Product category: Analogue and Mixed Signal ICs
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 14 March 2005
Margin focus begins to pay off for
National
National Semiconductor has reported a GAAP profit of $77.4 million, or 21 cents per share, on revenues of $449.2 million for the third quarter of fiscal 2005.
National Semiconductor has reported a GAAP profit of $77.4 million, or 21 cents per share, on revenues of $449.2 million for the third quarter of fiscal 2005, which ended on 27th February 2005 On a sequential basis, National's Q3 revenues were flat compared with Q2 fiscal 2005, when the company recorded revenues of $448.9 million and earnings of 24 cents per share
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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Year-to-year, National's third quarter sales declined 13% from the 14-week third quarter of fiscal 2004, when the company reported sales of $513.6 million and earnings of 24 cents per share.
The just-concluded third quarter of fiscal 2005 had the normal 13 calendar weeks, not 14.
Third quarter gross margin was 52.7% compared with the 50.6% gross margin recorded in Q2.
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National achieved a 2% improvement in gross margin despite flat sales, factory utilisation rates in the low-60s percentage and a $15 million reduction in inventory.
Year over year, National's gross margin for Q3 was 1.3% higher than last year's third quarter on 13% lower sales.
"Our gross margin focus is paying off", said Brian L Halla, National's Chairman, President and CEO.
"We continue to drive our product mix more and more toward higher-value analogue products regardless of the current cautious sales environment".
National's third quarter 2005 net results included a $20 million pre-tax charge for severances related to a workforce reduction announced in January.
This was largely offset by a pre-tax $7 million credit from a California Manufacturer's Investment Credit refund and a lower income tax rate of 8.7%.
Second quarter fiscal 2005 net results included $19 million in pre-tax gains from the sale of assets and the resolution of litigation, as well as a $4 million income tax benefit from the resolution of a tax matter.
Bookings Increased in Q3 National's Q3 worldwide bookings increased 6% sequentially in Q3.
Year-to-year, bookings declined 35% from the 14-week Q3 of fiscal 2004.
Total company billings exceeded bookings in Q3.
Bookings increased in North America and Europe for analogue products from National's distributors.
Average weekly booking rates increased each month through the quarter.
The company also saw a recovery in turns orders in Q3.
Orders for National's key analogue products - power management, amplifiers, interface and data conversion - grew at a higher rate than the company's overall average.
National Semiconductor anticipates Q4 revenues to increase 2 to 4% sequentially from Q3.
Gross margin is expected to increase to just over 53% in Q4.
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