70530--7/26/2007--NATIONAL_SEMICONDUCTOR

related topics

{condition, economic, financial}

{operation, international, foreign}

{customer, product, revenue}

{product, liability, claim}

{property, intellectual, protect}

{cost, regulation, environmental}

{competitive, industry, competition}

{acquisition, growth, future}

{operation, natural, condition}

{personnel, key, retain}

{tax, income, asset}

{financial, litigation, operation}

We operate in the global marketplace and face risks associated with worldwide operations. Conditions inherent in the semiconductor industry may cause periodic fluctuations in our operating results. Our business will be harmed if we are unable to compete successfully in our markets. A large portion of our revenues is dependent on the wireless handset market. We depend on demand from the consumer, original equipment manufacturer, contract manufacturing, industrial, automotive and other markets we serve for the end market applications which incorporate our products. Reduced consumer or corporate spending in these markets due to fluctuating oil prices or other economic factors could adversely affect our revenues and gross margins. We may experience delays in introducing new products or market acceptance of new products may be below our expectations. We make forecasts of customer demand that need to be accurate. Our performance depends on the availability and cost of raw materials, utilities, critical manufacturing equipment and third-party manufacturing services. We are subject to warranty claims, product recalls and product liability. Our profit margins may vary over time. We may be harmed by natural disasters and other disruptions. We may not be able to attract or retain employees with skills necessary to remain competitive in our industry. Our products are dependent on the use of intellectual property that we need to protect. We have significantly expanded our manufacturing operations in China and, as a result, will be increasingly subject to risks inherent in doing business in China. We are subject to fluctuations in the exchange rate of the U.S. dollar and foreign currencies. Increased leverage may harm our financial condition and results of operations. Rises in interest rates could adversely affect our financial condition. We may pursue acquisitions, investments and divestitures that could harm our operating results and may disrupt our business. We are subject to litigation risks. We are subject to many environmental laws and regulations. We are subject to export restrictions and laws affecting trade and investments. We may be affected by higher than expected tax rates or exposure to additional income tax liabilities. Recent events and global disruptions could adversely affect our financial performance and operating results.

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70530--7/26/2007--NATIONAL_SEMICONDUCTOR_CORP