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Applied Materials comes up short
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November 14, 2001: 4:52 p.m. ET
World's biggest chip equipment maker posts 4Q $22M or 3 cents a share.
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NEW YORK (CNN/Money) - Applied Materials Inc., the world's biggest maker of semiconductor-manufacturing equipment, Wednesday reported an 82 percent drop in its fourth-quarter profit, missing Wall Street expectations by a penny.
Excluding one-time items, Santa Clara, Calif.-based Applied Materials (AMAT: down $0.09 to $40.71, Research, Estimates) had net income of $22 million, or 3 cents a diluted share, compared to $128 million, or 15 cents a share, for the same three months of 2000.
Earnings tracker First Call had expected net income of 4 cents a share.
Total losses in the fourth quarter for Applied Materials amounted to $81 million, or 10 cents a share, compared to income of $664 million, or 77 cents a share, for the same time period in 2000.
Sales dropped 20 percent to $1.26 billion. The company said it will take a pre-tax restructuring charge of $149 million, or 13 cents a share.
Applied Materials has restated results for its first three fiscal quarters in 2001 but will not restate last year's results.
In after hours trading on Instinet, shares of Applied Materials dropped 8 cents to $40.63. 
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