UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2003
NATIONAL SEMICONDUCTOR CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-6453 95-2095071
(State of Incorporation) (Commission (I.R.S. Employer
File Number) Identification Number)
2900 SEMICONDUCTOR DRIVE, P.O. BOX 58090
SANTA CLARA, CALIFORNIA 95052-8090
(Address of Principal Executive Offices)
(408) 721-5000
(Registrant's telephone number, including area code)
NATIONAL SEMICONDUCTOR CORPORATION
Index
Page
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Item 7. Financial Statements and Exhibits 3
Item 9. Regulation FD Disclosure 3
Signature 4
NATIONAL SEMICONDUCTOR CORPORATION
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c ) Exhibits
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Exhibit No. Description of Exhibit
- ----------- ----------------------
99.1 News release dated May 21, 2003*
* This exhibit is intended to be furnished and shall not be deemed "filed"
for purposes of the Securities Exchange Act of 1934, as amended.
Item 9. REGULATION FD DISCLOSURE
This information, furnished under this "Item 9. Regulation FD disclosure," is
intended to be furnished under "Item 12. Results of Operations and Financial
Condition" in accordance with SEC Release No. 33-8216 and shall not be deemed
"filed" for purposes of the Securities Exchange Act of 1934, as amended.
On May 21, 2003, the company issued a news release updating its progress in
implementing the strategic profit-improvement actions announced in February
2003. The news release is attached as Exhibit 99.1. The key parts of the plan
were efforts to sell the information appliance ("IA") and cellular baseband
businesses. The company has conferred with several prospective buyers of the IA
business and is continuing to actively pursue a sale. The company has decided,
however, to close its cellular baseband business, effective immediately. It is
therefore eliminating approximately 340 positions from its worldwide workforce,
which includes positions in the business units and related support functions as
well as for various infrastructure reductions consistent with the company's
overall profit-improvement objectives. As a result of these actions, the company
will incur charges of approximately $25 to $30 million in the fourth fiscal
quarter which ends May 25, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
NATIONAL SEMICONDUCTOR CORPORATION
Dated: May 21, 2003
\S\ Robert E. DeBarr
Robert E. DeBarr
Controller
(Principal Accounting Officer)