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EXHIBIT 99.2
APPLIED MATERIALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
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April 27, April 28, April 27, April 28,
(In thousands, except per share amounts) 1997 1996 1997 1996
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Net sales $900,862 $1,127,855 $1,736,638 $2,168,435
Cost of products sold 486,845 586,564 950,965 1,130,344
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Gross margin 414,017 541,291 785,673 1,038,091
Operating expenses:
Research, development and engineering 131,973 124,918 248,465 235,270
Marketing and selling 74,965 80,587 141,236 157,869
General and administrative 59,617 54,820 119,225 104,375
Acquired in-process research and
development -- -- 59,500 --
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Income from operations 147,462 280,966 217,247 540,577
Interest expense 4,935 4,917 10,735 10,085
Interest income 14,598 9,829 28,155 19,426
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Income from consolidated companies
before taxes 157,125 285,878 234,667 549,918
Provision for income taxes 54,994 100,057 102,959 192,471
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Income from consolidated companies 102,131 185,821 131,708 357,447
Equity in net income/(loss) of joint venture -- -- -- --
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Net income $102,131 $ 185,821 $ 131,708 $ 357,447
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Earnings per share $ .54 $ 1.01 $ .71 $ 1.94
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Average common shares and equivalents 187,899 183,699 186,762 183,921
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APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS*
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April 27, Oct. 27,
(In thousands) 1997 1996
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ASSETS
Current assets:
Cash and cash equivalents $ 202,660 $ 403,888
Short-term investments 872,190 633,744
Accounts receivable, net 807,181 822,384
Inventories 507,632 478,552
Deferred income taxes 278,352 281,586
Other current assets 83,295 72,915
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Total current assets 2,751,310 2,693,069
Property, plant and equipment, net 900,041 919,038
Other assets 240,510 25,880
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Total assets $ 3,891,861 $ 3,637,987
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 19,892 $ 77,522
Current portion of long-term debt 7,659 22,640
Accounts payable and accrued expenses 875,808 791,897
Income taxes payable 147,713 43,168
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Total current liabilities 1,051,072 935,227
Long-term debt 227,808 275,485
Deferred income taxes and other non-current obligations 107,601 56,850
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Total liabilities 1,386,481 1,267,562
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Stockholders' equity:
Common stock 1,815 1,802
Additional paid-in capital 781,281 763,376
Retained earnings 1,731,272 1,599,564
Cumulative translation adjustments ( 8,988) 5,683
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Total stockholders' equity 2,505,380 2,370,425
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Total liabilities and stockholders' equity $ 3,891,861 $ 3,637,987
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* Amounts as of April 27, 1997 are unaudited. Amounts as of October 27, 1996
were obtained from the October 27, 1996 audited financial statements.