Intel - ein kurzfristiger Trade?

The following expectations do not include the potential impact of any mergers, acquisitions, divestitures or other business combinations that may be completed after April 18.

• Revenue: Expected to be between $8.0 billion and $8.6 billion, below normal seasonal patterns. The company believes PC growth rates have moderated in recent quarters, resulting in above-normal customer inventory levels that are limiting Intel's demand in the short term.
• Gross margin: 49 percent, plus or minus a couple of points (50 percent, plus or minus a couple of points, excluding share-based compensation effects of approximately 1 percent). The expected reduction in the gross margin percentage from first-quarter levels is primarily due to a higher proportion of lower-margin product in the overall mix along with higher microprocessor unit costs and lower microprocessor ASPs.
• Expenses (R&D plus MG&A): Between $3 billion and $3.1 billion (between $2.7 billion and $2.8 billion excluding share-based compensation effects of approximately $300 million).
• Gains from equity investments and interest and other: Approximately $175 million.
• Tax rate: Approximately 30.5 percent.
• Depreciation: Between $1.1 billion and $1.2 billion.
• Amortization of acquisition-related intangibles and costs: Approximately $10 million.
• In accordance with internal cash management policies, the company expects to significantly reduce the rate of share repurchases in upcoming quarters relative to the first-quarter rate.

• 2006 Revenue: Expected to be approximately 3 percent lower than prior-year revenue of $38.8 billion, subject to a wide range of potential variability.
• Gross margin: 53 percent, plus or minus a few points (54 percent, plus or minus a few points, excluding share-based compensation effects of approximately 1 percent).
• R&D: Approximately $6.1 billion (approximately $5.6 billion excluding share-based compensation effects of approximately $500 million).
• MG&A: Approximately $6 billion (approximately $5.4 billion excluding share-based compensation effects of approximately $600 million).
• Capital spending: $6.6 billion plus or minus $200 million.
• Tax rate: Approximately 30.5 percent for the third and fourth quarters.
• Depreciation: $4.7 billion plus or minus $100 million, unchanged.
• Amortization of acquisition-related intangibles and costs: Approximately $45 million.

The above statements and any others in this document that refer to plans and expectations for the second quarter, the year and the future involve a number of risks and uncertainties. Many factors could cause Intel's actual results to differ materially from current expectations, including the following:

• Intel operates in intensely competitive industries that are characterized by a high percentage of costs that are fixed or difficult to reduce in the short term, and by product demand that is highly variable and difficult to forecast. Revenue and the gross margin percentage are affected by the timing of new Intel product introductions and the demand for and market acceptance of Intel's products; actions taken by Intel's competitors, including product offerings, marketing programs and pricing pressures; the timing of new product introductions; Intel's ability to respond quickly to technological developments and to incorporate new features into its products; and the availability of sufficient inventory of Intel products and related components from other suppliers to meet demand. Factors that could cause demand to be different from Intel's expectations include customer acceptance of Intel and competitors' products; changes in customer order patterns, including order cancellations; changes in the level of inventory at customers; and changes in business and economic conditions.
• The gross margin percentage could vary from expectations based on changes in revenue levels; product mix and pricing; variations in inventory valuation, including variations related to the timing of qualifying products for sale; excess or obsolete inventory; manufacturing yields; changes in unit costs; capacity utilization; impairments of long-lived assets, including manufacturing, assembly/test and intangible assets; and the timing and execution of the manufacturing ramp and associated costs, including start-up costs.
• Expenses, particularly certain marketing and compensation expenses, vary depending on the level of demand for Intel's products and the level of revenue and profits.
• The tax rate expectation is based on current tax law and current expected income and assumes Intel continues to receive tax benefits for export sales. The tax rate may be affected by the closing of acquisitions or divestitures; the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities; and the ability to realize deferred tax assets.
• Gains or losses from equity securities and interest and other could vary from expectations depending on equity market levels and volatility; gains or losses realized on the sale or exchange of securities; impairment charges related to marketable, non-marketable and other investments; interest rates; cash balances; and changes in fair value of derivative instruments.
• Dividend declarations and the dividend rate are at the discretion of Intel's board of directors, and plans for future dividends may be revised by the board. Intel's dividend and stock buyback programs could be affected by changes in its capital spending programs, changes in its cash flows and changes in the tax laws, as well as by the level and timing of acquisition and investment activity.
• Intel's results could be impacted by unexpected economic, social and political conditions in the countries in which Intel, its customers or its suppliers operate, including security risks, possible infrastructure disruptions, health concerns, natural disasters and fluctuations in foreign currency exchange rates.
• Intel's results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust and other issues, such as the litigation and regulatory matters described in Intel's SEC reports.
• Intel's results could be affected by the amount, type, and valuation of share-based awards granted as well as the amount of awards cancelled due to employee turnover and the timing of award exercises by employees.

During the quarter, Intel's corporate representatives may reiterate the Business Outlook during private meetings with investors, investment analysts, the media and others. From the close of business on June 2 until publication of the company's second-quarter 2006 earnings release on July 19, Intel will observe a "Quiet Period" during which the Business Outlook disclosed in the company's press releases and filings with the SEC on Form 10-K should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to update by the company.