Freescale Semiconductor Announces First Quarter 2015 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) enables secure, embedded processing solutions for the Internet of Tomorrow. Freescale’s solutions drive a more innovative and connected world, simplifying our lives and making us safer. While serving the world’s largest companies, Freescale is also committed to supporting science, technology, engineering and math (STEM) education, enabling the next generation of innovators. www.freescale.com

Freescale and the Freescale logo are trademarks of Freescale Semiconductor, Inc., Reg. U.S. Pat. & Tm. Off. All other product or service names are the property of their respective owners. © 2015 Freescale Semiconductor, Inc.

     
Freescale Semiconductor, Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
Three Months Ended
(in millions, except per share amounts) Apr 3,

2015

Dec 31,

2014

Apr 4,

2014

 
Net sales $ 1,169 $ 1,103 $ 1,127
Cost of sales   616     582     622  
Gross margin 553 521 505
Research and development 222 204 210
Selling, general and administrative 121 123 126
Amortization expense for acquired intangible assets 5 4 3
Reorganization of business, merger expenses and other   26     12     11  
Operating earnings 179 178 155
Loss on extinguishment or modification of long-term debt (21 ) (10 ) (59 )
Other expense, net   (78 )   (77 )   (103 )
Earnings (loss) before income taxes 80 91 (7 )
Income tax expense   10     28     16  
Net earnings (loss) $ 70   $ 63   $ (23 )
 
Earnings (loss) per common share:
Basic $ 0.23 $ 0.21 ($0.08 )
Diluted $ 0.22 $ 0.20 ($0.08 )
 
Weighted average common shares outstanding:
Basic 307 304 280
Diluted 315 310 280

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