|
·
|
Net revenues $2,325 million, up
40.1% year-over-year
|
|
·
|
Net earnings turned to profit
of $57 million
|
|
·
|
Net operating cash flow of $176
million, 7.6% of sales*
|
|
Net Revenues By Market Segment
/ Channel (a)
(In %) |
Q1
2010
|
Q4
2009
|
Q1
2009
|
|
Market
Segment / Channel:
|
|||
|
Automotive
|
14%
|
13%
|
12%
|
|
Computer
|
12%
|
14%
|
11%
|
|
Consumer
|
12%
|
11%
|
14%
|
|
Industrial
& Other
|
8%
|
7%
|
8%
|
|
Telecom
|
35%
|
36%
|
43%
|
|
Total
OEM
|
81%
|
81%
|
88%
|
|
Distribution
|
19%
|
19%
|
12%
|
|
Operating
Segment
(In
Million US$)
|
Q1
2010
Net
Revenues
|
Q1
2010
Operating
Income
(Loss)
|
Q4
2009
Net
Revenues
|
Q4
2009
Operating
Income
(Loss)
|
Q1
2009
Net
Revenues
|
Q1
2009
Operating
Income
(Loss)
|
|
ACCI
(a)
|
909
|
48
|
980
|
62
|
620
|
(28)
|
|
IMS
(a)
|
811
|
92
|
871
|
85
|
506
|
5
|
|
Wireless
(b)
|
587
|
(116)
|
712
|
(48)
|
518
|
(107)
|
|
Others
(c)(d)
|
18
|
(44)
|
20
|
(105)
|
16
|
(263)
|
|
TOTAL
|
2,325
|
(20)
|
2,583
|
(6)
|
1,660
|
(393)
|
|
|
·
|
Approval
of the Company's 2009 accounts reported in accordance with International
Financial Reporting Standards
(IFRS);
|
|
|
·
|
The
reappointment for a three-year term, expiring at the 2013 Annual General
Meeting, for the following members of the Supervisory Board: Mr. Raymond
Bingham and Mr. Alessandro Ovi;
|
|
|
·
|
The
distribution of an annual cash dividend of US$0.28 per share, to be paid
in four equal quarterly
installments.
|
|
|
·
|
In
automotive electronics:
|
|
|
o
|
ST
announced its 55-nanometer embedded-Flash process technology, which will
be used to implement next-generation automotive microcontroller (MCU)
chips. ST is extending its production of eFlash technology to this
advanced process node at its world-class 300mm manufacturing facility at
Crolles, France.
|
|
|
o
|
In
powertrain applications, ST gained a significant share in a major
worldwide engine-control management platform, covering all car segments.
And in safety applications, ST achieved design wins from two leaders, in
Europe and the US, for radar-transceiver and baseband processors for
medium- and long-range obstacle
detection.
|
|
|
o
|
ST’s
expertise in 12V Body Control Modules has been rewarded with several
design wins for 32-bit MCUs from tier-one OEMs in Europe and the US and
with deployment in 24V systems, addressing the major worldwide truck
makers, leading to a design win from a major manufacturer in Europe.
Additionally, ST was awarded a power-management ASIC design win for
low-power High-Intensity-Discharge (HID) lamps, in partnership with a key
European supplier.
|
|
|
·
|
In
automotive infotainment:
|
|
|
o
|
ST
gained an important design win for its leading-edge multi-standard (AM/FM,
DAB, HD) radio-receiver DSP from a leading car electronics maker in
Europe.
|
|
|
o
|
ST
strengthened its leadership position in navigation processors with its
Cartesio+ entering into production, and the gain of an important design
win for a dashboard radio-navigation system from a leading
car-infotainment OEM, targeting top Japanese car
manufacturers.
|
|
|
o
|
ST
also introduced a new digital-input audio-amplifier family and gained an
important design win from a leading Japanese car-infotainment
manufacturer.
