STMicroelectronics Reports 2010 First Quarter Financial Results

Net operating cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe net operating cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Net operating cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of net operating cash flow may differ from definitions used by other companies.


Net Operating Cash Flow (in US$ millions)	Q1 2010	Q4 2009	Q1 2009
Net cash from (used in) operating activities	393	449	(14)
Net cash from (used in) investing activities	(245)	(207)	697
Payment for purchases of / proceeds from sale of current and non-current marketable securities, and disposal of financial instrument, net	28	5	323
Net operating cash flow	176	247	1,006
Net operating cash flow (ex M&A and disposal of a financial instrument)	176	221	(139)

STMicroelectronics N.V.
Consolidated Statements of Income
(in million of U.S. dollars, except per share data ($))

	Three Months Ended
	(Unaudited)	(Unaudited)
	March, 27	March 28,
	2010	2009

Net sales	2,311	1,657
Other revenues	14	3
NET REVENUES	2,325	1,660
Cost of sales	(1,449)	(1,223)
GROSS PROFIT	876	437
Selling, general and administrative	(281)	(280)
Research and development	(595)	(557)
Other income and expenses, net	13	63
Impairment, restructuring charges and other related closure costs	(33)	(56)
Total Operating Expenses	(896)	(830)
OPERATING LOSS	(20)	(393)
Other-than-temporary impairment charge on financial assets	-	(58)
Interest income, net	3	1
Loss on equity investments	(5)	(232)
Loss on financial instruments, net	(3)	(8)
LOSS BEFORE INCOME TAXES	(25)	(690)
AND NONCONTROLLING INTEREST
Income tax benefit	10	95
LOSS BEFORE NONCONTROLLING INTEREST	(15)	(595)
Net loss attributable to noncontrolling interest	72	54
NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY	57	(541)

EARNINGS (LOSS) PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS	0.07	(0.62)
EARNINGS (LOSS) PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS	0.06	(0.62)

NUMBER OF WEIGHTED AVERAGE
SHARES USED IN CALCULATING	882.9	874.3
DILUTED EARNINGS (LOSS) PER SHARE

STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS


As at	March 27,	December 31,	March 28,
In million of U.S. dollars	2010	2009	2009
	(Unaudited)	(Audited)	(Unaudited)

ASSETS
Current assets:
Cash and cash equivalents	1,423	1,588	1,480
Marketable securities	1,037	1,032	988
Trade accounts receivable, net	1,426	1,367	1,101
Inventories, net	1,265	1,275	1,656
Deferred tax assets	216	298	248
Assets held for sale	30	31	-
Other receivables and assets	628	753	896
Total current assets	6,025	6,344	6,369

Goodwill	1,055	1,071	1,121
Other intangible assets, net	810	819	894
Property, plant and equipment, net	3,802	4,081	4,341
Long-term deferred tax assets	422	333	319
Equity investments	267	273	376
Restricted cash	250	250	250
Non-current marketable securities	47	42	184
Other investments and other non-current assets	471	442	337
	7,124	7,311	7,822
Total assets	13,149	13,655	14,191

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank overdrafts	0	0	3
Current portion of long-term debt	904	176	159
Trade accounts payable	1,065	883	707
Other payables and accrued liabilities	1,064	1,049	1,037
Dividends payable to shareholders	0	26	0
Deferred tax liabilities	7	20	30
Accrued income tax	126	126	121
Total current liabilities	3,166	2,280	2,057

Long-term debt	1,287	2,316	2,486
Reserve for pension and termination indemnities	300	317	313
Long-term deferred tax liabilities	25	37	26
Other non-current liabilities	334	342	355
	1,946	3,012	3,180
Total liabilities	5,112	5,292	5,237
Commitment and contingencies
Equity
Parent company shareholders' 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, 910,319,305 shares issued, 878,382,637 shares outstanding)	1,156	1,156	1,156
Capital surplus	2,489	2,481	2,455
Accumulated result	2,778	2,723	3,521
Accumulated other comprehensive income	860	1,164	890
Treasury stock	(375)	(377)	(480)
Total parent company shareholders' equity	6,908	7,147	7,542
Noncontrolling interest	1,129	1,216	1,412
Total equity	8,037	8,363	8,954
Total liabilities and equity	13,149	13,655	14,191

STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q1 2010	Q4 2009	Q1 2009

Net Cash from (used in) operating activities	393	449	(14)
Net Cash from (used in) investing activities	(245)	(207)	697
Net Cash used in financing activities	(264)	(218)	(188)
Net Cash increase (decrease)	(165)	12	471

Selected Cash Flow Data (in US$ millions)	Q1 2010	Q4 2009	Q1 2009

Depreciation & amortization	310	355	335
Payment for Capital expenditures	(179)	(190)	(89)
Dividends paid to shareholders	(26)	(27)	(71)
Change in inventories, net	(28)	11	123

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