National Semiconductor Reports Results for Second Quarter Fiscal 2010


NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
                                                       Six Months
                                                         Ended
                                                       ----------
                                                 Nov. 29,       Nov. 23,
                                                   2009           2008
                                                   ----           ----
Cash flows from operating activities:
Net income                                        $76.8         $115.9
Adjustments to reconcile net income with net
 cash provided by operating activities:
   Depreciation and amortization                   47.8           61.5
   Share-based compensation                        32.7           35.5
   Excess tax benefit from share-based payment
    arrangements                                   (0.1)          (4.3)
   Tax (expense) benefit associated with stock
    options                                        (4.4)           6.5
    (Gain) loss on investments                     (5.3)          15.1
   Non-cash restructuring recovery                 (5.7)          (0.1)
   Loss (gain) on disposal of equipment             0.8           (0.5)
   Other, net                                       1.2            0.4

Changes in certain assets and liabilities, net:
   Receivables                                    (17.5)           8.9
   Inventories                                     17.9           (5.7)
   Other current assets                            (5.0)           1.7
   Accounts payable and accrued expenses           15.8           (4.9)
   Current and deferred income taxes              (10.7)          48.8
   Other non-current liabilities                   15.3          (24.8)
                                                   ----          -----
Net cash provided by operating activities         159.6          254.0
                                                  -----          -----
Cash flows from investing activities:
   Purchase of property, plant and equipment      (14.4)         (55.1)
   Proceeds from sale of property, plant and
    equipment                                       0.1            0.6
   Business acquisition, net of cash acquired      (4.8)             -
   Funding of benefit plan                         (1.1)          (5.5)
   Redemption and net realized losses of benefit
    plan                                            1.3            5.0
   Other, net                                      (1.4)             -
                                                        ----                        ---
Net  cash  used  in  investing  activities                          (20.3)                  (55.0)
                                                                                                    -----                    -----
Cash  flows  from  financing  activities:
      Repayment  of  bank  borrowing                                        (31.2)                  (31.4)
      Payment  on  software  license  obligations                  (3.2)                          -
      Excess  tax  benefit  from  share-based  payment
        arrangements                                                                        0.1                        4.3
      Minimum  tax  withholding  paid  on  behalf  of
        employees  for  net  share  settlements                        (1.6)                    (0.2)
      Issuance  of  common  stock                                                56.7                      33.5
      Cash  payments  in  connection  with  stock  option
        exchange  program                                                              (1.1)                          -
      Purchase  and  retirement  of  treasury  stock                    -                  (128.4)
      Cash  dividends  declared  and  paid                              (37.6)                  (27.7)
                                                                                                    -----                    -----
Net  cash  used  in  financing  activities                          (17.9)                (149.9)
                                                                                                    -----                  ------
Net  change  in  cash  and  cash  equivalents                      121.4                      49.1
Cash  and  cash  equivalents  at  beginning  of
  period                                                                                      700.3                    736.8
                                                                                                    -----                    -----
Cash  and  cash  equivalents  at  end  of  period              $821.7                  $785.9
                                                                                                  ======                  ======



 


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