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Spansion expects to emerge from Chapter 11 by year end
Spansion's $220 million Q2 cash balance was an increase of approximately $125 million compared to Q1's balance of $95 million.
By Suzanne Deffree, Managing Editor, News -- Electronic News, 7/29/2009
Confident after a solid Q2, Spansion Inc has stated that it expects to emerge from Chapter 11 by the end of Q4 as a leaner, more competitive company that has greater operational efficiencies and is positioned to lead to positive free cash flow and profitability.
The flash maker has been undergoing a restructuring effort for some time now. In 2008, the company had a sharp eye on manufacturing costs and announced plans to transfer certain manufacturing, test, and assembly assets to third parties and establish manufacturing and technology partnerships as it refocused its own capital investments. In 2009, after cutting 3000 jobs to save $225 million and naming a new CEO in February, Spansion filed for bankruptcy and appointed a chief restructuring officer in March. Following that, the company in April announced it was pursuing strategic alternatives for its wireless business, so that it could focus on the on the embedded solutions market and intellectual property licensing.
"Spansion is executing well against its plan and these [Q2] results are evidence of our strong performance," said John Kispert, Spansion president and CEO, in a statement Tuesday afternoon. "The company delivered higher than forecasted net sales, decreased operating expenses, and significantly improved its cash balances, providing solid momentum for emergence from Chapter 11 in the fourth quarter."
In the June quarter, net sales were $376 million, down slightly from the prior quarter's $401 million in revenue.
“As a result of a focus on cost reductions, efficiencies and asset management we increased our cash position to $220 million at the end of our second quarter, which is a great improvement from Spansion’s cash-challenged position earlier this year,” Kispert said.
Spansion's Q2 cash balance was an increase of approximately $125 million compared to Q1's balance of $95 million.
Investment in R&D continues at a rate slightly greater than 10% of net sales, the company said. Total operating expenses, excluding restructuring charges, dropped more than 20% in Q2 compared to Q1, Spansion reported.
“Spansion and its creditors are managing the bankruptcy process very well,” said John Brincko, Spansion’s lead restructuring advisor, in the statement. “Over the next few months, I anticipate Spansion will file a plan of reorganization and successfully emerge from Chapter 11 bankruptcy in the fourth quarter as a strong, focused company and a formidable competitor in the flash memory marketplace.”
Spansion expects to emerge from Chapter 11 by year end
Spansion's $220 million Q2 cash balance was an increase of approximately $125 million compared to Q1's balance of $95 million.
By Suzanne Deffree, Managing Editor, News -- Electronic News, 7/29/2009
Confident after a solid Q2, Spansion Inc has stated that it expects to emerge from Chapter 11 by the end of Q4 as a leaner, more competitive company that has greater operational efficiencies and is positioned to lead to positive free cash flow and profitability.
The flash maker has been undergoing a restructuring effort for some time now. In 2008, the company had a sharp eye on manufacturing costs and announced plans to transfer certain manufacturing, test, and assembly assets to third parties and establish manufacturing and technology partnerships as it refocused its own capital investments. In 2009, after cutting 3000 jobs to save $225 million and naming a new CEO in February, Spansion filed for bankruptcy and appointed a chief restructuring officer in March. Following that, the company in April announced it was pursuing strategic alternatives for its wireless business, so that it could focus on the on the embedded solutions market and intellectual property licensing.
"Spansion is executing well against its plan and these [Q2] results are evidence of our strong performance," said John Kispert, Spansion president and CEO, in a statement Tuesday afternoon. "The company delivered higher than forecasted net sales, decreased operating expenses, and significantly improved its cash balances, providing solid momentum for emergence from Chapter 11 in the fourth quarter."
In the June quarter, net sales were $376 million, down slightly from the prior quarter's $401 million in revenue.
“As a result of a focus on cost reductions, efficiencies and asset management we increased our cash position to $220 million at the end of our second quarter, which is a great improvement from Spansion’s cash-challenged position earlier this year,” Kispert said.
Spansion's Q2 cash balance was an increase of approximately $125 million compared to Q1's balance of $95 million.
Investment in R&D continues at a rate slightly greater than 10% of net sales, the company said. Total operating expenses, excluding restructuring charges, dropped more than 20% in Q2 compared to Q1, Spansion reported.
“Spansion and its creditors are managing the bankruptcy process very well,” said John Brincko, Spansion’s lead restructuring advisor, in the statement. “Over the next few months, I anticipate Spansion will file a plan of reorganization and successfully emerge from Chapter 11 bankruptcy in the fourth quarter as a strong, focused company and a formidable competitor in the flash memory marketplace.”