|
|
|
·
|
In
consumer applications:
|
|
|
o
|
the
Company launched a number of set-top-box (STB) decoders,
including:
|
|
|
§
|
the
high-end STi7108, which enables 3D-ready hybrid Internet/broadcast-TV STBs
to deliver broadcast, Internet and personal content on the
TV;
|
|
|
§
|
the
STi7167 single-chip demodulator/decoder for Internet-TV, terrestrial and
cable STBs to increase accessibility to digital TV in growing markets such
as China, India, Latin America and
Africa;
|
|
|
§
|
the
STi7106 high-definition (HD) video decoder, which offers enhancements for
higher performance, lower power, and lower bill-of-materials costs in
STBs, and the STi5197L, which is designed for entry-level cable zapping
STBs, particularly in the China
market.
|
|
|
o
|
Design
win activity for STB chips
included:
|
|
|
§
|
continued
momentum in digital terrestrial TV (DTT) with wins for the STi7105 decoder
in second-generation DTT boxes and a first design win in Argentina with
the STi5205;
|
|
|
§
|
ST’s
TV switch and buffer products are now gaining designs at several low-cost
STB makers in China, assisting in building ST’s silicon portfolio within
these STBs;
|
|
|
§
|
several
high-definition Internet-connected and built-in web-browser STBs based on
ST decoders will be launched in
2011.
|
|
|
o
|
ST
gained a key design win for a single-chip DisplayPort-to-VGA convertor SoC
from a major tier-one OEM in the US. The STDP3100 is being used in a
dongle application sold as an accessory for a revolutionary new mobile
device.
|
|
|
o
|
ST
unveiled the industry’s first ‘bridge’ chipsets for the proposed iDP
(Internal DisplayPort) standard for use in next-generation LCD TVs. The
chipsets are compliant with the iDP interface standard proposed by ST in
collaboration with LG Display.
|
|
|
o
|
ST’s
STDP8028 Faroudja™-based LCD-controller SoC, which offers advanced color
processing and DisplayPort and HDMI receivers, entered into volume
production at several tier-one
customers.
|
|
|
o
|
In
audio applications, ST is to design and supply next-generation ANR™
(Ambient Active-Noise Reduction) controllers for Phitek Systems, a leader
in electro-acoustic technologies, for use in audio accessories such
as headphones, headsets and
earphones.
|
|
|
·
|
In
computer peripherals and
communications:
|
|
|
o
|
ST
unveiled four new members in its SPEAr™ microprocessor family,
targeting embedded-control applications across several market segments in
computer, communications and industrial
applications.
|
|
|
o
|
ST
announced that one of the members of the family, the SPEAr 300, forms the
core of the newest flagship VoIP telephone from snom
technology.
|
|
|
o
|
the
Company also announced that the SPEAr 600 is at the heart of a new
complete system solution for laser-printer
applications.
|
|
|
o
|
ST
won four important ASIC designs from major communication infrastructure
customers. Three of these ASICs are implemented in 32nm process technology
and are ST’s first design wins at
32nm.
|
|
|
o
|
ST
gained two design wins with a world-leading printer manufacturer, one for
mid- to high-end inkjet MFPs (Multi-Function Printers) and the second for
low-end inkjet MFPs.
|
|
|
·
|
In
MEMS (Micro Electro-Mechanical
Systems):
|
|
|
o
|
ST
launched several new families of motion sensors for consumer and portable
applications, including:
|
|
|
§
|
a
new 3-axis gyroscope with a digital output for mobile phones and gaming
consoles;
|
|
|
§
|
a
digital compass module for portable navigation
applications;
|
|
|
§
|
the
first members in the iNEMO™ multi-sensor Inertial Measurement Unit
family;
|
|
|
§
|
and
provided first details of a family of three-axis digital accelerometers
that combine the market’s smallest footprint with a drastically reduced
current consumption and enhanced
functionality.
