FACT FILE
STMicroelectronics Reports First Quarter Results
Highlights
 Net revenues in the 1999 first quarter rose 10.7% to $1,113.3 million, compared to net revenues of $1,005.4 million in the 1998 first quarter. In line with traditional seasonal patterns, first quarter revenues were 1.7% below those of the fourth quarter 1998. Revenues from Differentiated Products were $725.3 million in the 1999 first quarter, compared to $607.9 million in the 1998 first quarter. Differentiated Products accounted for 65.1% of net revenues in the recently completed quarter, compared to 60.5% of net revenues in the 1998 first quarter.
Gross profit for the 1999 first quarter increased 11.1% to $427.9 million compared to $385.0 million in the year-ago quarter. The gross margin for the 1999 first quarter was 38.4%, compared to 38.3% in the 1998 first quarter. In the 1999 first quarter operating income increased 14.4% to $131.4 million, or 11.8% of net revenues.
In the 1999 first quarter, net income increased 16.5% to $105.1 million, compared to $90.2 million in the 1998 first quarter. Earnings per diluted share increased 10.8% to $0.72 in the 1999 first quarter, up from $0.65 in the year-ago period on a 5.9% greater number of weighted average shares outstanding.
In the 1999 first quarter research and development expenses increased 16.3% to $193.5 million, or 17.4% of net revenues, compared to $166.4 million, or 16.6% of net revenues in the 1998 first quarter.
At April 3, 1999, shareholders' equity was $4,036.1 million. Cash, cash equivalents and marketable securities totaled $1,195.6 million. Total debt of $976.5 million included $750.0 million of long-term debt (a large part of which consists of convertible debt), bringing ST's net financial position to $219.1 million. Capital expenditures were $189.9 million in the 1999 first quarter, compared to $295.4 million in the 1998 first quarter.
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