STMicroelectronics Reports 2012 First Quarter Financial Results

The record date for all shareholders to participate at the Annual General Meeting will be May 2, 2012. The complete agenda and all relevant detailed information concerning the STMicroelectronics N.V. Annual General Meeting, as well as all related AGM materials, are available on the Company's web site ( www.st.com) and made available to shareholders in compliance with legal requirements.

The first payment date will be on June 7, 2012 for the European Stock Exchanges and on June 12, 2012 for the NYSE.

Q1 2012 – Product and Technology Highlights

During the quarter, ST made solid progress with important new-product introductions and significant design wins in its key growth areas, including energy management & savings, trust & data security, healthcare & wellness and smart consumer devices.

Automotive

  • Collected design wins for 32-bit microcontrollers for entry-level and next-generation braking systems from Tier1 manufacturers confirming ST's leading position in advanced functional safety architectures.
  • Awarded body-control modules from an American Tier1 manufacturer for a leading German car maker and from an Indian car maker.
  • Improved market penetration in Japan by consolidating market share with a new body-control module awarded by a Japanese Tier1 car maker.

Digital Sector

Digital Convergence

  • Earned seven major design wins in China, Europe and the US for the new 40nm-IC mainstream STB family.
  • Continued strong momentum in India cable and satellite markets leading to a doubling of sales volume by earning multiple design wins.
  • Collected several design wins in Europe and Asia for the ARM Cortex A9-based, "Orly" high-performance Home Application processor manufactured in 32nm process technology.
  • Earned design-in of Freeman family of products with a Tier1 OEM customer serving the European market.
  • Won multiple design-ins at Tier1 OEMs with the "Athena" multimedia monitor system-on-a-chip family into a diverse range of products, including high-performance monitors, TVs, and digital signage.

Imaging, Bi-CMOS ASIC and Silicon Photonics

  • Earned two ASIC designs in 32nm process technology for networking applications from a leading player in the market.
  • Signed an agreement with Luxtera to bring silicon photonics into the mainstream for high-speed computing by establishing a 300mm design platform in ST's Crolles fab.

Analog, MEMS and Microcontrollers

  • Was awarded a design win for the low-power STM8L 8-bit microcontroller on a smart phone accessory from a world leader.
  • Achieved further pervasion for the STM32 at major Appliance OEMs in EMEA, in both Human Machine Interface and motor-control applications.
  • Earned a design-win for the Italian e-passport application for the secure ST23YR80 microcontroller.
  • Won a number of designs for digital MEMS microphones at Taiwanese manufacturers for PC applications.
  • Started shipping MEMS accelerometers and STM32 microcontrollers to two major US consumer manufacturers for fitness applications.
  • Awarded MEMS gyroscope and accelerometer design win for a tablet computer by world-leading consumer customer.
  • Won a significant design-in of a MEMS gyroscope and accelerometer for a next-generation mobile phone by a leading US consumer manufacturer.
  • New ultra-compact accelerometer selected by a Korean market leader for feature- and low-end smartphones.
  • Gained significant market share in Motion MEMS in the Chinese mobile-phone market with next-generation design-ins.
  • Ramped-up production of accelerometers and gyroscopes for mobile phones and an automotive eTolling system for Europe.
  • Earned several design-ins with major European customers for an 8-bit microcontroller for digital lighting management.

Power Discretes

  • New RF IPD (Integrated Passive Device technology) wideband coupler was qualified by a major US smartphone and tablet maker for WLAN application.
  • A US computer and consumer market leader selected ST's voltage regulator for use in a notebook computer.
  • Secured design wins for the robust trench-gate field-stop IGBTs with several solar-power and welding customers in Europe and China.
  • Achieved a design win for SLLIMM intelligent power modules at a US white-goods maker.
  • Several key customers selected ST's low-power level translators, the first to support the newest Secure Digital 3.0 memory card standard, for use in advanced smartphone and tablet applications.

