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Technology Stocks : NSM - National Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: knkesh who wrote (115)	5/20/2002 12:31:24 PM
From: Road Walker	Respond to of 168

National Semiconductor Improves Financial Outlook for Its Fourth Quarter SANTA CLARA, Calif., May 20, 2002 /PRNewswire-FirstCall from COMTEX/ -- National Semiconductor Corporation (NYSE: NSM chart, msgs) today revised upward its financial outlook for the fourth quarter of its 2002 fiscal year, with improved expectations for revenues for the quarter, which ends May 26, 2002. The company said it now expects fourth quarter revenues to increase sequentially by 12 to 13 percent over the third quarter revenues of $369.5 million. National's guidance at the beginning of the quarter was for fourth quarter revenues to increase by 6 to 9 percent. "Overall orders and turns bookings both came in at a better rate than we had originally projected, as we continue to make good progress in our key target segments such as wireless handsets and displays," said Brian Halla, chairman, president and CEO. "We also see improving demand for our analog products, along with strengthening demand from our customers in the Asia Pacific area," he added. To continue its emphasis on profitability, National also said it is repositioning resources. The impact of these resource adjustments will result in a net reduction of approximately 150 positions from National's global workforce. The reduction is less than 2 percent of the total workforce. These adjustments will scale back efforts in some wireless networking technologies, such as 802.11, and will narrow investment in the set-top box portion of the Information Appliance business. The company will also reallocate investment to support the fast-growing cellular handset and flat-panel display markets, and its broadening capability in the analog power management area. The company is also shifting more sales and marketing resources to Asia Pacific to support its growing opportunities in that region. A charge for severances and other specific costs related to the headcount actions will be recorded in the fourth quarter. National's fourth quarter financial announcement and conference call are scheduled for June 6, 2002, at which time the company will discuss net results for the fourth quarter as well as the outlook for the first quarter of fiscal 2003. This outlook contains forward looking statements dependent on a number of risks and uncertainties including such factors as, but not restricted to, new orders received and shipped during the remainder of the fourth quarter, the degree of factory utilization, the successful sale of existing inventories at existing prices, and the ramp up of recently introduced products. Other risk factors are included in the company's 10-Q for the third quarter ended February 24, 2002 and the 10-K for the year ended May 27, 2001 (see the Outlook section of Management's Discussion and Analysis of Results of Operations and Financial Conditions) and the Annual Report dated May 27, 2001. MAKE YOUR OPINION COUNT - Click Here tbutton.prnewswire.com Source: National Semiconductor Corporation