From Briefing.com: NSM National Semi matches EPS consensus (15.85 -0.32, halted) -- Update -- Reports a Q3 loss excluding items of $0.03, in line with the Multex consensus of -$0.03. Sales rose 9.4% to $404.3 mln (consensus $411.1 mln). For Q4, co sees EPS of $420-$432 mln (consensus $433 mln).
biz.yahoo.com
National Semiconductor Reports $404 Million Revenues for Third Quarter; Projects 4 to 7 Percent Sequential Increase for Fourth Quarter Sales
Thursday March 6, 12:15 pm ET
SANTA CLARA, Calif., March 6 /PRNewswire-FirstCall/ -- National Semiconductor Corporation (NYSE: NSM - News) today reported revenues of $404.3 million for the third quarter of fiscal 2003, which ended February 23, 2003, and recorded a net loss of $36.4 million, or 20 cents a share. The third quarter net loss included $13.8 million of R&D expense for writedowns of technology licenses and $17.0 million of special items primarily for severances related to the workforce reduction that the company announced on Feb. 20, 2003. Without these two items, the net loss would have been $5.6 million, or 3 cents a share.
(Photo: newscom.com )
Summary of results
3 months ended: February 23, 2003 February 24, 2002
Net sales $404.3 $369.5
Net loss as reported $(36.4) $(37.8)
Net loss per diluted share as reported $(0.20) $(0.21)
Net loss excluding license writedowns
and special items $(5.6) --
Net loss per diluted share excluding
license writedowns and special items $(0.03) --
All figures in millions of dollars,
except per share amounts
National's third quarter sales represented a 9 percent increase over last year's third quarter, when the company reported a loss of $37.8 million, or 21 cents per share on revenues of $369.5 million. On a sequential basis, third quarter revenues seasonally declined 4 percent from the second quarter, which was within the guidance range provided at the beginning of the quarter. "Bookings picked up in the quarter, especially in our analog businesses," said Brian L. Halla, chairman, president and CEO of National Semiconductor. "The improved analog orders were led by our power management, amplifier and audio products, as well as by National's continued penetration at key market-leading handset customers."
National Semiconductor's third quarter orders rose 3 percent over the November quarter and 5 percent year-to-year. After a seasonal drop in December, bookings grew month to month for the remainder of the quarter. Analog order rates outperformed the company averages, led by double-digit growth in power management circuits and integrated audio amplification circuits. Both improvements were driven by content gains in wireless handsets and other portable devices. Orders for advanced I/O products that go into notebook computers and servers also increased from the second quarter.
North America bookings dropped seasonally, while all other regions improved sequentially and year-to-year. Bookings exceeded billings in all regions.
Outlook for Q4
National's guidance is for fourth quarter revenues to increase by 4 to 7 percent over the third quarter, which equates to a range of approximately $420 to $432 million. Gross margins are also expected to improve over the third quarter, while both R&D and SG&A expenses are expected to decrease.
"During the quarter we took major steps to reposition the company for greater profitability and announced plans to sell two of our businesses," Halla said. "When we complete these actions, our operating expenses will decline even further from our fourth quarter guidance levels, while the loss of revenue contribution will be relatively minor. These actions are consistent with our focus on driving higher returns sooner."
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 from the second quarter ended November 24, 2002, and the 10-K for the year ended May 26, 2002 (see the Outlook section of Management's Discussion and Analysis of Results of Operations and Financial Conditions) and the Annual Report dated May 26, 2002.
About National Semiconductor
National Semiconductor is the premier analog company driving the information age. Combining real-world analog and state-of-the-art digital technology, the company is focused on analog-based semiconductor products, which include stand-alone devices and subsystems in the areas of power management, imaging, display drivers, audio, amplifiers and data conversion. The company targets key markets such as wireless, displays, information infrastructure and a broad range of portable applications. With headquarters in Santa Clara, California, National reported sales of $1.5 billion for its most recent fiscal year. Additional company and product information is available on the World Wide Web at www.national.com. |
