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National Semiconductor Reports Profit for Fourth Quarter of Fiscal 2002 With 13 percent Sequential Revenue Growth
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NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)
Three Months Ended Twelve Months Ended
------------------ -------------------
May 26, May 27, May 26, May 27,
2002 2001 2002 2001
------- ------- -------- --------
Net sales $419.5 $401.2 $1,494.8 $2,112.6
Operating costs and expenses:
Cost of sales 239.0 236.8 941.4 1,075.1
Research and development 111.3 107.8 441.0 435.6
Selling, general and
administrative 67.1 71.5 260.9 324.7
Special items 8.2 33.4 9.3 51.9
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Total operating costs
and expenses 425.6 449.5 1,652.6 1,887.3
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Operating income(loss) (6.1) (48.3) (157.8) 225.3
Interest income, net 4.5 9.3 21.3 52.0
Other income(loss), net 9.7 (16.6) 13.1 29.8
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Income(loss) before income taxes 8.1 (55.6) (123.4) 307.1
Income tax expense(benefit) (9.0) (11.2) (1.5) 61.4
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Net income(loss) $ 17.1 $(44.4) $ (121.9) $ 245.7
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Earnings(loss) per share:
Basic $0.10 $(0.26) $(0.69) $1.40
Diluted $0.09 $(0.26) $(0.69) $1.30
Selected income statement ratios as a percentage of sales:
Gross margin 43.0% 41.0% 37.0% 49.1%
Research and development
(excluding in-process
R&D charge) 26.5% 26.9% 29.5% 20.6%
Selling, general and
administrative 16.0% 17.8% 17.5% 15.4%
Net income(loss) 4.1% (11.1%) (8.2%) 11.6%
Effective tax rate N/A 20.1% N/A 20.0%
NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
May 26, May 27,
2002 2001
ASSETS -------- --------
Current assets:
Cash and cash equivalents $ 681.3 $ 817.8
Short-term marketable investments 18.1 5.0
Receivables, net 131.7 123.4
Inventories 145.0 195.5
Deferred tax assets 58.7 97.2
Other current assets 38.3 36.1
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Total current assets 1,073.1 1,275.0
Net property, plant and equipment 717.5 815.7
Long-term marketable debt investments 145.0 46.6
Other assets 353.2 225.0
-------- --------
Total assets $2,288.8 $2,362.3
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current
portion of long-term debt $ 5.5 $ 29.4
Accounts payable 123.7 126.4
Accrued expenses 226.7 262.9
Income taxes 47.9 53.1
-------- --------
Total current liabilities 403.8 471.8
Long-term debt 20.4 26.2
Other non-current liabilities 83.5 96.4
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Total liabilities 507.7 594.4
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Commitments and contingencies
Shareholders' equity:
Common stock 90.2 86.9
Additional paid-in capital 1,402.5 1,280.8
Retained earnings 310.5 432.4
Accumulated other comprehensive loss (22.1) (32.2)
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Total shareholders' equity 1,781.1 1,767.9
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Total liabilities and shareholders' equity $2,288.8 $2,362.3
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NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Twelve Months Ended
---------------------
May 26, May 27,
2002 2001
------- -------
Cash flows from operating activities:
Net income(loss) $(121.9) $245.7
Adjustments to reconcile net income(loss)
with net cash provided by operations:
Depreciation and amortization 230.4 243.3
Gain on investments (9.4) (30.6)
Loss on disposal of equipment 4.4 3.1
Donation of equity securities - 20.5
Non-cash special items 9.3 51.9
Other, net 0.2 0.3
Changes in certain assets and liabilities, net:
Receivables (6.4) 135.2
Inventories 51.0 (2.6)
Other current assets - 0.8
Accounts payable and accrued expenses (44.5) (168.9)
Current and deferred income taxes 12.8 (6.1)
Other liabilities (25.6) (4.4)
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Net cash provided by operating activities 100.3 488.2
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Cash flows from investing activities:
Purchase of property, plant and equipment (120.0) (227.6)
Maturity of available-for-sale securities 88.6 48.2
Purchase of available-for-sale securities (200.1) (28.0)
Sale of investments 11.2 34.8
Purchase of nonmarketable investments (26.3) (14.9)
Business acquisitions, net of cash acquired (42.1) (99.1)
Purchase of software (18.0) (11.9)
Funding of benefit plan (14.9) (2.4)
Other, net (1.7) 2.3
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Net cash used by investing activities (323.3) (298.6)
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Cash flows from financing activities:
Repayment of debt (20.6) (24.4)
Issuance of common stock, net 107.1 68.2
Purchase and retirement of treasury stock - (194.4)
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Net cash provided(used) by financing activities 86.5 (150.6)
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Net change in cash and cash equivalents (136.5) 39.0
Cash and cash equivalents at beginning of year 817.8 778.8
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Cash and cash equivalents at end of year $ 681.3 $817.8
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PART I. FINANCIAL INFORMATION
EARNINGS PER SHARE (Unaudited)
(in millions, except per share amounts)
Three Months Ended Twelve Months Ended
------------------ -------------------
May 26, May 27, May 26, May 27,
2002 2001 2002 2001
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Earnings(loss) per share:
Basic $0.10 $(0.26) $(0.69) $1.40
Diluted $0.09 $(0.26) $(0.69) $1.30
Weighted-average shares:
Basic 179.8 173.6 177.5 175.9
Diluted 190.6 173.6 177.5 188.4
Income(loss) used in basic and
diluted earnings per share
calculation $17.1 $(44.4) $(121.9) $245.7
NOTES TO FINANCIAL STATEMENTS:
Excluding a tax refund of $11.5 million, net income for the fourth quarter | ||||||||||||||||||
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