Exhibit d 9. Radiant Systems, Inc. Alpharetta, Georgia Ladies and Gentlemen:. Although no definitive agreements have been reached or entered into regarding the Proposed Transaction, Buyer and the Company have concluded that it is in their mutual best interests to continue these discussions.

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This is the company's first earnings report that includes the merger transaction with Compaq Computer Corp. Results and comparisons in this release are stated on a combined company basis and reflect Compaq's prior fiscal quarter results as if combined with HP at the start of HP's prior fiscal quarters. Pro forma operating expenses were up sequentially from While we have more work ahead, given the tough economy and a major integration, we've accomplished a great deal.

Pro forma earnings per share EPS for the quarter was 14 cents, compared to 19 cents in the second quarter and 11 cents in the year-ago period, in both cases on a pro forma combined company basis. All pro forma numbers have been adjusted to exclude certain acquisition-related charges and inventory write-downs, in-process research and development charges, amortization of goodwill and purchased intangibles, restructuring charges, net investment losses, net losses on divestiture, and litigation expense.

The pattern of our revenue declines in personal and enterprise systems is consistent with our merger planning assumptions. We acted early and are moving through implementation, while our competitors are just now coming to grips with their own strategic and business model shifts. With our unique combination of standards-based platforms, advanced technologies, imaging and printing leadership, and world-class infrastructure services, we are more confident than ever of HP's opportunity to lead the industry.

HP's integration progress was reflected in key third-quarter milestones, consistent with the company's targets and commitments made in June:. In the midst of significant integration progress, HP also maintained its focus on customers.

In recent weeks, HP has closed a number of very large contracts, including some key strategic win-backs. Highlights are included by business segment below. Imaging and printing posted strong year-over-year revenue, gross margin improvements and record operating margin.

Personal systems revenue reflected product transitions in a difficult market. We remain focused on returning to profitability by further structural cost reductions, ramping our direct sales capabilities, and driving further penetration in the small-to-medium business market.

We made tough decisions in all areas, from servers to storage to software. Our industry-standard server and storage businesses sustained market leadership, and our services business continued to contribute significantly to the company's profitability. While we believe we have the industry's most compelling enterprise portfolio, we must accelerate our cost reductions.

It's a promising start, and we're in a strong position to take the fight to the streets even harder, but we're mindful that there's much more to do. Year-over-year increases in home printer product revenue were offset by declines in business hardware revenue due to continued weakness in IT spending.

While a small component of current revenue, HP's Indigo digital publishing unit also showed strong growth in its active customer base and average page volumes per press. During the quarter, R. Donnelly announced its commitment to the HP Indigo Press as part of its new book-on-demand production systems. Combined company operating margin for the segment was This margin performance reflects a higher mix of supplies revenue; increased manufacturing efficiencies; and favorable hardware pricing in some markets.

Revenue decreases reflect poor macroeconomic conditions, intense price competition and post-merger product transitions. Combined company operating margin was negative 4. In addition, commercial channel inventories were among the lowest ever for the business.

During the quarter, the company streamlined the personal systems product portfolio and introduced new Compaq Evo desktop PCs, five new notebook platforms and the world's first Itanium 2-based workstations. Internal Revenue Service contract to provide more than 12, desktop PCs and 11, notebooks.

This reflects continued weakness in global IT spending, aggressive competitive discounting and product transitions. Combined company operating margin was negative The HP Services segment includes customer support, managed services, and consulting and integration.

Combined company operating margin for the IT services segment was 9. Highlights included strong demand for Microsoft services, storage services and printing services. Key wins included a multi-million dollar managed services contract with Microsoft to provide global technical support for 61, Microsoft employees; a major outsourcing contract with US Gypsum Corporation to host a.

NET project; a three-year managed services contract with Agere Systems to provide nationwide service and support; and a managed services contract with Sonera Corporation in Europe. HP Financial Services offers leasing and financial asset management services to HP customers worldwide, operating as a wholly owned subsidiary. Total assets were slightly down quarter to quarter, reflecting a slower market and relative maturity of legacy HP portfolio.

HP re-affirmed its second-half integration targets provided in June. HP is a leading global provider of products, technologies, solutions and services to consumers and businesses.

The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its merger transaction involving Compaq Computer Corp. This document contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, margins, synergies or other financial items; any statements of the plans, strategies, and objectives of management for future operations, including the execution of integration and restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing.

The risks, uncertainties and assumptions referred to above include performance of contracts by customers and partners; employee management issues; the challenge of managing asset levels, including inventory; the difficulty of aligning expense levels with revenue changes; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's quarterly report on Form Q for the quarter ended April 30, and reports filed subsequent to HP's annual report on Form K, as amended on January 30, , for the fiscal year ended October 31, Company information.

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HP reports Q3 2002 results

Table of Contents. Washington, D. FORM K. Commission File No. State or Other Jurisdiction of Incorporation or Organization. Employer Identification No. Address of Principal Executive Offices.


Andrea L. Wood




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