National Semiconductor Q1 results
SANTA CLARA, Calif., Sept. 10 (Reuters) -
NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)
Three Months Ended
Aug. 30, Aug. 24,
1998 1997(1)
Net sales $469.6 $656.7
Operating costs and expenses:
Cost of sales 414.6 396.3
Research and development 122.1 112.0
Selling, general and administrative 73.0 86.0
Total operating costs and expenses 609.7 594.3
Operating income(loss) (140.1) 62.4
Interest income, net 0.1 11.7
Other income, net 0.3 7.4
Income(loss) before income taxes (139.7) 81.5
Income tax provision(benefit) (34.9) 18.9
Net income(loss) (104.8) 62.6
Earnings(loss) per share:
Basic (0.63) .39
Diluted (0.63) .38
Selected income statement ratios as a
percentage of sales:
Gross margin 11.7% 39.7%
Research and development 26.0% 17.1%
Selling, general and administrative 15.5% 13.1%
Net income(loss) (22.3%) 9.5%
Effective tax rate (25.0%) 23.2%
(1) Note: Financial information for the three months ended
August 24, 1997 has been restated to include Cyrix Corporation,
which was acquired on November 17, 1997 and accounted for as a
pooling of interest. |
