EARNINGS : Ailing National Semi Posts Loss
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SANTA CLARA, Calif. — National Semiconductor Corp., which laid off 2,000 workers last month, posted a $165.5-million first-quarter loss today, largely because of a $143.6-million restructuring charge.
The ailing semiconductor manufacturer reported revenue of $442.7 million for the quarter that ended Aug. 26. The results compared with a loss of $21.9 million on revenue of $397.6 million in the first quarter last year.
National Semiconductor’s stock was down 25 cents at $4.50 a share in early trading on the New York Stock Exchange.
On Aug. 21, National Semi said it would lay off 2,000 workers, or about 6% of its work force. The company shut down one of two production lines at its Puyallup, Wash., plant and said it would close a Tucson facility that assembles and tests products for military markets.
The company posted a pretax operating loss of $21.6 million for the first quarter before the restructuring charge.
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