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To: Gottfried who wrote (6351)	10/21/2002 4:40:14 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95526

TI Reports 3Q02 Financial Results Monday October 21, 4:30 pm ET biz.yahoo.com - Revenue Up 4% Sequentially and 22% from Year Ago - GAAP Earnings of $0.11 Per Share, Pro Forma Earnings of $0.09 - 4Q Revenue Expected to Be Down About 10% Sequentially, Due to Weaker Semiconductor Market and Seasonal Calculator Decline Conference Call on TI Web Site at 4:30 p.m. Central Time Today www.ti.com Unless otherwise noted, financial information contained in the text of this report reflects both GAAP and pro forma results DALLAS, Oct. 21 /PRNewswire-FirstCall/ -- Texas Instruments Incorporated (NYSE: TXN - News) today reported that third-quarter revenue increased 4 percent sequentially and 22 percent compared with the year-ago period. Semiconductor revenue grew 4 percent sequentially and 26 percent compared with the year-ago period, driven by increased shipments in DSP and Analog. Educational & Productivity Solutions (E&PS) revenue grew 21 percent sequentially, due to higher seasonal back-to-school shipments of graphing calculators, and 1 percent compared with the year-ago period. Sensors & Controls revenue declined 6 percent sequentially and grew 7 percent compared with the year-ago period. Gross profit declined sequentially, primarily due to lower royalties and reduced factory utilization levels late in the third quarter. The second quarter included $30 million in catch-up royalties from a new semiconductor cross-license agreement. Gross profit increased compared with the year-ago quarter primarily as a result of significantly higher semiconductor factory utilization. Research and development expense increased compared with the second quarter and the year-ago quarter due to increased product development activity in Semiconductor. Operating profit declined sequentially due to higher operating expenses, in addition to lower gross profit. Operating profit increased compared with the year-ago quarter due to higher gross profit. Other income (expense) net (OI&E), which includes interest income, investment gains (losses) and other items, increased significantly on a sequential basis due to the non-recurrence of the second quarter's non-cash charge of $96 million on certain equity holdings in the company's investment portfolio. Third-quarter OI&E included a reversal of interest expense due to the resolution of open tax items in the third quarter, resulting in an increase in OI&E compared with the year-ago period. Interest income declined compared with the second quarter and the year-ago period as lower interest rates more than offset the company's higher cash balances. Both the GAAP and pro forma taxes for the third quarter reflect a benefit of $11 million that resulted from the resolution of open tax items. Net income reflects lower tax rates for both GAAP and pro forma earnings. Orders of $2120 million in the third quarter declined 7 percent sequentially and increased 29 percent from the year-ago period. Semiconductor orders of $1773 million were down 5 percent sequentially and increased 36 percent from the year-ago period. "In the quarter, TI's DSP and Analog both delivered more than 30 percent revenue growth compared with a year ago, and we believe both grew faster than their respective markets. Combined, they comprise more than 70 percent of TI's total Semiconductor revenue," said Tom Engibous, TI chairman, president and CEO. Regarding markets and applications, Engibous said: "Semiconductor revenue was up across a broad range of products. Wireless especially remained strong, delivering its fifth consecutive quarter of sequential growth as consumers continue to embrace new, advanced cell phones with color screens, and as TI chipsets further penetrate OEM and ODM customers. "TI's financial and competitive positions are strong," Engibous said. "We have generated more than $1.2 billion in free cash flow during the past four quarters, increasing total cash to more than $3.6 billion. Similarly, over the last year, we've expanded our DSP and Analog product offerings and manufacturing capability." There is much more... biz.yahoo.com