth forecasts. It said it expects fourth-quarter pro forma revenues and earnings per share from continuing operations to grow about 15 percent, lower than its previous forecast of about 20 percent. In the first quarter of 2001, revenues from continuing operations will increase 20 percent, but pro forma earnings per share will fall 15 percent, due in part to a switch to products with lower profit margins, it said. For the full year fiscal 2001, the company expects to return to 20 percent revenue growth and 20 percent growth in pro forma earnings per share.

IBM POSTS SALES DECLINE BUT SIGNALS TURNAROUND

New York, N.Y. — International Business Machines Corp. reported a 1 percent revenue decline, redeemed by earnings that beat estimates and comments by the world’s No. 1 computer maker that it was on the brink of climbing out of a year-long sales rut. “We feel good about the momentum as we come out of the second quarter,” said Chief Financial Officer John Joyce. “We are well positioned for double-digit revenue growth in the second half.” IBM shares rose in after-hours trade to 109, up from the close on the New York Stock Exchange of 103-1/2, after climbing slightly ahead of the results. The stock has a 52-week trading range of 89-3/4 to 138-3/4. “It appears to be a bit of a relief rally,” said Sanford C. Bernstein analyst Toni Sacconaghi, who said IBM had arrived at a turnaround after nearly a year of slack sales. “There were worries this was a woulda, coulda, shoulda story – always one more quarter, one more quarter. But this is the turning point.”

The Armonk, N.Y.-based company said net income reached $1.9 billion, or $1.06 a share, compared with earnings of $1.7 billion, or 91 cents, excluding special items, in the second quarter of 1999. Revenue fell 1 percent to $21.7 billion from $21.9 billion in the same period a year earlier. In the 1999 second quarter, IBM’s earnings, including the benefit of 37 cents a diluted share from the sale of its Global Network unit and other actions, reached $1.28 a share. Profit for the latest quarter topped the consensus estimate of $1.00, according to analysts surveyed by First Call/Thomson Financial, a research firm that tracks such forecasts. IBM, which has shown sluggish sales for much of the past year, had posted a 5 percent decline in revenues for the first quarter. That shortfall contrasted with the performances of rivals such as Sun Microsystems Inc. and Dell Computer Corp., whose revenues have surged by 35 percent or more. Sun and Dell have not yet reported their second-quarter results.

VENTANA FUNDS PATHLIGHT TECHNOLOGY

Irvine, CA — Thomas Gephart, chairman of Ventana Global, announced that his organization has taken an active role in providing funding for Pathlight Technology Inc. Pathlight is a leading provider of Storage Area Network (SAN) connectivity solutions that enable the sharing of critical storage resources across a network. Pathlight’s technology makes possible the sharing of resources in today’s most challenging environments, ranging from banks and corporations to cable news and television broadcast facilities. Pathlight develops manufactures and markets a complete family of SAN infrastructure products including the Pathlight SAN Gateway, the SAN solution of choice for today’s leading OEMs.

The company delivers to global market leaders, products that are specifically designed to provide the interoperability needed for deploying shared heterogeneous storage resources in open systems-based environments. Pathlight’s complete family of SAN infrastructure products enables OEMs to immediately begin delivering rock-solid SAN solutions to customers of every size, from small business applications to enterprise-wide corporate deployments. Gephart said, “This round of funding is indicative of Ventana’s ability to identify and support high-potential early-stage enterprises that have enormously talented Computer Science and Electrical Engineering staffs working on leading edge technology.”

EMC SECOND QUARTER EARNINGS JUMP 50 PERCENT

Hopkinton, MASS. — Data storage equipment leader EMC Corp. on Wednesday said second quarter net income beating Wall Street expectations, jumping 50 percent on strong revenues that rose by nearly a third. For the second quarter, the company reported net income of $429 million, or 19 cents a share, compared with $286 million, or 13 cents a share, in the year-ago period. Per share figures were adjusted for a two-for-one stock split effective June 2.

