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): April 2, 1996
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 No.)
2900 Semiconductor Drive, P.O. Box 58090
Santa Clara, California 95052-8090
-----------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (408) 721-5000
1
NATIONAL SEMICONDUCTOR CORPORATION
INDEX
Page No.
Item 5. Other Events 3
Item 7. Financial Statements and Exhibits 3
Signature 4
2
Item 5. Other Events
The information which is set forth in the Registrant's News Release
dated April 2, 1996 is incorporated herein by reference.
Reference is made to Management's Discussion and Analysis of Results of
Operations and Financial Condition in the Company's Form 10-Q for the
quarterly period ended February 25, 1996, in which it was indicated that
the Company was evaluating several cost reduction plans, but that the
impact of the cost reduction plans could not be quantified at the time
of the filing of the 10-Q because plans had not yet been finalized. The
News Release issued by the Company on April 2, 1996 provides information
about the cost reduction plans and their impact on the Company's
financial results for the fourth quarter of fiscal 1996.
Item 7. Financial Statements and Exhibits
(c). Exhibits
Designation of
Exhibit Description of Exhibit
99 Contents of News Release dated April 2, 1996.
3
SIGNATURE
- ---------
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 thereunto duly authorized.
NATIONAL SEMICONDUCTOR CORPORATION
Date: April 2, 1996 /s/ Richard D. Crowley
----------------------------------
Richard D. Crowley, Jr.
Vice President and Controller
Signing on behalf of the registrant
and as principal accounting officer
4
Exhibit 99 NEWS RELEASE
NATIONAL SEMICONDUCTOR ANNOUNCES
For more information:
P.R.: Alan Bernheimer or Alan Markow
408 721-8665 408 721-8103
balbsc@nsc.com tahmsc@nsc.com
Financial: Jim Foltz
408 721-5693
invest@tevm2.nsc.com
NATIONAL SEMICONDUCTOR TO REDUCE WORK FORCE BY 400
Santa Clara, CA, April 2, 1996 -- National Semiconductor Corporation today
announced it is reducing its worldwide work force by approximately 400 people,
primarily at its Santa Clara headquarters. This work-force reduction plus
related equipment write-offs will result in a one-time expense of $20
million to $25 million in the current quarter. This expense will be shared
equally between gross margin and the combined selling, general, and
administrative expense categories. The charge is equivalent to 11 to 13 cents
in after-tax earnings per share.
"The current slowdown in new orders, caused by excess inventories in end-user
markets, especially the personal computer market, has made it necessary to
reduce costs in order to match slower than expected revenue growth," the
company said in a statement from its three-member Office of the President.
"The work-force reductions are mainly in factory overhead and administrative
areas. We will continue to focus on the design and production of high-growth,
high-margin analog and mixed-signal products. In line with this emphasis on
providing technologies for moving and shaping information, we are making
every effort to protect our core engineering capability and our strong
worldwide sales force. With these actions, we believe National will be better
positioned when the market recovers."
The Office of the President consists of three executive vice presidents and
chief operating officers, Richard M. Beyer, Ellen Hancock and Kirk P. Pond.
They are directing the company pending the appointment of a chief executive
officer.
National Semiconductor Corporation provides technologies for moving and
shaping information. The company focuses on four strategic markets:
communications, personal systems, industrial, and consumer. National
Semiconductor is headquartered in Santa Clara, California, and has 21,000
employees worldwide. In fiscal 1995, the company reported sales of $2.4
billion.
5