This excerpt taken from the A 8-K filed Dec 9, 2008.
Item 7.01. Regulation FD Disclosure.
On December 9, 2008, Agilent Technologies, Inc. announced that in response to deteriorating economic conditions, particularly in electronic measurement markets, it was lowering its fiscal first quarter 2009 revenue guidance to a range of $1.25 billion - $1.30 billion, down 10% to 7% from one year ago. Prior guidance was for a revenue range of $1.34 billion - $1.39 billion. The company also lowered its first quarter non-GAAP earnings guidance to a range of $0.28 - $0.32 per share. Previous guidance was for a non-GAAP earnings range of $0.34 - $0.38 per share.
Agilents non-GAAP earnings guidance excludes primarily the impacts of future restructuring and asset impairment charges and non-cash intangibles amortization. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided. We provide non-GAAP financial information in order to provide meaningful supplemental information regarding our operational performance and to enhance our investors overall understanding of our core current financial performance and our prospects for the future. This information is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. It excludes items, such as restructuring and amortization, that may have a material effect on the Companys expenses and earnings per share calculated in accordance with GAAP. Management monitors these items to ensure that expenses are in line with expectations and that our GAAP results are correctly stated but does not use them to measure the ongoing operating performance of the Company. We believe that our investors benefit from seeing our results through the eyes of management in addition to the GAAP presentation.
This Item 7.01 contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements are revenue and non-GAAP earnings guidance for the fiscal first quarter of 2009. These forward-looking statements involve risks and uncertainties that could cause Agilents results to differ materially from managements current expectations. Such risks and uncertainties include, but are not limited to, the risk of a further decline in general economic conditions and the global credit and equity markets, and unforeseen changes in the strength of our customers businesses and demand for current and new products and technologies.
In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles while it continues to implement cost reductions; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on our operations, our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; and other risks detailed in Agilents filings with the Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2008. Forward-looking statements are based on the beliefs and assumptions of Agilents management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
The foregoing information in this Item 7.01 of Form 8-K is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.