National Semiconductor latest revenue report confirms Q1-09 is as bad as Q4-08

National Semiconductor reported sales of $292 million and net income of $21.1 million, or 9 cents per diluted share, for the third quarter of fiscal 2009, which ended March 1, 2009. In National's second quarter of fiscal 2009, the company reported $422 million in sales and $36 million in net income or 16 cents per diluted share. Gross margin of 57.5 percent in National's third quarter of fiscal 2009 was down from the 65.8 percent gross margin achieved in the second quarter of fiscal 2009.

Compared to last year, sales decreased approximately 36 percent from the $453 million reported in the third quarter of fiscal 2008, and earnings per diluted share declined from the 29 cents recorded one year ago. Gross margin decreased from the 64.3 percent reported in the third quarter of fiscal 2008.

National currently employs about 6,500 people worldwide, and these actions will result in the elimination of 1690 people (26 percent) from the company's workforce.

"The worldwide recession has impacted National's business as demand has fallen considerably," said Brian L. Halla, chairman and CEO. "However, the actions we announced today will help us remain competitive as we continue to focus on growing markets that can benefit from our new energy-efficiency initiatives."