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%


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 


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  

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