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To: Box-By-The-Riviera™ who wrote (432)	9/14/1998 12:33:00 PM
From: Mark Oliver	Read Replies (1) \| Respond to of 723

Joel, When I saw your post on National earnings and didn't really understand why. Then, I read this story about National's quarter and felt it actually implied good news. Was that what you were trying to say? National sees a possible bottom in demand and that sales have picked up on a quarter over quarter basis? I don't think National is a ESI customer, but as a supply chain indicator it is probably a good one. What were your thoughts? Are you still holding ESI stock? It's so hard to predict a bottom. It's not unbelieveable that share price could go below book. So many fab closings can not be good, but I am hopeful that drilling and capacitor business will be holding up. I thought the price of options for next year look attractive. Strikes in the 20's could well prove a good buy if we get through this time and see a upturn as we often do in the start a new year. I've been reading many positive comments on PC sales improving but it's still early. New DRAM formats and capacities continue to advance which can only demand new equipment purchases from ESI. Regards, Mark NATIONAL POSTS LOSS; BOTTOMED OUT ON BOOKINGS? -- From Santa Clara, Calif., National Semiconductor today reported a loss of $104.8M, or 63 cents per share, on sales of $469.6M for its 1Q99 ended Aug. 30. "Sales continued soft during the summer quarter," said CEO Brian L. Halla. "We think, however, we may have touched bottom as bookings in the first quarter improved for the first time in a year." 1Q99 revenues declined 8% from 4Q98. Net income in the comparable quarter last year was $62.6M, or 38 cents per share, on sales of $656.7M. Lower factory utilization significantly impacted gross margin and profitability as the company reduced inventory levels by $74M in the quarter, it was said. National also initiated production runs in its 0.25-micron wafer fab in South Portland, Maine during the quarter, and completed the closure of a 6-inch fab facility at its Santa Clara site. Quarterly bookings grew 7% over 4Q98. They were sequentially slightly weaker in June, improved in July and were up significantly in August, National noted. Quarterly bookings were down almost 30% compared with last year. PC-related products led the bookings improvement compared with 4Q98. National Semiconductor: 408 721-2871.