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National Semi posts big loss
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June 11, 1998: 2:39 p.m. ET
Restructuring, declining bookings result in $212.4 million loss in fiscal 4Q
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NEW YORK (CNNfn) - National Semiconductor Corp., bruised by restructuring charges and declining bookings, reported a fiscal fourth-quarter loss Thursday of $212.4 million.
The loss amounted to $1.29 per share. First Call estimates forecast a loss of 19 cents a share for the quarter.
Before two one-time charges, the company posted a loss of $69.3 million, or 42 cents a share, compared with a profit of $57.4 million, or 36 cents a share, in the year-ago quarter.
The chip maker reported sales of $510 million, down from the $651.7 million a year earlier.
Wall Street had been expecting the gloomy earnings since the company warned in May that a slowdown in personal computer shipments would affect its fiscal fourth quarter.
National Semiconductor (NSM) shares were largely unaffected by the news in afternoon trading, climbing 1/4 to 15-3/8.
The company incurred a one-time restructuring charge of $63.8 million, or 29 cents a share. In April, National Semiconductor said it would lay off 1,400 employees, or 10 percent of its workforce.
National Semiconductor also took a $95.2 million (58 cents a share) charge for its acquisition of ComCore Semiconductor Inc.
The company said fourth-quarter bookings declined both sequentially and year-to-year, though it noted the rate of decline slowed during May.
"Current weekly order rates suggest that the market decline maybe bottoming out," said Brian Halla National Semiconductor president and chief executive officer. "But visibility is limited and the outlook for the current quarter is essentially flat with the fourth quarter." 
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National Semiconductor
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