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Spansion Inc. Reports Second Quarter 2011 Results

SUNNYVALE, Calif. July 27, 2011 June 26, 2011 $298.8 million $36.1 million $25.3 million $299.1 million $44.9 million $34.1 million

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

John Kispert

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

Q2 2011

Q1 2011

Q2 2010

Net sales

$298.8

$292.9

$255.7

Gross margin

25.9%

23.5%

22.9%

Operating income (loss)

$36.1

$(0.7)

$(3.0)

Operating margin

12.1%

(0.0%)

(0.0%)

Net income/(loss)

$25.3

($14.1)

$341.8

Diluted net income per share (Predecessor)

N/A

N/A

$2.21

Diluted net (loss) per share (Successor)

$0.40

$(0.23)

$(0.31)

Non-GAAP results, in $millions

Q2 2011

Q1 2011

Q2 2010

Adjusted net sales

$299.1

$294.4

$292.7

Adjusted operating income

$44.9

$38.5

$40.2

Adjusted net income

$34.1

$25.1

$27.4

Adjusted EBITDA

$73.7

$66.6

$68.4

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

Business Outlook

$285 million to $325 million $0.42 to $0.54

The following non-cash charges are included in the guidance above

($ in millions)

Favorable/(Unfavorable)

COGS

R&D

SG&A

Operating

Income

Tax

Net

Income

Fresh Start Inventory Adjustment

12.6

12.6

12.6

Intangible Amortization

6.3

6.3

6.3

Stock Based Compensation

1.0

1.5

3.3

5.8

5.8

Total

19.9

1.5

3.3

24.7

24.7

$0.81 and $0.93

Quarterly Conference Call

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

Dial-in: 1-866-788-0542 (US), 1-857-350-1680 (International), Passcode: 98646575

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.

Spansion Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except per share amounts)

Successor

Successor

Successor

Predecessor

Three Months
Ended
June 26, 2011

Three Months
Ended
March 27, 2011

Period from
May 11, 2010 to
June 27, 2010

Period from
March 29, 2010
to May 10, 2010

Net sales

$ 298,768

$ 292,937

$124,569

$101,786

Net sales to related parties

4,801

24,496

Total net sales

$ 298,768

$ 292,937

$ 129,370

$ 126,282

Cost of sales

221,336

224,165

111,413

85,697

Gross Profit

77,432

68,772

17,957

40,585

Research and development

30,567

29,829

13,420

12,115

Sales, general and administrative

10,779

39,683

18,259

20,497

Restructuring  credits

(2,785)

Operating income (loss)
before reorganization items

36,086

(740)

(13,722)

10,758

Interest & other income
(expense), net

(288)

747

364

(3,190)

Interest expense

(8,779)

(9,058)

(4,877)

(11,237)

Income (loss) before reorganization
items and income taxes

27,019

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