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1982 Intel Annual ReportManagement ReportWhile Intel’s revenues for 1982 were up 14.1% to an all time high of $899.8 million, net income of $30.0 million of $.65 per share was about equal to 1981 and far below previous years. Pre-tax earnings were actually down in 1982, but a lower tax rate resulted in some increase in after-tax earnings.Intel’s business continues to be affected by the depressed world economy and strong international competition, particularly in the memory components area. Early in the year there were indications demand was growing. Intel’s bookings of new orders grew to a record level in the second quarter, and it appeared the recovery had begun. We responded by increasing employment and opening two new facilities whose completion we had previously delayed. These actions proved to be premature and not easily reversible. The recovery we thought we saw on the horizon turned out to be a mirage, as the improvement was not sustained in the second half of the year.We enter 1983 with no real sign of an upturn visible. This recession (or series of recessions) is proving to be far more protracted than the previous ones experienced by our industry.On a more positive note, 1982 was another heavy year for new product introductions. This is especially important as sales of new products will probably lead any recovery. Intel remains the world’s largest supplier of semiconductor memories. Our lead in memories was extended by the introduction and first volume shipment of 128K EPROMs, the highest density programmable memory available.We introduced our 64K dynamic RAM, and it was accepted well by the market. Under a technology exchange agreement announced in 1982, we supplied design and process information to enable IBM to manufacture our 64K RAM for their systems. Also new is the integrated RAM or IRAM, which combines the density of dynamic RAM with the ease of use of static RAM. Read the full 1982 Intel Annual Report.
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