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National Semiconductor Foresees Lower Sales and Earnings For the Second Quarter of Fiscal 2001

Oct 23, 2000

October 23, 2000 - National Semiconductor Corporation (NYSE:NSM) today announced that sales and earnings for the company's second quarter of fiscal 2001, ending November 26, 2000, and third fiscal quarter, ending February 25, 2001, may be below those of the recently completed first quarter. Earnings per share, excluding the effects of one-time charges, were 76 cents on sales of $641 million in the first quarter of fiscal 2001, which ended August 27, 2000. The company now expects second quarter sales to decline between 6 and 8 percent from the first quarter and to resume sequential growth in the third quarter. This may result in a drop of approximately 2.5 percentage points in gross margin from the 53 percent in the first quarter and a corresponding decline in earnings per share on unchanged operating expenses from the company's previous outlook.

Shipments in the current quarter will be impacted by inventory corrections being made by some of our customers in the mobile phone market. Bookings for personal computer products have strengthened, but at a lower rate than seasonally expected. 

National Semiconductor will host a conference call related to this announcement at 
8:45 am EDT on Tuesday, October 24, 2000. Call-in numbers are: West Coast (415) 904-7312; and East Coast (212) 346-0273. Participants will be Chief Executive Officer Brian Halla and Chief Financial Officer Don Macleod. The conference call will be webcast simultaneously at: www.national.com/invest/.