Armani's bitchin board

[JJdivini]

has been; Spansion Inc. lost $89M in Q1...

Wednesday, May 13, 2009, 9:15am CDT;

Flash memory business Spansion Inc. (SPSNQ), which sought Chapter 11 bankruptcy protection in March, lost $89.2 million in the first quarter that ended March 29.

A year ago the Sunnyvale, Calif. company (Pink Sheets: SPSNQ) lost $120.9 million in the same quarter.

Sales fell to $399.7 million during the most-recent quarter, down from sales of $570.3 million a year ago.

The company spent $8.6 million laying off manufacturing workers during the quarter, part of total restructuring charges of $13.3 million. It has been shutting down some of its chip plants temporarily to save money.

Earlier this month Spansion’s stock was dropped from the Nasdaq exchange.

Spansion was born as a joint venture of AMD Corp. (NYSE: AMD) and Fujitsu. The company employs more than 1,000 people in Austin and about 8,500 worldwide.