National Semiconductor had a horrible fourth quarter, reporting net losses of $212.4 million compared to last year's $19 million loss.
Revenues spiralled by 24 per cent from $670.5 million to $510 million. For the 12 months to 31 May, last year's profit of $1.6 million tumbled to a swingeing $98.6 million loss, and annual revenues were $2.54 billion, down from $2.68 billion.
The dismal results include acquisition and restructuring costs, but there's little comfort in that. Excluding charges, Natsemi still made a hefty loss, $69.3 million compared to 1997's profit of $57.4 million.
It took a one-time charge of $63.8 million, incurred by a rigorous cost cutting exercise that included factory closures, discontinued development and the loss of over 1,400 jobs.
There was an additional $95.2 million charge for the acquisition of Comcore Semiconductor. Last year's results were restated to reflect the purchase of Cyrix in November 1997 and the disposal of its Fairchild businesses in March 1997.
The corporation prepared analysts in advance, warning last month that it would make a loss. Ominously, it issued a second warning only last week about the quarter to 30 August. It blames poor demand for chips from PC manufacturers along with serious inventory problems.
CEO Brian Halla was solemn. He said: "Current weekly order rates suggest that the market decline may be bottoming out [but] visibility is limited and the outlook for the current quarter is essentially flat."
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