Infignos Media -- buyersUSA Consulting
NOW PLAYING
15 Radio Streams
Click Here
Home Search
Advertise Here

From Technology - Mobile Communications

Brought to you by Mexico Lindo

You're invited to Mexico Lindo, where your dining experience is like a fantasy under the stars! 550 Oxford Exchange Blvd Oxford, AL 36203? (256) 831-9407

Abundance

Ericssons Q4 results negatively impacted by non-cash charge related to ST-Ericsson

Thu, 20 Dec 2012 03:19:26 EST

• Decision to not acquire full majority of ST-Ericsson.
• Non-cash charge of approximately SEK 8 b. in Q4, 2012 related to its 50% stake in ST-Ericsson, including approximately SEK 3 b. cash out of which the majority in 2013.

Ericsson (NASDAQ:ERIC) today announced that it will take a non-cash charge of approximately SEK 8 b. in Q4, 2012 related to its 50% stake in ST-Ericsson. The total effect on Ericsson Group Net Income Q4, 2012, is approximately SEK -8 b. (non-cash), with no tax effect.

The charge includes write down of assets to reflect the current best estimate of Ericsson's share of the fair market value of the JV, as well as additional charges related to the available strategic options for the future of the ST-Ericsson assets.

ST-Ericsson announced its strategic plan in April 2012 and is in the middle of executing on company transformation aiming at lowering its break-even point and introducing new technologies. On October 9, 2012, the two parent companies announced a strategic review of the business plan and the future ownership structure. On December 10, 2012, STMicroelectronics (NYSE:STM) announced its intention to exit as a shareholder in ST-Ericsson.

Ericsson continues to believe that the modem technology, which it originally contributed to the JV, has a strategic value for the wireless industry. For Ericsson, a key priority in this process is a successful market introduction of the new LTE modems which Ericsson is certain will be very competitive and needed in the market.

Ericsson will continue to explore various strategic options for the future of ST-Ericsson assets. To acquire the full majority of ST-Ericsson is, however, not an option. Ericsson's current best estimate is that the implementation of the strategic options at hand will require approximately SEK 3 b. of Ericsson funding, of which the majority in 2013.

Ericsson will provide any additional financial information in conjunction with the Q4 report 2012.

During the process of exploring options Ericsson will not speculate on the possible outcomes, timelines, and future strategic alternatives for ST-Ericsson assets.

Conference call for analysts, investors and media

Ericsson invites media, investors and analysts to a conference call with President and CEO Hans Vestberg and Jan Frykhammar, CFO, at 14.00 (CET) on December 20, 2012.

A replay of the conference call will be available after the scheduled end time. The playback will be available from approx. 16.30 CET on December 20, 2012, until 23.59 CET on December 27, 2012.

Dial in number:

Sweden number: +46 850 520 270

International number: +44 208 817 9301

US number: +1 718 354 12 26

Confirmation code: 9624 162# password: Tulip

Replay

Sweden replay number: +46 8 505 202 94

International replay number: +44 20 776 964 25

Replay pass code: 9624 162#

Ericsson discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on December 20, 2012 at 08.30 CET.


Source: WebWire



From Our Blogs

Three Simple Ways to Trim Monthly Expenses

You can devote more toward the things you want, as well as save more for the future.

Time and Money-Saving Holiday Gift Ideas

The savings experts at Dollar General have a few gift ideas that are easy and fun to get you in the

Delight the Five Senses this Holiday Season

Turn your gifts, celebrations and home décor into a festive feast for the five senses.

Super Simple Tips to Manage and Help Prevent Diabetes

It’s no surprise that diabetes is a leading cause of death in the United States.


Sign up for our weekly newsletter.

Our Website Sponsors

Allstate Insurance- Jerry McCullers

As a Personal Financial Representative in Anniston, I know many local families and can help with all of your insurance needs. Call me at 256-237-1100.

Sunny King Honda

Come in for special pricing and financing. Special APR as low as 0.9%. 2580 US Highway 78 East, Anniston. 256-343-4216. www.SunnyKingHonda.com.

ERA King Real Estate

We bring the world to Alabama's doorstep. Offices in Birmingham, Anniston, Gadsden, and Lincoln. Call us at 256-831-5656 or visit us at eraking.com.

Artificial Limb & Brace

At Artificial Limb & Brace Center, it is our mission to provide people with orthotic and prosthetic services and products using the most reliable technology to give them the best results possible. Call us at 256-236-2562.

The Party Center

Everything you need for your next party! Specializing in items for your birthdays, weddings, anniversaries, and all holidays and special occasions. Located at 1716 Hamric Drive East in Oxford. Call 256-831-4449.