Product category: Communications ICs (Wired)
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 11 December 2002
National stays in black for third
quarter running
National Semiconductor has reported a net profit of $6.2 million, or 3 cents per share, on revenues of $422.3 million for the second quarter of fiscal 2003, which ended 24th November 2002.
National Semiconductor has reported a net profit of $6.2 million, or 3 cents per share, on revenues of $422.3 million for the second quarter of fiscal 2003, which ended 24th November 2002 Revenues increased $1.7 million sequentially from the first quarter and 15% from the second quarter a year ago
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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At this time last year, National reported a net loss of $46.6 million, or 26 cents per share, on revenues of $366.5 million.
"We remained profitable for the third straight quarter despite a pretty tough market", said Brian L Halla, National's Chairman, President and CEO.
"Our revenues exceeded the expectations we had at the beginning of the quarter.
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We did a good job managing our expenses, and continued to improve our product positioning, especially in the wireless market".
National reported that second quarter orders were down 5% from the first quarter but up 23% over the previous year.
The sequential decline in orders was largely attributed to the distribution channel, as distributors reduced inventories and continued to be cautious about their inventory levels going forward.
This caused orders for analogue products, which are heavily sold through distribution, to decline sequentially.
Total order rates, as well as turns orders (those placed for delivery within the same quarter) improved measurably in the latter half of the quarter.
Orders for application specific wireless circuits grew sequentially due to demand in the wireless handset market.
Bookings for PC-specific devices were up from the first quarter due to a pickup in demand late in the quarter, particularly for notebooks.
Display product orders, which were below first quarter levels, were impacted by light activity from CRT manufacturers in the earlier part of the quarter.
Display bookings improved toward the end of the quarter.
On a regional basis, orders in North America grew both sequentially and year over year.
Bookings in other regions showed sequential declines but grew over last year's second quarter.
Worldwide billings slightly exceeded bookings during the quarter.
For the third quarter of fiscal 2003, the company's guidance is for revenues to be flat to down 5% sequentially.
"Our third quarter typically reflects a post-holiday seasonal decline in revenues", Halla said.
"Although bookings picked up in October and November, it is too early to tell whether that momentum will carry over enough to offset the normal seasonal pattern".
Gross margins are expected to decline slightly, primarily due to lower production volume through the factories.
Operating expenses are expected to increase by $4-6 million, primarily in the research and development area due to strategic programs in power management and wireless.
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