Spansion to Pursue Standalone Strategy Focused on Embedded Solutions Market
22 4월 2009 - 9:00PM
PR Newswire (US)
-- New business model aimed at generating positive free cash flow
and profitability SUNNYVALE, Calif., April 22
/PRNewswire-FirstCall/ -- Spansion Inc. (NASDAQ:SPSN), the world's
largest pure-play provider of Flash memory solutions, today
announced that the company has decided to pursue a standalone
strategy focused on the embedded solutions market and intellectual
property licensing. As a result, the company plans to pursue
strategic alternatives for its wireless business. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO) The
company also continues its discussions with creditors regarding its
restructuring plans, which will ultimately require court approval.
The company expects to successfully emerge from its Chapter 11
restructuring process with a sustainable business model aimed at
maximizing recovery for creditors; generating positive free cash
flow and profitability; and designed to support annual revenues of
approximately $1 billion. In addition, the company announced that
it believes it has adequate working capital - approximately $195
million in cash as of April 19, 2009 (including approximately $110
million in the U.S.) to support its strategy to emerge as a
successful and viable standalone entity. "Spansion is by far the
largest supplier of NOR Flash memory to embedded markets worldwide
and is the leader in charge-trapping technology, which we believe
has great licensing potential," said John Kispert, president and
CEO, Spansion Inc. "Our plan is to leverage our award-winning
MirrorBit technology, exceptional customer relationships and
innovative industry-leading products to seek sustainable
profitability and positive free cash flow." Spansion plans to
continue to support its wireless customers as it pursues strategic
alternatives for that business. The company's decision to narrow
its focus results from Spansion's proven success in addressing
customers producing embedded applications which include consumer,
gaming, set-top box, industrial, automotive, PC and PC peripherals,
data center servers, telecommunications infrastructure and
networking. The company enjoys a commanding leadership position in
this market, with over twice the sales of its closest competitor in
2008 according to market research company iSuppli. The company
plans to dedicate its resources to serving the embedded solutions
market and plans to grow its market opportunity through its
innovations based on its MirrorBit technology. The company has made
substantial progress in bringing its new innovative product
architectures to market. Spansion has completed the beta process
for its Spansion EcoRAM products and has received initial orders,
with first revenue expected in April. The company also has first
silicon in-house of its new NAND product offering based on
Spansion's charge-trapping technology, 43nm MirrorBit NAND
products, with plans for sampling in 2009 and production in 2010.
In addition, Spansion is in full production of its industry-leading
65nm high density solutions optimized for the embedded solutions
market, and plans to have 45nm MirrorBit NOR solutions sampling in
2009 and in production in 2010. Spansion, Spansion LLC, Spansion
Technology LLC, Spansion International, Inc. and Cerium
Laboratories LLC filed their voluntary petitions for relief under
Chapter 11 in the U.S. Bankruptcy Court for the District of
Delaware on March 1, 2009. On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho)
of Japan to obtain protection from its creditors as part of the
company's restructuring efforts. None of Spansion's subsidiaries in
countries other than the United States and Japan are included in
the U.S. or Japan filings. About Spansion Spansion
(NASDAQ:SPSNNASDAQ:-NASDAQ:News) 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/. 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 involve risks and uncertainties that could cause actual
results to differ materially from those statements. The risks and
uncertainties include statements related to IP licensing business
strategy, innovative product architectures, EcoRam and any revenue
associated with EcoRam, MirrorBit NAND products, completion of the
Chapter 11 restructuring process, the ability to reach and sustain
a profitable business model, generate free cash flow or survive as
a stand-alone entity, and any reference to adequate working
capital. The risks and uncertainties related to working capital
include the fact that the company has cash in various geographical
locations and all or part of the total worldwide cash may not be
available in either the US or for working capital as a result of
the limitation inherent in the Chapter 11 proceedings in the US or
the corporate reorganization proceeding in Japan or as a result of
various restrictions in certain geographies as to the ability to
remit funds back to the parent company. 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;
the adequacy of Spansion's cash on hand to fund its ongoing
operations or ability to arrange for sufficient 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 the embedded solutions market. 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. NOTE: Spansion(R), the Spansion Logo, MirrorBit(R),
and combinations thereof, are trademarks of Spansion LLC in the US
and other countries. Other names used are for informational
purposes only and may be trademarks of their respective owners.
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 Web Site:
http://www.spansion.com/
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