Applied Materials, Inc. recently reported results for its fourth fiscal quarter ended October 26, 2003. Net sales were $1.22 billion, up 12% from $1.09 billion for the third fiscal quarter of 2003, and down 16% from $1.45 billion for the fourth fiscal quarter of 2002. Gross margin for the fourth fiscal quarter of 2003 was 40.5%, up 31.7% from the third fiscal quarter of 2003 and down 41.7% from the fourth fiscal quarter of 2002. Net income for the fourth fiscal quarter of 2003 was $15 million, or $0.01 per share, compared to a loss of $37 million, or $0.02 per share, from the third fiscal quarter of 2003, and down from net income of $147 million, or $0.09 per share, for the fourth fiscal quarter of 2002.

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