National Semiconductor Reports Results for Third Quarter Fiscal 2009; Announces Plan to Reduce Expenses



    NATIONAL SEMICONDUCTOR CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In millions)

                                                   March 1,         May 25,
                                                    2009             2008
    ASSETS
    Current assets:
      Cash and cash equivalents                    $777.1           $736.8
      Receivables                                    82.6            137.3
      Inventories                                   149.6            148.6
      Deferred tax assets                            82.6             82.9
      Other current assets                           44.1             66.0

     Total current assets                         1,136.0          1,171.6

    Net property, plant and equipment               542.0            557.3
    Goodwill                                         60.5             60.5
    Deferred tax assets                             273.4            247.5
    Other assets                                    101.5            112.2

    Total assets                                 $2,113.4         $2,149.1

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
      Current portion of long-term debt            $187.5            $62.5
      Accounts payable                               47.6             53.5
      Accrued expenses                              119.9            180.3
      Income taxes payable                           33.4             12.3

     Total current liabilities                      388.4            308.6

    Long-term debt                                1,244.4          1,414.8
    Long-term income taxes payable                  158.8            143.4
    Other non-current liabilities                    69.1             85.4

     Total liabilities                            1,860.7          1,952.2

    Commitments and contingencies

    Shareholders' equity:
      Common stock of $0.50 par value               114.8            116.3
      Additional paid-in-capital                     25.7                -
      Retained earnings                             199.5            167.4
      Accumulated other comprehensive loss          (87.3)           (86.8)

     Total shareholders' equity                     252.7            196.9

    Total liabilities and shareholders' equity   $2,113.4         $2,149.1



    NATIONAL SEMICONDUCTOR CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In millions)

                                                    Nine Months Ended
                                                 March 1,          Feb. 24,
                                                               2009                            2008
        Cash  flows  from  operating  activities:
        Net  income                                                                      $137.0                        $249.1
        Adjustments  to  reconcile  net  income  with
          net  cash  provided  by  operating  activities:
            Depreciation  and  amortization                                92.0                            99.7
            Share-based  compensation                                          53.8                            70.0
            Excess  tax  benefit  from  share-based  payment
              arrangements                                                                (4.4)                        (13.8)
            Tax  benefit  associated  with  stock  options          6.8                            23.5
            Loss  on  investments                                                    14.1                              7.1
            Loss  (gain)  on  disposal  of  equipment                    0.3                            (0.2)
            Non-cash  restructuring  (release)  expenses        (2.1)                            4.5
            Other,  net                                                                        1.9                              2.3
        Changes  in  certain  assets  and  liabilities,  net:
            Receivables                                                                    52.2                            (3.0)
            Inventories                                                                    (1.2)                          29.8
            Other  current  assets                                                    0.5                            21.5
            Accounts  payable  and  accrued  expenses              (56.1)                          35.8
            Current  and  deferred  income  taxes                        30.3                            20.2
            Other  non-current  liabilities                              (32.9)                        (28.4)
        Net  cash  provided  by  operating  activities          292.2                          518.1
        Cash  flows  from  investing  activities:
            Purchase  of  property,  plant  and  equipment      (75.7)                        (79.3)
            Proceeds  from  sale  of  property,  plant,
              and  equipment                                                                1.0                            16.5
            Proceeds  from  sale  of  investments                              -                              0.2
            Funding  of  benefit  plan                                            (6.2)                          (4.7)
            Redemption  and  net  realized  losses  (gains)
              of  benefit  plan                                                          10.4                            (0.8)
            Other,  net                                                                        0.7                            (1.9)
        Net  cash  used  in  investing  activities                  (69.8)                        (70.0)
        Cash  flows  from  financing  activities:
            Proceeds  from  unsecured  senior  notes,  net
              of  issuance  costs                                                            -                          992.9
            Proceeds  from  bank  borrowings,  net  of
              issuance  costs                                                                  -                      1,996.5
            Repayment  of  bank  borrowing                                  (47.0)                  (1,531.2)
            Payment  on  software  license  obligations                  -                            (8.7)
            Excess  tax  benefit  from  share-based
              payment  arrangements                                                  4.4                            13.8
            Minimum  tax  withholding  paid  on  behalf  of
              employees  for  net  share  settlements                  (0.2)                        (14.2)
            Issuance  of  common  stock                                          35.1                            81.2
            Purchase  and  retirement  of  treasury  stock    (128.4)                  (1,899.8)
            Cash  dividends  declared  and  paid                        (46.0)                        (36.2)
        Net  cash  used  in  financing  activities                (182.1)                      (405.7)
        Net  change  in  cash  and  cash  equivalents                40.3                            42.4
        Cash  and  cash  equivalents  at  beginning  of
          Period                                                                              736.8                          828.6
        Cash  and  cash  equivalents  at  end  of  period      $777.1                        $871.0



 





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