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Spansion Inc. Reports Fourth Quarter 2010 Results

SUNNYVALE, Calif. Jan. 26, 2011 December 26, 2010 $327.7 million $1.4 million $13.6 million $330.3 million $60.5 million $48.3 million

(Logo:  http://photos.prnewswire.com/prnh/20060118/SFW077LOGO)

John Kispert

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

Q4 2010

Q3 2010

Q4 2009

Net sales

$327.7

$307.6

$307.1

Gross margin

20.9%

10.0%

33.1%

Operating income (loss)

($1.4)

($55.4)

$20.7

Operating margin

(0.0%)

(18.0%)

6.7%

Net income/(loss)

($13.6)

($64.9)

$4.3

Diluted net income per share (Predecessor)

N/A

N/A

$0.02

Diluted net (loss) per share (Successor)

($0.22)

($1.09)

N/A

Non-GAAP results, in $millions

Q4 2010

Q3 2010

Q4 2009

Adjusted net sales

$330.3

$319.7

$307.1

Adjusted operating income

$60.5

$48.2

$41.4

Adjusted net income

$48.3

$38.7

$34.8

Adjusted EBITDA

$88.4

$76.2

$71.1

May 10, 2010 May 10, 2010 May 10, 2010 May 10, 2010 May 10, 2010

Business Outlook

$280 million to $305 million $0.11 to $0.26 $0.30 to $0.47

Quarterly Conference Call

1:30 pm PDT 4:30 pm EDT http://investor.spansion.com/

Dial-in: 1-866-788-0546 (US), 1-857-350-1684 (International), Passcode: 23204854

http://investor.spansion.com/

Use of Non-GAAP Financial Information

The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for or superior to, the company’s financial results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by the company may be different than non-GAAP financial measures presented by other companies.

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.

About Spansion

http://www.spansion.com

the United States

Cautionary Statement

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements. The risks and uncertainties include the company’s ability to: manage costs; achieve adequate liquidity; execute its new strategic focus; reach a sustainable business model; survive as a stand-alone entity; reach operational efficiency; and reach and sustain profitability. Additional risks related to the company’s recent emergence from bankruptcy include: any negative impacts on the company’s business, results of operations, financial position or cash management arrangements; the negative impact on relationships with employees, customers, suppliers and contract manufacturers and other stakeholders; and the failure of the company to successfully implement the plan of reorganization. In addition, the instability of the global economy and tight credit markets could continue to adversely impact the company’s business in several respects, including adversely impacting credit quality and insolvency risk of the company and its customers and business partners, including suppliers and distributors; bookings; and reductions and deferrals of demand for Spansion products. The company urges investors to review in detail the risks and uncertainties discussed in the company’s Securities and Exchange Commission filings, including but not limited to the company’s most recent Annual Report on Form 10-K for fiscal 2009 and Quarterly Reports on Form 10-Q. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Company News:

http://www.spansion.com/news

Investor Relations Web site:

http://investor.spansion.com

Spansion Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except per share amounts)

Successor

Successor

Predecessor

Three Months Ended
December 26, 2010

Three Months Ended
September 26, 2010

Three Months Ended
December 27, 2009

Net sales

$ 327,723

$307,594

$ 307,146

Cost of sales

259,130

276,838

205,504

Gross profit

68,593

30,756

101,642

Research and development

25,748

26,246

25,533

Sales, general and administrative

44,271

59,948

41,661

Restructuring (credits) / charges

1,206

Asset impairment charges

12,538

Operating income (loss)

(1,426)

(55,438)

20,704

Interest & other income (expense), net

(1,567)

1,378

1,110

Interest expense

(10,179)

(9,124)

(8,099)

Income (loss) before reorganization
items and income taxes

(13,172)

(63,184)

13,715

Reorganization items

(9,736)

Income (loss) before income taxes

(13,172)

(63,184)

3,979

Provision (benefit) for income taxes

454

1,670

(350)

Net income (loss)

$ (13,626)

$ (64,854)

$ 4,329

Net income (loss) per common share

Basic

$ (0.22)

$(1.09)

$ 0.03

Diluted

$ (0.22)

$(1.09)

$ 0.02

Shares used in per share calculation

Basic

62,314

59,271

162,239

Diluted

62,314

59,271

174,139

Spansion Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except per share amounts)

Successor

Predecessor

Predecessor

Period from
May 11, 2010 to
December 26, 2010

Period from
December 28, 2009
to May 10, 2010

Year Ended
December 27, 2009

Net sales

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