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National posts Q1 revenue

Posted: 11 Sep 2006 ?? ?Print Version ?Bookmark and Share

Keywords:National Semiconductor? revenue? Q2? Spencer Chin?

National Semiconductor Corp. announced net income of $120.1 million, or 35 cents per share on revenue of $541.4 million for Q1 of fiscal 2007 ended Aug. 27, 2006. Analysts polled by Thomson First Call estimated the company would earn 32 cents a share on revenue of $541 million.

The company saw first fiscal 2007 quarter sales decline 5.4 percent from the previous quarter, when it reported $572.6 million in revenue and earnings of 34 cents per share. Year-over-year, sales rose 9.6 percent, with revenue of $493.8 million and earnings of 24 cents per share.

First fiscal 2007 quarter results included $23.9 million in pre-tax stock compensation expenses. Additionally, gross margin rose to 61.7 percent due to the enhanced mix of high-value analog products, compared to 61.4 percent the previous quarter and 56.2 percent in the year-ago quarter.

"Our sales were impacted by lower-than-expected shipments to wireless handset and LCD flat-panel customers. As expected, our foundry sales for previously sold businesses were also down in the quarter," said Brian Halla, National's chairman and CEO, in a statement. "In general, demand for our higher-margin standard linear products in the broad market held up in the quarter."

National's Q1 bookings fell 13 percent from the previous quarter, driven by lower orders from distributors and wireless handset customers as well as from foundry activity supporting previously divested businesses. Bookings declined sequentially in all geographic areas.

For the second fiscal 2007 quarter, National expects revenue to decrease 2 to 5 percent, due to a decline in foundry revenues that support previously sold businesses. The company also anticipates gross margin to decline sequentially, but remain above 60 percent.

- Spencer Chin
EE Times




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