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January 26, 2010

STMicroelectronics Q4 net revenues up 14% to $2.58bn

Net loss narrows to $70m

By CBR Staff Writer

STMicroelectronics has reported net revenues of $2.58bn for the fourth quarter of fiscal 2009, up 14% compared to $2.27bn for the same period last year. Net revenues increased 13.6% sequentially.

Net revenues rose in all market segments except consumer and industrial, which are down by 11% and 7%, respectively. Automotive was up by 23%, Telecom by 17%, Computer by 37% and Distribution by 12%, compared to the same period a year ago.

The company reported an operating loss of $6m for the fourth quarter of 2009, compared to $139m in the same period last year.

For the fourth quarter ended December 31, 2009, the company posted a net loss of $70m, compared to a loss of $366m. Net loss per share attributable to parent company for the quarter was $0.08, compared to $0.42 for the same period last year.

President and CEO Carlo Bozotti commented, “Our fourth quarter net revenues increased 13.6% sequentially, above our outlook range and our gross margin came in at 37%, above the midpoint of our outlook range. Excluding restructuring charges, ST returned to an operating income of $90m for the quarter.”

For full year 2009, the company reported net revenues of $8.51bn, compared to $9.84bn in 2008. Operating loss was $1.02bn, compared to $198m in 2008, while net loss attributable to parent company for the full year 2009, was $1.13bn, compared to $786m last year.

Mr Bozotti said: “We started the first quarter with a solid backlog and we are working to serve our customers’ demand. In-line with historical trends, we expect to register a sequential net revenue decrease between about -7% and -13% which equates to a positive 35% to 45% when compared to the year-over-year period.

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However, we expect a better than historical evolution in our gross margin to about 37.5%, plus or minus one percentage point thanks to better manufacturing loading and efficiency and an improved product mix.”

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