|
|
|
o
|
Design
win activity for MEMS devices
included:
|
|
|
§
|
qualification
at several well-known brand-name portable consumer-device manufacturers
for 3-axis accelerometers and 3-axis analog-output
gyroscopes;
|
|
|
§
|
a
3-axis gyroscope with digital output was selected by a major consumer
product manufacturer for a next-generation
smartphone;
|
|
|
§
|
continued
momentum for accelerometers and gyroscopes in leading consumer, mobile and
gaming platform applications;
|
|
|
§
|
and
an agreement for the development and supply of a wireless MEMS sensor for
the SENSIMED Triggerfish®, a new platform enabling
better
|
|
|
management
of glaucoma patients via earlier diagnosis and treatment optimally
tailored to individual patients.
|
|
|
·
|
In
other sensor products, ST
introduced:
|
|
|
o
|
an
integrated Serial Presence Detect EEPROM memory and temperature-monitoring
IC, designed to protect DDR3 DRAM modules in computing products from
ultra-mobile devices to high-performance servers. ST’s solutions in this
market have been accepted by all the key worldwide leaders of DRAM
modules;
|
|
|
o
|
two
new devices in its S-Touch™ family of single-chip touch-sensing
controllers and gained an important design win from a mobile-phone
manufacturer in Taiwan.
|
|
|
·
|
In
high-performance analog products, ST
introduced:
|
|
|
o
|
a
new smart pushbutton ‘on/off’ controller IC to enable next-generation
mobile products to offer easy-to-use ‘power-up,’ ‘power-down’ and
‘unfreeze/reset’ functions that will prevent damage to the end-user
product;
|
|
|
o
|
a
class-G stereo headphone amplifier IC that achieves significantly higher
efficiency than previous-generation devices, enabling listeners to enjoy
high-quality sound for longer between battery
charges;
|
|
|
o
|
the
world’s most integrated high-performance ultrasound pulse controller,
enabling the next generation of high-performance ultrasound imaging
systems.
|
|
|
·
|
In
power conversion ICs:
|
|
|
o
|
ST
gained key design wins, including one from a major consumer manufacturer
in Europe for a kit including three different DC-DC converters for a new
2011 TV platform, and another from a leading US game-console maker for
voltage-regulator ICs – due for production ramp-up in Q2
2010.
|
|
|
o
|
ST
is ramping up production for DC/DC converter ICs for the power management
of AMOLED (Active-matrix organic-LED) displays in mobile-phone
applications from two major global players, in Europe and
Korea.
|
|
|
o
|
ST
began delivery of a complete kit of components for Enel’s automated smart
meters. These will be installed by Endesa, the largest electricity
supplier in Spain, replacing more than 13 million traditional power meters
in Spain over the next few years.
|
|
|
·
|
In
power transistors:
|
|
|
o
|
ST
announced its innovative STAC plastic air-cavity packaging, designed to
enable high-power transistors for radio-frequency (RF) applications and to
deliver performance and cost advantages over alternative devices in
ceramic packages – these devices are now undergoing qualification with
customers in applications including broadcast transmitters, RF plasma
generation and magnetic resonance
imaging.
|
|
|
o
|
ST
gained several design wins for its IGBTs and power MOSFETs in automotive
applications, for its Intelligent Power Modules for two platforms from a
leading US computer power-supply maker, and for its MDmesh™ V power
MOSFETs in photovoltaic applications with three different
OEMs.
|
|
|
·
|
In
protection devices and AC switches:
|
|
|
o
|
ST
introduced the industry’s smallest four-line flow-through protection
device for high-speed differential-line interfaces. ST also saw increasing
demand for its recently announced DisplayPort-interface protection
IC.
|
|
|
o
|
ST
reinforced its presence in the home-appliances market with a new range of
overvoltage protected AC switches specified at 800V. Ideal for
24/7-connected equipment, the switches simplify design by reducing the
number of components per board.
|
|
|
·
|
In
general-purpose microcontrollers, ST announced several additions to its
industry-leading 32-bit STM32 family,
including:
|
|
|
o
|
new
MCUs offering up to 1 Mbyte of
Flash;
|
|
|
o
|
the
STM32 Value Line of low-cost MCUs that bring the advantages of the
family’s advanced industry-standard ARM Cortex-M3 core to typical 16-bit
applications;
|
|
|
o
|
technological
advances in the family, such as 90nm embedded Flash and an Adaptive
Real-Time (ART) memory accelerator to further improve performance and
power consumption;
|
|
|
o
|
and
a new multi-touch ‘resistive’ touchscreen controller chip for portable
consumer devices.
