STMicroelectronics Reports 2012 Third Quarter and Nine Month Financial Results

Free cash flow is defined as net cash from (used in) operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities, short-term deposits and restricted cash. We believe free 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. Free 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 free cash flow may differ from definitions used by other companies.

                                                                            
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Free cash flow (in US$ millions)                Q3 2012   Q2 2012   Q3 2011 
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Net cash from (used in) operating activities      148       (37)      276   
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Net cash used in investing activities            (203)     (199)     (413)  
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Payment for purchases of (proceeds from sale                                
 of) marketable securities, short-term                                      
 deposits and restricted cash, net                (25)      107        1    
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Free cash flow                                    (80)     (129)     (136)  
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STMicroelectronics N.V.                                                     
Consolidated Statements of Income                                           
(in millions of U.S. dollars, except per share data ($))                    
                                                                            
                                                    Three Months Ended      
                                               -----------------------------
                                                (Unaudited)    (Unaudited)  
                                               -----------------------------
                                               September 29,   October 1st, 
                                                    2012           2011     
                                               -----------------------------
                                                                            
Net sales                                              2,119          2,392 
Other revenues                                            47             50 
                                               -----------------------------
  NET REVENUES                                         2,166          2,442 
Cost of sales                                                                  (1,413)                (1,569)
                                                                                              -----------------------------
    GROSS  PROFIT                                                                                      753                        873  
Selling,  general  and  administrative                                          (274)                    (302)
Research  and  development                                                                (578)                    (596)
Other  income  and  expenses,  net                                                        20                          12  
Impairment,  restructuring  charges  and  other                                                                  
  related  closure  costs                                                                    (713)                      (10)
                                                                                              -----------------------------
    Total  Operating  Expenses                                                        (1,545)                    (896)
                                                                                              -----------------------------
    OPERATING  LOSS                                                                                (792)                      (23)
Interest  expense,  net                                                                          (8)                        (3)
Earnings  (loss)  on  equity-method  investments                            (4)                        (7)
Gain  on  financial  instruments,  net                                                  -                            1  
LOSS  BEFORE  INCOME  TAXES                                                                (804)                      (32)
    AND  NONCONTROLLING  INTEREST                                                                                              
Income  tax  benefit  (expense)                                                          (25)                          3  
                                                                                              -----------------------------
    NET  LOSS                                                                                            (829)                      (29)
Net  loss  (income)  attributable  to                                                                                      
  noncontrolling  interest                                                                  351                        100  
                                                                                              -----------------------------
    NET  INCOME  (LOSS)  ATTRIBUTABLE  TO  PARENT                                                                    
      COMPANY                                                                                            (478)                        71  
                                                                                              =============================
                                                                                                                                                        
    EARNINGS  (LOSS)  PER  SHARE  (BASIC)                                                                                  
      ATTRIBUTABLE  TO  PARENT  COMPANY  STOCKHOLDERS                  (0.54)                    0.08  
    EARNINGS  (LOSS)  PER  SHARE  (DILUTED)                                                                              
      ATTRIBUTABLE  TO  PARENT  COMPANY  STOCKHOLDERS                  (0.54)                    0.08  
                                                                                                                                                        
    NUMBER  OF  WEIGHTED  AVERAGE                                                                                                
    SHARES  USED  IN  CALCULATING                                                                                                
    DILUTED  EARNINGS  (LOSS)  PER  SHARE                                        887.8                    905.6  
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STMicroelectronics  N.V.                                                                                                          
Consolidated  Statements  of  Income                                                                                      
(in  millions  of  U.S.  dollars,  except  per  share  data  ($))                                        
                                                                                                                                                        
                                                                                                          Nine  Months  Ended            
                                                                                              -----------------------------
                                                                                                  (Unaudited)        (Unaudited)  
                                                                                              -----------------------------
                                                                                                September  29,    October  1st,  
                                                                                                        2012                      2011          
                                                                                              -----------------------------
                                                                                                                                                        
Net  sales                                                                                            6,269                    7,460  
Other  revenues                                                                                        62                          83  
                                                                                              -----------------------------
    NET  REVENUES                                                                                  6,331                    7,543  
Cost  of  sales                                                                                  (4,246)                (4,702)
                                                                                              -----------------------------
    GROSS  PROFIT                                                                                  2,085                    2,841  
Selling,  general  and  administrative                                          (876)                    (930)
Research  and  development                                                            (1,828)                (1,738)
Other  income  and  expenses,  net                                                        55                          70  
Impairment,  restructuring  charges  and  other                                                                  
  related  closure  costs                                                                    (788)                      (65)
                                                                                              -----------------------------
    Total  Operating  Expenses                                                        (3,437)                (2,663)
                                                                                              -----------------------------
    OPERATING  INCOME  (LOSS)                                                          (1,352)                      178  
Other-than-temporary  impairment  charge  and                                                                    
  realized  gain  on  financial  assets                                                  -                        318  
Interest  expense,  net                                                                        (26)                      (20)
Loss  on  equity-method  investments                                                (13)                      (22)
Gain  on  financial  instruments,  net                                                  3                          22  
    INCOME  (LOSS)  BEFORE  INCOME  TAXES                                      (1,388)                      476  
        AND  NONCONTROLLING  INTEREST                                                                                          
Income  tax  expense                                                                              (11)                    (111)
                                                                                              -----------------------------
    NET  INCOME  (LOSS)                                                                      (1,399)                      365  
Net  loss  (income)  attributable  to                                                                                      
  noncontrolling  interest                                                                  669                        296  
                                                                                              -----------------------------
    NET  INCOME  (LOSS)  ATTRIBUTABLE  TO  PARENT                                                                    
      COMPANY                                                                                            (730)                      661  
                                                                                              =============================
                                                                                                                                                        
