National Semiconductor Corp. (Santa Clara, CA) reported a net loss of $54.6 million, or $0.31 per share, on revenues of $339.3 million for the first quarter of fiscal year 2002, which ended August 26, 2001. One year ago, in the first quarter of fiscal year 2001, National reported a net income of $149.4 million, or $0.76 per share (diluted) before special items, and $144.2 million, or $0.74 per share, including those items. National's first-quarter revenues last year were $640.8 million.
During the first quarter, National's cautious management of manufacturing activity enabled the company to further reduce inventories. The lower factory utilization levels resulted in gross margins of 32.4 percent for the quarter. The company also maintained its strong financial position, ending the quarter with more than $790.0 million in cash and minimal amounts of debt.
"Although our sales declined 15 percent during the first quarter, we are encouraged by the fact that bookings increased during the first quarter," said Brian Halla, chairman, president and CEO.