© bdriver / Components | January 27, 2012

Spansion with 4Q net loss of USD 74 million

On a U.S. GAAP basis, Spansion reported 4Q net sales of USD 220 million, operating loss of USD 63.9 million, net loss of USD 74.4 million, and gross margin of 1%.
On a non-GAAP basis, adjusted net sales totaled $220 million, and excluding $33.4 million in non-cash charges for inventory reserves related to restructuring, adjusted gross margin was 24.2%, adjusted operating income was $3.3 million and adjusted net loss was $7.3 million.

Fourth Quarter 2011 (ended December 25, 2011) Financial Highlights:

- Revenue of $220 million
- Non-GAAP adjusted gross margin of 24.2%
- Non-GAAP adjusted operating income of $3.3 million or 1.5% of revenue
- Adjusted EBITDA of $25 million
- Cash, cash equivalents and short term investments of $263 million

Fourth Quarter 2011 Business Highlights:

- Industry's first 4 Gb Parallel NOR in production
- Industry's fastest Serial NOR in production at 128Mb and 256Mb densities
- 45nm NOR qualification underway
- 450 new design wins in Q4 2011

"We delivered a solid fourth quarter amid challenging market conditions," said John Kispert, president and CEO. "We continue to execute against our objectives, strengthen customer relationships and accelerate design win momentum. 2011 was a year of transition and intense product development. Spansion is now well-positioned for growth in the future in areas such as automotive, industrial, communications and gaming as the widespread usage of connected, feature-rich embedded devices is on the rise and requires Flash memory as a critical component."
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