STMicroelectronics Reports 2008 Third Quarter and Nine-Month Revenues and Earnings (Revenue up 11%)

 

 

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "may," "will," "should,", "would be" or "anticipates" or similar expressions or the negative thereof or other variations thereof, or by discussions of strategy, plans or intentions. Some of the risk factors we face are set forth and are discussed in more detail in "Item 3. Key Information--Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2007, as filed with the SEC on March 3, 2008. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

 

Unfavorable changes in the above or other factors listed under "Risk Factors" from time to time in our SEC filings, including our Form 20-F, could have a material adverse effect on our results of operations or financial condition.

 

Conference Call Information

 

The management of STMicroelectronics will conduct a conference call on October 29, 2008 at 9:00 a.m. U.S. Eastern Time / 2:00 p.m. CET, to discuss operating performance for the third quarter of 2008.

 

The conference call will be available via the Internet by accessing the following Web address: http://investors.st.com. Those accessing the webcast should go to the Web site at least 15 minutes prior to the call, in order to register, download and install any necessary audio software. The webcast will be available until November 7, 2008.

 

About STMicroelectronics

STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2007, the Company's net revenues were $10 billion. Further information on ST can be found at www.st.com.

 

 

 

 

    STMicroelectronics N.V.
    CONSOLIDATED BALANCE SHEETS


    As at                           September 27,   June 28,  December 31,
    In million of U.S. dollars           2008        2008         2007
                                     (Unaudited)  (Unaudited)   (Audited)
                                     -----------  -----------   ---------

    ASSETS
    ======
    Current assets:
    Cash and cash equivalents                 868       2,136        1,855
    Marketable securities                     726         898        1,014
    Trade accounts receivable, net          1,520       1,473        1,605
    Inventories, net                        1,787       1,580        1,354
    Deferred tax assets                       252         246          205
    Assets held for sale                        0          61        1,017
    Receivables, net on
     transactions on-behalf                    72
    Other receivables and assets              694         734          612
                                              ---         ---          ---
    Total current assets                    5,919       7,128        7,662

    Goodwill                                1,030         315          290
    Other intangible assets, net              904         309          238
    Property, plant and
     equipment, net                         5,065       5,059        5,044
    Long-term deferred tax assets             370         283          237
    Equity investments                        691       1,032            0
    Restricted cash                           250         250          250
    Non-current marketable securities         297         300          369
    Other investments and other
     non-current assets                       458         377          182
                                                                        ---                  ---                    ---
                                                                                        9,065              7,925                6,610
        Total  assets                                                      14,984            15,053              14,272
                                                                                      ------            ------              ------

        LIABILITIES  AND  SHAREHOLDERS'  EQUITY
        ====================================
        Current  liabilities:
        Current  portion  of  long-term  debt                    63                  153                    103
        Trade  accounts  payable                                    1,156              1,161                1,065
        Other  payables  and  accrued
          liabilities                                                        1,165                  981                    744
        Dividends  payable  to  shareholders                  163                  242                        0
        Deferred  tax  liabilities                                      19                    10                      11
        Accrued  income  tax                                                142                  132                    154
                                                                                            ---                  ---                    ---
        Total  current  liabilities                              2,708              2,679                2,077

        Long-term  debt                                                    2,487              2,313                2,117
        Reserve  for  pension  and
          termination  indemnities                                    301                  304                    323
        Long-term  deferred  tax  liabilities                109                    33                      14
        Other  non-current  liabilities                          323                  311                    115
                                                                                            ---                  ---                    ---
                                                                                        3,220              2,961                2,569
        Total  liabilities                                              5,928              5,640                4,646
        Commitment  and  contingencies
        Minority  interests                                                290                    56                      53
        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,  910,307,305  shares
          issued,  883,460,327  shares
          outstanding)
        Capital  surplus                                                  2,311              2,145                2,097
        Accumulated  result                                            4,444              4,736                5,274
        Accumulated  other
          comprehensive  income                                      1,276              1,593                1,320
        Treasury  stock                                                      -421                -273                  -274
                                                                                          ----                ----                  ----
        Shareholders'  equity                                        8,766              9,357                9,573
                                                                                        -----              -----                -----
        Total  liabilities  and
          shareholders'  equity                                    14,984            15,053              14,272
                                                                                      ------            ------              ------