|
|
|
·
|
In
memory ICs, ST was again ranked as the long-term leader in EEPROMs by
iSuppli. From this position of strength, the Company launched an
innovative dual-interface EEPROM chip, offering both wired and RF
interfaces. The device is the first in a new family that provides the
flexibility to remotely program or update electronic products, anytime
during their lifetime and anywhere in the supply
chain.
|
|
|
·
|
ST
and Mentor Graphics announced a three-year joint-development project,
named DeCADE, to develop advanced design solutions for the 32-nm
technology node, down to the 20-nm node. The collaboration seeks to build
on advanced design solutions for SoC (System-on-Chip) development for
digital and analog design.
|
|
|
·
|
ST
and CEA-Leti signed an agreement for ST to join the industry/research
multi-partner program IMAGINE, led by CEA-Leti, for mask-less lithography
for IC manufacturing.
|
|
|
·
|
During
the quarter, ST-Ericsson announced:
|
|
|
o
|
the
U6715 low-cost compact and power-efficient Android-ready platform,
broadening the smartphone segment and making these advanced and
customizable handsets affordable for the
mass-market;
|
|
|
o
|
numerous
enhancements to its U8500 advanced smartphone
platform;
|
|
|
o
|
breakthrough
performance with a dual-core smartphone platform – each core running at a
clock speed of 1.2GHz;
|
|
|
o
|
a
new family of single-chip 1080p HDMI transmitters to enable streaming of
high-definition multimedia content from mobile devices to
TVs;
|
|
|
o
|
and
support, in conjunction with ARM, for the Android operating system on
next-generation multicore mobile
platforms.
|
|
|
·
|
ST-Ericsson’s
TD-SCDMA technology was selected by HTC for its smartphones in China. The
companies are developing both advanced mobile handsets, capable of
providing users with the ultimate multimedia mobile experience, and
low-cost models.
|
|
|
·
|
Sagem
Wireless selected ST-Ericsson as its platform provider for future Sagem
Wireless devices, supporting a major part of the range of products in its
portfolio.
|
|
|
·
|
ST-Ericsson
also announced development cooperation with China Mobile on TD-LTE, the
next-generation 4G
mobile technology.
|
|
|
·
|
significant changes in demand
in the key application markets and from key customers served by our
products make it extremely difficult to accurately forecast and plan our
future business activities. In particular, following a period of
significant order cancellations, we recently experienced a strong surge in
customer demand, which has led to capacity constraints in certain
applications;
|
|
|
·
|
our ability to utilize and
operate our manufacturing facilities at sufficient levels to cover fixed
operating costs in periods of reduced customer demand, as well as our
ability to ramp up production efficiently and rapidly to respond to
increased customer demand, and the financial impact of obsolete or excess
inventories if actual demand differs from our
expectations;
|
|
|
·
|
our ability to successfully
integrate the acquisitions we pursue, in particular the successful
integration and operation of the ST-Ericsson joint
venture;
|
|
|
·
|
ST-Ericsson is a new wireless
joint venture, representing a significant investment and risk for our
business. The joint venture is currently engaged in restructuring
initiatives and further declines in the wireless market, as well as the
