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National Semi Delivers Strong Forecast
For investors gauging the health of National Semiconductor(NSM - Cramer's Take - Stockpickr), forget the top line and focus on earnings.

That was the message delivered by the chipmaker's top brass in a post-earnings conference call Thursday, in which National Semi projected a 15% to 20% increase in earnings per share in its new fiscal year.

The Santa Clara, Calif., company said the improvement will come from continued cost-savings and by increasing its focus on selling higher-margin analog chips.

"We've constructed a business model where we think we can target that kind of growth with modest amount of revenue," said Finance Chief Lewis Chew.

National Semi did not provide a revenue forecast for the year, but alluded to Wall Street estimates which call for the company's sales this year to be flat.

Shares of National Semi were up 9%, or $2.04, to $24.70 in extended trading Thursday.

In its recently ended fiscal fourth quarter, National Semi actually outpaced analyst revenue expectations, with sales of $462 million, vs. the $449.5 million expected by analysts. Compared to this time last year though, revenue was up a scant 1%.

The company posted net income of $83.2 million, or 34 cents a share, compared with $90.1 million, or 28 cents a share at this time last year.

The results included $9 million of restructuring charges on account of recently announced layoffs, as well as a $6 million tax benefit.

It was not immediately clear which items were included in the average analyst estimate, which calls for National Semi to earn 26 cents a share.
http://www.thestreet.com/s/national-semi-delivers-strong-forecast/newsanalysis/techsemis/10420093.html?puc=googlefi&cm_ven=GOOGLEFI&cm_cat=FREE&cm_ite=NA