Friday, June 6, 2003
National Semiconductor Corp. posted a quarterly loss of $4.4 millioin as it took a big restructuring charge related to a unit closing. A year ago, the company had a net income of $17.1 million
Excluding charges, National Semiconductor earned $22.2 million, or 12 cents a share, in the latest quarter -- beating analysts' expectations of 9 cents a share, excluding items, based on Thomson First Call survey.
Sales in the latest period inched up 1.4 percent to $425.3 million from $419.5 million.
National Semiconductor said orders grew more than 3 percent from the third quarter and worldwide bookings exceeded billings, with Japan showing the strongest improvement.
As part of cost-cutting efforts announced in February, National Semiconductor is in discussions to sell its Information Appliance unit. If it can't sell the unit, the company said it intends to close it.
For the full fiscal year, National Semiconductor's net loss narrowed to $33.3 million, or 18 cents a share, from $121.9 million, or 69 cents a share, a year earlier. The latest results included $43.6 million in charges primarily for severance and impairment of assets, and $13.8 million in write-downs of technology licenses.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
