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Qimonda delays release of results as it looks for funding

by Scott Bicheno on 1 December 2008, 18:17

Tags: Qimonda

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The memory remains?

DRAM outfit Qimonda has ominously delayed the announcement of its quarterly financials in the hope that it will reach an agreement with "strategic and financial investors" buy the middle of December.

The rationale is that, if a new source of funding is found, this will affect its financial results - especially asset impairment charges - such that it's worth waiting to see if current negotiations come to anything.

"With the completion of the sale of our stake in Inotera we generated cash inflow of US$ 400 million in the first quarter of the 2009 financial year," said Kin Wah Loh, CEO of Qimonda AG. "We are focused on reducing our cash burn through our global restructuring and cost reduction program as we continue to work on potential partnerships and on further financing opportunities."

The announcement warned that if none of these opportunities come to fruition and things stay as they are for the company, it "would face liquidity shortfalls in portions of its operations during the first calendar quarter of 2009 that could impact its ability to operate its business."

Qimonda shares are currently trading at a mere 18 cents having been valued at over $15 in mid 2007.


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