INTEL CORP — Earnings Release 2009

Oct 13, 2009

8-K 1 a6072018.htm INTEL CORPORATION 8-K Copyright 2008 Business Wire, a Berkshire Hathaway company. All rights reserved www.businesswire.com

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report: October 13, 2009 (Date of earliest event reported) INTEL CORPORATION (Exact name of registrant as specified in its charter)

Delaware	000-06217	94-1672743
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

| 2200 Mission College Blvd.,
Santa Clara, California | 95054-1549 |
| --- | --- |
| (Address of principal executive
offices) | (Zip Code) |

(408) 765-8080
(Registrant's telephone number,
including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

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| Item 2.02 |
| --- |
| Attached hereto as Exhibit 99.1 and
incorporated by reference herein is financial information for
Intel Corporation for the quarter ended September 26, 2009 and
forward-looking statements relating to 2009 and the fourth quarter
of 2009 as presented in a press release of October 13, 2009. The
information in this report shall not be treated as filed for
purposes of the Securities Exchange Act of 1934, as amended. |
| In addition to disclosing financial
results calculated in accordance with United States (U.S.)
generally accepted accounting principles (GAAP), this earnings
release contains non-GAAP financial measures that exclude the
charge incurred in the second quarter of 2009 as a result of the
European Commission (EC) fine in the amount of €1.06 billion, or
about $1.45 billion. In this earnings release the expense
associated with the fine is presented separately within operating
expenses for the nine-months ended September 26, 2009. The
non-GAAP financial measures disclosed by the company should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP and reconciliations to those
financial statements should be carefully evaluated. |
| Management uses operating income,
net income and EPS, excluding the EC fine, to conduct and evaluate
results of the business, as we believe that analyzing the trends
of the underlying business is aided by the removal of the EC fine
due to the significant impact it has on comparability.
Specifically, in period to period comparisons in our budget and
planning process, and with respect to our analysis of actual
results, management disregards the EC fine. |
| The economic substance behind
management's decision to use such non-GAAP measures is that the
charge in all cases substantially decreases operating income, net
income, and earnings per share for the second quarter of 2009. The
period to period changes do not reflect and do not provide
meaningful comparative information regarding typical operating
expenses such as compensation and benefits, depreciation, etc. The
EC fine was not an expense that was expected, budgeted or planned
for. Management believes the non-GAAP financial measures are
appropriate for both its own assessment of, and to show the
reader, how our performance compares to other periods. The table
below shows the significant effect the EC fine has on
comparability of these measures. |

(in millions)	Operating Income (Loss) — Q2 2009		Q3 2009	Net Income (Loss) — Q2 2009		Q3 2009	Earnings (Loss) per Common Share — Q2 2009		Q3 2009
GAAP	$ (12	)	$ 2,579	$ (398	)	$ 1,856	($ 0.07	)	$ 0.33
Non-GAAP	$ 1,435		$ 2,579	$ 1,049		$ 1,856	$ 0.18		$ 0.33

| A material limitation associated
with the use of these measures as compared to the related GAAP
measures is that operating income, net income, and EPS excluding
the EC fine do not include all of the costs which are required to
be recognized by GAAP, and thus if viewed in isolation may provide
less overall understanding of how the EC fine affects the
company’s financial results. Management compensates for these
limitations by continuing to provide operating income, net income
and earnings per common share on a GAAP basis, as prominently as
the related non-GAAP measure, to ensure that readers understand
the amount of the charges and our GAAP results. |
| --- |
| The company discloses this non-GAAP
information to the public to enable investors who wish to more
easily assess the company’s performance on the same basis applied
by management and to ease comparison on both a GAAP and non-GAAP
basis to our current period results. |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		INTEL CORPORATION
		(Registrant)
Date: October 13, 2009	By:	/s/ Cary I. Klafter
		Cary I. Klafter
		Corporate Secretary

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