Components | January 24, 2012
ST-Ericsson dives the deep end
ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, reported a 4Q (ending December 31, 2011) net loss of USD 231 million.
The net financial position at the end of the fourth quarter was negative $798 million. The sequential decrease was mainly a consequence of the operating loss, partially mitigated by the reduction of working capital. Our shareholders will continue to support funding our transitional financial needs. During the fourth quarter the company sold trade receivables without recourse, of which $144 million were outstanding at the end of the quarter, representing a sequential decline of $18 million. Inventory decreased by $58 million reaching $223 million at the end of the fourth quarter. © ST-Ericsson Didier Lamouche, President and CEO, commented: “As the recently appointed CEO of ST- Ericsson, my aim, and that of the entire organization, will be to ensure that we meet all of our stakeholders’ expectations. As we ramp up our new product portfolio and build a strong roadmap towards sustainable profitability, our focus is to effectively deliver on timely execution of our strategic programs and continue to proliferate design wins. From a financial perspective, it is clear that both sales and operating results will continue to be challenging over the coming quarters, due to the reduction in the short term of new product sales with one of our largest customers. That is why our immediate priority is to build a strong roadmap to profitability based on enhancing execution, delivering in volume our leading products and lowering the break-even point.” Outlook For the first quarter 2012, ST-Ericsson expects a very significant sequential decline in net sales, resulting from a combination of higher inventory at some of our customers, further weakening of legacy product sales, the effect of first quarter seasonality as well as the reduction, in the short term, of new product sales with one of our largest customers.
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