Product category: Communications ICs (Wired)
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 10 September 2002
National returns to profit but remains
cautious
National Semiconductor has reported net income of $1.3 million on revenues of $420.6 million, or 1 cent per share, for its first quarter of fiscal 2003, which ended on 25th August 2002.
National Semiconductor has reported net income of $1.3 million on revenues of $420.6 million, or 1 cent per share, for its first quarter of fiscal 2003, which ended on 25th August 2002 The company said revenues increased $1.1 million sequentially and 24% over the comparable quarter a year ago
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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Last year National reported a net loss of $54.6 million, or 31 cents per share, on revenues of $339.3 million for the first quarter of fiscal 2002, which ended 26th August 2001.
National's gross margins increased to 43.3% from 43% in the fourth quarter of fiscal 2002 and from 32.4% a year ago.
"The year-over-year increase in revenues reflects continuing progress in our wireless and display programs.
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Our strategy to increase the analogue content in wireless handsets helped offset weaker sales in the personal computer markets", said Brian L Halla, chairman, president and CEO of National Semiconductor.
"But the overall economy is still sluggish.
As a result, our near-term outlook remains cautious".
National reported that first quarter bookings were down 11% from the fourth quarter but up 36% over the previous year.
Weekly order rates were higher in both July and August than they were in June.
Orders for power management products grew over the fourth quarter, mainly due to applications for wireless handsets and other portable devices.
Power management products now represent the largest segment within the Analogue Group.
Orders for PC-related products decreased measurably from the fourth quarter, but were up over the previous year.
Within the company's displays business, orders for flat-panel products were around the same level as in the fourth quarter.
Within the company's geographic regions, bookings in Japan grew both sequentially and year-over-year.
Asia had the highest growth in bookings over last year, followed by Europe and North America.
Worldwide bookings exceeded billings during the quarter.
For the second quarter of fiscal 2003, the company's guidance is for revenues to be flat to down 5% sequentially.
Gross margins will also be flat to down, dependent upon the sales level achieved.
Operating expenses will be comparable to those incurred in the first quarter.
"Early indications of consumer demand for the holiday season are not strong at this point", Halla said, "and although we have pockets of opportunity - driven mostly by our specific product programmes - they may not be enough to offset weak end-user demand for this quarter".
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