STMicroelectronics Reports 2012 First Quarter Financial Results

Free cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe free cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Free cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of free cash flow may differ from definitions used by other companies.

Free cash flow (in US$ millions)

  Q1 2012

  Q4 2011

Q1 2011

Net cash from operating activities

250

137

350

Net cash from (used in) investing activities

113

43

(206)

Payment for purchases of (proceeds from sale of)  current
and non-current marketable securities, short-term deposits
and restricted cash, net

(265)

(133)

(93)

Free cash flow

98

47

51

 

STMicroelectronics N.V.



Consolidated Statements of Income



(in millions of U.S. dollars, except per share data ($))










Three Months Ended




(Unaudited)

(Unaudited)




March 31,

April 2,




2012

2011






Net sales



2,010

2,523

Other revenues


7

12

  NET REVENUES


2,017

2,535

Cost of sales


(1,421)

(1,544)

  GROSS PROFIT


596

991

Selling, general and administrative

(310)

(312)

Research and development

(633)

(562)

Other income and expenses, net

13

25

Impairment, restructuring charges and other related closure costs

(18)

(24)

  Total Operating Expenses

(948)

(873)

  OPERATING INCOME (LOSS)

(352)

118

Other-than-temporary impairment charge on financial assets

-

(5)

Interest expense, net


(13)

(15)

Earnings (loss) on equity-method investments

(7)

(6)

Gain on financial instruments, net

3

22

  INCOME (LOSS) BEFORE INCOME TAXES 

(369)

114

   AND NONCONTROLLING INTEREST



Income tax benefit (expense)

34

(31)

  NET INCOME (LOSS) 

(335)

83

Net loss (income) attributable to noncontrolling interest

159

87

  NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY

(176)

170






  EARNINGS (LOSS) PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS

(0.20)

0.19

  EARNINGS (LOSS) PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS

(0.20)

0.19






  NUMBER OF WEIGHTED AVERAGE



  SHARES USED IN CALCULATING



  DILUTED EARNINGS (LOSS) PER SHARE

885.0

907.4







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