NEW YORK (Reuters) – Dutch company NXP Semiconductors NV, whose parent is preparing a possible $1.15 billion U.S. initial public offering, said on Tuesday its quarterly loss fell by more than half as sales improved.
NXP said its first-quarter net comprehensive loss fell 52 percent to $289 million from $598 million a year earlier. Sales rose 66 percent to $1.17 billion.
The company said the results do not reflect its 60 percent stake in Trident Microsystems Inc (TRID.O), which bought some television and set-top box operations from the company in February, because Trident is on a different reporting schedule.
Private equity investors including Kohlberg Kravis Roberts & Co [KKR.UL], Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners, own 80 percent of NXP. Koninklijke Philips Electronics NV (PHG.AS) has a 20 percent stake.
The company filed for a U.S. IPO under the name Kaslion Acquisition B.V., a holding company that plans to take the NXP name after it goes public.
NXP said it will use proceeds from the IPO to repay debt. Underwriters are led by Credit Suisse, Goldman Sachs & Co and Morgan Stanley. KKR, though it can underwrite IPOs, is not listed as an underwriter, regulatory filings show.
(Reporting by Clare Baldwin and Jonathan Stempel, editing by Leslie Gevirtz)