Product category: Analogue and Mixed Signal ICs
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 12 December 2005
Analogue technology drives National
growth
National Semiconductor has reported GAAP net income of $114.7 million, or 32 cents per share, on revenues of $544.0 million for the second quarter of fiscal 2006.
National Semiconductor has reported GAAP net income of $114.7 million, or 32 cents per share, on revenues of $544.0 million for the second quarter of fiscal 2006, which ended on 27th November 2005 National's second quarter revenues were 10% higher than the first quarter of fiscal 2006, and 21% higher than the year-ago Q2 revenues of fiscal 2005
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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The sequential revenue growth was driven by strong demand from National's wireless handset customers as well as the broader markets served through the distribution channel.
In the first quarter of fiscal 2006, National posted revenues of $493.8 million, net income of $85.6 million and earnings of 24 cents per share.
Those first quarter results included a $28 million pre-tax charge for severances, a $24.3 million pre-tax gain from the sale of a business, and $5 million of additional one-time income tax expense.
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A year ago, in the second quarter of FY2005, National recorded sales of $448.9 million and net income of $90.0 million, or 24 cents per share.
Last year's Q2 results included an $8.8 million pre-tax gain from the sale of assets, a $10.0 million pre-tax gain related to litigation, and a $4.2 million benefit from an income tax matter.
The company's second quarter FY06 gross margin was 57.2%, a new record for the company.
This Q2 gross margin is 1.0% higher than the first quarter gross margin and 6.6% higher than last year's second quarter gross margin of 50.6%.
The improvement in gross margin has been driven by the company's focus on growing its higher-value analogue product portfolio.
"The wireless and handheld consumer electronics markets are strong", said Brian L Halla, National's Chairman and CEO.
"Analogue technology, such as our leading-edge power management products, makes these electronic devices possible".
"That's what's driving our growth right now".
National's total company bookings in Q2 fiscal 2006 increased 6% sequentially from Q1.
Within the analogue standard linear product categories, new orders for interface and data conversion products grew at a much higher rate than the overall company average.
Regionally, bookings increased in North America, Europe and Japan.
Bookings from distributors also increased sequentially in Q2 from Q1.
Bookings associated with foundry services for two recently divested businesses decreased in Q2 compared with Q1.
Total company bookings exceeded billings in the second quarter.
Based on turns expectations and considering typical seasonal patterns, National anticipates that revenues will be sequentially flat to down 3% in the third quarter of fiscal 2006.
Assuming this revenue range, gross margin percentage is expected to increase slightly in Q3 FY06.
The company has also announced that National's Board of Directors has authorised a new programme to buy back an additional $400 million of National's common stock beyond what previously has been approved.
During Q2, the company bought back $275 million of common stock under a previously approved repurchase programme.
The diluted weighted-average shares outstanding for Q2 FY06 were 356.7 million shares.
During the second quarter, at National's annual shareholders meeting on 30th September 2005, the company also announced a cash dividend of $0.03 per outstanding share of common stock.
This represents a 50% increase from the prior quarterly cash dividend of $0.02 per share.
This new dividend will be paid on 9th January 2006 to shareholders of record at the close of business on 19th December 2005.
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