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STMicro Reports Q4 Loss of $428M

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1/31/2013
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INDIA -- STMicroelectronics (NYSE: STM) reported financial results for the fourth quarter and full year ended December 31, 2012. Fourth quarter net revenues totaled $2.16 billion and gross margin was 32.3%. Net loss attributable to parent company was $428 million, mainly due to a charge of $544 million for the impairment of Wireless goodwilland other intangible assets following the Company’s decision to exit the ST-Ericsson joint venture after the communicated transition period as part of the Company’s new strategic plan announced on December 10, 2012. President and CEO Carlo Bozotticommented,“In the fourth quarter,both revenue and gross margin results came in above the midpoint of our guidance despite the ongoing softness in the semiconductor market. We extended our leadership in key areas.Thanks to new product momentum, revenues from our wholly-owned businesses increased 0.2% and 1.6% on a sequential and year-ago basis driven by a very strong ramp of our MEMS products in the fourth quarter. “Looking at 2012 overall, we improved our net financial position compared to 2011 despite the significant cash used by ST-Ericsson as well as the impact of weak business conditions. We were able to end the year with significant financial flexibility and strong cash balances while providing shareholders with the same level of dividend compared to 2011 STMicroelectronics NV

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