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Freescale Semiconductor Announces First Quarter 2012 Results

Adjusted operating earnings (defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release) for the three months ended March 30, 2012 were $119 million compared to earnings of $144 million in the fourth quarter of 2011 and $201 million in the first quarter of 2011.

The Adjusted net loss (defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release) for the three months ended March 30, 2012 was $9 million, or a loss of $.04 per share, compared to earnings of $18 million, or $.07 per share, in the fourth quarter of 2011 and $57 million, or $.29 per share, in the first quarter of 2011.

Descriptions of EBITDA, Adjusted EBITDA, adjusted operating earnings (loss), adjusted net earnings (loss) and the reconciliations to our GAAP results are included in the tables and notes attached to this press release.

Product Revenues

Effective January 1, 2012 the company created two new strategic product groups – Networking & Multimedia Solutions (NMSG) and Automotive, Industrial & Multi-Market Solutions (AISG). NMSG includes our networking processors, applications processors, and radio frequency products. AISG includes our microcontroller, analog and sensor products. The company began reporting net sales based on the new product group structure effective with its first quarter 2012 results and will provide a historical summary on its web site at freescale.com/investor.

The company’s net sales figures for the first quarter were as follows:

  • AISG net sales were $527 million, compared to $547 million in the fourth quarter of 2011 and $620 million in the first quarter of 2011.
  • NMSG net sales were $317 million, compared to $379 million in the fourth quarter of 2011 and $397 million in the first quarter of 2011.
  • Cellular net sales were $66 million, compared to $41 million in the fourth quarter of 2011 and $138 million in the first quarter of 2011.
  • Other net sales were $40 million, compared to $46 million in the fourth quarter of 2011 and $39 million in the first quarter of 2011.

Second Quarter 2012 Outlook

For the second quarter of 2012, the company expects:

  • Net sales to be between $975 million and $1.025 billion;
  • Gross margins to increase approximately 50 basis points on a sequential basis.

Other Financial Information

  • Capital Expenditures were $20 million in the first quarter;
  • Cash and Cash Equivalents were $760 million;
  • EBITDA* was $183 million; and
  • Adjusted EBITDA* for the latest twelve months ending March 30, 2012 was $1.12 billion.

*(Adjusted for various items as indicated and defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release.)

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