GENEVA -- STMicroelectronics Inc. here today reported sales of $1.36 billion for Q1 ended March 30, down 6.4% from $1.44 billion in Q4 of 2001 and a 28.4% decline from $1.9 billion in Q1 of last year.
Net income was $32.9 million, or $0.04 per share, for Q1, compared to $45 million, or $0.05 per share, in Q4 of 2001, and $340.8 million, or $0.38 per share, in Q1 of last year.
In the first quarter, the company incurred a charge of $9.6 million, primarily associated with the previously announced closing of its fabs in Rancho Bernardo, Calif. and Ottawa, Canada.
"As anticipated, the sequential decline in net revenues from the 2001 fourth quarter was primarily attributable to seasonal factors as well as pricing pressures resulting from industrywide overcapacity," Pasquale Pistorio, president and CEO of STMicroelectronics.
There was some good news, however. "Order flow accelerated significantly in the last month of the quarter, during which time we also experienced a degree of price stabilization that benefited memory and other product families," he said.
In the quarter, sequential revenue gains were achieved by the company's automotive and consumer IC products, which were up 5.2% and 2.2%, respectively, from Q4, according to STMicroelectronics.
Computer and industrial chip products, which included smart cards, declined 2.1% and 1.2%, respectively, the company said.
Telecommunications products posted a sequential decline of 19.8%, it added.
Looking ahead, Pistorio painted a positive picture for Q2. "Based upon available backlog information and current order rate trends, we believe that ST's revenues bottomed-out in the 2002 first quarter, and that the company is positioned to post double-digit sequential revenue growth of approximately 10% in the 2002 second quarter," he said.
"Importantly, this projected revenue gain is expected to reflect strengthened demand from virtually all of our end-markets, which would significantly increase companywide fab utilization rates," he said.
RSS
Digital
10 emerging technologies to watch:
EE Times has compiled a list of emerging technologies that we think will be worth watching out for in 2010. Biofeedback or thought-control of electronics are among the contenders.
Hot applications in 2010:
We've compiled a list of 10 technology applications you should watch for in 2010, ranging from e-book readers to 3-D TVs. We examine the features that make these apps so compelling as well unresolved issues.
Top 25 predictions for semis in 2010:
2010 is just beginning to unfold in the electronics industry. Looking into our crystal ball, we have released our own chip forecasts--and other predictions--for 2010.
Seven things to fix in 2010:
The editors of EE Times came up with their own informal list of things we hope engineers fix in 2010, spanning everything from nano-lithography to space travel. What do you want to see get done this year?
'09 moves that are shaping the future:
This was a brutal year, but the industry gets a nod for showing grace under fire. Here's our Top 10 guide to the coming year, illustrating what to expect in 2010.
10 CEOs out in 2009:
It's been a tough year for the global electronics industry and CEOs. We survey the dismissal of 10 industry CEOs during the first three quarters of 2009 and what's ahead for the rest of the year.
Notable women in microelectronics:
There is no better time than a global economic recession to examine the keys to successful corporate governance. So, EE Times has compiled an international list that celebrates women who are business and technology leaders in semis.
EE Times updates Silicon 60:
Seventeen companies have been added to the lastest version of our Silicon 60 list of emerging startups. Forty-three companies survived as emerging companies that are still worth watching.
RSS| 
Digital| 
Mobile
