Infineon Reports First-Quarter, Year 2003 Results
Infineon Technologies AG (Munich, Germany) announced results for its first quarter in fiscal year 2003, ended December 31, 2002. The company had revenues of Euro 1.52 billion, an increase of 10 percent sequentially and 47 percent year-on-year. The revenue increase was mainly driven by higher demand for memory products and semiconductors used in mobile phones and the continued strong performance of the automotive and industrial segment. The revenue increase also reflects the first-time consolidation of a full quarter of revenues of Ericsson Microelectronics.
Net loss amounted to Euro 40 million compared to a net loss of Euro 506 million in the previous quarter, which included a non-cash charge of Euro 275 million to establish a deferred tax-valuation allowance. The first-quarter tax expense continues to reflect a valuation allowance for tax losses incurred in certain tax jurisdictions, according to US generally accepted accounting priciples. Basic and diluted loss per share for the first quarter of fiscal year 2003 was Euro 0.06, improving from a loss per share of Euro 0.72 in the previous quarter and Euro 0.48 year-on-year.
Infineon Technologies President and CEO Ulrich Schumacher commented, "Our focus on technology and cost leadership resulted in further market share gains. We improved our revenue performance sequentially and year-on-year and achieved profitability in our memory products group by improved pricing, product mix and by significantly reducing the fully loaded costs of our memory chips."