inability of ST-Ericsson to complete its ongoing restructuring plans or to
successfully compete, could result in additional significant impairment
and restructuring charges;
|
|
|
·
|
we currently also hold a
significant non-marketable equity investment in Numonyx and are a
guarantor of $225 million of its debts. As previously announced,
together with our partners Intel Corporation and Francisco Partners, we
have entered into a definitive agreement with Micron Technology Inc
(“Micron”), pursuant to which Micron will acquire Numonyx in an all-stock
transaction. There is no guaranty as to when, or if, the transaction will
close, or whether the transaction will close pursuant to the terms
currently planned. Furthermore, our shares in Micron are subject to
certain resale restrictions and, consequently, there is no guaranty as to
when we will be able to sell them and at what
price;
|
|
|
·
|
our ability to compete in our
industry since a high percentage of our costs are fixed and are incurred
in currencies other than U.S. dollars, especially in light of the
volatility in the foreign exchange markets and, more particularly, in the
U.S. dollar exchange rate as compared to the other major currencies
we use for our operations;
|
|
|
·
|
the outcome of ongoing
litigation as well as any new litigation to which we may become a
defendant;
|
|
|
·
|
changes in our overall tax
position as a result of changes in tax laws or the outcome of tax audits,
and our ability to accurately estimate tax credits, benefits, deductions
and provisions and to realize deferred tax
assets;
|
|
|
·
|
the impact of intellectual
property (“IP”) claims by our competitors or other third parties, and our
ability to obtain required licenses on reasonable terms and
conditions;
|
|
|
·
|
our ability to execute our
restructuring initiatives in accordance with our plans if unforeseen
events require adjustments or delays in implementation or require new
plans;
|
|
|
·
|
our ability in an intensively
competitive environment to secure customer acceptance and to achieve our
pricing expectations for high-volume supplies of new products in whose
development we have been, or are currently,
investing;
|
|
|
·
|
changes in the political,
social or economic environment, including as a result of military
conflict, social unrest and/or terrorist activities, economic turmoil, as
well as natural events such as severe weather, health risks, epidemics,
earthquakes, volcano eruptions or other acts of nature in, or affecting,
the countries in which we, our key customers or our suppliers,
operate.
|
|
Q1
2010
(US$
millions and cents per share)
|
Gross
Profit
|
Operating
Income (Loss) |
Net
Earnings
(Loss)
|
Corresponding
EPS (diluted) |
|
U.S.
GAAP
|
876
|
(20)
|
57
|
0.06
|
|
Impairment
& Restructuring
|
33
|
20
|
||
|
Estimated
Income Tax Effect
|
(15)
|
|||
|
Non-U.S
GAAP
|
876
|
13
|
62
|
0.07
|
|
Q4
2009
(US$
millions and cents per share)
|
Gross
Profit
|
Operating
Income (Loss) |
Net
Earnings
(Loss)
|
Corresponding
EPS |
|
U.S.
GAAP
|
957
|
(6)
|
(70)
|
(0.08)
|
|
Impairment
& Restructuring
|
96
|
65
|
||
|
Realized
losses on financial assets
|
68
|
|||
|
Estimated
Income Tax Effect
|
(27)
|
|||
|
Non-U.S
GAAP
|
957
|
90
|
36
|
0.04
|
|
Q1
2009
(US$
millions and cents per share)
|
Gross
Profit
|
Operating
Income (Loss) |
Net
Earnings
(Loss)
|
Corresponding
EPS |
|
U.S.
GAAP
|
437
|
(393)
|
(541)
|
(0.62)