        STMicroelectronics  N.V.
        CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

                                                                  Three  Months  Ended        Nine  Months  Ended
                                                                        -------------            -----------------
                                                                        September  27,    September  27,  September  29,
        In  million  of  U.S.  dollars                      2008                    2008                    2007
                                                                          (Unaudited)      (Unaudited)      (Unaudited)
                                                                            ----------        ----------        ----------

        Cash  flows  from
          operating
          activities:
            Net  loss                                                            -289                    -421                    -496
            Items  to  reconcile  net  income
              (loss)  and  cash  flows  from
              operating  activities
                Depreciation  and  amortization                343                  1,009                  1,079
                Amortization  of  discount
                  on  convertible  debt                                      4                        13                        13
                Other-than-temporary
                  impairment  charge  on
                  financial  assets                                          14                        82                          0
                Other  non-cash  items                                    62                        73                        78
                Minority  interests  in
                  net  income  of  subsidiaries                        9                        12                          4
                Deferred  income  tax                                    -38                      -41                      -13
                (Earnings)  loss  on  equity
                  investments                                                  344                      350                      -12
                Impairment,  restructuring
                  charges  and  other  related
                  closure  costs,  net  of
                  cash  payments                                                -4                      333                      905
            Changes  in  assets  and  liabilities:
                Trade  receivables,  net                                  0                      165                      -36
                Inventories,  net                                            46                    -133                          9
                Trade  payables                                              -42                      101                      -45
                Other  assets  and
                  liabilities,  net                                        -35                    -211                      -35
                                                                                          ---                    ----                      ---
        Net  cash  from  operating
          activities                                                            414                  1,332                  1,451

        Cash  flows  from  investing
          activities:
            Payment  for  purchases  of
              tangible  assets                                            -247                    -777                    -735
            Payment  for    purchases  of
              marketable  securities                                      0                          0                    -708
            Proceeds  from  sale  of
              marketable  securities                                  127                      287                      100
            Proceeds  from  matured
              short-term  deposits                                          0                          0                      250
            Restricted  cash  for  equity
              investments                                                          0                          0                      -32
            Investment  in  intangible  and
              financial  assets                                            -27                      -68                      -64
            Payment  for  business
              acquisitions,
              net  of  cash  and  cash
              equivalents  acquired                              -1,517                -1,687                          0
                                                                                    ------                ------                          -
        Net  cash  used  in
          Investing  activities                                  -1,664                -2,245                -1,189

        Cash  flows  from  financing
          activities:
            Proceeds  from  long-term  debt                      251                      387                        82
            Proceeds  from  repurchase
              agreements                                                        249                      249                          0
            Extinguishment  of
              obligations  under
              repurchase  agreements                                -249                    -249                          0
            Repayment  of  long-term  debt                        -13                      -64                    -112
            Capital  increase                                                  0                          0                          2
            Repurchase  of  common  stock                        -148                    -231                          0
            Dividends  paid                                                  -80                    -161                    -269
            Dividends  paid  to
              minority  interests                                            0                          0                        -6
                                                                                              -                          -                        --
        Net  cash  from  (used  in)
          financing  activities                                          10                      -69                    -303
            Effect  of  changes  in
              exchange  rates                                                -28                        -5                        32
                                                                                          ---                        --                        --
        Net  cash  decrease                                          -1,268                    -987                        -9
                                                                                    ------                    ----                        --

        Cash  and  cash  equivalents  at
          beginning  of  the  period                              2,136                  1,855                  1,659
        Cash  and  cash  equivalents  at
          end  of  the  period                                              868                      868                  1,650



        STMicroelectronics  N.V.
        Consolidated  Statements  of  Income
        (in  million  of  U.S.  dollars,  except  per  share  data  ($))

                                                                                                            Three  Months  Ended
                                                                                                            ------------------
                                                                                                    (Unaudited)        (Unaudited)
                                                                                                    -----------        -----------
                                                                                                      September  27,  September  29,
                                                                                                            2008                      2007
                                                                                                            ----                      ----

