For the first time in years, chipmaker AMD expects to report profits in its CPU business next year.

During a meeting with analysts and investors, AMD execs expressed their confidence that they are working to reduce debt, currently running at $3.2 billion. AMD CFO Thomas Seifert said that debt reduction is the company's priority and that AMD hopes to keep as muchas $1 billion cash on hand in the time to come.

CEO Dirk Meyer was even more optimistic, promising to turn AMD into a cash flow generating machine. "I can already hear the cash registers starting to ring, which is wonderful," said Meyer.

Meyer stressed that AMD's strategy will be consumer oriented and that AMD will concentrate on graphics. "Increasingly, people aren't going to be satisfied showing up to work and having a lousier experience on their computer than they do at home," claims Meyer.

Meyer also commented recent antitrust fines imposed against rival Intel, saying: "I'm looking forward to a future in which our ability to succeed as a business is governed by the quality of our products and the quality of our customer relationships. I can tell you that hasn't always been true."

More here.