Infineon Technologies reports results for second quarter of the 2008 fiscal year, ended March 31, 2008
(Business News, 30 Apr 2008 )
Key highlights:
· As of March 31, 2008, the financial reports of Infineon will focus on the ongoing operations of the company while at the same time setting the foundation for the comparability of its performance going forward.
· With plans for the ultimate disposal and resulting deconsolidation of its investment in Qimonda AG, Infineon Technologies has reclassified the assets and liabilities of Qimonda as "assets held for sale" in its condensed consolidated balance sheets, effective March 31, 2008.
· With this reclassification, the individual line items in Infineon's condensed consolidated statements of operations, including "Revenues", reflect Infineon's continuing operations without Qimonda. All results relating to Qimonda are reported in the line item "Income (loss) from discontinued operations". From now on, you will find references to "Infineon excluding Qimonda" replaced with references to "Infineon". Similarly, the definition of EBIT will exclude Qimonda, and is now being referred to as "Infineon EBIT".
· Infineon's revenues in the second quarter of the 2008 fiscal year were Euro 1.049 billion, down four percent sequentially and up seven percent year-over-year. The sequential decline reflects primarily negative revenue seasonality in the Communication Solutions segment. Excluding effects from currency fluctuations, primarily between the U.S. dollar and the Euro, and acquisitions and divestitures, revenues declined two percent sequentially and rose ten percent year-over-year.
· Infineon expects revenues for the third quarter to be flat to down slightly relative to the second quarter. For the full year, Infineon expects revenues to grow by a high single-digit percentage and Infineon EBIT, excluding net gains or charges, to be positive, with low to mid single-digit EBIT margin.
Further details can be found on the company’s website.
