Fairchild Reports Results for the Second Quarter of 2016


 
 
Fairchild Semiconductor International, Inc.
Reconciliation of Gross Margin To Adjusted Gross Margin
(In millions)
(Unaudited)
           
   Three Months Ended  Six Months Ended
   June 26,  March 27,  June 28,  June 26,  June 28,
   2016  2016  2015  2016  2015
           
Gross margin $103.1  $100.1  $109.8  $203.2  $217.8 
Adjustments to reconcile gross margin to adjusted gross margin:          
Accelerated depreciation on assets related to factory closures     3.5    8.0 
Inventory write-offs associated with factory closures     4.6    4.6 
Acquisition-related costs 1.7  1.5    3.2   
Adjusted gross margin $104.8  $101.6  $117.9  $206.4  $230.4 
           
Adjusted gross margin % 29.9% 31.1% 33.2% 30.5% 32.4%


 
 
Fairchild Semiconductor International, Inc.
Consolidated Balance Sheets
(In millions)
(Unaudited)
       
   June 26,  March 27,  December 27,
   2016  2016  2015
       
ASSETS            
Current assets:            
Cash and cash equivalents   $ 329.0     $ 272.0     $ 279.4  
Short-term marketable securities   0.1     0.1     0.2  
Receivables, net   149.2     152.1     132.6  
Inventories   273.2     284.0     304.2  
Other current assets   38.8     36.2     50.5  
Total current assets   790.3     744.4     766.9  
             
Property, plant and equipment, net   525.5     537.1     550.4  
Intangible assets, net   24.0     25.8     27.5  
Goodwill   205.9     205.3     204.5  
Long-term securities   2.0     1.9     2.0  
Other assets   36.9     35.1     34.6  
Total assets   $ 1,584.6     $ 1,549.6     $ 1,585.9  
             
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable   $ 99.3     $ 93.3     $ 110.6  
Accrued expenses and other current liabilities   93.1     79.9     115.6  
Total current liabilities   192.4     173.2     226.2  
             
Long-term debt   198.9     198.7     198.4  
Other liabilities   60.8     59.9     58.8  
Total liabilities   452.1     431.8     483.4  
             
Temporary equity - deferred stock units   4.6     6.4     6.3  
Total stockholders' equity   1,127.9     1,111.4     1,096.2  
Total liabilities, temporary equity and stockholders' equity   $ 1,584.6     $ 1,549.6     $ 1,585.9  

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