SAN FRANCISCO--NOR flash memory vendor Spansion Inc. reported third quarter sequential increase in net sales and said it expects further growth in the fourth quarter.
Spansion (Sunnyvale, Calif.) reported third quarter sales of $307.6 million in accordance with generally accepted accounting principles (GAAP), an increase of 20 percent compared to the prior quarter. Sales were down 6 percent compared to the third quarter of 2009, when Spansion was under bankruptcy restructuring, but the company said direct comparisons are not possible because the company is a different entity since exiting bankruptcy in May and utilizes "fresh start" accounting.
Spansion reported a GAAP net loss for the quarter of $64.9 million, compared to a GAAP net income of $341.8 million in the fourth quarter and a GAAP net income of $1.5 million in the year-ago quarter.
On a non-GAAP basis, excluding charges, Spansion said total third quarter sales were $319.7 million and net income was $38.7 million.
Fifty-one percent of Spansion's third quarter revenue came from parts shipped to the Asia-Pacific region, with Japan accounting for 19 percent, Europe 15 percent, the Americas 10 percent and Korea 5 percent, according to the company.
By end market, Spansion's largest revenue contributor in the third quarter was consumer and gaming, which accounted for the 29 percent of revenue, Spansion said
Spansion said it expects to report net sales for the fourth quarter of between $315 million and $330 million and GAAP net loss per diluted share of 8 cents to 49 cents.