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Texas Instruments reports fourth-quarter loss

Posted on: Wednesday, 22 January 2003, 06:00 CST

Source: Associated Press

DALLAS (AP) -- Computer chip maker Texas Instruments Inc. said Wednesday that it lost $589 million in the fourth quarter after writing down the value of its investments.

The Dallas-based company said it lost 34 cents per share in the October-December period, compared to a loss of $116 million, or 7 cents per share, a year earlier.

Texas Instruments, a leading maker of computer chips for cellular phones, said that excluding the writedown of assets, it would have earned $100 million, or 6 cents per share.

On that basis, analysts surveyed by Thomson First Call had expected earnings of 3 cents per share.

Revenue rose to $2.15 billion from $1.79 billion a year earlier but fell 5 percent from the previous quarter because of seasonal weakness in calculator sales to students, the company said.

For all of 2002, Texas Instruments lost $344 million, or 20 cents per share, compared to a loss of $201 million, or 12 cents per share, in 2001. Revenue was $8.38 billion, up from $8.20 billion.

Texas Instruments said it wrote down the value of its common stock holdings in Micron Technology Inc., which it received in 1998 when it sold its memory business to Micron.

In trading on the New York Stock Exchange before the financial results were released, TI shares rose 10 cents to close at $14.25. Shares surged $1.17, or more than 8 percent, in extended trading.

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On the Net:

Texas Instruments: http://www.ti.com

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