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National Semiconductor Reports Profit for First Quarter of Fiscal 2003 With Revenues Up 24 percent from Previous Year
NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)
Three Months Ended
---------------------
Aug 25, Aug 26,
2002 2001
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Net sales $ 420.6 $ 339.3
Operating costs and expenses:
Cost of sales 238.3 229.2
Research and development 110.7 109.0
Selling, general and administrative 69.9 62.5
Special items - 1.1
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Total operating costs and expenses 418.9 401.8
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Operating income (loss) 1.7 (62.5)
Interest income, net 4.1 7.0
Other income (expense), net (1.5) 3.4
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Net income (loss) before taxes 4.3 (52.1)
Income tax expense 3.0 2.5
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Net income (loss) $ 1.3 $ (54.6)
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Earnings (loss) per share:
Basic $ 0.01 $ (0.31)
Diluted $ 0.01 $ (0.31)
Selected income statement items as a percentage of sales:
Gross margin 43.3% 32.4%
Research and development, excluding IPR&D charge 26.3% 32.1%
Selling, general and administrative 16.6% 18.4%
Net income (loss) 0.3% (16.1)%
NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
Aug 25, May 26,
2002 2002
ASSETS -------- --------
Current assets:
Cash and cash equivalents $ 719.0 $ 681.3
Short-term marketable investments 8.0 18.1
Receivables, net 143.8 131.7
Inventories 158.6 145.0
Deferred tax assets 58.7 58.7
Other current assets 48.4 38.3
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Total current assets 1,136.5 1,073.1
Property, plant and equipment, net 746.8 737.1
Long-term marketable debt securities 71.6 145.0
Goodwill 173.3 173.3
Other assets 136.9 160.3
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Total assets $2,265.1 $2,288.8
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 4.4 $ 5.5
Accounts payable 124.1 123.7
Accrued expenses 214.0 226.7
Income taxes payable 46.3 47.9
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Total current liabilities 388.8 403.8
Long-term debt 21.8 20.4
Other noncurrent liabilities 88.0 83.5
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Total liabilities 498.6 507.7
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Commitments and contingencies
Shareholders' equity:
Common stock 90.5 90.2
Additional paid-in capital 1,414.7 1,402.5
Retained earnings 311.8 310.5
Accumulated other comprehensive loss (50.5) (22.1)
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Total shareholders' equity 1,766.5 1,781.1
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Total liabilities and shareholders' equity $2,265.1 $2,288.8
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NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Three Months Ended
---------------------
Aug 25, Aug 26,
2002 2001
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Cash flows from operating activities:
Net income (loss) $ 1.3 $ (54.6)
Adjustments to reconcile net income
with net cash provided by (used by)
operating activities:
Depreciation and amortization 55.5 56.9
Gain on investments (0.7) (5.6)
Loss on disposal of equipment 1.2 0.3
Noncash special items - 1.1
Other, net 2.4 -
Changes in certain assets and liabilities, net:
Receivables (12.1) 10.2
Inventories (13.6) 12.7
Other current assets (13.6) (10.6)
Accounts payable and accrued expenses (11.5) (58.2)
Current and deferred income taxes payable (1.6) 22.3
Other noncurrent liabilities 4.5 1.7
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Net cash provided by (used by)
operating activities 11.8 (23.8)
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Cash flows from investing activities:
Purchase of property, plant and equipment (60.9) (42.4)
Sale and maturity of available-for-sale securities 130.8 10.0
Purchase of available-for-sale securities (47.5) (50.0)
Sale of investments 1.1 6.7
Business acquisition, net of cash acquired - (27.5)
Purchase of nonmarketable investments (7.2) (0.1)
Funding of benefit plan (2.5) (13.3)
Other, net 3.3 6.5
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Net cash provided by (used by)
investing activities 17.1 (110.1)
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Cash flows from financing activities:
Repayment of debt (2.1) (4.6)
Issuance of common stock, net 10.9 21.8
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Net cash provided by financing activities 8.8 17.2
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Net change in cash and cash equivalents 37.7 (116.7)
Cash and cash equivalents at beginning of period 681.3 817.8
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Cash and cash equivalents at end of period $ 719.0 $ 701.1
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PART I. FINANCIAL INFORMATION
EARNINGS PER SHARE (Unaudited)
(in millions, except per share amounts)
Three Months Ended
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Aug 25, Aug 26,
2002 2001
-------- --------
Earnings (loss) per share:
Basic $ 0.01 $ (0.31)
Diluted $ 0.01 $ (0.31)
Weighted-average shares:
Basic 180.7 174.9
Diluted 187.1 174.9
Income (loss) used in basic and diluted
earnings per share calculation $ 1.3 $ (54.6)
NOTES TO FINANCIAL TABLES
(in millions)
Three Months Ended
---------------------
Aug 25, Aug 26,
2002 2001
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Special items
-------------
In-process research and development charge $ - $ 1.1
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Total special items $ - $ 1.1
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Interest income, net
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Interest income $ 4.5 $ 8.2
Interest expense (0.4) (1.2)
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Interest income, net $ 4.1 $ 7.0
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Other income, net
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Net intellectual property income $ 1.6 $ 1.3
Gain (loss)on investments (3.1) 2.1
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Total other income, net $ (1.5) $ 3.4
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