Fairchild Reports Results for the Second Quarter of 2016


 
 
Fairchild Semiconductor International, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
         
   Three Months Ended  Six Months Ended
   June 26,  June 28,  June 26,  June 28,
   2016  2015  2016  2015
Cash flows from operating activities:        
Net income (loss) $6.9  $(0.9) $21.7  $0.2 
Adjustments to reconcile net income (loss) to cash provided by operating activities        
Depreciation and amortization 27.4  35.4  55.0  72.0 
Non-cash stock-based compensation expense 7.1  9.8  14.6  16.6 
Goodwill impairment charge       0.6 
Deferred income taxes, net (0.2) (0.3) (0.7) (0.5)
Other 0.9  0.9  (11.3) 0.8 
Changes in operating assets and liabilities, net 29.0  3.6  (7.3) (55.8)
Net cash provided by operating activities $71.1  $48.5  $72.0  $33.9 
         
Cash flows from investing activities:        
Capital expenditures $(13.3) $(14.6) $(25.8) $(29.0)
Proceeds from the sale of restructuring property, plant and equipment, including held for sale assets 0.5  0.3  15.9  1.6 
Proceeds from the sale of property, plant and equipment   0.1    0.1 
Maturity of marketable securities           0.2     0.1  
Other   (0.3 )   (0.3 )   (0.6 )   (0.5 )
Net cash used in investing activities   $ (13.1 )   $ (14.5 )   $ (10.3 )   $ (27.7 )
                 
Cash flows from financing activities:                
Proceeds from issuance of stock for share-based compensation arrangements   $     $ 0.5     $ 0.3     $ 1.4  
Purchase of treasury stock       (21.3 )       (60.5 )
Shares withheld for employees taxes   (1.0 )   (0.8 )   (12.4 )   (9.9 )
Other       (0.1 )       (0.1 )
Net cash used in financing activities   $ (1.0 )   $ (21.7 )   $ (12.1 )   $ (69.1 )
Net change in cash and cash equivalents   57.0     12.3     49.6     (62.9 )
Cash and cash equivalents at beginning of period   272.0     277.7     279.4     352.9  
Cash and cash equivalents at end of period   $ 329.0     $ 290.0     $ 329.0     $ 290.0  
                                 

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