    EARNINGS  (LOSS)  PER  SHARE  (BASIC)                                                                                  
      ATTRIBUTABLE  TO  PARENT  COMPANY  STOCKHOLDERS                  (0.82)                    0.75  
    EARNINGS  (LOSS)  PER  SHARE  (DILUTED)                                                                              
      ATTRIBUTABLE  TO  PARENT  COMPANY  STOCKHOLDERS                  (0.82)                    0.73  
                                                                                                                                                        
    NUMBER  OF  WEIGHTED  AVERAGE                                                                                                
    SHARES  USED  IN  CALCULATING                                                                                                
    DILUTED  EARNINGS  (LOSS)  PER  SHARE                                        886.3                    906.7  
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STMicroelectronics  N.V.                                                                                                          
CONSOLIDATED  BALANCE  SHEETS                                                                                                  
As  at                                                              September  29,      June  30,        December  31,
In  millions  of  U.S.  dollars                          2012                    2012                    2011        
                                                                      -----------------------------------------
                                                                          (Unaudited)      (Unaudited)      (Audited)    
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ASSETS                                                                                                                                            
-----------------------------------                                                                                  
Current  assets:                                                                                                                          
Cash  and  cash  equivalents                                    1,686                1,806                  1,912  
Restricted  cash                                                                -                        -                          3  
Marketable  securities                                                237                    259                      413  
Trade  accounts  receivable,  net                          1,040                1,072                  1,046  
Inventories,  net                                                      1,484                1,489                  1,531  
Deferred  tax  assets                                                    155                    175                      141  
Assets  held  for  sale                                                      -                      20                        28  
Other  current  assets                                                  612                    578                      506  
                                                                      -----------------------------------------
Total  current  assets                                              5,214                5,399                  5,580  
Goodwill                                                                          370                1,054                  1,059  
Other  intangible  assets,  net                                  554                    577                      645  
Property,  plant  and  equipment,  net                  3,611                3,606                  3,920  
Non-current  deferred  tax  assets                            365                    366                      332  
Restricted  cash                                                                4                        4                          5  
Long-term  investments                                                114                    109                      121  
Other  non-current  assets                                          480                    432                      432  
                                                                      -----------------------------------------
                                                                                      5,498                6,148                  6,514  
Total  assets                                                            10,712              11,547                12,094  
                                                                      -----------------------------------------
                                                                                                                                                        
LIABILITIES  AND  EQUITY                                                                                                            
-----------------------------------                                                                                  
Current  liabilities:                                                                                                                
Bank  overdrafts                                                                -                        -                          7  
Short-term  debt                                                        1,260                1,173                      733  
Trade  accounts  payable                                              864                    965                      656  
Other  payables  and  accrued                                                                                                    
  liabilities                                                                  934                    958                      976  
Dividends  payable  to  stockholders                        178                    265                        88  
Deferred  tax  liabilities                                              1                        1                        14  
Accrued  income  tax                                                        84                      94                        95  
                                                                      -----------------------------------------
Total  current  liabilities                                    3,321                3,456                  2,569  
Long-term  debt                                                              298                    362                      826  
Post-retirement  benefit                                                                                                          
  obligations                                                                  426                    414                      409  
Long-term  deferred  tax  liabilities                        23                      23                        21  
Other  long-term  liabilities                                    315                    282                      273  
                                                                      -----------------------------------------
                                                                                      1,062                1,081                  1,529  
Total  liabilities                                                    4,383                4,537                  4,098  
Commitment  and  contingencies                                                                                                
Equity                                                                                                                                            
Parent  company  stockholders'                                                                                                
  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,  910,559,805                                                                                          
  shares  issued,  887,928,104  shares                                                                                    
  outstanding)                                                            1,156                1,156                  1,156  
Capital  surplus                                                        2,549                2,547                  2,544  
Retained  earnings                                                    2,388                2,874                  3,504  
Accumulated  other  comprehensive                                                                                          
  income                                                                            743                    606                      670  
Treasury  stock                                                            (240)                (247)                  (271)
                                                                      -----------------------------------------
Total  parent  company  stockholders'                                                                                    
  equity                                                                        6,596                6,936                  7,603  
Noncontrolling  interest                                          (267)                    74                      393  
                                                                      -----------------------------------------
Total  equity                                                              6,329                7,010                  7,996  
Total  liabilities  and  equity                            10,712              11,547                12,094  
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STMicroelectronics  N.V.                                                                                                          
                                                                                                                                                        
SELECTED  CASH  FLOW  DATA                                                                                                          
                                                                                                                                                        
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Cash  Flow  Data  (in  US$  millions)                  Q3  2012            Q2  2012              Q3  2011  
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Net  Cash  from  (used  in)  operating                                                                                      
  activities                                                                    148                    (37)                    276  
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Net  Cash  used  in  investing                                                                                                    
  activities                                                                  (203)                (199)                  (413)
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Net  Cash  from  (used  in)  financing                                                                                      
  activities                                                                    (80)                    33                    (218)
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Net  Cash  decrease                                                      (120)                (253)                  (382)
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Selected  Cash  Flow  Data  (in  US$                                                                                          
  millions)                                                              Q3  2012            Q2  2012              Q3  2011  
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Depreciation  &  amortization                                    266                    281                      325  
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Net  payment  for  Capital                                                                                                          
  expenditures                                                              (203)                  (70)                  (384)
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Dividends  paid  to  stockholders                              (89)                  (89)                    (88)
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Change  in  inventories,  net                                        24                    (21)                        1  
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