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(in millions, except per share amounts)
May 26, May 28, May 29, May 30, May 31,
Years Ended 1996 1995 1994 1993 1992
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OPERATING RESULTS
Net sales $2,623.1 $2,379.4 $2,295.4 $2,013.7 $1,717.5
Operating costs and
expenses 2,409.0 2,095.4 2,020.9 1,893.8 1,861.5
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Operating income (loss) 214.1 284.0 274.5 119.9 (144.0)
Interest income, net 13.3 14.6 10.9 2.9 5.4
Other income, net 19.8 30.6 18.1 27.1 21.6
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Income (loss) before
income taxes and
cumulative effect of
accounting change 247.2 329.2 303.5 149.9 (117.0)
Income taxes 61.8 65.0 44.4 19.6 3.1
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Income (loss) from
continuing operations
before cumulative
effect of accounting
change $ 185.4 $ 264.2 $ 259.1 $ 130.3 $(120.1)
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Net income (loss) $ 185.4 $ 264.2 $ 264.0 $ 130.3 $(120.1)
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Net income (loss) used
in primary earnings
per common share
calculation (reflecting
preferred dividends,
if applicable):
Income (loss) from
continuing operations
before cumulative effect
of accounting change $ 179.8 $ 253.0 $ 240.4 $ 113.2 $ (130.1)
Net income (loss) $ 179.8 $ 253.0 $ 245.3 $ 113.2 $ (130.1)
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Net income (loss) used
in fully diluted
earnings per share
calculation (reflecting
adjustment for interest
on convertible notes
when dilutive, if applicable):
Income (loss) from
continuing operations
before cumulative effect
of accounting change $ 185.4 $ 264.2 $ 259.1 $ 130.3 $ (120.1)
Net income (loss) $ 185.4 $ 264.2 $ 264.0 $ 130.3 $ (120.1)
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Earnings (loss) per
common share:
From continuing
operations before
cumulative effect of
accounting change:
Primary $ 1.36 $ 2.02 $ 1.98 $ 0.98 $ (1.24)
Fully diluted $ 1.34 $ 1.92 $ 1.83 $ 0.98 $ (1.24)
Net income (loss):
Primary $ 1.36 $ 2.02 $ 2.02 $ 0.98 $ (1.24)
Fully diluted $ 1.34 $ 1.92 $ 1.87 $ 0.98 $ (1.24)
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Weighted average common
and common equivalent
shares outstanding:
Primary 132.5 125.2 121.4 115.9 104.6
Fully diluted 138.6 137.5 141.4 115.9 104.6
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FINANCIAL POSITION AT YEAR-END
Working capital $ 579.2 $ 492.4 $ 439.0 $ 336.6 $ 122.0
Total assets $2,658.0 $2,235.7 $1,747.7 $1,476.5 $1,148.9
Long-term debt $ 350.5 $ 82.5 $ 14.5 $ 37.3 $ 33.9
Total debt $ 372.0 $ 106.1 $ 30.1 $ 47.9 $ 45.4
Shareholders' equity $1,577.2 $1,406.7 $1,105.7 $ 837.4 $ 539.4
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OTHER DATA
Research and
development expense $ 361.3 $ 283.1 $ 257.8 $ 229.2 $ 208.9
Capital additions $ 628.1 $ 476.8 $ 270.7 $ 235.1 $ 189.4
Number of employees
(in thousands) 20.3 22.4 22.3 23.4 27.2
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National has paid no cash dividends on its common stock in any of the
years presented above.
See Note 1 to the Consolidated Financial Statements regarding certain
reclassifications of expenses.
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