Fairchild Reports Results for the First Quarter of 2016
|
Fairchild Semiconductor International, Inc. |
|
Reconciliation of Gross Margin To Adjusted Gross Margin |
|
(In millions) |
|
(Unaudited) |
| | | | | | | |
| | |
Three Months Ended |
| | |
March 27, | |
December 27, | |
March 29, |
| | |
2016 | |
2015 | |
2015 |
| | | | | | | |
| Gross margin | | $ | 100.1 | | | $ | 105.0 | | | $ | 108.0 | |
| Adjustments to reconcile gross margin to adjusted gross margin: | | | | | | | | | | | | |
| Accelerated depreciation on assets related to factory closures | | — | | | (0.1 | ) | | 4.5 | |
| Inventory write-offs associated with factory closures | | — | | | (0.1 | ) | | — | |
| Acquisition-related costs | | 1.5 | | | — | | | — | |
| Adjusted gross margin | | $ | 101.6 | | | $ | 104.8 | | | $ | 112.5 | |
| | | | | | | | | | | | | |
| Adjusted gross margin % | | 31.1 | % | | 33.0 | % | | 31.6 | % |
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Fairchild Semiconductor International, Inc. |
|
Reconciliation of R&D and SG&A To Adjusted R&D and SG&A |
|
(In millions) |
|
(Unaudited) |
| | |
Three Months Ended |
| | |
March 27, | |
December 27, | |
March 29, |
| | |
2016 | |
2015 | |
2015 |
| | | | | | | |
| R&D and SG&A | | $ | 88.7 | | | $ | 92.1 | | | $ | 94.4 | |
| Adjustments to reconcile R&D and SG&A to adjusted R&D and SG&A: | | | | | | |
| Acquisition-related costs | | (4.0 | ) | | (6.5 | ) | | — | |
| Adjusted R&D and SG&A | | $ | 84.7 | | | $ | 85.6 | | | $ | 94.4 | |
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Fairchild Semiconductor International, Inc. |
|
Consolidated Balance Sheets |
|
(In millions) |
|
(Unaudited) |
| | | | | |
| | |
March 27, | |
December 27, |
| | |
2016 | |
2015 |
| | | | | |
|
ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 272.0 | | | $ | 279.4 | |
| Short-term marketable securities | | 0.1 | | | 0.2 | |
| Receivables, net | | 152.1 | | | 132.6 | |
| Inventories | | 284.0 | | | 304.2 | |
| Other current assets | | 36.2 | | | 50.5 | |
| Total current assets | | 744.4 | | | 766.9 | |
| | | | | |
| Property, plant and equipment, net | | 537.1 | | | 550.4 | |
| Intangible assets, net | | 25.8 | | | 27.5 | |
| Goodwill | | 205.3 | | | 204.5 | |
| Long-term securities | | 1.9 | | | 2.0 | |
| Other assets | | 35.1 | | | 34.6 | |
| Total assets | | $ | 1,549.6 | | | $ | 1,585.9 | |
| | | | | |
|
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | | | | |
| Current liabilities: | | | | |
| Accounts payable | | $ | 93.3 | | | $ | 110.6 | |
| Accrued expenses and other current liabilities | | 79.9 | | | 115.6 | |
| Total current liabilities | | 173.2 | | | 226.2 | |
| | | | | |
| Long-term debt | | 198.7 | | | 198.4 | |
| Other liabilities | | 59.9 | | | 58.8 | |
| Total liabilities | | 431.8 | | | 483.4 | |
| | | | | |
| Temporary equity - deferred stock units | | 6.4 | | | 6.3 | |
| Total stockholders' equity | | 1,111.4 | | | 1,096.2 | |
| Total liabilities, temporary equity and stockholders' equity | | $ | 1,549.6 | | | $ | 1,585.9 | |
