Fairchild Reports Results for the Second Quarter of 2016
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Fairchild Semiconductor International, Inc. |
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Reconciliation of Gross Margin To Adjusted Gross Margin |
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(In millions) |
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(Unaudited) |
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Three Months Ended | |
Six Months Ended |
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June 26, | |
March 27, | |
June 28, | |
June 26, | |
June 28, |
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2016 | |
2016 | |
2015 | |
2016 | |
2015 |
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| 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 | |
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| Adjusted gross margin % | | 29.9 | % | | 31.1 | % | | 33.2 | % | | 30.5 | % | | 32.4 | % |
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Fairchild Semiconductor International, Inc. |
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Consolidated Balance Sheets |
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(In millions) |
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(Unaudited) |
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June 26, | |
March 27, | |
December 27, |
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2016 | |
2016 | |
2015 |
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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 | |
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| 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 | |
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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 | |
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| 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 | |
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| 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 | |
