Fairchild Reports Results for the Second Quarter of 2016
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Fairchild Semiconductor International, Inc. |
Reconciliation of Net Income (Loss) To Adjusted Net Income |
(In millions) |
(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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Net income (loss) | | $ | 6.9 | | | $ | 14.8 | | | $ | (0.9 | ) | | $ | 21.7 | | | $ | 0.2 | |
Adjustments to reconcile net income (loss) to adjusted net income: | | | | | | | | | | |
Restructuring, impairments, and other costs | | 0.6 | | | 1.4 | | | 4.2 | | | 2.0 | | | 8.9 | |
Gain on disposal of held for sale assets | | — | | | (12.3 | ) | | — | | | (12.3 | ) | | — | |
Charge for litigation | | 0.5 | | | — | | | — | | | 0.5 | | | — | |
Acquisition-related costs (2) | | 5.9 | | | 5.5 | | | — | | | 11.4 | | | — | |
Accelerated depreciation on assets related to factory closures (1) | | — | | | — | | | 3.5 | | | — | | | 8.0 | |
Inventory write-offs associated with factory closures (1) | | — | | | — | | | 4.6 | | | — | | | 4.6 | |
Goodwill impairment charge | | — | | | — | | | — | | | — | | | 0.6 | |
Amortization of acquisition-related intangibles | | 1.9 | | | 1.9 | | | 2.1 | | | 3.8 | | | 4.2 | |
Associated tax effects of the above and other acquisition-related intangibles | | (0.2 | ) | | 0.3 | | | 0.4 | | | 0.1 | | | 0.7 | |
Adjusted net income | | $ | 15.6 | | | $ | 11.6 | | | $ | 13.9 | | | $ | 27.2 | | | $ | 27.2 | |
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Adjusted net income per common share: | | | | | | | | | | |
Basic | | $ | 0.14 | | | $ | 0.10 | | | $ | 0.12 | | | $ | 0.24 | | | $ | 0.23 | |
Diluted | | $ | 0.13 | | | $ | 0.10 | | | $ | 0.12 | | | $ | 0.23 | | | $ | 0.23 | |
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(1) Recorded in cost of sales | | | | | | | | | | |
(2) Recorded in cost of sales, research and development, and selling, general and administrative | | | | | | | | | | |