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 is a global leader in embedded processing solutions, providing industry leading products that are advancing the automotive, consumer, industrial and networking markets. From microprocessors and microcontrollers to sensors, analog integrated circuits and connectivity - our technologies are the foundation for the innovations that make our world greener, safer, healthier and more connected. Some of our key applications and end-markets include automotive safety, hybrid and all-electric vehicles, next generation wireless infrastructure, smart energy management, portable medical devices, consumer appliances and smart mobile devices.
The company is based in Austin, Texas, and has design, research and development, manufacturing and sales operations around the world. http://www.freescale.com
Freescale and the Freescale logo are trademarks of Freescale Semiconductor, Inc. All other product or service names are the property of their respective owners. © Freescale Semiconductor, Inc. 2013.
| Freescale Semiconductor, Ltd. | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| (in millions, except per share amounts) | Sep 27, | Jun 28, | Sep 28, | |||||||||
| 2013 | 2013 | 2012 | ||||||||||
| Net sales | $ | 1,085 | $ | 1,038 | $ | 1,009 | ||||||
| Cost of sales | 612 | 597 | 585 | |||||||||
| Gross margin | 473 | 441 | 424 | |||||||||
| Selling, general and administrative | 120 | 115 | 110 | |||||||||
| Research and development | 191 | 187 | 187 | |||||||||
| Amortization expense for acquired intangible assets | 3 | 4 | 3 | |||||||||
| Reorganization of business and other | 2 | 10 | (3 | ) | ||||||||
| Operating earnings | 157 | 125 | 127 | |||||||||
| Loss on extinguishment or modification of long-term debt | (1 | ) | (59 | ) | (3 | ) | ||||||
| Other expense, net | (118 | ) | (125 | ) | (134 | ) | ||||||
| Earnings (loss) before income taxes | 38 | (59 | ) | (10 | ) | |||||||
| Income tax expense | 15 | 6 | 14 | |||||||||
| Net earnings (loss) | $ | 23 | $ | (65 | ) | $ | (24 | ) | ||||
| Earnings (loss) per common share: | ||||||||||||
| Basic | $ | 0.09 | ($0.25 | ) | ($0.10 | ) | ||||||
| Diluted (a) | $ | 0.09 | ($0.25 | ) | ($0.10 | ) | ||||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 258 | 255 | 249 | |||||||||
| Diluted | 261 | 259 | 251 | |||||||||
