National Semiconductor Corp has reported third-quarter results that fell just shy of Wall Street expectations. Net income for the quarter was $22.3m on revenue down 8.7% at $650.1m. Net of acquisition charges of $5.2m, net income was $26.2m, or $0.16 per share, when the First Call consensus was for $0.17. The company is blaming the mediocre results on market conditions due to the Asian currency crisis and difficulties in ramping up adequate volumes of new products from the recently acquired Cyrix Corp unit. It says that its now shipping increased volumes of the Cyrix MediaGX chip and reckons it will meet demands throughout the fourth quarter. Analysts are expecting $0.26 per share next time. Net income for the corresponding quarter last year was $200.2m, but that figure included a one-time gain of $192m from the sale of the Fairchild business. Nine-month net income was $113.8m on revenue that was essentially flat at $2.0bn, compared to net income of $20.6m last year. Earnings per share for the quarter were $0.13, compared to $1.20 last year. Nine-month EPS were $0.68, up from $0.13. Nine-month results include merger costs and acquisition charges totaling $37.7m. Year-ago nine- month results include restructuring and acquisition charges totaling $74.9m. All year-ago results have been restated to give account to the merger with Cyrix.
