Product category: Analogue and Mixed Signal ICs
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 14 June 2005
Analogue focus continues National's
margin growth
National Semiconductor has reported a GAAP net income of $132.1 million, or 36 cents per share, on revenues of $467 million for the fourth quarter of fiscal 2005, which ended 29th May 2005.
National Semiconductor has reported a GAAP net income of $132.1 million, or 36 cents per share, on revenues of $467 million for the fourth quarter of fiscal 2005, which ended 29th May 2005 On a sequential basis, National's Q4 revenues rose 4% from the third quarter, when the company reported $449 million in revenues and earnings of 21 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 fourth quarter sales declined 18% from the fourth quarter of fiscal 2004, when the company reported sales of $571.2 million, net income of $94.2 million and earnings of 24 cents per share.
Fourth quarter gross margin rose 2% to 54.7% driven by increased sales of analogue products.
This compares to 52.7% gross margin reported in Q3 and 50.6% gross margin reported in Q2.
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In the year-ago quarter, National posted 54.4% gross margin on revenues that were more than $100 million higher than the just-completed fourth quarter.
"Our focus on higher-value analogue products and improved gross margin is relentless", said Brian L Halla, National's Chairman and CEO.
"Regardless of the market environment, we've significantly strengthened the company's core analogue business and generated 20%-plus return on invested capital for the second year in a row".
National's fourth quarter 2005 net results included several notable financial items, including: an $86.1 million write-off of goodwill in connection with our annual goodwill assessment; a $51.1 million gain from the sale of National's PC Super /IO business; and a $2.6 million charge for cost reduction actions; all of these on a pre-tax basis.
In addition, the company's income tax provision was a net tax benefit of $55.9 million, primarily related to deferred tax assets.
A year ago, National's fourth quarter net income included a $30 million pre-tax special charge for a litigation issue.
National's Q4 worldwide bookings increased 12% sequentially from Q3.
Year-to-year, bookings declined 29% from Q4 of fiscal 2004.
Regionally, bookings increased sequentially in North America, Asia Pacific and Japan.
Weekly booking rates increased month-to-month throughout the quarter.
Bookings from major distributors also improved.
Bookings for National's standard linear analogue products rose 19% from Q3.
New order rates for power management, interface and data convertor products were substantially higher than the company average.
Total company billings exceeded bookings in Q4.
During the fourth quarter, National Semiconductor announced the sale of its PC Super I/O and cordless business units.
These business dispositions will impact revenues in the first quarter of fiscal 2006.
Overall, the company expects first quarter revenues will be flat to down 2% from fourth quarter levels.
The gross margin for Q1 is expected to be similar to Q4.
In addition to announcing earnings for Q4, National today also declared a cash dividend of 2 cents per outstanding share of common stock.
The dividend is payable 11th July, 2005 to stockholders of record at the close of business on 20th June, 2005.
For fiscal 2005, National reported a GAAP net income of $417.2 million, compared with the $282.8 million profit for fiscal 2004.
Earnings per share were $1.12 for fiscal 2005 compared with 73 cents for fiscal 2004.
Fiscal 2005 revenues were $1.91 billion compared with $1.98 billion for fiscal 2004.
The company's profitability was driven by its continued improvement in gross margin, which was 53.4% for fiscal 2005 compared with 51% in fiscal 2004.
"We ended the year with over a billion dollars in cash reserves, a 21% return on invested capital and a stronger analogue portfolio", Halla said.
"Our goal in fiscal 2006 is to drive gross margins even higher".
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