Spansion Provides Business Update
23 3월 2009 - 9:00PM
PR Newswire (US)
SUNNYVALE, Calif., March 23 /PRNewswire-FirstCall/ -- Spansion Inc.
(NASDAQ:SPSN) the world's largest pure-play provider of Flash
memory solutions, today released its fourth quarter net sales
results and issued its net sales outlook for the current fiscal
quarter. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO) In the
fiscal fourth-quarter ended December 31, 2008, net sales were $468
million. During the fiscal first quarter 2009, ending March 29,
Spansion anticipates net sales of approximately $400 million,
driven by sales in certain telecommunications and gaming segments
as well as advance purchases from certain customers, offset by
continued weakness in the overall economy during a quarter that is
seasonally down compared to the fourth quarter. "Despite a troubled
economy, Spansion gained segment share in the fourth quarter while
keeping average selling prices relatively stable," said John
Kispert, Spansion president and CEO. "In addition, net sales in the
first quarter are an indication of the continued customer demand
for Spansion solutions." The company also said it believes its
chapter 11 cases are progressing well. The company also noted that
it is looking forward to working closely with its creditors in the
weeks and months ahead on a plan of reorganization for the company.
"The decisions we made to reduce costs were difficult, but
necessary," Kispert said. "As a result of those actions, Spansion
expects to meet its post-petition obligations, and is leveraging
its global manufacturing facilities to meet customer demand.
Spansion is experiencing relatively typical seasonal patterns
during the first quarter and is conducting business as usual. We
plan to continue to take the necessary actions to strengthen our
cash position, to help enable Spansion to emerge from the Chapter
11 process as a stronger and more focused company." As part of the
restructuring process, Spansion also continues to pursue strategic
alternatives and is in discussions with multiple companies
regarding the potential sale of some or all of the company's
assets. The unaudited results for the fourth quarter 2008 and the
outlook for the first quarter 2009 are preliminary and subject to
change. For example, the company is currently conducting an
impairment assessment of its fixed assets, goodwill and long-lived
intangible assets. This ongoing assessment will result in material
non-cash charges to the income statement and an associated
reduction in the carrying values of the assets disclosed on the
balance sheet. Final fourth quarter 2008 results will be provided
in the company's Annual Report on Form 10-K to be filed with the
U.S. Securities and Exchange Commission (SEC). About Spansion
Spansion (NASDAQ:SPSN) is a leading Flash memory solutions
provider, dedicated to enabling, storing and protecting digital
content in wireless, automotive, networking and consumer
electronics applications. Spansion, previously a joint venture of
AMD and Fujitsu, is the largest company in the world dedicated
exclusively to designing, developing, manufacturing, marketing,
selling and licensing Flash memory solutions. For more information,
visit http://www.spansion.com/. Spansion(R), the Spansion logo,
MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM),
HD-SIM(TM), Spansion(R) EcoRAM(TM) and combinations thereof, are
trademarks of Spansion LLC in the United States and other
countries. Other names used are for informational purposes only and
may be trademarks of their respective owners. Cautionary Statement
This release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that these
forward-looking statements, including statements related to
expected net sales and customer demand for the first quarter of
fiscal 2009; advanced purchases from customers; and Spansion's
ability to gain segment share, meet customer demand and strengthen
its cash position, involve risks and uncertainties that could cause
actual results to differ materially from those statements. The
risks and uncertainties related to Chapter 11 filings include: any
negative impacts on Spansion's business, results of operations,
financial position or cash management arrangements; the inability
to freely deploy its cash resources throughout the company; the
negative impact on relationships with employees, customers,
suppliers and contract manufacturers and other stakeholders; the
failure of Spansion to obtain initial court orders substantially on
the terms applied for, including the approval of any DIP financing;
the ability to successfully negotiate and obtain DIP financing; the
adequacy of Spansion's cash on hand and DIP financing to fund its
ongoing operations or ability to arrange for sufficient alternate
DIP financing during the bankruptcy proceeding; actions or orders
taken by the U.S. Bankruptcy Court that may impact Spansion
operations; the failure of Spansion to obtain the requisite
approvals of affected creditors or the courts for any restructuring
plan, or to successfully implement such a plan or obtain sufficient
exit financing, if required, within the time granted by any court,
leading to the likely liquidation of Spansion's assets; that
Spansion's common stock could have no value in and following the
approval of a restructuring plan and could be cancelled and the
potential that the Nasdaq Stock Market may suspend trading or
delist any of Spansion's securities on or from such exchange as a
result of the proceeding. In addition, risks and uncertainties
relating to the company's ability to restructure successfully
include Spansion and Spansion Japan's ability to continue their
operations while in their respective Chapter 11 or corporate
reorganization proceedings, respectively; the ability to capture
anticipated cost savings related to the previously- announced
reduction in force and other measures taken by the company; and the
implementation and success of Spansion's plan to narrow its focus
on profitable business segments. In addition, the instability of
the global economy and tight credit markets could continue to
adversely impact Spansion's business in several respects, including
adversely impacting credit quality and insolvency risk of the
company and its customers and business partners, including
suppliers and distributors; bookings; and reductions and deferrals
of demand for Spansion products. The company urges investors to
review in detail the risks and uncertainties discussed in the
company's Securities and Exchange Commission filings, including but
not limited to the company's Annual Report on Form 10-K for the
fiscal year ended December 30, 2007 and the company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September 28,
2008. Unless otherwise required by applicable laws, the company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO
http://photoarchive.ap.org/ DATASOURCE: Spansion Inc. CONTACT:
Media, Courtney Brigham, +1-408-616-5056, or Investors, Ken
Tinsley, +1-408-616-7837, both of Spansion, Inc. Web Site:
http://www.spansion.com/
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