Fairchild Semiconductor reports results for the first quarter of 2008
(Business News, 28 Apr 2008 )
Fairchild Semiconductor has announced results for the first quarter that ended March 30, 2008. Fairchild reported first quarter sales of $406.3 million, down 6 percent from the prior quarter and 1 percent higher than the first quarter of 2007.
Fairchild reported first quarter net income of $17.1 million or $0.14 per diluted share compared to net income of $34.0 million or $0.27 per diluted share in the prior quarter and net income of $6.3 million or $0.05 per diluted share in the first quarter of 2007. Gross margin was 30.2 percent, 110 basis points lower sequentially and 250 basis points higher than in the first quarter of 2007.
Fairchild reported first quarter adjusted net income of $23.2 million or $0.19 per diluted share, compared to adjusted net income of $41.8 million or $0.33 per diluted share in the prior quarter and adjusted net income of $20.1 million or $0.16 per diluted share in the first quarter of 2007. Adjusted net income excludes amortization of acquisition-related intangibles, restructuring and impairments, purchased in-process research and development, System General purchase accounting charges, associated net tax benefits of these items and other acquisition-related intangibles, and tax benefits from finalized tax filings and audit outcomes.
