The Board of Directors of AMD held its annual shareholder meeting yesterday with CEO Dr Hector Ruiz claiming the firm is on track to break even in the second quarter of this year.

He also said that seventy per cent of AMD's revenues came from outside the USA.

He said that China is a top priority for the firm and AMD has created an organisational structure aimed at exploiting that market. It had already sold "record" numbers of processors and memory into China, and the joint educational venture it started last year was performing well.

He said that 2002 saw some profound changes in the industry, which he described as "more than just a cyclical decline, but as a sea change in the semiconductor business". He said few companies have what it takes to stay in this industry. AMD had addressed reducing stock levels, its capital spending was to be cut by $150 million this year, and it had reduced its headcount.

"We remain on track to achieve $800 million breakeven in the second quarter," he said.

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