Intel 1994 Annual Report Download - page 18

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Exhibit 13
PAGE 1
CONSOLIDATED STATEMENTS OF INCOME
Three years ended December 31, 1994
See accompanying notes.
PAGE 2
CONSOLIDATED BALANCE SHEETS
December 31, 1994 and December 25, 1993
(In millions--except per share amounts) 1994 1993 1992
- -----------------------------------------------------------------------------------------
Net revenues $11,521 $ 8,782 $ 5,844
-------- -------- --------
Cost of sales 5,576 3,252 2,557
Research and development 1,111 970 780
Marketing, general and administrative 1,447 1,168 1,017
-------- -------- --------
Operating costs and expenses 8,134 5,390 4,354
-------- -------- --------
Operating income 3,387 3,392 1,490
Interest expense (57) (50) (54)
Interest income and other, net 273 188 133
-------- -------- --------
Income before taxes 3,603 3,530 1,569
Provision for taxes 1,315 1,235 502
-------- -------- --------
Net income $ 2,288 $ 2,295 $ 1,067
======== ======== ========
Earnings per common and common equivalent share $ 5.24 $ 5.20 $ 2.49
======== ======== ========
Weighted average common and common equivalent
shares outstanding 437 441 429
======== ======== ========
(In millions--except per share amounts) 1994 1993
- -----------------------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 1,180 $ 1,659
Short-term investments 1,230 1,477
Accounts receivable, net of allowance for doubtful
accounts of $32 ($22 in 1993) 1,978 1,448
Inventories 1,169 838
Deferred tax assets 552 310
Other current assets 58 70
-------- --------
Total current assets 6,167 5,802
-------- --------
Property, plant and equipment:
Land and buildings 2,292 1,848
Machinery and equipment 5,374 4,148
Construction in progress 850 317
-------- --------
8,516 6,313
Less accumulated depreciation 3,149 2,317
-------- --------
Property, plant and equipment, net 5,367 3,996
-------- --------
Long-term investments 2,127 1,416
Other assets 155 130
-------- --------
Total assets $13,816 $11,344
======== ========
Liabilities and stockholders' equity
Current liabilities:
Short-term debt $ 517 $ 399
Long-term debt redeemable within one year -- 98
Accounts payable 575 427
Deferred income on shipments to distributors 269 200
Accrued compensation and benefits 588 544
Other accrued liabilities 646 374
Income taxes payable 429 391
-------- --------
Total current liabilities 3,024 2,433