Fairchild Semiconductor International Inc, the South Portland, Maine-based semiconductor manufacturer, has reported a first- quarter net loss of $8.0m on revenue up 114% at $324.5m, down from a loss of $16.2m in the year-ago quarter. Excluding restructuring and other charges of $15.5m and $4.5m for the quarter and year-ago periods, respectively, adjusted net income was $0.21 per share, up from a loss of $0.18 last year. Analysts were expecting earnings of $0.14, according to Zacks Investment Research.
Results include the first full quarter of operations of the power device products group, acquired from Samsung Electronics in April. Revenues were up 28.8% from the fourth quarter of fiscal 1999, while gross margins improved to 29.4% from 24.1% in the prior quarter and 20.1% in the year-ago quarter. On a pro forma basis, revenues were up 4.3% sequentially when including estimated revenues for the newly acquired unit, and up 35.2% from pro forma results a year ago.
Company-wide analog revenues were up 36.6% over pro forma sales from the year-ago quarter, while discrete revenues rose 41.7% and logic sales increased 20% year-over-year. Total analog and discrete revenue accounted for almost 70% of the company’s overall sales for the quarter. Looking ahead, the company predicts 4% to 5% sequential revenue growth in the second quarter. Fairchild completed its initial public offering on August 4 and used the $370m raised in the IPO to retire debt.
