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July 26, 2010

STMicroelectronics Q2 net revenues up 27% to $2.53bn

Post an operating income of $91m in Q2 2010, compared to operating loss of $428m in Q2 2009

By CBR Staff Writer

STMicroelectronics has reported net revenues of $2.53bn for the second quarter of fiscal 2010, up 27% compared to $1.99bn for the same period last year.

The company reported an operating income of $91m for the second quarter of 2010, compared to operating loss of $428m in the same period last year.

For the second quarter ended June 26, 2010, the company posted a net income of $356m, compared to a net loss of $318m. Diluded earnings per share attributable to parent company shareholders for the quarter was $0.39, compared to diluted loss per share of $0.36 for the same period last year.

Carlo Bozotti, president and CEO of STMicroelectronic, said: "ST posted another quarter of improvement in the Company’s financial performance, with revenues, gross margin, operating and net income all showing progressive strengthening sequentially and year-over-year.

"We were particularly pleased with demand for both IMS and ACCI. In combination, IMS and ACCI delivered sales growth of 51% year-over-year and 16% sequentially. Obviously, we are not satisfied with the results in wireless. However, we are encouraged by ST-Ericsson’s progress in achieving key design-wins as well as restructuring towards a progressive recovery.

"Net income of $356 million reflected the gain on the sale of Numonyx to Micron as well as the improving profitability of our core businesses. As our results demonstrate, we are well positioned to achieve our financial targets as evidenced by the 7.7% adjusted operating margin attributable to ST in the second quarter."

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