STM Reports 2001 Q4 and Full-Year Results
STMicroelectronics Inc. (STM, Geneva) reported financial results for the fourth quarter and year ended December 31, 2001. Net revenues for the fourth quarter were $1,447.9 million, a 3.4-percent sequential increase over the $1,400.7 million reported in the 2001 third quarter. Sales of differentiated products totaled $1,012.1 million, a 3.9-percent increase over the previous quarter, and accounted for 69.9 percent of fourth-quarter revenues. In last year’s fourth quarter, net revenues were $2,191.7 million, and differentiated product sales equaled $1,367.1 million.
Net income for the 2001 fourth quarter was $45.0 million, or $0.05 per diluted share, increasing from the $35.8 million, or $0.04 per diluted share, reported in the third quarter of 2001. In last year’s fourth quarter, net income was $461.9 million, or $0.50 per diluted share. Pro-forma net income for the 2001 fourth quarter was $55.2 million, or $0.06 per diluted share.
Net revenues for the year ended December 31, 2001, were $6,356.9 million, an 18.6-percent decrease from $7,813.2 million in 2000. Gross profit was $2,380.6 million, or 37.4 percent of net revenues, down from the $3,596.3 million, or 46 percent of net revenues, reported in 2000. Operating income and net income, which include pro-forma results for the 2001 second, third and fourth quarters, were $755.2 million and $600.8 million, respectively.
Net revenues for the 2001 period were $6,356.9 million. Gross profit was $2,309.9 million. Operating income was $339.0 million, and net income was $257.1 million, or $0.29 per diluted share. At December 31, 2001, cash and cash equivalents and marketable securities totaled $2.4 billion; long-term debt was $2.8 billion (83 percent of which consisted of convertible debt). Capital expenditures were $1.7 billion in 2001, compared to $3.3 billion in 2000.
Pasquale Pistorio, president and CEO, commented, “Fourth-quarter performance was in line with the guidance we provided in our third-quarter earnings release of October 18, 2001. The 3.4-percent sequential revenue increase posted in this difficult market environment reflected a more favorable product mix as well as the sales gains in computer peripherals and the continued growth of the wireless portion of our telecom business.”