Analyst Conference Summary

conference date: October 22, 2007 @ 2:30 PM Pacific Time
for quarter ending: September 30, 2007 (3rd quarter)

It looks like another screwed-up attempt at a web cast. Tried to listen in on both Windows Vista and XP, and both put up a nice cover slide but no conference.

Meanwhile, the following has been gleened from the press release:

Forward-looking statements

Overview: Pretty good sequential growth, still in a revenue slump compared to 2006. EPS was well up from year-earlier as stock buy-backs and cost cutting continue.

Basic data:

Revenue was $3.66 billion, up 7% sequentially from $3.42 and down 3% from $3.76 year-earlier.

Net income was $776 million, up 27% sequentially from $610 million and up 10% from $702 million year-earlier.

EPS (earnings per share) were $0.52, up 24% sequentially from $0.42 and up 16% from $0.45 in the year-earlier quarter.

Guidance:

Q4 2007 revenues of $3.40 to $3.68 billion, EPS from $0.48 to $0.54.

Conference Highlights:

Demand for analog semiconductors and graphing calculators fueled sequential revenue growth. Results included a 2 cent gain from the sale of its broadband DSL product line.

$1.4 billion of stock was repurchased and an additional $5 billion in repurchases were authorized.

Gross profit was $1.98 billion; gross margin was 54.2%. The improvement came from reduced manufacturing costs and the gain on sale. R&D expense was $542 million, SG&A $429 million. Operating profit was $1.01 billion, operating margin 27.6%. Other income was $53 million.

Income from continuing operations was $18 million less than net income due to a tax reduction on a discontinued operation.

Orders were $3.55 billion, up $103 million sequentially and $125 million from year-earlier.

Cash flow from operations was a stunning $1.53 billion and total cash ended at $3.67 billion. Capital spending was $152 million, depreciation $262 million. Inventory ended at $1.45 billion.

Analog product revenue was up 10% sequentially to $1.40 billion. DSP revenues were $1.31 billion, up 6% sequentially. Other semiconductor revenue was $751 million, flat sequentially

Q&A:

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