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1972 Intel Annual ReportThe year of 1972 represented a period of rapid growth for Intel and for the markets we serve, and marked the start of our second round of major plant expansions.Our net income increased by $2.2 million and our sales by $14 million over 1971. We were able to more than double our business in 1972 without additional financing, and have no debt of any kind.<BR>We expanded our output of components and systems last year without significant additions to our production facilities, but our growth in 1973 will require the completion of new facilities in Penang, Malaysia, and Livermore and Santa Clara, California. Capital expenditures in 1973 are expected to be $10 million as compared with $2.1 million in 1972. We expect to finance our 1973 expansions without additional equity financing.Intel entered the electronic timekeeping market in July with the acquisition of Microma, Inc. and absorbed its 1972 start-up losses of 1.5 million before taxes.We continue to seek growth markets where we can capitalize on major shifts in technology, where traditional techniques are becoming vulnerable to new approaches and large established companies have no technical advantage. This will afford us the opportunity to maintain our high rate of growth.Intel component and systems innovations represent thrusts at these major markets:• The semiconductor memory market, our first target, which we helped create, is growing at an accelerated rate. The memory systems group expands our penetration into this market. We realized greatly increased sales of semiconductor memory components and systems because of the resurgence of the computer industry and the further penetration of our products into areas formerly dominated by magnetic memories.Read the full 1972 Intel Annual Report.
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