Philips Reports Fourth-Quarter 2001 Results
Royal Philips Electronics NV (Eindhoven, the Netherlands) posted a net loss of about $991.7 million (1.1 billion euros) for the fourth quarter of 2001, on sales of about $8.1 billion (9.3 billion euros). This compares to a net income of $2.4 million (2.8 billion euros) in the same quarter a year ago, with sales decreasing by about 16 percent.
Philips Semiconductors (Sunnyvale, CA) reported revenues of about $817.2 million (940 million euros), a 44-percent decrease from the fourth quarter of 2000, but a five percent sequential increase. Consumer systems and mobile communications saw particular improvement. Income from operations resulted in a loss of $254.2 million (292 million euros), compared to a profit of $355.3 million (408 million euros) last year. Restructuring and related charges from the intended closure of a fab in France amounted to $56.6 million (65 million euros).