|
|
Impairment
& Restructuring
|
56
|
56
|
||
|
Other-Than-Temporary-Impairment
|
58
|
|||
|
Numonyx
Impairment
|
200
|
|||
|
Estimated
Income Tax Effect
|
(40)
|
|||
|
Non-U.S
GAAP
|
437
|
(337)
|
(267)
|
(0.31)
|
|
Net
Financial Position (in US$ millions)
|
March
27, 2010
|
December
31, 2009
|
March
28, 2009
|
|
Cash
and cash equivalents, net of bank overdrafts
|
1,423
|
1,588
|
1,477
|
|
Marketable
securities, current
|
1,037
|
1,032
|
988
|
|
Restricted
cash
|
250
|
250
|
250
|
|
Marketable
securities, non-current
|
47
|
42
|
184
|
|
Total
financial resources
|
2,757
|
2,912
|
2,899
|
|
Current
portion of long-term debt
|
(904)
|
(176)
|
(159)
|
|
Long-term
debt
|
(1,287)
|
(2,316)
|
(2,486)
|
|
Total
financial debt
|
(2,191)
|
(2,492)
|
(2,645)
|
|
Net
financial position
|
566
|
420
|
254
|
|
Net
Operating Cash Flow (in US$ millions)
|
Q1
2010
|
Q4
2009
|
Q1
2009
|
|
Net
cash from (used in) operating activities
|
393
|
449
|
(14)
|
|
Net
cash from (used in) investing activities
|
(245)
|
(207)
|
697
|
|
Payment
for purchases of / proceeds from sale of current and non-current
marketable securities, and disposal of financial instrument,
net
|
28
|
5
|
323
|
|
Net
operating cash flow
|
176
|
247
|
1,006
|
|
Net
operating cash flow (ex M&A and
disposal
of a financial instrument)
|
176
|
221
|
(139)
|
|
As
at
|
March
27,
|
December
31,
|
March
28,
|
|||||||||
|
In
million of U.S. dollars
|
2010
|
2009
|
2009
|
|||||||||
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
1,423 | 1,588 | 1,480 | |||||||||
|
Marketable
securities
|
1,037 | 1,032 | 988 | |||||||||
|
Trade
accounts receivable, net
|
1,426 | 1,367 | 1,101 | |||||||||
|
Inventories,
net
|
1,265 | 1,275 | 1,656 | |||||||||
|
Deferred
tax assets
|
216 | 298 | 248 | |||||||||
|
Assets
held for sale
|
30 | 31 | - | |||||||||
|
Other
receivables and assets
|
628 | 753 | 896 | |||||||||
|
Total
current assets
|
6,025 | 6,344 | 6,369 | |||||||||
|
Goodwill
|
1,055 | 1,071 | 1,121 | |||||||||
|
Other
intangible assets, net
|
810 | 819 | 894 | |||||||||
|
Property,
plant and equipment, net
|
3,802 | 4,081 | 4,341 | |||||||||
|
Long-term
deferred tax assets
|
422 | 333 | 319 | |||||||||
|
Equity
investments
|
267 | 273 | 376 | |||||||||
|
Restricted
cash
|
250 | 250 | 250 | |||||||||
|
Non-current
marketable securities
|
47 | 42 | 184 | |||||||||
|
Other
investments and other non-current assets
|
471 | 442 | 337 | |||||||||
| 7,124 | 7,311 | 7,822 | ||||||||||
|
Total
assets
|
13,149 | 13,655 | 14,191 | |||||||||
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Bank
overdrafts
|
0 | 0 | 3 | |||||||||
|
Current
portion of long-term debt
|
904 | 176 | 159 | |||||||||
|
Trade
accounts payable
|
1,065 | 883 | 707 | |||||||||
|
Other
payables and accrued liabilities
|
1,064 | 1,049 | 1,037 | |||||||||
|
Dividends
payable to shareholders
|
0 | 26 | 0 | |||||||||
|
Deferred
tax liabilities
|
7 | 20 | 30 | |||||||||
|
Accrued
income tax
|
126 | 126 | 121 | |||||||||
|
Total
current liabilities
|
3,166 | 2,280 | 2,057 | |||||||||
|
Long-term
debt
|
1,287 | 2,316 | 2,486 | |||||||||
|
Reserve
for pension and termination indemnities
|
300 | 317 | 313 | |||||||||
|
Long-term
deferred tax liabilities
|
25 | 37 | 26 | |||||||||
|
Other
non-current liabilities
|
334 | 342 | 355 | |||||||||
| 1,946 | 3,012 | 3,180 | ||||||||||
|
Total
liabilities
|
5,112 | 5,292 | 5,237 | |||||||||
|
Commitment
