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Fairchild Semiconductor Reports Results For The Fourth Quarter And Full Year 2013

Stocks in this article: FCS

SAN JOSE, Calif., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Fairchild Semiconductor (Nasdaq:FCS) a leading global supplier of power semiconductors, today announced results for the fourth quarter and full year 2013 ended December 29, 2013. Fairchild reported fourth quarter sales of $341.1 million, down 6 percent from the prior quarter and up 2 percent from the fourth quarter of 2012.

Fairchild reported fourth quarter net income of $0.9 million or $0.01 per diluted share compared to $12.1 million or $0.09 per diluted share in the prior quarter and a loss of $13.6 million or $0.11 per diluted share in the fourth quarter of 2012. Gross margin was 30.9 percent compared to 31.5 percent in the prior quarter and 29.8 percent in the year-ago quarter.

Fairchild reported fourth quarter adjusted gross margin of 31.3 percent, down 80 basis points from the prior quarter and 150 basis points higher than the fourth quarter of 2012. Adjusted gross margin excludes accelerated depreciation related to a line closure. Adjusted net income was $13.5 million or $0.11 per diluted share, compared to $21.4 million or $0.17 per diluted share in the prior quarter and $12.3 million or $0.10 per diluted share in the fourth quarter of 2012. See the Reconciliation of Net Income to Adjusted Net Income exhibit included in this press release for more details on the other adjustment items. 

Full year revenue for 2013 was flat compared to 2012 at $1.4 billion. Fairchild reported net income of $5 million or $0.04 per diluted share in 2013, compared to net income of $25 million or $0.19 per diluted share in 2012. Adjusted net income for 2013 was $35 million or $0.27 per diluted share, compared to $71 million or $0.55 per diluted share in 2012. 

"Incoming order volume increased noticeably in December and so far in January," said Mark Thompson, Fairchild's chairman and CEO. "We enter 2014 with solid demand momentum, short lead times and an excellent inventory position. Looking at our results by end market, sales into the industrial and appliance markets remained solid in the fourth quarter and were up 11 percent in 2013. Automotive sector demand was seasonally lower in the fourth quarter but we grew our sales into this market by 8 percent in 2013. We expect sales into these end markets to be seasonally higher in the first quarter. As expected, demand from the mobile end market was sequentially lower as customers adjusted inventories and responded to changes in demand. We expect mobile demand to remain soft in the first quarter and improve as new models launch later in the year."

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