Texas Instruments Repors Second Quarter Financial Results
Texas Instruments Inc. (TI, Dallas, TX) announced its second-quarter 2000 financial results. Results show that the company's revenue increased 7 percent sequentially in the second quarter, and 19 percent over the same period in 1999. Semiconductor revenue increased 22 percent, compared with a year ago and 6 percent sequentially, despite the absence of an $85.0 million catch-up royalty from Hyundai Electronics Industries Co. (Korea) included in the year-ago quarter. Excluding the one-time royalties, TI revenue grew 23 percent and semiconductor revenue grew 28 percent compared with a year ago. TI reported pro forma earnings per share of $0.31, up 11 percent sequentially and 35 percent from a year ago. "While we're beginning to harvest the gains from the divestiture of our memory business, we're also accelerating our growth through acquisitions. We announced several important acquisitions during the quarter, including Burr-Brown (Tucson, AZ), which strengthens TI's position in catalog analog and DSP for the mass market. Our catalog products are among our fastest-growing and most profitable, and this acquisition expands our position into new high- performance areas," said Tom Engibous, TI chairman, president and CEO.