and contingencies
|
||||||||||||
|
Equity
|
||||||||||||
|
Parent
company shareholders' equity
|
||||||||||||
|
Common
stock (preferred stock:
540,000,000 shares authorized, not issued;
|
1,156 | 1,156 | 1,156 | |||||||||
|
common
stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized,
910,319,305 shares
|
||||||||||||
|
issued,
878,382,637 shares outstanding)
|
||||||||||||
|
Capital
surplus
|
2,489 | 2,481 | 2,455 | |||||||||
|
Accumulated
result
|
2,778 | 2,723 | 3,521 | |||||||||
|
Accumulated
other comprehensive income
|
860 | 1,164 | 890 | |||||||||
|
Treasury
stock
|
(375 | ) | (377 | ) | (480 | ) | ||||||
|
Total
parent company shareholders' equity
|
6,908 | 7,147 | 7,542 | |||||||||
|
Noncontrolling
interest
|
1,129 | 1,216 | 1,412 | |||||||||
|
Total
equity
|
8,037 | 8,363 | 8,954 | |||||||||
|
Total
liabilities and equity
|
13,149 | 13,655 | 14,191 | |||||||||
|
SELECTED
CASH FLOW DATA
|
|||
|
Cash
Flow Data (in US$ millions)
|
Q1
2010
|
Q4
2009
|
Q1
2009
|
|
Net
Cash from (used in) operating activities
|
393
|
449
|
(14)
|
|
Net
Cash from (used in) investing activities
|
(245)
|
(207)
|
697
|
|
Net
Cash used in financing activities
|
(264)
|
(218)
|
(188)
|
|
Net
Cash increase (decrease)
|
(165)
|
12
|
471
|
|
Selected
Cash Flow Data (in US$ millions)
|
Q1
2010
|
Q4
2009
|
Q1
2009
|
|
Depreciation
& amortization
|
310
|
355
|
335
|
|
Payment
for Capital expenditures
|
(179)
|
(190)
|
(89)
|
|
Dividends
paid to shareholders
|
(26)
|
(27)
|
(71)
|
|
Change
in inventories, net
|
(28)
|
11
|
123
|
|
Three
Months Ended
|
||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||
|
March,
27
|
March
28,
|
|||||||
|
2010
|
2009
|
|||||||
|
Net
sales
|
2,311 | 1,657 | ||||||
|
Other
revenues
|
14 | 3 | ||||||
|
NET
REVENUES
|
2,325 | 1,660 | ||||||
|
Cost of
sales
|
(1,449 | ) | (1,223 | ) | ||||
|
GROSS
PROFIT
|
876 | 437 | ||||||
|
Selling,
general and administrative
|
(281 | ) | (280 | ) | ||||
|
Research and
development
|
(595 | ) | (557 | ) | ||||
|
Other income
and expenses, net
|
13 | 63 | ||||||
|
Impairment,
restructuring charges and other related closure costs
|
(33 | ) | (56 | ) | ||||
|
Total
Operating Expenses
|
(896 | ) | (830 | ) | ||||
|
OPERATING
LOSS
|
(20 | ) | (393 | ) | ||||
|
Other-than-temporary
impairment charge on financial assets
|
- | (58 | ) | |||||
|
Interest
income, net
|
3 | 1 | ||||||
|
Loss on
equity investments
|
(5 | ) | (232 | ) | ||||
|
Loss on
financial instruments, net
|
(3 | ) | (8 | ) | ||||
|
LOSS
BEFORE INCOME TAXES
|
(25 | ) | (690 | ) | ||||
|
AND
NONCONTROLLING INTEREST
|
||||||||
|
Income tax
benefit
|
10 | 95 | ||||||
|
LOSS
BEFORE NONCONTROLLING INTEREST
|
(15 | ) | (595 | ) | ||||
|
Net loss
attributable to noncontrolling interest
|
72 | 54 | ||||||
|
NET
INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY
|
57 | (541 | ) | |||||
|
EARNINGS
(LOSS) PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY
SHAREHOLDERS
|
0.07 | (0.62 | ) | |||||
|
EARNINGS
(LOSS) PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY
SHAREHOLDERS
|
0.06 | (0.62 | ) | |||||
|
NUMBER
OF WEIGHTED AVERAGE
|
||||||||
|
SHARES
USED IN CALCULATING
|
882.9 | 874.3 | ||||||
| DILUTED EARNINGS (LOSS) PER SHARE | ||||||||
|
STMicroelectronics
N.V.
|
||||
| Date: April 23, 2010 | By: | /s/ Carlo Ferro | ||
| Name: | Carlo Ferro | |||
| Title: |
Executive
Vice President and
Chief
Financial Officer
|
|||