RISK
FACTORS REGARDING FORWARD-LOOKING STATEMENTS
The statements in this webcast that refer to plans and expectations
for the fourth quarter, the year and the future are forward-looking
statements that involve a number of risks and uncertainties.
These statements do not reflect the potential impact of any
mergers, acquisitions, and divestitures that may be completed
after December 2, 2004. In addition to factors discussed in
the presentations and slides, the important factors that could
cause actual results to differ materially include the following:
Intel operates in intensely competitive industries. Revenue
and the gross margin percentage are affected by the demand for
and market acceptance of Intel's products, pricing pressures
and actions taken by Intel’s competitors, the timing of
new product introductions and the availability of sufficient
inventory to meet demand. Factors that could cause demand to
be different from Intel’s expectations include changes
in business and economic conditions, and changes in customer
order patterns and the level of inventory at customers. The
gross margin percentage could vary from expectations based on
changes in revenue levels, product mix and pricing, manufacturing
yields, changes in unit costs, capacity utilization and the
existence of excess capacity, the timing and execution of the
manufacturing ramp and associated costs, excess or obsolete
inventory, variations in inventory valuation and impairment
of manufacturing or assembly and test assets. 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. Tax rate expectations are based on current
tax law and current expected income, assume Intel continues
to receive tax benefits for export sales, do not reflect the
impact of any potential repatriation of cash under the American
Jobs Creation Act, and may be affected by the closing of acquisitions
or divestitures, the jurisdiction in which profits are determined
to be earned and taxed, changes in estimates of credits and
deductions, the resolution of issues arising from tax audits
with various tax authorities and the ability to realize deferred
tax assets. 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 and fluctuations
in foreign currency exchange rates. Intel’s results could
also 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. Please refer to Intel's 2003 Form 10-K and Q3'04
Form 10-Q for more information on the risk factors that could
cause actual results to differ.
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