Applied Materials Inc. reported net sales and orders grew sequentially and year over year. The company posted net sales of $1.86 billion for its fiscal Q1, up 8 percent sequentially and up 4 percent year over year. Gross margin also improved for AMAT, as it came in at 45.1 percent for the quarter, up from 44.2 percent in the previous quarter and 44.4 percent in the year-ago period.

Net income contracted during the quarter, however, Applied reported. It posted net income of $143 million, or 9 cents per share, compared to the prior quarter's $247 million, or 15 cents per share, as well as down from the year ago period's $289 million, or 17 cents per share.

Excluding special charges, non-GAAP net income was $312 million, or 19 cents per share, the company said. The company recorded pre-tax asset impairment and restructuring charges of $215 million, or 8 cents per diluted share after tax, consisting of approximately $124 million for asset write-offs and impairments and approximately $91 million for restructuring of lease obligations. In addition, the company recognized approximately $52 million of charges, or 2 cents per diluted share after tax, in connection with its equity-based compensation programs. The company began expensing stock options in the first quarter of fiscal 2006.

By: DocMemory
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