SAN JOSE, Calif. Amid a lackluster forecast, National Semiconductor Corp. Thursday (June 8) reported net income of $118.8 million, or $0.34 per share, on revenues of $572.6 million for the fourth quarter of fiscal 2006, which ended May 28.
National's fourth-quarter revenues were 22.6 percent higher than the $467.0 million figure recorded in the fourth quarter of fiscal 2005, and 4.5 percent higher sequentially than $547.7 million reported in the period.
Fourth-quarter fiscal 2006 net income included a one-time tax charge of $24.5 million related to the repatriation of accumulated foreign earnings, under provisions of the American Jobs Creation Act of 2004.
A year ago, National's fourth quarter net income of $130.2 million, or $0.36 per share, included an $86.1 million goodwill write-off, a $51.1 million gain from the sale of its PC Super/IO business, and a $2.6 million charge for cost reductions.
Annual revenues were $2.16 billion, compared to $1.91 billion in fiscal 2005. For fiscal 2006, the company reported net income of $449.2 million. This compares to the $415.3 million net profit reported for fiscal 2005.
“National continues to show improvement in margins," said Brian L. Halla, National's chairman and CEO, in a statement. "Our investment in new, value-added analog products, targeting precision, high speed and best power efficiencies, is paying off.”
Based upon current business conditions, National (Santa Clara, Calif.) anticipates that Q1 revenues will be seasonally down 2-to-3 percent from fourth quarter revenues. Much of the anticipated decline is attributable to lower foundry revenues for businesses previously sold, according to the company.