Wall Street had expected the Hopkinton, Mass.-based company to earn 17 cents a share, according to research firm First Call/Thomson Financial. Shares of EMC were at 82 in pre-session trading on the Instinet stock broker system, up from its Tuesday close of 78-5/8 and near its 52-week high was 82-5/8. Its 52-week low as 26-1/4. While storage revenue surged 50 percent to $2 billion, overall revenue, which includes its storage business and its Data General server division, grew 30 percent from the second quarter 1999 to $2.15 billion.

DELL, BLACKSTONE INVEST $25 MILLION IN STORAGEAPPS

Bridgewater, N.J. — Underscoring the importance of storage area networks (SANs) in the developing e-business economy, Dell Ventures and The Blackstone Group have made a combined $25-million strategic investment in StorageApps Inc., a leading provider of all-encompassing solutions, applications and appliances for storage-based network services. “The Blackstone Group and Dell Ventures have worldwide reputations of being top-tier investors with a proven ability to spot relevant, emerging technologies,” said Dan Petrozzo, president and chief operating officer of StorageApps. “Their investments put further emphasis on the importance of storage technology in the worldwide Internet infrastructure build-out.”

A SAN is a centrally-managed, high-speed data storage network that provides a direct link between users and a single massive pool of stored business-critical information, enabling faster and more productive access to it throughout an enterprise. StorageApps recently introduced the world’s first complete SAN appliance, SANLink, which provides a simple, intelligent way to create a SAN in order to manage, share and protect critical business information. “StorageApps is quickly building a unique, heterogeneous storage network solution that’s grounded on a customer-centric service model. We are certain that StorageApps is well positioned for continued success in the future due to its unique combination of hardware, software and services for a rapidly-growing sector, and a superior management team,” said J. Tomilson Hill, senior managing director of The Blackstone Group. Visit http://www.storageapps.com for more information.

ANCOR REPORTS REVENUES

Eden Prairie, MINN. — Ancor Communications, Inc. reported record gross revenues of $9,128,000 for its second quarter ended June 30, 2000, up 154% from $3,599,000 in the comparable 1999 period and up 27% from $7,205,000 in the 2000 first quarter. The company recorded a second quarter net loss of $2,348,000 on a GAAP basis, or $1,718,000 on a pro forma basis, resulting in a net loss per diluted share for the quarter of $0.08 on a GAAP basis or $0.06 on a pro forma basis. In the 1999 second quarter, Ancor reported a net loss of $1,650,304, or $0.07 per diluted share.

For the six months ended June 30, 2000 Ancor reported gross revenues of $16,332,000, up 219% from $5,118,000 in the comparable 1999 period. The company’s net loss for the six month period ended June 30, 2000 totaled $5,021,000 on a GAAP basis or $4,072,000 on a pro forma basis resulting in a net loss per diluted share of $0.17 on a GAAP basis or $0.14 on a pro forma basis. “As expected, our strong sales growth continued into the second quarter driven primarily by increased shipments of our SANbox Fibre Channel switches to OEM customers,” said Ken Hendrickson, Ancor’s chairman and chief executive officer. “Shipments to Hitachi Data Systems, INRANGE Technologies, MTI Technology Corporation and Sun Microsystems accounted for 78% of our second quarter sales. The overall mix of products shipped to all customers favored 16-port switches reflecting the migration of customer preference toward higher port-count switches and away from managed hubs.” Hendrickson said Ancor continues to strengthen its position in the storage area networking (SAN) market. “Our OEM customers continue to penetrate the market with offerings incorporating our switches. Our SANbox sales to Sun, for instance, were up approximately 44% from the 2000 first quarter,” said Hendrickson. Sun formally announced its Sun StorEdge T3 arrays, a new offering in its StorEdge family of storage systems, in June 2000. In this announcement, Sun reaffirmed its commitment to Ancor as its OEM supplier of Fibre Channel switches. More information about Ancor is available on the World Wide Web at http://www.ancor.com .

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