        Net  sales                                                                                2,687                    2,555
        Other  revenues                                                                              9                          10
                                                                                                                  -                          --
            NET  REVENUES                                                                      2,696                    2,565
        Cost  of  sales                                                                      -1,737                  -1,663
                                                                                                        ------                  ------
            GROSS  PROFIT                                                                          959                        902
        Selling,  general  and  administrative                              -297                      -272
        Research  and  development                                                    -602                      -442
        Other  income  and  expenses,  net                                            17                          24
        Impairment,  restructuring  charges  and  other
          related  closure  costs                                                          -22                        -31
                                                                                                              ---                        ---
            Total  Operating  Expenses                                                -904                      -721
                                                                                                            ----                      ----
            OPERATING  INCOME                                                                    55                        181
                                                                                                                --                        ---
        Other-than-temporary  impairment  charge  on
          financial  assets                                                                    -14                            0
        Interest  income,  net                                                                  8                          22
        Earnings  (loss)  on  equity  investments                          -344                            3
                                                                                                            ----                            -
            INCOME  (LOSS)  BEFORE  INCOME  TAXES
              AND  MINORITY  INTERESTS                                                  -295                        206
        Income  tax  benefit  (expense)                                                15                        -18
                                                                                                                --                        ---
            INCOME  (LOSS)  BEFORE  MINORITY  INTERESTS                  -280                        188
        Minority  interests                                                                    -9                          -1
                                                                                                                --                          --
            NET  INCOME  (LOSS)                                                              -289                        187
                                                                                                            ====                        ===

          EARNINGS  (LOSS)  PER  SHARE  (BASIC)                              -0.32                      0.21
          EARNINGS  (LOSS)  PER  SHARE  (DILUTED)                          -0.32                      0.20

            NUMBER  OF  WEIGHTED  AVERAGE
              SHARES  USED  IN  CALCULATING
              DILUTED  INCOME  (LOSS)  PER  SHARE                              890.3                    945.2



        STMicroelectronics  N.V.
        Consolidated  Statements  of  Income
        (in  million  of  U.S.  dollars,  except    per  share  data  ($))

                                                                                                      Nine  Months  Ended
                                                                                                      -----------------
                                                                                              (Unaudited)      (Unaudited)
                                                                                              -----------      -----------
                                                                                            September  27,  September  29,
                                                                                                        2008                    2007
                                                                                                        ----                    ----

        Net  sales                                                                            7,528                  7,233
        Other  revenues                                                                        38                        25
                                                                                                            --                        --
            NET  REVENUES                                                                  7,566                  7,258
        Cost  of  sales                                                                  -4,828                -4,733
                                                                                                    ------                ------
            GROSS  PROFIT                                                                  2,738                  2,525
        Selling,  general  and  administrative                          -882                    -803
        Research  and  development                                            -1,581                -1,322
        Other  income  and  expenses,  net                                        56                        20
        Impairment,  restructuring  charges
          And  other  related  closure  costs                                -390                    -949
                                                                                                        ----                    ----
            Total  Operating  Expenses                                        -2,797                -3,054
                                                                                                    ------                ------
            OPERATING  LOSS                                                                  -59                    -529
                                                                                                          ---                    ----
        Other-than-temporary  impairment
          charge  on  financial  assets                                            -82                          0
        Interest  income,  net                                                            48                        57
        Earnings  (loss)  on  equity  investments                      -350                        12
                                                                                                        ----                        --
            LOSS  BEFORE  INCOME  TAXES
              AND  MINORITY  INTERESTS                                              -443                    -460
        Income  tax  benefit  (expense)                                            34                      -32
                                                                                                            --                      ---
            LOSS  BEFORE  MINORITY  INTERESTS                                -409                    -492
        Minority  interests                                                              -12                        -4
                                                                                                          ---                        --
            NET  LOSS                                                                            -421                    -496
                                                                                                        ====                    ====

            LOSS  PER  SHARE  (BASIC)                                              -0.47                  -0.55
            LOSS  PER  SHARE  (DILUTED)                                          -0.47                  -0.55

            NUMBER  OF  WEIGHTED  AVERAGE
              SHARES  USED  IN  CALCULATING
              DILUTED  LOSS  PER  SHARE                                            896.8                  898.5
 

Web site: http://www.st.com/



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