Agilent Reports Third-Quarter 2003 Results

August 18, 2003 by Jeff Shepard

Agilent Technologies Inc. (Palo Alto, CA) reported orders of $1.47 billion and revenue of $1.50 billion for the fiscal third quarter ended July 31, 2003. During the quarter, the company recognized a $1.4 billion non-cash charge required under Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," and reported a GAAP net loss of $1.56 billion, or $3.28 per share. Excluding that charge, the company would have reported a loss from operations of $110 million, or $0.23 per share, which compares to a GAAP loss of $223 million, or $0.48 per share, one year ago.

Also excluding $99 million of net restructuring charges and intangibles amortization, Agilent reported a net loss for the third quarter of $11 million, or $0.02 per share, versus a loss on a comparable basis of $0.31 per share one year ago.

Continued progress was also reflected on the balance sheet. The company generated $38 million cash from working capital during the quarter despite sequentially higher revenues. Capital spending, at $62 million, remained below depreciation expense of $77 million. Net cash consumption was only $103 million despite $121 million of cash restructuring payments. The company ended the quarter with over $1.4 billion in cash and equivalents.