SUNNYVALE, Calif., July 15 /PRNewswire-FirstCall/ -- Spansion Inc., the
world's largest pure-play provider of Flash memory solutions, today
announced results for the second quarter ended June 29, 2008.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO)

    Net sales for the second quarter of 2008 were $613 million, up 7
percent compared to net sales of $570 million in the first quarter of 2008
and up from net sales of $609 million in the second quarter of 2007.
Spansion MirrorBit(R) solutions as a percentage of net sales reached an all
time high at approximately 80 percent.

    Gross margin increased to 17.8 percent in the second quarter of 2008
compared to 16.6 percent in the first quarter of 2008. The improved gross
margin was primarily a result of increased sales of higher margin Spansion
MirrorBit solutions, growth of 90nm product sales, continued improvement of
the company's internal manufacturing, and a reduction of external foundry
purchases. The manufacturing improvements more than offset incremental
start-up costs associated with SP1. A decrease in non-SP1 inventory offset
the increase of 65nm SP1 inventory, resulting in a decline in days of
inventory compared to the first quarter of 2008. Blended average selling
prices decreased two percent in the second quarter of 2008 compared to the
prior quarter.

    During the second quarter, Spansion engaged in restructuring activities
which resulted in a $10 million charge. Including the restructuring charge,
the operating loss was $77 million in the second quarter of 2008,
representing a 24 percent improvement compared to the operating loss of
$101 million in the prior quarter. Net loss for the second quarter of 2008
was $101 million, or $0.63 per share, compared to a net loss of $118
million, or $0.85 per share, in the first quarter of 2008. EBITDA for the
second quarter of 2008 improved to $88 million, or 14 percent of net sales,
compared to 9 percent of net sales in the first quarter of 2008. Refer to
accompanying table for a reconciliation of non-GAAP measures to their
related GAAP measures.

    "The company's results were above our expectations, mainly driv
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