National said Thursday (Spet. 4) that first quarter net profit included special charges of $12.6 million, primarily for severances and asset impairments, and a $1.9 million net charge for implementing FAS 143, a new accounting standard. These charges were partially offset by miscellaneous gains of $9.1 million.

In the previous quarter, National posted a loss of $4.4 million, or minus 2 cents a share, on sales of $425.3 million. The chip maker, based here, posted a profit of $1.3 million, or a penny a share, on sales of $420.6 million in the like period a year ago.

The company was bullish about its results. "Our numbers speak for themselves," Brian Halla, National's chairman, president and CEO, said in a statement. "In one year, we've improved National's summer quarter profits from $1 million to nearly $30 million and we're continuing to gain share in our key analog markets."

Worldwide bookings exceeded billings in the first quarter of fiscal 2004. Orders showed particular strength in the Asia Pacific and Japan regions.

In addition, National started the second quarter of fiscal 2004 with the highest 13-week backlog in 10 quarters. Overall bookings for the first quarter showed a slight seasonal decline from the spring quarter. However, order rates improved as the quarter progressed.

On the product front, portable power management and wireless product orders led the company's growth. Bookings for data conversion and PC products also outpaced the company's overall bookings rate.

National's guidance for the second quarter of fiscal 2004 is for revenues to grow 4 percent to 7 percent sequentially. "The steps we've taken this year to generate 'higher returns faster' are clearly working," said Halla. "Our focus on National's core analog strengths and our investments in its fastest growing areas, such as power management, are paying off."

By: DocMemory
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