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TheStreet Open House

Freescale Semiconductor Announces Third Quarter 2012 Results

Stocks in this article: FSL

The net loss for the third quarter of 2012 was $24 million, or $.10 per share, compared to a loss of $34 million, or $.14 per share, in the second quarter of 2012 and a loss of $88 million, or $.36 per share, in the third quarter last year.

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 September 28, 2012 were $127 million, compared to $136 million in the second quarter of 2012 and $200 million in the third quarter of 2011.

Adjusted net earnings (defined in Note 1 to the Notes to the Consolidated Financial Information attached to this press release) for the three months ended September 28, 2012 were $10 million, or $.04 per share, compared to $17 million, or $.07 per share, in the second quarter of 2012 and $72 million, or $.29 per share, in the third 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

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

  • AISG (which includes our microcontroller, analog and sensor products) net sales were $555 million, compared to $568 million in the second quarter of 2012 and $589 million in the third quarter of 2011.
  • NMSG (which includes our networking processors, applications processors and radio frequency products) net sales were $368 million, compared to $335 million in the second quarter of 2012 and $404 million in the third quarter of 2011.
  • Cellular net sales were $27 million, compared to $50 million in the second quarter of 2012 and $97 million in the third quarter of 2011.
  • Other net sales (which includes intellectual property and foundry revenue) were $59 million, compared to $76 million in the second quarter of 2012 and $52 million in the third quarter of 2011.

Other Financial Information

  • Capital Expenditures were $30 million;
  • Cash and Cash Equivalents were $763 million;
  • EBITDA* was $186 million; and
  • Adjusted EBITDA* for the latest twelve months ending September 28, 2012 was $922 million.

Fourth Quarter 2012 Outlook

For the fourth quarter of 2012, the company expects:

  • Net sales to be between $920 million and $960 million;
  • Gross margins to decrease approximately 300 basis points on a sequential basis.

*(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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