NXP Strengthens Management Team; Announces Third Quarter 2009 Results
NXP Semiconductors announced the extension of its management team with the appointments of Kurt Sievers as General Manager for the Automotive Business and Frans Scheper as General Manager for the standard products business. Both executives will report directly to President and CEO Rick Clemmer. NXP states that the positions will enable the company to further deliver on its strategy of building leadership in High Performance Mixed Signal (HPMS) technology, while maintaining a strong standard products business.
Kurt Sievers and Frans Scheper collectively bring more than 20 years of relevant management experience with proven track records in the semiconductors industry. Mr. Sievers previously managed the automotive safety and comfort business line, while Mr. Scheper served as general manager of the general applications (discretes) business line within the multimarket semiconductors business.
"These new appointments bring added strength to the team, providing the leadership skills, specialist market knowledge and operational rigor that are essential in enabling us to grow our automotive and standard products businesses as part of our ambition to focus and lead in High Performance Mixed Signal while delivering excellence in standard products," said Rick Clemmer, President and Chief Executive Officer of NXP.
Sievers will take on responsibility for the overall automotive business unit from Rick Clemmer, who was holding the position on an ad interim basis. Frans Scheper’s role as General Manager for Standard Products is a newly created position.
NXP also announced third quarter sales of USD $1,034 million, a comparable increase of 19.2% and a nominal increase of 20.7% from the second quarter of 2009. While the effects of the economic and financial crisis continue to have an impact on the industry, the increase in sales on a sequential basis was visible across all business segments and regions.
Adjusted EBITDA in the third quarter of 2009 amounted to a profit of $147 million, which is in line with the profit of $147 million in the third quarter of 2008, and up from a profit of USD 89 million in the second quarter of 2009. Adjusted EBITA was a profit of $55 million this quarter compared to a profit of $15 million in the same period last year and a loss of $18 million in the previous quarter.
Net income for the third quarter of 2009 was a profit of $412 million compared to a loss of $2,540 million in the third quarter of 2008 and a profit of $344 million in the second quarter of 2009. The sequential increase in net income is largely attributable to a higher financial income as a result of the debt restructuring transactions during the quarter.
The cash position was $1,061 million at the end of the third quarter compared to $1,373 million at the end of the second quarter of 2009. The lower cash position largely reflects the bond buy back transactions undertaken in the quarter and the cash out as a result of the ongoing restructuring payments for the Redesign Program.
