Filed under: Investing
Fairchild Semiconductor Reports Results for the First Quarter 2013
- Bookings at $400 million Quarterly Rate for First Quarter and So Far in Second Quarter
- Direct OEM Bookings at Highest Level Since 2010
- Automotive Product Line Sales up 26% Sequentially to Record Quarterly Level
SAN JOSE, Calif.–(BUSINESS WIRE)– Fairchild Semiconductor (NYS: FCS) , a leading global supplier of power semiconductors, today announced results for the first quarter ended March 31, 2013. Fairchild reported first quarter sales of $343.2 million, up 3 percent from the prior quarter and 3 percent lower than the 14 week first quarter of 2012.
Fairchild reported a first quarter net loss of $0.5 million or $0.00 per diluted share compared to a net loss of $13.6 million or $0.11 per diluted share in the prior quarter and net income of $1.6 million or $0.01 per diluted share in the first quarter of 2012. Gross margin was 26.9 percent compared to 29.8 percent in the prior quarter and in the year-ago quarter.
Fairchild reported first quarter adjusted gross margin of 27.8 percent, down 200 basis points from the prior quarter and the first quarter of 2012. Adjusted gross margin excludes accelerated depreciation related to a line closure. Adjusted net loss was $2.0 million or $0.02 per diluted share, compared to net income of $12.3 million or $0.10 per diluted share in the prior quarter and $8.3 million or $0.06 per diluted share in the first quarter of 2012. This adjusted net loss excludes the $12.6 million litigation charge reversal related to the recent favorable court ruling on the first Power Integrations lawsuit. See the Reconciliation of Net Income to Adjusted Net Income exhibit included in this press release for more details on the other adjustment items.
“First quarter sales and second quarter guidance are better than seasonal,” said Mark Thompson, Fairchild’s chairman and CEO. “Bookings were robust throughout the first quarter and so far through Q2 at about a $400 million quarterly rate. These strong order rates are especially evident for our direct OEM business which is booking at the highest level since 2010. We posted solid sales growth in our high voltage products serving the industrial, appliance and automotive markets as well as continued market share gains for our mobile analog and power management solutions. These markets now account for 74% of total company sales, the highest