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Spansion Inc. Reports First Quarter 2012 Results

SUNNYVALE, Calif. April 26, 2012 March 25, 2012

http://photos.prnewswire.com/prnh/20060118/SFW077LOGO

$219 million $4 million $13 million

$219 million $14 million $4 million

For reconciliation of GAAP to non – GAAP results, see accompanying tables "Reconciliation of US GAAP to Non-GAAP financial measures on page 9.

First Quarter 2012 Financial Highlights:

  • $219 million
  • Non-GAAP adjusted gross margin of 30.7%
  • $14 million
  • $32 million

First Quarter 2012 Business Highlights:

  • Continued market leadership and focused execution drove a strong quarter
  • Well-positioned for accelerated revenue with embedded SLC NAND announcement
  • 512Mb added to industry-preferred high-performance SPI portfolio
  • Voice recognition alliance driving differentiated solutions for Automotive
  • Record design wins – 454 design wins in Q1 across all segments

John Kispert


Thursday, April 26, 2012 1:30 pm PDT 4:30 pm EDT http://investor.spansion.com/

Dial-in: 1-866-783-2144 (US), 1-857-350-1603 (International), Passcode: 65355301

http://investor.spansion.com/

First Quarter 2012 Results

U.S. GAAP results, in $millions except per share data and percentages

Q1 2012

Q4 2011

Q1 2011

Net Sales

$218.8

$220.0

$292.9

Gross Margin

27.1%

1.0%

23.5%

Operating Loss

($4.0)

($63.9)

($0.7)

Operating Margin

(1.8%)

(29.0%)

(0.3%)

Net loss attributable to Spansion Inc. common stockholders

($13.1)

($74.4)

($14.1)

Diluted EPS

($0.22)

($1.25)

($0.23)

 

Non-GAAP Results, in $millions except  per share data and percentages

Q1 2012

Q4 2011

(non-GAAP excl. inventory reserves)

Q1 2011

Adjusted Net Sales

$218.8

$220.0

$294.3

Adjusted Gross Margin

30.7%

24.2%

35.8%

Adjusted Operating Income

$13.6

$3.3

$43.0

Adjusted Net Income/(Loss)

$4.4

($7.3)

$29.6

Adjusted EBITDA

$32.4

$24.8

$66.6

Adjusted Diluted EPS

$0.07

($0.12)

$0.45

Business Outlook

$220 million to $235 million $0.34 to $0.43

The following charges are included in the guidance above:

($ in millions)

Favorable/(Unfavorable)

COGS

Net Income

Intangible Amortization

(7)

(7)

Stock Based Compensation

(1)-(2)

(8)-(9)

Restructuring Gain

28-32

27-30

Total

20-23

12-14

 

$0.15 and $0.21


The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of the company’s operating performance. Specifically, the company believes the non-GAAP information provides useful measures to investors regarding the company’s financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most direct, comparable GAAP financial measure is included below.

May 10, 2010 May 10, 2010


http://www.spansion.com

the United States


Company News:

Investor Relations Web site:

http://www.spansion.com/

http://investor.spansion.com/


 

Spansion Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except per share amounts)

 

Net sales

$218,758

$220,015

$ 292,937

Cost of sales

159,560

217,810

224,165

Gross Profit

59,198

2,205

68,772

Research and development

26,041

24,525

29,829

Sales, general and administrative

32,640

29,273

39,683

Restructuring  charges

4,518

12,295

Operating  loss

(4,001)

(63,888)

(740)

Interest & other income

1,505

2,721

747

Interest expense

(7,681)

(7,687)

(9,058)

Loss before income taxes

(10,177)

(68,854)

(9,051)

Provision for income taxes

(3,445)

(5,649)

(5,097)

Net loss

(13,622)

$(74,503)

$ (14,148)

     Less: Net loss attributable to non-controlling  interest

 

(503)

 

(134)

 

Net income (loss) attributable to Spansion Inc.

 

$(13,119)

 

$(74,369)

 

$(14,148)

Net loss per common share attributable to Spansion Inc. common stockholders

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