ST-Ericsson

  • Products
    • Announced at Mobile World Congress, the new NovaThor™ L8540 is an LTE/HSPA+/TD-HSPA-enabled integrated smartphone platform with the powerful application processor and modem integrated on a single die, and is scheduled to sample to customers in the second half 2012.
    • Unveiled the CG2905, the industry's first connectivity platform solution with simultaneous support for GPS and GLONASS technology, Bluetooth and FM Radio all integrated on a single 40nm device.
    • Introduced first fully integrated wireless charger for mobile phones with the PM2020.
  • Customers
    • Samsung is now a customer of the ST-Ericsson NovaThor™ platform. The new Samsung GALAXY S Advance Android-powered smartphone uses the ST-Ericsson NovaThor™ U8500 system.
    • Xperia™ P, Xperia™ U, and Xperia™ sola are the first three smartphones by Sony Mobile Communications to use the NovaThor U8500 ModAp system, combining application processing, modem and connectivity.
    • Thor™ M5780 HSPA+ modem powers the next-generation Panasonic Eluga smartphone.
    • Ontim WP8500 tablet to be the first commercially available Android-based tablet using the NovaThor U8500 system.
  • Partners/technology
    • Selected fully depleted silicon on insulator (FD-SOI) technology for use in future mobile platforms, leveraging ST technology based on Soitec SOI, which will enable enhanced performance from the ST-Ericsson NovaThor™ platform at much lower battery usage – as much as 35 percent lower power consumption at maximum performance.
    • Continued cooperation with metaio, reaching another milestone in supporting metaio's new 3D object tracking technology.
    • Joined the W3C Core Mobile Web Platform Community Group kicked off by Facebook.
    • SRS Labs has made their TruMedia audio processing technology available on the ST-Ericsson Snowball development platform.

IPD, SLLIMM, Athena, Freeman,and Orly are trademarks of STMicroelectronics. Thor and NovaThor are trademarks of ST-Ericsson. All other trademarks are the property of their respective owners.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information, including operating income (loss) before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items attributable to ST, adjusted net earnings (loss), adjusted net earnings (loss) per share, free cash flow, RONA attributable to ST, net financial position and net financial position adjusted to account for 50% investment in ST-Ericsson.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information by other companies.

See Attachment A of this press release for a reconciliation of the Company's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with the Company's consolidated financial statements prepared in accordance with U.S. GAAP.

Forward-looking information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements due to, among other factors:

  • the possible impact of an impairment charge on the carrying value of the ST-Ericsson investment in our books of approximately $1.7 billion as well as on our consolidated results of the successful execution of ST-Ericsson's new strategic direction plan and its related savings announced on April 23rd 2012;
  • changes in demand in the key application markets and/or from key customers served by our products, including demand for products where we have achieved design wins and/or demand for applications where we are targeting growth, all of which make it extremely difficult to accurately forecast and plan our future business activities;
  • our ability in periods of reduced demand or visibility on orders to reduce our expenses as required, as well as our ability to operate our manufacturing facilities at sufficient levels with existing process technologies to cover our fixed operating costs;
  • our ability, in an intensively competitive environment, to identify and allocate necessary design resources to successfully develop and secure customer acceptance for new products meeting their expectations as well as our ability to achieve our pricing expectations for high-volume supplies of new products in whose development we have been, or are currently, investing;
  • the financial impact of obsolete or excess inventories if actual demand differs from our expectations as well as the ability of our customers to successfully compete in the markets they serve using our products;
  • our ability to maintain or improve our competiveness when a high percentage of our costs are fixed and are incurred in Euros and currencies other than U.S. dollars, especially in light of the increasing volatility in the foreign exchange markets and, more particularly, in the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
  • the outcome of ongoing litigation as well as any new litigation to which we may become a defendant;
  • changes in our overall tax position as a result of changes in tax laws, expected income or the outcome of tax audits, changes in international tax treaties which may impact are results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
  • the impact of intellectual property ("IP") claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
  • product warranty or liability claims based on epidemic or delivery failures or recalls by our customers for a product containing one of our parts;
  • availability and costs of raw materials, utilities, third-party manufacturing services, or other supplies required by our operations; and
  • current economic uncertainties involving the possibility during 2012 of limited growth or recession in global or important regions of the world economy, sovereign default, changes in the political, social, economic or infrastructure environment, including as a result of military conflict, social unrest and/or terrorist activities, economic turmoil, as well as natural events such as severe weather, health risks, epidemics, earthquakes, tsunami, volcano eruptions or other acts of nature in, or affecting, the countries in which we, our key customers or our suppliers, operate and causing unplanned disruptions in our supply chain and reduced or delayed demand from our customers. 


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