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TI reports financial results for 4Q08 and 2008
Conference call on TI web site at 4:30
p.m. Central time today
DALLAS (Jan. 26, 2009) Texas Instruments Incorporated (TI) (NYSE: TXN) today announced fourth-quarter revenue of $2.49 billion, net income of $107 million and earnings per share (EPS) of $0.08.
These financial results include restructuring charges of $0.13 per share. Without the charges, EPS would have been $0.21, considerably better than the companys mid-quarter expectations. (See reconciliation table below.)
TI also announced it is making reductions in employment because demand has continued to weaken with the slowing economy. Employment will be reduced 12 percent through 1800 layoffs and 1600 voluntary retirements and departures. Charges for these employment reductions will be about $300 million. Annualized savings from these reductions, plus those announced in October for the restructuring of the companys Wireless business, will be about $700 million after all reductions are complete in the third quarter of 2009.
We are realigning our expenses with a global economy that continues to weaken, said Rich Templeton, TI chairman, president and chief executive officer. By reducing expenses now, we keep TI financially strong and able to invest for future growth.
Most of the reductions will come in our internal support functions and non-core product lines so that a greater percentage of the dollars we spend will go directly toward developing and supporting Analog and Embedded Processing products. We believe these are the areas that will drive TIs future growth and allow us to achieve our financial objectives.
We are not counting on a near-term economic rebound for improvement. The actions we are taking to reduce expenses and inventory will position TI to deliver solid financial results, even in a period of prolonged economic weakness. When the economy strengthens, well be pleased that we focused aggressively on our core product lines.
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The following information was filed by Texas Instruments Inc (TXN) on Monday, January 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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