Product category: Analogue and Mixed Signal ICs
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 11 March 2003
Analogue bright spot in National loss
National Semiconductor has reported revenues of $404.3 million for the third quarter of fiscal 2003, which ended 23rd February 2003, and recorded a net loss of $36.4 million, or 20 cents a share.
National Semiconductor has reported revenues of $404.3 million for the third quarter of fiscal 2003, which ended 23rd February 2003, and recorded a net loss of $36.4 million, or 20 cents a share The third quarter net loss included $13.8 million of R and D expense for writedowns of technology licences and $17.0 million of special items primarily for severances related to the workforce reduction that the company announced on 20th February 2003
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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Without these two items, the net loss would have been $5.6 million, or 3 cents a share.
National's third quarter sales represented a 9% increase over last year's third quarter, when the company reported a loss of $37.8 million, or 21 cents per share on revenues of $369.5 million.
On a sequential basis, third quarter revenues seasonally declined 4% from the second quarter, which was within the guidance range provided at the beginning of the quarter.
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"Bookings picked up in the quarter, especially in our analogue businesses", said Brian L Halla, Chairman, President and CEO of National Semiconductor.
"The improved analogue orders were led by our power management, amplifier and audio products, as well as by National's continued penetration at key market-leading handset customers".
National Semiconductor's third quarter orders rose 3% over the November quarter and 5% year-to-year.
After a seasonal drop in December, bookings grew month to month for the remainder of the quarter.
Analogue order rates outperformed the company averages, led by double-digit growth in power management circuits and integrated audio amplification circuits.
Both improvements were driven by content gains in wireless handsets and other portable devices.
Orders for advanced I/O products that go into notebook computers and servers also increased from the second quarter.
North America bookings dropped seasonally, while all other regions improved sequentially and year-to-year.
Bookings exceeded billings in all regions.
National's guidance is for fourth quarter revenues to increase by 4 to 7% over the third quarter, which equates to a range of approximately $420 to $432 million.
Gross margins are also expected to improve over the third quarter, while both R and D and SG and A expenses are expected to decrease.
"During the quarter we took major steps to reposition the company for greater profitability and announced plans to sell two of our businesses", Halla said.
"When we complete these actions, our operating expenses will decline even further from our fourth quarter guidance levels, while the loss of revenue contribution will be relatively minor.
These actions are consistent with our focus on driving higher returns sooner".
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