STMicroelectronics Reports 2016 Second Quarter and First Half Financial Results

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward looking terminology, such as "believes," "expects," "may," "are expected to," "should," "would be," "seeks" or "anticipates" or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information - Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2015, as filed with the SEC on March 16, 2016. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

STMicroelectronics Conference Call and Webcast Information

On July 27, 2016, the management of STMicroelectronics will conduct a conference call to discuss the Company's operating performance for the second quarter of 2016.

The conference call will be held at 9:30 a.m. CET / 8:30 a.m. BST / 3:30 a.m. U.S. Eastern Time (ET) / 12:30 a.m. U.S. Pacific Time (PT). The conference call will be available live via the Internet by accessing http://investors.st.com. Those accessing the webcast should go to the Web site at least 15 minutes prior to the call, in order to register, download and install any necessary audio software. The webcast replay will be available until August 12, 2016.

About STMicroelectronics
ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST's products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices. By getting more from technology to get more from life, ST stands for life.augmented.

In 2015, the Company's net revenues were $6.90 billion, serving more than 100,000 customers worldwide. Further information can be found at www.st.com

For further information, please contact:

INVESTOR RELATIONS:
Tait Sorensen                                       
Group VP, Investor Relations
STMicroelectronics
Tel: +1 602 485 2064
tait.sorensen@st.com

MEDIA RELATIONS:
Nelly Dimey                                         
Director, Corporate Media and Public Relations
Tel: + 33 1 58 07 77 85
nelly.dimey@st.com

STMicroelectronics N.V.    
Consolidated Statements of Income    
(in millions of U.S. dollars, except per share data ($))    
     
  Three Months Ended
  (Unaudited) (Unaudited)
  July 02, June 27,
  2016 2015
     
Net sales   1,698   1,754
Other revenues   5   6
  NET REVENUES   1,703   1,760
Cost of sales   (1,126)   (1,165)
  GROSS PROFIT   577   595
Selling, general and administrative   (229)   (226)
Research and development   (336)   (373)
Other income and expenses, net   28   37
Impairment, restructuring charges and other related closure costs   (12)   (21)
  Total Operating Expenses   (549)   (583)
  OPERATING INCOME   28   12
Interest expense, net   (6)   (6)
Income (loss) on equity-method investments   9   (1)
INCOME BEFORE INCOME TAXES   31   5
  AND NONCONTROLLING INTEREST    
Income tax benefit (expense)   (6)   31
  NET INCOME   25   36
Net loss (income) attributable to noncontrolling interest   (2)   (1)
  NET INCOME ATTRIBUTABLE TO PARENT COMPANY   23   35
     
  EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.03   0.04
  EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.03   0.04
     
  NUMBER OF WEIGHTED AVERAGE    
  SHARES USED IN CALCULATING    
  DILUTED EARNINGS PER SHARE 885.5 880.2
STMicroelectronics N.V.    
Consolidated Statements of Income    
(in millions of U.S. dollars, except per share data ($))    
     
  Six Months Ended
  (Unaudited) (Unaudited)
  July 02, June 27,
  2016 2015
     
Net sales   3,303   3,447
Other revenues   13   18
  NET REVENUES   3,316   3,465
Cost of sales   (2,201)   (2,305)
  GROSS PROFIT   1,115   1,160
Selling, general and administrative   (457)   (448)
Research and development   (678)   (742)
Other income and expenses, net   55   73
Impairment, restructuring charges and other related closure costs   (40)   (50)
  Total Operating Expenses   (1,120)   (1,167)
  OPERATING LOSS   (5)   (7)
Interest expense, net   (11)   (11)
Income (loss) on equity-method investments   9   3
 LOSS BEFORE INCOME TAXES   (7)   (15)
  AND NONCONTROLLING INTEREST    
Income tax benefit (expense)   (8)   30
  NET INCOME (LOSS)   (15)   15
Net loss (income) attributable to noncontrolling interest   (3)   (3)
  NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY   (18)   12
     
  EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   (0.02)   0.01
  EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   (0.02)   0.01
     
  NUMBER OF WEIGHTED AVERAGE    
  SHARES USED IN CALCULATING    
  EARNINGS PER SHARE 879.2 879.6
STMicroelectronics N.V.      
CONSOLIDATED BALANCE SHEETS      
As at July 02, April 02, December 31,
In millions of U.S. dollars 2016 2016 2015
  (Unaudited) (Unaudited) (Audited)
ASSETS      
Current assets:      
Cash and cash equivalents 1,682 1,697 1,771
Restricted cash - - 4
Marketable securities 345 343 335
Trade accounts receivable, net 886 891 820
Inventories 1,266 1,302 1,251
Deferred tax assets 78 99 91
Assets held for sale -   - 1
Other current assets 424 468 407
Total current assets 4,681 4,800 4,680
Goodwill 77 79 76
Other intangible assets, net 153 162 166
Property, plant and equipment, net 2,290 2,333 2,321
Non-current deferred tax assets 465 458 436
Long-term investments 57 57 57
Other non-current assets 394 492 459
  3,436 3,581 3,515
Total assets 8,117 8,381 8,195
       
LIABILITIES AND EQUITY      
Current liabilities:      
Short-term debt 171 173 191
Trade accounts payable 597 666 525
Other payables and accrued liabilities 654 692 703
Dividends payable to stockholders 165 10 97
Deferred tax liabilities 1 4 2
Accrued income tax 29 52 42
Total current liabilities 1,617 1,597 1,560
Long-term debt 1,430 1,428 1,421
Post-employment benefit obligations 359 367 351
Long-term deferred tax liabilities 13 11 12
Other long-term liabilities 139 161 158
  1,941 1,967 1,942
Total liabilities 3,558 3,564 3,502
Commitment and contingencies      
Equity      
Parent company stockholders' equity      
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 910,970,920 shares issued, 883,268,414 shares outstanding) 1,157 1,157 1,157
Capital surplus 2,798 2,790 2,779
Retained earnings 249 483 525
Accumulated other comprehensive income 534 612 460
Treasury stock (243) (288) (289)
Total parent company stockholders' equity 4,495 4,754 4,632
Noncontrolling interest 64 63 61
Total equity 4,559 4,817 4,693
Total liabilities and equity 8,117 8,381 8,195
STMicroelectronics N.V.      
       
SELECTED CASH FLOW DATA      
       
Cash Flow Data (in US$ millions) Q2 2016 Q1 2016 Q2 2015
       
Net Cash from operating activities   191   141   223
Net Cash used in investing activities   (144)   (110)   (190)
Net Cash used in financing activities   (60)   (107)   (94)
Net Cash decrease   (15)   (74)   (62)
       
Selected Cash Flow Data (in US$ millions) Q2 2016 Q1 2016 Q2 2015
       
Depreciation & amortization   179 184 181
Net payment for Capital expenditures   (136)   (100)   (161)
Dividends paid to stockholders   (57)   (88)   (93)
Change in inventories, net   20   (22)   (32)

Appendix

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