Applied Materials Inc AMAT
Q4 2013 Earnings Call Transcript

Transcript Call Date 11/14/2013

Operator: Welcome to the Applied Materials Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, November 14, 2013.

I would now like to turn the conference over to Michael Sullivan, Vice President of Investor Relations. Please go ahead, sir.

Michael Sullivan - IR: Thank you, Rachel. Today we'll discuss the results for our fourth quarter and fiscal year ending October 27. Joining me are Gary Dickerson, our President and CEO and Bob Halliday, our Chief Financial Officer.

Before we begin, let me remind you that today's call will also contain forward-looking statements including those that are announced business combination with Tokyo Electron and our current view of Applied's markets, operational improvements, products, share positions, profitability growth targets and Q1 business outlook.

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied and they should be interpreted in that light.

Information concerning the risk factors is contained in our Company's SEC filings, including our most recent form 10-Q. These are our expectations as of today and we assume no obligation to update the forward-looking statements.

Today's call also includes non-GAAP adjusted financial measures, reconciliations to GAAP measures are contained in today's earnings release and in our earnings summary presentation, both of which, are available on our IR website at

Now, I'd like to turn the call over to Gary Dickerson.

Gary E. Dickerson - President: Thanks Mike, and good afternoon. At the end of September, we announced the Applied Materials and Tokyo Electron are combining to create a new global innovator for the semiconductor and display industries. This merger will enable us to accelerate the strategic visions of our two companies and to accelerate our momentum for profitable growth. We will bring together complementary leading technologies and products to create an expanded set of capabilities in precision, materials engineering and patterning to solve our customers' high-value problems better, faster and at lower cost.

Since the announcement, we have started integration planning and we are pleased with the constructive engagement. We've also been meeting with our customers to discuss the specific ways the merger will create value for them and their responses have been positive and supportive. We expect to file our S-4 securities registration statement in January, which will provide you with additional information and we remain confident that we will receive approval for the merger in the mid to second half of 2014.

The rest of today's call will focus on Applied Materials' quarterly and year end results as well as our outlook.

In the fourth quarter Applied delivered earnings towards the high-end of our range and we enter our new fiscal year with momentum in bookings and new product penetration. I would like to thank all our employees for their contributions over the past year. This is a team with tremendous passion to create value for customers and investors. I would also like to thank Mike Splinter, whose leadership, guidance and support enabled a seamless CEO transition. Mike and I will continue to work closely as we plan and implement the integration with Tokyo Electron.

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