Click on the advert above to visit the company web site

Product category: Communications ICs (Wired)
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 19 June 2001

Flat fourth quarter for National
Semiconductor

National Semiconductor has reported break even results on revenue of $401.2 million for the fourth quarter of fiscal 2001, ending on the 27th May 2001.

National Semiconductor has reported break even results on revenue of $401.2 million for the fourth quarter of fiscal 2001, ending on the 27th May 2001 In the comparable quarter last year, the company reported net income of $134.2 million, or 68 cents per share, on revenues of $595.3 million before the effect of certain gains

The fourth quarter 2001 results exclude a net pre-tax charge of $33.4 million for one-time cost reduction actions, $16.2 million related to net investment write-offs, and $6.6 million in goodwill amortisation.

Including these charges, the company reported a net loss of $44.4 million, or 26 cents per share.

Market inventory conditions continued to impact National's orders and shipments throughout the fourth quarter.

Sales were also affected by low turns orders, continued high inventory levels and manufacturing consolidations in the cell phone handset market, and weakness in the distribution channel for National's broad portfolio of analogue products.

Turns orders are customer orders requested for delivery during the same quarter.

"This was a tough quarter for our industry", said Brian L Halla, chairman, president and chief executive officer.

"However, it is possible that the worst bookings quarter may be behind us because we saw improved turns orders in May.

Meanwhile, we continued to strengthen our financial fundamentals during the fourth quarter, enabling National to reduce our debt and still end the quarter with nearly $900 million in cash".

In terms of customer activity, National's worldwide bookings declined 19 percent sequentially from the third quarter of fiscal 2001 and 59 percent compared with last year's fourth quarter.

Orders in the Asia Pacific region showed the smallest decline sequentially, compared with the third quarter, and were reinforced by actual sequential increases in orders for personal computer and information appliance products.

Overall, fourth quarter billings exceeded bookings.

But bookings actually improved from month to month throughout the quarter.

"Due to the low bookings in the fourth quarter we now expect a further decline in sales for the first quarter", Halla said.

"Going forward, we will continue to closely control costs while investing in key markets to maximise our potential for profitability".

For the year, National reported net income of $305.5 million, or $1.62 per share (fully diluted) on revenues of $2.1 billion, before the effects of one-time gains and charges.

This compares with net income of $305.6 million or $1.59 per share before the effects of similar gains and charges for fiscal 2000.

Including those gains and charges, National reported net income of $245.7 million, or $1.30 per share (fully diluted).

This compares with net income of $620.8 million, or $3.24 per share (fully diluted) for fiscal 2000.

The fiscal 2000 number includes a one-time gain of $270.7 million from the sale of Fairchild stock.

• National Semiconductor: contact details and other news
• Email this article to a colleague
• Register for the free Electronicstalk email newsletter
• Electronicstalk Home Page

Search the Pro-Talk network of sites

Put your news on Electronicstalk  |   Advertise  |   Get the free Electronicstalk newsletter  |   Electronicstalk Home
About Electronicstalk  |   Copyright © 2000-2008 Pro-Talk Ltd, UK