Freescale Semiconductor Announces Second Quarter 2013 Results

Non-GAAP Financial Measures

Included within this press release and the accompanying tables and notes are non-GAAP financial measures that supplement the company's consolidated financial information prepared under GAAP. The company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release. The company's management believes that these non-GAAP measures provide a more meaningful representation of the company’s ongoing financial performance than GAAP measures alone. In addition, the company uses Adjusted EBITDA to measure compliance with certain of its debt covenants. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP. You should consider them together with the consolidated financial information located in the tables attached to this press release.

About Freescale Semiconductor

Freescale Semiconductor (NYSE: FSL) is a global leader in embedded processing solutions, providing industry-leading products that are advancing the automotive, consumer, industrial and networking markets. From microprocessors and microcontrollers to sensors, analog integrated circuits and connectivity, our technologies are the foundation for the innovations that make our world greener, safer, healthier and more connected. Some of our key applications and end-markets include automotive safety, hybrid and all-electric vehicles, next-generation wireless infrastructure, smart energy management, portable medical devices, consumer appliances and smart mobile devices. The company is based in Austin, Texas, and has design, research and development, manufacturing and sales operations around the world. www.freescale.com

Freescale and the Freescale logo are trademarks of Freescale Semiconductor, Inc. All other product or service names are the property of their respective owners. © Freescale Semiconductor, Inc. 2013.

 
 
Freescale Semiconductor, Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
       
Three Months Ended
(in millions, except per share amounts) Jun 28, Mar 29, Jun 29,
  2013     2013     2012  
 
Net sales $ 1,038 $ 981 $ 1,029
Cost of sales   597     583     589  
Gross margin 441 398 440
Selling, general and administrative 115 111 116
Research and development 187 182 188
Amortization expense for acquired intangible assets 4 3 4
Reorganization of business and other   10     (2 )   20  
Operating earnings 125 104 112
Loss on extinguishment or modification of long-term debt, net (59 ) (22 ) -
Other expense, net   (125 )   (120 )   (135 )
Loss before income taxes (59 ) (38 ) (23 )
Income tax expense   6     10     11  
Net loss $ (65 ) $ (48 ) $ (34 )
 
Loss per common share:
Basic ($0.25 ) ($0.19 ) ($0.14 )

Diluted (a)

($0.25 ) ($0.19 ) ($0.14 )
 
Weighted average common shares outstanding:
Basic 255 252 248
Diluted 259 256 250

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