ST Reports Fourth-Quarter 1999 and Year-End Results
STMicroelectronics Inc. (Dallas, TX) recently reported financial results for the fourth quarter and year ended December 31, 1999. Net revenues increased 30.5 percent to $1,478.2 million in the 1999 fourth quarter, up from $1,132.7 million in the year-ago period. This represents a sequential net-revenue increase of 16 percent in comparison to the 1999 third quarter.
Net income for the 1999 fourth quarter increased 51.3 percent to $184.3 million, compared to $121.8 million in the 1998 fourth quarter. Earnings per diluted share increased 47.6 percent to $0.62, up from $0.42 in the year-ago period.
Net revenues for 1999 increased 19 percent to $5,056.3 million, while net income increased 33.1 percent to $547.3 million. Earnings per diluted share reached $1.87, a 29.9-percent increase compared to earnings per diluted share of $1.44 in 1998.
At December 31, 1999, cash, cash equivalents and marketable securities totaled $1,823.1 million and shareholders' equity was $4,563.9 million. Total debt was $1,471 million, including $1,348.5 million of long-term debt. The company's net financial position was $351.4 million.
"This year has been a year of progressive improvement for ST, fueled by the industry recovery and enhanced by our strong competitive positions in the markets we serve," said Pasquale Pistorio, president and CEO. "We posted increases in revenues, gross profit, operating profit, net income and earnings per diluted share in each successive quarter, while continuing to invest heavily in research and development; also through some important acquisitions, which enhanced our intellectual property portfolio, and accelerating our capital spending in the second half of the year."